Jobs Hedge Fund Accounting Los Angeles Ca

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					Chartered Financial Analyst®

        A Symbol of Integrity and Professional Excellence


CFA® Program                                                1

Sponsored by:

CFA® Program        2
Benefits of the CFA Program

CFA® Program                  3
Chartered Financial Analyst®

                    “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
                    The Economist
                    Feb. 26-Mar 4, 2005

CFA® Program                                            4
Chartered Financial Analyst®


     CFA charterholders or
     candidates in the CFA
     program are to be favored
CFA® Program                                   5
Chartered Financial Analyst®

                         The Chartered
                         Financial Analyst
                         (CFA) designation is
                         strongly preferred

CFA® Program                                    6
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

CFA® Program                                              7
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%

CFA® Program                                8
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

CFA® Program                                                   9
Benefits of the CFA Program
Earning Power – The CFA Premium

The CFA Premium: US$48,000

           $200,000                         Median Total Compensation for U.S.-based CFA
                                            Institute members with 10+ years experience
                                            Source: 2005 Compensation Survey

                                          Not to scale…

            Non-              CFA
        Charterholders   Charterholders

CFA® Program                                                                               10
Global Passport: The CFA Charter
Members’ and Candidates’ Locations

76,521 Members and 87,409 Candidates Worldwide*
                                   Europe                          Asia & Mainland China
United States & Canada             Members: 9,516                  Members: 627
Members: 56,211                    Candidates: 13,081              Candidates: 8,853
Candidates: 40,205

               Latin America
               Members: 751
               Candidates: 1,479
                                      Africa & Middle East
                                      Members: 1,407         Pacific Asia
                                      Candidates: 3,972      Members: 8,009
                                                             Candidates: 19,819

CFA® Program                                                       * as of June 2005       11
Global Passport: The CFA Charter
Global Perspective

CFA® Program                       12
Global Passport: The CFA Charter
International Recognition

CFA® Program                       13
What is the CFA Program?
Rigorous Self-Study Program

CFA® Program                  14
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.

Surveys reveal that successful CFA candidates spend, on average,
in excess of 250 hours per level preparing for the examinations.
There is no substitute for spending the requisite time mastering the
But, success on the CFA examinations is not merely achieved by
committing the requisite hours.
CFA® Program                                                           15
What is the CFA Program?
Practical, Relevant Education

Practitioners at every step of the process

      CCC                                                    COE

               Curriculum                     Examinations

        Body of Knowledge                        Grading

                                        Setting of Minimum
          Practice Analysis
                                       Passing Score (MPS) by
                                       CFA Institute Governors

         Leaders in the
                                    CCC: Candidate Curriculum Committee
     Investment Community           COE: Council of Examiners
CFA® Program                                                              16
What is the CFA Program?
Learning Tied to Current Practice: The Practice
Analysis Survey

 • Determines topics taught in the CFA Program

 • 2005-2006 Survey now underway

 • 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

                               CBOK: Candidate Body of Knowledge
                               LOS: Learning Outcome Statement
CFA® Program                                                       17
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

CFA® Program                                               18
The CFA Course of Study
Three Levels – Topic Areas

Approximate Percentage Breakdown

               5%                          10%                            5%
                                                   40%                      35%
                        50%                      Investment     50%        Asset
      30%           Investment             40%      Tools     Portfolio   Valuation
     Asset             Tools                                    Mgt.

           Level I                          Level II                Level III

       Investment Tools
       Asset Valuation
       Portfolio Management
       Ethics & Professional Standards

CFA® Program                                                                          19
Preparation for the CFA Exams
Self-Study Materials

CFA® Program                    20
Preparation for the CFA Exams
2006 Level I Primary Textbooks

