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					2006 CFA® PROGRAM

Sponsored by:




2004-2005 CFA® Program   1
Mission Statement




             To lead the investment profession
                globally by setting the highest
             standards of ethics, education, and
                   professional excellence.

2004-2005 CFA® Program       2
Benefits of the CFA Program
Knowledge




2004-2005 CFA® Program        3
Benefits of the CFA Program
Respect and Credibility

Most common occupations of CFA charterholders
 • CEO/Principal              • Investment Counselor
 • Chief Investment Officer   • Investment Firm Manager
 • Equity Analyst             • Portfolio Manager
 • Fixed Income Analyst       • Portfolio Strategist
 • Investment Banker          • Sales/Marketing Professional




2004-2005 CFA® Program        4
Benefits of the CFA Program
Diverse Career Opportunities



Mutual Funds / Investment Companies   25%

Brokerage / Investment Banks          19%

Investment Management Counselors      14%

Commercial Banks / Trust Companies    13%

Consulting Firms                      6%

Insurance Companies                   5%

Other                                 18%




2004-2005 CFA® Program                      5
Benefits of the CFA Program
Opportunity – Top 24 Employers

 • Bank of America            • Mellon Financial Corporation
 • Barclays                   • Merrill Lynch & Co., Inc.
 • BMO Nesbitt Burns, Inc.    • Morgan Stanley
 • CIBC World Markets         • Northern Trust Corporation
 • Citigroup                  • PricewaterhouseCoopers
 • Credit Suisse Group        • Prudential Financial
 • Deutsche Bank              • Putnam Investments
 • Fidelity Investments       • RBC Financial Group
 • Goldman Sachs              • Scotia Capital
 • ING Groep N.V.             • State Street
 • J.P. Morgan Chase & Co.    • UBS AG
 • Lehman Brothers            • Wellington Management

2004-2005 CFA® Program        6
       High Regard for the Charter:




                         Job Postings



2004-2005 CFA® Program        7
Chartered Financial Analyst®


                                   Switzerland




         CFA charterholders or
         candidates in the CFA
       program are to be favored
2004-2005 CFA® Program              8
               Project Partners - Luxembourg


   Head of Analytical services
   •   Remuneration: £100000 - £150000 per annum + Excellent Package
   •   Position Type: Employee
   •   Employment type: Full time
         –    An excellent opportunity has come up for a “Head of Analytical services” person to join a top
             investment European bank. You will be responsible for gathering and processing of all the data used
             in the fund business. Responsibilities will include designing and maintaining all data repositories,
             maintenance of the analytical and quantitative tools intended for mutual fund clients. A close
             cooperation with the Technology department would be required.
         –   At least five years experience in the financial industry in positions involving analytical work with a
             high quant content. Specific knowledge of the global fund industry is also required. Even if the
             position does not require software programming the candidate must have a sound technology
             knowledge allowing him or her to maintain high level conversations with the technology area or even
             to prototype the proposed solutions or products. In depth derivatives knowledge and comprehension
             desirable. Experience in defining and implementing software will be taken into account.
         –   You must have a: University degree in economics, mathematics, physics, or a related discipline.
             Master in Finance, master in quantitative finance, CFA, or similar level also required. Fluent English
             required, other European language desirable Project Partners is acting as an Employment Agency in
             relation to this vacancy.


                                                         The Chartered Financial
                                                        Analyst (CFA) designation,
                                                        or similar level, is required.
2004-2005 CFA® Program                                    9
                 City of New York




                             The Chartered
                             Financial Analyst
                             (CFA) designation is
                             strongly preferred
2004-2005 CFA® Program           10
                              Robert Half France


