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Chartered Financial Analyst ®
The Symbol of Integrity
and Professional Excellence
1
Location of Members* and
CFA® Candidates**
Members
Candidates
Canada Europe China
9,323 – 11,002 8,261– 17,305 Mainland
216 – 5,209
United States
44,417 – 43,801 Asia
233 – 2,930
Africa &
Latin
Middle East
America Pacific Asia
1,311 – 5,601
692 – 1,843 7,432 – 26,196
•Member count as of 1 September 2004
** CFA Candidates enrolled for the June 2004 and December 2004 Exams
(as of 1 September 2004)
2
CFA Institute Member Societies
Canada United States
12 Societies 69 Societies
Asia Pacific Europe
14 Societies 19 Societies
Middle East
7 Societies
Central & South America Africa
8 Societies 1 Society
3
The CFA® Program
A self-study, distance learning-based program that
takes a generalist approach to security analysis and
portfolio management and emphasizes the highest
ethical and professional standards.
4
Growth in CFA Candidates*
Outside the United States
45000
40000
35000
30000 Asia
25000
Canada
20000
Europe
15000
10000 Other
5000
0
1990 1996 1998 2000 2002 2004
•CFA Candidates enrolled for the June 2004 and December 2004 Exams
(as of 1 September 2004)
5
Largest Candidate* Concentration,
June 2004 Examinations
U.K. Korea
Canada 4,377 3,488
8,450 Germany Switzerland Hong Kong
1,450 1,394
U.S. 4,769
32,524 P.R. China
3,517 Taiwan
2,201
S. Africa Singapore
1,340 2,837
*Enrolled as of 6/1/04
6
Examination Administration
Professional administration under CFA
Institute supervision
June 2004: 274 exam centers in 89
countries
Level II and III exams administered once
annually
Level I exam administered twice annually
beginning December 2003; 26 exam
centers around world. In December 2004
there are 33 exam centers throughout the
world.
7
June 2004 & December 2004 Exams
Candidate Enrollment* Top Ten Countries
Outside North America
Hong Kong
United Kingdom
China
Korea
Singapore
Taiwan
India
South Africa
Germany
Australia
0 2000 4000 6000 8000
•CFA Candidates enrolled for the June 2004 and December 2004 Exams
(as of 1 September 2004)
8
Examinations
COE
CCC
EXAMINATIONS
EXAMINATION
CURRICULUM
ADMINISTRATION
GRADING
BODY OF
KNOWLEDGE Practitioners at
every step of MINIMUM PASSING
GLOBAL the process SCORE (MPS) -
CFA INSTITUTE
JOB ANALYSIS
GOVERNORS
9
High Regard for the Charter:
Media
10
“More often than not, the market simply votes
with its feet - in some areas of financial
services, for example, the highly regarded CFA
(chartered financial analyst) qualification has
become a much more important ticket to the
top than the MBA.”
Business Day (South Africa)
21 May 2004
11
“The CFA designation is the hallmark of excellence
in the global investment community. It is well
recognized that individuals who have earned the
CFA charter have made personal commitments to
an extensive study programme and to
professional standards of behavior.”
Bermuda Sun
29 October 2003
12
“Becoming a CFA is now a passport
for excellence and international
mobility.”
Financial Times
21 June 2004
13
“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
14
Shanghai Xinmin Evening News
“The Chartered Financial Analyst (CFA) Program is
a globally recognized standard for measuring the
competence and integrity of financial analysts.
China is one of the fastest growing markets for the
CFA and as the Ministry of Personnel publicized
lately, CFA charterholders are among the most
wanted persons in China.”
Shanghai Evening News
2 September 2003
15
High Regard for the Charter:
Waivers
16
United States
NYSE & NASD granted exemptions to
CFA charterholders and Level III
candidates “only” for Series 86 exam.
All but a few states provide waivers to
CFA charterholders from state licensing
exams for investment advisers and
investment adviser representatives.
17
United Kingdom
Financial Services Authority
recognizes passage of Level I (plus passage
of a separate UK regulatory module) as
meeting the licensing requirements for
those seeking to manage or advise on
investments.
exempts those who have passed Level III
from the Futures and Options
Representatives examination.
18
Hong Kong
Securities and Futures Commission
Approved the CFA designation as a
recognized industry qualification for
Investment Advisers and Commodities
Trading Advisers.
19
High Regard for the Charter:
Academic Community
20
Today's investment management professionals need more sophisticated management practices and
professional training.
Graduates need rigorous analytical training and practical understanding beyond that offered in
general business programs.
The MSIM Program is designed to meet this need.
The program trains students in leading-edge theory and practice in the field of
investment management. Students gain expertise in the design, management, and
marketing of investment products.
The program also provides the background
The program also provides the background necessary for preparing for the CFA®
necessary for preparing for the CFA® exams
exams.
Get an Edge on Your Investment Career
The MSIM Program is ideal for:
Individuals who want to advance their investment careers
Professionals in other industries who have related skills and would like to enter the investment
field.
21
The successful candidate will take on a
leadership role in developing the Finance
Concentration and contributing to classes
supporting the Chartered Financial
Analyst (CFA) program.
22
FORDHAM UNIVERSITY
New York, New York
P052
Faculty of Business
Schools of Business at Fordham University invite applications for a clinical track assistant/associate
professor position in Finance starting fall 2004.
The position is in the area of investment management / security analysis.
The candidate must have earned a doctorate in Finance from a graduate school of business
administration (AACSB accredited). The successful candidate should have extensive investment analysis
and portfolio management experience. Appointment at the clinical associate professor level calls for
recognized stature in the investment industry. The candidate is expected to teach a variety of courses in
finance. The candidate is also expected to work closely with the investment community in order to:
Implement the CFA body of knowledge into the finance curriculum.
Implement the CFA body of knowledge
Oversee students’ participation in investment research projects and simulated investment
research competitions.
into the finance curriculum
Advise students having finance internships.
Increase exposure of the Schools of Business at Fordham University through participation on
committees in the investment community.
Located in New York City, an exciting cultural center and a global hub of commerce, Fordham Business
Schools have approximately three thousand graduate and undergraduate students enrolled on three
campuses in a variety of programs with a strong focus on international business.
Fordham is also the lead university in consortium of Jesuit Universities offering MBA programs in Beijing in
collaboration with Peking University.
23
University Adoptions
24
High Regard for the Charter:
Job Postings
25
City of New York
The Chartered
Financial Analyst
(CFA) designation is
strongly preferred
26
Pass Rates
Candidates 2004 Pass Rates Pass Rates
Level I = 24,211 June 2004 1963 - 2004
Level II = 23,896 100% 100%
Level III = 13,452 80% 64% 80% 68%
60% 60% 50% 52%
34% 32%
40% 40%
20% 20%
0% 0%
Level Level Level Level Level Level
I ll III I II III
27
Candidate Preparation
28
100%
Combined Pass Rates
90%
80%
70%
Combined pass rate
60%
50%
40%
30%
20%
10%
0%
1963 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2004
Year
29
Candidate Makeup
June 1993 June 2004
68% US 64% Non-US
78% Male 74% Male
Age 31 Age 30
30
Chartered Financial Analyst ®
The Symbol of Integrity
and Professional Excellence
31