Standards of Practice Handbook 9e (AIMR, 2005)
Quantitative Methods for Investment Analysis 2e
         Defusco, McLeavey, Pinto, & Runkle (CFA Institute, 2004)
Economics: Private and Public Choice 10e
         Gwartney, Stroup, Sobel, & Macpherson (South-Western, 2003)
International Investments 5e Solnik & McLeavey (Addison Wesley, 2003)
The Analysis and Use of Financial Statements 3e
         White, Sondhi, & Fried (Wiley, 2003)
Fundamentals of Financial Management 8e
         Brigham & Houston (Dryden, 1998)
Investment Analysis and Portfolio Management 7e
         Reilly & Brown (South-Western, 2003)
Fixed Income Analysis for the CFA Program 2e
         Fabozzi (Frank J. Fabozzi Assoc., 2004)
Analysis of Derivatives for the CFA Program
         Chance (AIMR, 2003)

CFA® Program                                                            21
Preparation for the CFA Exams
2006 Level I Primary Textbooks

                           Beginning in 2006, the Level I
                           Curriculum is modularized, with the
                           relevant readings for each Study
                           Session bundled with its topics and
                           Learning Outcomes Statements.
                           SOFT/HARD COVER: SOFTBOUND
                           VOL 1: 798 pages,
                           VOL 2: 1150 pages,
                           VOL 3: 816 pages,
                           VOL 4: 1034 pages
                           PUBLISHER: CFA INSTITUTE
                           DATE PUBLISHED: JUNE 2005

CFA® Program                                                     22
The CFA Examinations
2006 Exam Format

                           Multiple    Item Set   Constructed
                           Choice     (Objective)  Response

               Level I       ●

               Level II                  ●

               Level III                 ●            ●
                                         50%          50%

CFA® Program                                                    23
The CFA Examinations
Graded with Great Care

 • 350+ CFA charterholders gathered in Charlottesville in
           2005 to grade the examinations
 • Teams of practitioners and academics
 • Rigorous and thorough process

 • Consistency and fairness across all papers

CFA® Program                                                24
The CFA Examinations
Historic Pass Rates

               Pass Rates: 2005            Pass Rates: 1963-2004
 100%                               100%
  90%                               90%
  80%                               80%
  70%                               70%
                      56%    55%
  60%                               60%
                                            49%     52%
  50%                               50%
  40%                               40%
  30%                               30%
  20%                               20%
  10%                               10%
    0%                               0%
                I      II     III             I      II    III

CFA® Program                                                       25
Registering for the CFA Program
Bachelor’s Degree Requirement

Candidates’ Highest Degree

                       Master’s                   Doctorate

CFA® Program                                                   26
Registering for the CFA Program
Three Ways to Register

• CFA Exam Date: June 3, 2006
       (see signup deadlines)

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

CFA® Program                                        27
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

CFA® Program                                                 28
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*
  Level I Curriculum (members’ and candidates’ price) US $350
     Approximate Total Costs for Level I              US$1,085
*Registration & Enrollment by 1st fee deadline.

CFA® Program                                                  29
Registering for the CFA Program
Important Deadlines

June 2006 Examinations (Levels I, II, & III)*
   15 September 2005 – 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
                                            * Check the CFA Institute
                                                website for the most
                                          recently-announced dates.

CFA® Program                                                        30
Registering for the CFA Program
Important Deadlines

    for June Examination Dates

                                   Received     Received     Received
                                  on or before on or before on or before
                                  15-Sep-05 15-Feb-06 15-Mar-06
    Registration (first time
    candidates only)               US$375       US$375        US$450

    Enrollment (all candidates)    US$360       US$440        US$670

    Total fee                      US$735       US$815       US$1120
                                                       * Check the CFA Institute
                                                           website for the most
                                                     recently-announced dates.

CFA® Program                                                                   31
Scholarships for the CFA Program
Two Scholarship Programs

   • Society Scholarships – Available for Any Level*
         – Awarded to qualified candidates by local CFA Institute Society
         – CFALA scholarship includes cost of review program and money
           for books.
         – 15 December 2005 – Deadline for all forms to be received by
           CFALA for Society Scholarship
         – 31 January 2006 – Final Deadline for all forms to be received by
           CFA Institute from the society

   • Student Scholarships – For New Level I Only*
         – Awarded by CFA Charterholders who are full-time faculty
           members. Please check with your instructor for deadlines.