   Analyste Financier / Gestion Alternative
   Location: France-Paris
   Remuneration: Non précisé
   Position Type: Employee
          *Société de gestion alternative couvrant une large gamme d'activités de gestion recherche un :
       Au sein de l'équipe de gestion event driven, vous serez chargé de formaliser des analyses financières en
       support des gérants.
       Vous participez à la mise en place et au développement des outils de la cellule d'analyse financière.
       Analyste financier buy side vous êtes chargé de l'analyse d'actions grandes valeurs multi sectorielles en
       fonction de l'actualité ou d'idées développées avec les équipes de gérants.
       Vous rédigez des rapports de recherche sur les sociétés notées, d'études sectorielles et de commentaires sur
       des thèmes d'actualité.
       Vous possédez une expérience de deux à trois années en analyse financière buy side. Vous êtes idéalement
       un généraliste et vous souhaitez vous investir dans une fonction élargie au sein d'une équipe de gestion
       alternative.
       Vous êtes proactif, créatif, et avez envie de faire partie intégrante d'une équipe de gérants seniors, en
       apportant vos capacités analytiques sur des secteurs et des zones géographiques très diversifiées.
       Rigoureux, pragmatique, vous êtes à l'aise tant à l'écrit qu'à l'oral en français et en anglais.
       Vous êtes issu d'une formation financière supérieure (Ecole de commerce, 3ème cycle), et avez l'ambition
       d'obtenir le diplôme de la SFA ou le CFA dans le futur si ce n'est déjà fait.
                                                         Ambition to
                                                        obtain the CFA
                                                         is favorable.

2004-2005 CFA® Program                                   11
                         Abu Dhabi Investment Authority




                              An excellent
                              educational
                              background
                              including an         An excellent
                              M.B.A. and/or        educational
                              C.F.A. is required   background
                                                   including an
                                                   M.B.A. and/or
                                                   C.F.A. is required
2004-2005 CFA® Program                  12
                                    Paris


   Product specialist taux
   •   Remuneration: non précisé
   •   Position Type: Employee
   •   Employment type: Full time
       *Un Asset Manager de renommée internationale, basé à Paris, recherche pour son département
       gestion obligataire, un : Product specialist taux Missions :

   •   Au sein de leur département Obligataire, vous serez responsable de la gamme de leurs produits et serez en
       étroite relation avec toutes les fonctions « support », en charge de les commercialiser.

   •   Profil :

   •   Vous justifiez d’une formation Bac+5, type grandes écoles et idéalement, vous êtes titulaire du CFA. Vous
       avez une excellente expertise des produits obligataires, maitrisez parfaitement les relations commerciales,
       avez une bonne capacité rédactionelle et parlez l’anglais couramment.

   •   Vous avez une expérience minimum de 10 ans en tant que gérant obligataire. Vous êtes dynamique, aimez
       travailler en équipe, êtes rigoureux, organisé et disposez d’un excellent relationnel.


                                                                               The Chartered Financial
                                                                               Analyst (CFA) designation
                                                                               is preferred.

2004-2005 CFA® Program                                  13
Benefits of the CFA Program
Earning Power – The CFA Premium

The CFA Premium: US$40,000

                           $203,000


           $163,000                        Median Total Compensation for CFA Institute
                                           members with 10+ years experience
                                           Source: 2003 Compensation Survey




              Non-             CFA
         Charterholders   Charterholders



2004-2005 CFA® Program                          14
      High Regard for the Charter:




                         Media



2004-2005 CFA® Program     15
                   “Becoming a CFA is now a passport for
                     excellence and international mobility.”
                   Financial Times
                   21 June 2004




2004-2005 CFA® Program               16
 CFA Is Global Passport To Career: Advisor’s Designation Is
 Respected Worldwide For Its Skills And Its High Ethical
 Standards
 National Post
 13 June 2005
 “When you are hiring investment professionals you
 automatically know anyone with a CFA has a high standard of
 education and professional ethics,” says Chris Guthrie, hedge
 fund manager and president of Hilldale Investment
 Management. “The CFA gives immediate material information
 about anyone who holds it. And it is very rare to see fraud at
 firms run by CFAs.”

2004-2005 CFA® Program           17
   “For an investment professional, procuring the coveted CFA
        Charter is like winning the grand slam in golf. The
        competition is fierce, the course is grueling, and the stress
        is like nothing you have ever experienced.”
   London (Ontario) Free Press Business Monthly
   20 September 2004




2004-2005 CFA® Program              18
        Nikkei Financial Daily

      Chartered Financial Analyst Qualification Gaining
      International Recognition – Emphasis on Ethics, Attention from
      Financial Community Growing
      Nikkei Financial Daily
      20 July 2004
      “The Chartered Financial Analyst (CFA) qualification is highly
      rated in financial circles around the world. In many countries it
      is essential for people working for financial institutions to obtain
      the license.”




