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									          CFA
Chartered Financial Analyst
Benefits

• International Recognition
• Credibility
• Respect
• Competitive Advantage
• Knowledge with a Global Perspective
• Connections
Requirements
1. Candidate
  • Have a U.S. bachelor’s (or equivalent) degree, be in the final
    year of your bachelor's degree program, or have four years
    of qualified, professional work experience or a combination
    of work and college experience that totals at least four years
  • Meet the professional conduct admission criteria (during the
    application process, you will be asked to sign statements of
    Professional Conduct and Candidate Responsibility)
  • Be prepared to take the exams in English
  • Sign up for your first exam
Requirements
2. Charterholder
   • Pass each of the Level I, II, and III exams.
   • Meet the work experience requirements.
     - Four years
    - Acceptable professional work experience
   • Become a regular member of CFA Institute.
   • Receive your official status.
   • Maintain your status.
Pass Rate

 Year          Level 1           Level 2           Level 3
           Total     Rate    Total     Rate    Total     Rate
 2003     32,027     42%    22,232     47%    13,020     68%
          20,657     40%
 2004     24,211     34%    23,896     32%    13,452     64%
          19,566     36%
 2005     22,915     36%    24,891     56%    11,102     55%
          21,127     34%
 2006     26,467     40%    20,499     48%    16,283     76%
          28,082     39%
 2007     33,599     40%    25,521     40%    12,777     50%

1963~07   488,356    46%    256,254    51%    151,143    67%
Fee Schedule
1. Candidate
                            Payment deadlines
Dec 2008           17 Mar 08    15 Aug 08       15 Sep 08

Registration Fee   US$390        US$390         US$465
(one-time)
Exam Fee:          US$600        US$688         US$930
(enrollment)



2. Charterholder
  Dues: US$225 p.a.
Exam
• Six hours with morning/afternoon sessions
• Level 1
 - multiple-choice questions
 - offered in June and December
• Level 2
 - item-set questions
 - offered in June only
• Level 3
 - composed of item-set and essay questions
 - offered in June only
Exam
         Topic Area        Level I   Level II   Level III
Ethical and Professional
                             15        10          10
Standards (total)
Quantitative Methods         12       5-10         0
Economics                    10       5-10         0
Financial Reporting and
                             20       15-25        0
Analysis
Corporate Finance            8        5-15         0
Investment Tools (total)     50       30-60        0
Equity Investments           10       20-30       5-15
Fixed Income                 12       5-15       10-20
Derivatives                  5        5-15        5-15
Alternative Investments      3        5-15        5-15
Asset Classes (total)        30       35-75      35-45
Portfolio Management and
                             5        5-15       45-55
Wealth Planning (total)
Total                       100        100        100
Level 1
1. Ethical and Professional standards
2. Quantitative Methods
   - Basic Concepts
   - Application
3. Economics
   - Microeconomic Analysis
   - Market Structure and Macroeconomic Analysis
   - Monetary and Fiscal Economics
4. Financial Statement Analysis
   - An Introduction
   - The Income Statement, Balance Sheet, and Cash Flow Statement
   - Basic Concepts, Cash Flow Analysis and IASB GAAP
   - Inventories, Long-Term Assets, Deferred Taxes, On- and Off-Balance Sheet Debt
   - Techniques, Applications, and International Standards Convergence
5. Corporate Finance
6. Portfolio Management
7. Analysis of Equity Investments
   - Securities Markets
   - Industry and Company Analysis
8. Analysis of Fixed Income Investments
   - Basic Concepts
   - Analysis and Valuation
9. Derivative Investments
10. Alternative Investments
Level 2
1. Ethical and Professional standards
2. Quantitative Methods for Valuation
3. Economics for Valuation
4. Financial Statement Analysis
   - Intercoporate Investments
   - Pensions, Employee Stock Options, and Multinational Operations
   - Earnings Quality Issues and Financial Ratio Analysis
5. Corporate Finance
    - Financing and Control Issues
6. Asset Valuation
   - Valuation Concepts
7. Equity Investments
   - Industry and Company Analysis in a Global Context
   - Valuation Methods
   - Residual Income and Alternative Investments
8. Fixed Income Investments
   - Valuation Concepts
   - Structured Securities
9. Derivative Investments
   - Forwards and Futures
   - Options, Swaps, Interest Rate and Credit Derivatives
10. Portfolio Management
   - Capital Market Theory and The Portfolio Management Process
Level 3
1. Code of Ethics and Professional Standards
2. Ethical and Professional Standards in Practice
3. Behavior Finance
4. Private Wealth Management
5. Portfolio Management for Institutional Investors
6. Economic Concepts for Asset Valuation in Portfolio Management
7. Asset Allocation
8. Management of Passive and Active Fixed Income Portfolio
9. Portfolio Management of Global Bonds and Fixed Income Derivatives
10. Equity Portfolio Management
11. Alternative Investments for Portfolio Management
12. Risk Management
13. Risk Management Applications of Derivatives
14. Execution of Portfolio Decisions
15. Monitoring and Rebalancing
16. Portfolio Evaluation and Attribution
17. Portfolio Management in a Global Context
18. Global Investment Performance Standards
Materials

 • Study Notes
   - Schweser Study Notes
   - Stalla Study Notes

 • Calculators
   - HP 12C
   - Texas Instrument BA II Plus
Tips
• Preparation
 - Devote 10-15 hours per week for 18 weeks
 - Spend at least one week on each study session
 - Use the final four to six weeks before the exam to
   review study materials and take online sample exams
 - Review old questions

• Exam
 - Carefully manage your time
 - Read the questions carefully
 - No individual has ever received a perfect score on
   any level of the CFA exam
Networks

• Global network of more than 80,000
  charterholders
• CFA Association of Taiwan
  Meeting every month, the Taiwan CFA Society
  will host a gathering of investment professional
  for networking and socializing.

• Conference
Information

http://www.cfainstitute.org/
Q&A

								
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