   * Registration fees waived – candidate pays US$150 for enrollment
CFA® Program                                                                  32
   CFALA Mission and Goals
   • Established in 1931, the CFA Society of Los Angeles (the Society)
     is a network of investment management professionals in the greater
     Los Angeles area, CFA Society of Los Angeles is a member society
     of CFA Institute.
   • The mission of the Society is to provide access to information,
     expertise and personal interaction to further members' professional
     development and to promote the value of the profession and the
     CFA designation.
   The Society strives to fulfill this purpose as:
   • a local Forum bringing together people, knowledge and practical
   • a respected Partner with other organizations for the purpose of
     serving mutual interests and the meaningful exchange of ideas
   • a Premier Source for professional resources and development
   • a powerful Voice representing ethical standards of practice and the
     interests and value of the profession.
CFA® Program                                                               33
                                        CFA Charterholder Information
   The CFA Society of Los                                        Percent
     Angeles currently has              CFA charterholder            78%
                                        Non-charterholder            22%
     1,773 members.
                                        15% of our members are CFA
                                        program candidates at some level

Industry Classifications                                           Percent
Investment Company/Mutual Fund                                      29%
Investment Management Counseling                                    24%
Broker Dealer, Investment Banking                                   12%
Commercial/Retail Banking, Bank Trust Departments                   11%
Consulting Firm                                                     10%
Other businesses including government, academic, and miscellaneous   9%
Insurance Company                                                    3%
Corporate/Public Sponsor & Foundation/Endowment                      2%
CFA® Program                                                                 34
   Topical Programs
   • Current issues in the investment industry are presented at
     luncheons or dinners throughout the Los Angeles area. Previous
     presentations include topics on Wealth Management, Time
     Diversification and Behavioral Finance.

   Corporate Presentations
   • Corporate presentations to members are held as luncheons at local
     downtown venues. Presentations have included Colgate-Palmolive,
     Tag-It Pacific, Sysco Corp., Boise Corp. and Novartis Inc., among
     many others.

   Continuing Education Programs
   • Educational classes are available to members at a discounted rate.
     Courses have included the Foundations of Investments, Fixed
     Income Analysis, and Hedge Fund Investments.

CFA® Program                                                              35
   Social Gatherings
   • An open forum to meet with other members in the industry, and their
     families in a non-business environment. Events have included “A
     Night at the Hollywood Bowl” and Wine Tasting.

   Being a member of CFALA has its rewards - we have hosted resume
      writing workshops and other career discussion panels for our

CFA® Program                                                               36
   Job Placement Listings
   •   Members have access to employment opportunities in the Southern
       California area via the subscription job listings on the CFALA
   •   It’s free for CFALA members - you just need to enter your User ID
       and password to access the site. Non-members pay a fee.
   •   The jobs featured are for internships and relatively new graduates,
       all the way up to senior manager and executive levels.
   •   As of 11/7/2005 there were approximately 100 jobs listed.
   •   Soon it may include listings for the Western United States.

CFA® Program                                                                 37
   Annual Career Expo
   Usually takes place in late April and in 2006, we will be celebrating our 10th
   The aim is to provide information about various career tracks and the many
      types of financial jobs that are open to people entering the industry.
   One of the panel discussions relates to tips and strategies on how to start a
      career in the industry.
   The main highlight for many folks who come to the Expo is our networking
      reception, where we have about 30 analysts, portfolio managers, financial
      advisors, bankers, consultants, trust managers, and recruiters
      available. This gives the audience a chance to ask questions and
   We have heard of success stories from members who have hired interns.
   More and more, we are bringing in folks who are actively recruiting college
      level graduates.
   We must be doing something right (or wrong) - a lot of folks in the Expo are
      repeat attendees.
CFA® Program                                                                        38
   Basic Accounting For CFA Level I Candidates (2 Saturdays)
      Date: Saturday, January 7th and 21st, 2006
      Time: 9:00 am - 1:30 pm
      Cost: $125.00 for Members and $150 for Non-Members
      Location: USC (room to be determined)
   The goal of this course is to help prepare the Level I CFA candidate for the
      accounting and financial analysis topics of the CFA exam.
   Many CFA candidates have "rusty" accounting / financial analysis skills, or
      have never been exposed to these often puzzling areas via college courses
      or work experience.
   The CFA program assumes a basic working knowledge of accounting and
      financial analysis for the Level I CFA exam.
   Since the instructor for this course has also served as the instructor for the
      USC / LASFA CFA® Review program for several years, he understands
      how best to bridge this critical knowledge gap."

