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					                 Congratulations!
   To Our New CFA Charterholders




    Austrian Society of Investment
        TM
             Professionals
2003 CFA Charter Presentation
AIMR Update
Members - Candidates - Charterholders
 Total 68,378                Total 129,389         Total 56,099

                                            Europe
                                     7,492 - 19,373 - 4,947

 United States & Canada
 52,058 - 65,726 - 43,338                      Asia & Mainland China
                                                  610 - 6,899 - 541

                                 Africa & Middle East
                                  1,153 - 5,489 - 987
  Latin America
 457 - 2,125 - 387                                  Pacific Asia
                                                6,608 - 29,777 - 5,899
         TM
 2003 CFA Charter Presentation
AIMR Update

127 Member Societies – 46 Nations
                      United States                      Canada
                   69 Societies/Chapters           12 Societies/Chapters

      Asia Pacific                                                        Europe
  14 Societies/Chapters                                             17 Societies/Chapters




                                                                         Middle East
 Central & South America                                             7 Societies/Chapters
   7 Societies/Chapters
                                            Africa
                                       1 Society/Chapter
         TM
 2003 CFA Charter Presentation
 AIMR Update

 Global Professional Leadership
   Professional Educational Opportunities
   Ethical & Professional Standards
   Performance Reporting Standards
   Financial Analyst Independence.
   Research Objectivity Standards.
   Financial Reporting & Disclosures.
        TM
2003 CFA Charter Presentation
AIMR Update
Financial Results FYE 31 August 2003

(US$ Millions)                  FY2003    FY2003         FY2003       FY2004
                                Budget    Forecast        Actual      Budget
REVENUE                         $ 85.1     $ 70.5        $ 70.1       $ 96.8

EXPENSES (Direct)               $ 84.0     $ 75.7        $    74.0    $ 95.2

Operating Margin                $   1.1    $ ( 5.2)      $ ( 3.9)     $    1.6

Non-Op Rev G/(L)                    3.3          5.3          5.7          2.0
Change Net Assets               $   4.4   $      0.1     $    1.8     $    3.6

Cash from Operations                      $9.0 - $12.0       $14.2   $12.0 - $15.0

Exam Sittings                   116,583       91,012     102,351      132,950
Members                          66,146       68,021      65,698       76,400
        TM
2003 CFA Charter Presentation
AIMR Update

Member & Candidate Growth

   120,000

   100,000

    80,000

    60,000

    40,000

    20,000

             0
                 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

                                 Member      Candidate


        TM
2003 CFA Charter Presentation
    CFA Program Update

    Administrative Improvements

  Online Candidate Registration.
  Online Exam Results for Candidates.
  Modified Exam Format.
  Multiple Level I Exams Per Year.



        TM
2003 CFA Charter Presentation
    CFA Program Update
    2003 CFA Exam Format

             Level I Exam                Level II & III Exams
                                100%
    100%                               100%

      80%                              80%
                                                50%        50%
      60%                              60%

      40%                              40%
      20%          0%                  20%
       0%                               0%
              Essay       Multiple            Essay    Item Set
                          Choice                      (Objective)

        TM
2003 CFA Charter Presentation
    CFA Program Update

    Enhanced Content

  Job Analysis – Focused Learning (LOS).
  Continuous Content Review:
      Core Concepts Remain
      Increased Private Banking Focus
      Expanding International Content

  Better Readings & More AIMR Texts.

        TM
2003 CFA Charter Presentation
CFA Program Update

CFA Program Enrollments (Non-US)
     45000
     40000             Asia
     35000
     30000
                       Canada
     25000
                       Europe
     20000
     15000             Other
     10000
       5000
             0
                 1990 1993 1996 1997 1998 1999 2000 2001 2002 2003


        TM
2003 CFA Charter Presentation
CFA Program Update

Largest Exam Sites in Europe
    4500                                                    UK
    4000
                                                            Switzerland
    3500
                                                            Germany
    3000
    2500                                                    France

    2000                                                    Netherlands
    1500
                                                            Italy
    1000
     500
        0
             1992      1994     1996   1998   2000   2002