2004-2005 CFA® Program               19
       “Whereas there are tens of thousands of finance
        degrees available around the world, ranging from the
        excellent to the worthless, there is only one CFA,
        managed and examined by an American association
        of financial professionals, the CFA Institute. It used
        to be just an American qualification. But explosive
        growth has made it, in effect, global currency.”
       The Economist
       Feb. 26-Mar 4, 2005



2004-2005 CFA® Program          20
2004-2005 CFA® Program   21
Global Passport: The CFA Charter
Growing Non-US Numbers

     45,000
                                                                      Asia
     40,000                                                           Canada
                                                                      Europe
     35,000                                                           Other
     30,000

     25,000

     20,000

     15,000

     10,000

       5,000

             0
                  1990 1993 1996 1997 1998 1999 2000 2001 2002 2003

2004-2005 CFA® Program                     22
Global Passport: The CFA Charter
Members’ and Candidates’ Locations

81,659 Members and 93,769 Candidates Worldwide*
                                Europe                           Asia & Mainland China
United States & Canada          Members: 10,806                  Members: 945
Members: 58,830                 Candidates: 14,030               Candidates: 11,614
Candidates: 41,418




            Latin America
            Members: 860
            Candidates: 1,674
                                   Africa & Middle East
                                   Members: 1,620         Pacific Asia
                                   Candidates: 4,556      Members: 8,598
                                                          Candidates: 20,477



2004-2005 CFA® Program                        23                * as of 28 March 2006
Global Passport: The CFA Charter
Global Perspective




2004-2005 CFA® Program             24
Global Passport: The CFA Charter
International Recognition




2004-2005 CFA® Program             25
What is the CFA Program?
Rigorous Self-Study Program




2004-2005 CFA® Program     26
What is the CFA Program?
Three Levels and Three Exams

Level I – Knowledge and comprehension of fundamental
investment tools and concepts
Level II – Application and analysis focused on
asset valuation
Level III – Synthesis and evaluation of client needs and
portfolio management issues

Ethical and professional standards are emphasized at
every level.




2004-2005 CFA® Program        27
What is the CFA Program?
Practical, Relevant Education

Practitioners at every step of the process




2004-2005 CFA® Program         28
What is the CFA Program?
Learning Tied to Current Practice

• Practice Analysis determines topics taught in the CFA
Program
 • Conducted every five years: currently in 2005-2006

 • Involves investment practitioners worldwide:
     Regional Expert Panels and member surveys
 • “What knowledge and skills are needed by an
     investment professional?”

 • CBOK, curriculum, LOS and exams all based on
    what practitioners need to know


2004-2005 CFA® Program        29
The CFA Course of Study
CFA Body of Knowledge™

 • Ethical and Professional Standards
 • Quantitative Methods
 • Economics
                                         Investment Tools
 • Financial Statement Analysis
 • Corporate Finance
 • Analysis of Equity Investments
 • Analysis of Debt Investments
                                         Asset Valuation
 • Analysis of Derivatives
 • Analysis of Alternative Investments
 • Portfolio Management


2004-2005 CFA® Program         30
The CFA Course of Study
Three Levels – Topic Areas

Approximate Percentage Breakdown

            5%                            10%                        5%
 15%
                                  10%
                                                     40%                      35%

                           50%                             50%



 30%                                40%
                                                                        10%
           Level I                        Level II               Level III

       Investment Tools
       Asset Valuation
       Portfolio Management
       Ethics & Professional Standards


2004-2005 CFA® Program                          31
Preparation for the CFA Exams
Valuable Learning Experience




2004-2005 CFA® Program          32
The CFA Examinations
2005 Exam Format

                               Multiple       Item Set   Constructed
                               Choice        (Objective) Response

                Level I           ●
                                  100%



                Level II*                          ●
                                                   100%



                Level III                          ●               ●
                                                   50%             50%


                *Beginning in 2005, Level II exams will be 100% item set.