CFA® Program                                                                        39
   USC/CFALA CFA® Review Program
   Since 1984, CFA Society of Los Angeles, Inc. (“CFALA”) in partnership with
       the University of Southern California, Marshall School of Business (“USC”)
       has offered CFA® Review Programs for each level of the CFA® Study and
       Examination Program.
   In the Spring, we offer both Weekday and Saturday Review Courses for Level
       I and Level II and a Weekday Review Course for Level III candidates.
   CFALA also offers a Saturday Review Course for candidates preparing to take
       the December Level I examination.
   While live instruction is the cornerstone of our program, candidates are
       provided with supplemental study tools including a full-length practice
       examination, access to recorded classroom lectures via the CFALA
       website, and Schweser Notes and Schweser Pro software.

CFA® Program                                                                        40
   Weekly Review Course: begins in January.
     Classes are held once a week and end in late May on the USC Campus.
          I: Tuesdays starting January 3 (5:00-8:00 pm)
          II: Thursdays starting January 5 (5:00-8:00 pm)
          III: Wednesdays starting January 4 (6:30-8:30 pm)

   Saturday Review Course (Levels I & II only): begins in January
     Will be held on 10 Saturdays before the 6/03/06 exam.
     Classes begin at 9:00 am and will end at 5:00 pm. (Lunch will not be
     First class sessions are schedule for Saturday, 14 January

   Please note: if you miss a weekly class you can attend the Saturday class as a
      makeup and vice versa. All classes will be digitally recorded and posted
      online for review via ID and password.

   Cost: $1299 Non-members, $1149 CFALA members.
     Register and pay by December 31, 2005 and receive a $100 discount.
CFA® Program                                                                        41
   The registration fee for the Review Course includes: the Schweser Study Notes,
      Schweser Pro, the full length practice exam and access to online recordings of the
      Review Classes.
   Mentor Program:
      Each Level I candidate may choose to be assigned a mentor (a CFALA member
      who is a CFA Charterholder) who will periodically provide support and answer
      questions regarding the candidates exam preparation. Candidates who wish to be
      assigned a CFALA Mentor please contact
   Text Book & Assigned Reading:
      Tuition for the USC/CFALA CFA Review Program does not include the cost of
      text books. All text material should be purchased before the start of class by using
      the order form in the back of your CFA Institute Study Guide.
      Class sessions will cover the material in your study guide but NOT
      NECESSARILY IN STUDY GUIDE ORDER. Please refer to the class schedule
      when preparing for class sessions.
      Candidates are expected to read and study the appropriate materials BEFORE each
      review session.

CFA® Program                                                                                 42
               Example of Online Presentation

CFA® Program
   Contact Us:
   CFA Society of Los Angeles, Inc
       555 W. 5th St., 31st Fl.
       Los Angeles, CA 90013
       Telephone (213) 627-1500
       Fax: (213) 947-4855

   USC/CFALA CFA Review Program
       555 W. 5th St., 31st Fl.
       Los Angeles, CA 90013
       Telephone: (213) 627-1230
       Fax: (213) 947-4855

CFA® Program                         44
More Information About the CFA Program

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:
Suite 3407                     Phone: 852-2868-2700 or 852-8228-8820
Two Exchange Square            Fax:    852-2868-9912
8 Connaught Place              E-mail:
Hong Kong, SAR
29th Floor                     Phone: 44-20-7712-1719
One Canada Square              Fax:    44-20-7712-1601
Canary Wharf                   E-mail:
London E14 5DY
United Kingdom

CFA® Program                                                           45
Chartered Financial Analyst®

       A Symbol of Integrity and Professional Excellence


CFA® Program                                               46

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