        TM
2003 CFA Charter Presentation
CFA Program Update

Candidates Tested in Austria

        300

        250
                                       202     212
        200

        150                     136

        100               86
                   65
             50

             0
                  1999   2000   2001   2002   2003

        TM
2003 CFA Charter Presentation
   Personal Accomplishment

   10 Topic Areas
              CFA Body of Knowledge ®
     .        Ethical & Professional Standards
              Quantitative Methods
              Economics
              Financial Statement Analysis
              Corporate Finance
              Analysis of Debt Investments
              Analysis of Equity Investments
              Analysis of Derivatives
              Analysis of Alternative Investments
              Portfolio Management
         TM
2003 CFA Charter Presentation
    Personal Accomplishment

    20 Graduate Level Textbooks

 Fabozzi
 Solnik
 Maginn & Tuttle
 Reilly & Brown
 White, Sondhi, & Fried

        TM
2003 CFA Charter Presentation
  Personal Accomplishment

  75 Professional Journal Articles

   Porter                      Financial Analysts Journal
   Sharpe                      Journal of Portfolio
                                     Management
   Leibowitz
                                Journal of Performance
   Bernstein                        Measurement
   Perold                      Journal of Investing
        TM
2003 CFA Charter Presentation
Personal Accomplishment
2000 Learning Outcome Statements


   “The candidate should
   be able to: Identify,
   Define, Discuss, Draw,
   Calculate, Analyze,
   Describe, Illustrate,
   Distinguish…”


        TM
2003 CFA Charter Presentation
  Personal Accomplishment

  5000+ Pages Rigorous Material

   Textbooks
   Articles
   Cases & Problem Sets
   Prior Year Exams
   Guideline Answers

        TM
2003 CFA Charter Presentation
  Personal Accomplishment

  Ethics & Professional Standards


   “For all the value in our
   Body of Knowledge, it
   is our ethical
   commitment that truly
   distinguishes AIMR.”
                                  I. Rossa O’Reilly, CFA
                                Vice President and Director
                                 CIBC World Markets, Inc.
                                    Toronto, ON, Canada

        TM
2003 CFA Charter Presentation
   Personal Accomplishment

   Passing Muster at Grading

  More Than 100
       Peers
       Supervisors
       Leading Academics
       Industry Leaders

        TM
2003 CFA Charter Presentation
    Personal Accomplishment
    Passing a Difficult Test

             Pass Rates                        Pass Rates
               2003                           1963 - 2003

  100%                                 100%
                                                            79%
                                 68%
   80%                                 80%           63%
                                               59%
   60%                 47%             60%
             42%
   40%                                 40%
   20%                                 20%
    0%                                  0%
              I        II       III            I     II     III


        TM
2003 CFA Charter Presentation
 Personal Accomplishment

 Persevering & Succeeding
For every 100 candidates entering the CFA Program




                1985                    1996
 27 had earned their            19 had earned their
 charters within 5 years        charters within 5 years



        TM
2003 CFA Charter Presentation
    Rewards & Opportunities

    Knowledge

    “The CFA Program
    was essential to my
    preparation for a
    career in the
    financial markets.”
                                Abby Joseph Cohen, CFA
                                   Managing Director
                                  Goldman, Sachs & Co.
                                   New York, NY, USA

        TM
2003 CFA Charter Presentation
    Rewards & Opportunities

    Respect & 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



        TM
2003 CFA Charter Presentation
    Rewards & Opportunities

    Global Perspective & Passport

     .




         TM
2003 CFA Charter Presentation
  Rewards & Opportunities

  Member Compensation Survey


                      € 175,000   The CFA Premium =
  €140,000                             € 35,000

     Non-                CFA
    charter           Charter     Median Total Compensation
    holders           holders      for AIMR Members with
                                     10+ Years Experience
                                  2003 Compensation Survey
        TM
2003 CFA Charter Presentation
   Chartered Financial Analyst®



                                Symbol of Integrity
                                       and
                                  Professional
                                   Excellence

        TM
2003 CFA Charter Presentation

				
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