2004-2005 CFA® Program                        33
The CFA Examinations
Graded with Great Care

 • 350+ CFA charterholders in 2005
 • Teams of practitioners
 • Rigorous and thorough process

 • Consistency and fairness across all papers




2004-2005 CFA® Program        34
   June 2005 Exam

                          Exam results
   •   58,908 candidates from 144 countries sat
   •   184 cities worldwide
   •   25% no-show rate (compared to a 10-year average of
       27%
   •   Pass rates –
         – 36% at Level I
         – 56% at Level II
         – 55% at Level III
   • Combined pass rate is 48%

2004-2005 CFA® Program        35
           CFA Program
           Historical Combined Pass Rates


                             Combined Pass Rates: 1963 - 2005

                  1.00
                  0.80
   Percent Pass




                  0.60

                  0.40

                  0.20

                  0.00
                     1963 1967 1971 1975 1979 1983 1987 1991 1995 1999 2003
                                                 Year



2004-2005 CFA® Program                      36
Registering for the CFA Program
Bachelor’s Degree Requirement

Candidates’ Highest Degree
                                  2% 1%


                                                Bachelor’s
                         31%
                                                Master’s
                                                Doctorate
                                                Law


                                          66%




2004-2005 CFA® Program              37
Registering for the CFA Program
Three Ways to Register

 • Register online at:
     www.cfainstitute.org
 • Download forms from the CFA
     Institute website and register by mail
 • Contact CFA Institute for a paper
     CFA exam registration and
     enrollment package




2004-2005 CFA® Program            38
Registering for the CFA Program
CFA Charter Requirements

 • Sequentially pass Level I, II, and III exams
 • Have four years of acceptable work experience
 • Provide professional references (Level III)

 • Join CFA Institute as a member and apply for membership
     in a local CFA Institute society
 • Submit professional conduct statement




2004-2005 CFA® Program            39
Registering for the CFA Program
Connecting with a Local Society




2004-2005 CFA® Program            40
Registering for the CFA Program
1st Year Program Costs – 2006

Approximate Costs for New Level I Candidates
  Registration fee to enter CFA Program       US $375 *
  Enrollment fee for Level I examination      US $360 *
  Study materials for Level I:
     • Study Guide                               Free
     • CFA Institute publications             US $268
     • Primary textbooks                      US $427
  Approximate Total Costs for Level I        US$1,430
*Registration & Enrollment by 1st fee deadline.




2004-2005 CFA® Program            41
Registering for the CFA Program
Important Deadlines

June 2006 Examinations (Levels I, II, & III)
   15 September 2006 – Early registration deadline
   15 February 2006 – Second deadline
   15 March 2006 – Final deadline

December 2006 Examinations (Level I only)
      17 March 2006 – Early registration deadline
      15 August 2006 – Second deadline
      15 September 2006 – Final deadline




2004-2005 CFA® Program            42
Scholarships for the CFA Program
Three Scholarship Programs

Student Scholarships – For New Level I Only*
   Awarded by qualified CFA charterholder full-time faculty
   members
Faculty Scholarships – Available for Any Level*
   Awarded to qualified full-time faculty directly by CFA
   Institute

Society Scholarships – Available for Any Level*
  Awarded to qualified candidates by local
  CFA Institute society
* Registration fees waived – candidate pays US$150
   for enrollment
2004-2005 CFA® Program             43
Scholarships for the CFA Program
Important Deadlines

  • Scholarship Application Deadlines
          14 January 2006 – Faculty and society sponsors
          submit final list of scholars to Scholarship Office
          31 January 2006 – Final Deadline: all forms received
          by CFA Institute
 • For more information on the scholarship programs, go to
 http://www.cfainstitute.org/university/overview.html.




2004-2005 CFA® Program             44
More Information About the CFA Program
www.cfainstitute.org

The Americas
P.O. Box 3668                 Phone: 800-247-8132 or 434-951-5499
560 Ray C. Hunt Drive         Fax:    434-951-5262
Charlottesville, VA 22903     E-mail: info@cfainstitute.org
USA
Asia-Pacific
Suite 3407                    Phone: 852-2868-2700 or 852-8228-8820
Two Exchange Square           Fax:    852-2868-9912
8 Connaught Place             E-mail: infohk@cfainstitute.org
Central
Hong Kong, SAR
Europe
29th Floor                    Phone: 44-20-7712-1719
One Canada Square             Fax:    44-20-7712-1601
Canary Wharf                  E-mail: infoeu@cfainstitute.org
London E14 5DY
United Kingdom


2004-2005 CFA® Program           45
Chartered Financial Analyst®

       A Symbol of Integrity and Professional Excellence
                                         ®




2004-2005 CFA® Program         46

				
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