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SO YOU WANNA BE A CFA

AGENDA. Introduction

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SO YOU WANNA BE A CFA

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    1. SO YOU WANNA BE A CFA? An Introduction to the CFA? Exam Preparation, Time Commitment, and Benefits The Investment Analysts Society of Chicago October 30, 2001

    2. AGENDA Introduction & History purpose & how it all started Structure & Requirements what the program entails Preparation Involved how much time & what involved Topics Covered what subjects are necessary to know Demographics of Candidates who are they? Benefits of the CFA? Designation money, reputation, and continuing education Careers & Salary Analysis what the market is paying

    3. AGENDA Introduction & History purpose & how it all started Structure & Requirements what the program entails Preparation Involved how much time & what involved Topics Covered what subjects are necessary to know Demographics of Candidates who are they? Benefits of the CFA? Designation money, reputation, and continuing education Careers & Salary Analysis what the market is paying

    4. INTRODUCTION & HISTORY Purpose of the exam is to establish standards of competency and integrity. Exam is designed to reinforce fundamental knowledge of investment principles. Encompasses cutting-edge topics of today (if the topic is current, it will show up in the exam). Focus on ethics & thus, upholding the highest standards of ethical responsibility. Not an exam for a specialist, but supplements the specialists general knowledge

    5. INTRODUCTION & HISTORY History Program first administered in June, 1963 268 security analysts emerged as first class of CFAs? Today As many as 80,000 candidates to register for the June, 2002 exam. Nearly 400,000 CFA? exams administered More than 35,000 investment professionals have earned right to use the charter (to have the letters CFA? after your name)

    6. AGENDA Introduction & History purpose & how it all started Structure & Requirements what the program entails Preparation Involved how much time & what involved Topics Covered what subjects are necessary to know Demographics of Candidates who are they? Benefits of the CFA? Designation money, reputation, and continuing education Careers & Salary Analysis what the market is paying

    7. STRUCTURE OF PROGRAM Divided into 3 Levels Level I, II, and III You may sit for 1 examination each year. Exam usually offered either the last Saturday in May or first Saturday in June. You must pass each level sequentially in order to take the next level. If you fail one level, then must re-take the exam the following year. Minimum completion time is 3 years, maximum is 7 years.

    8. STRUCTURE OF PROGRAM Level I Multiple Choice Level II 50% Short Answer / 50% Essay Level III 50% Short Answer / 50% Essay Self-Study Curriculum Pro flexible enough for the busy professional. Con The exam is self-study.

    9. PASS RATES

    10. REQUIREMENTS OF DESIGNATION Completion of all 3 Levels only one part to receiving the CFA? Designation. Must have at least 3 years of relevant work experience within investment analysis by the time you finish Level III. Must have completed a Bachelors Degree in order to sit for the exam. Must apply for membership in AIMR and an AIMR Member Society/Chapter. And must meet professional conduct requirements (you have no crimes or skeletons in the closet)

    11. AGENDA Introduction & History purpose & how it all started Structure & Requirements what the program entails Preparation Involved how much time & what involved Topics Covered what subjects are necessary to know Demographics of Candidates who are they? Benefits of the CFA? Designation money, reputation, and continuing education Careers & Salary Analysis what the market is paying

    12. PREPARATION ON AVERAGE, each level of the Program calls for 250-300 hours of exam preparation. Can vary due to self-study nature of the exam. Reading assignments compose the core of the study program and are the basis for the exam questions. Reading assignments are from both textbooks other readings that are necessary for taking the exam. These must be purchased as part of the preparation for the exam.

    13. PREPARATION Upon enrolling into the program, you will receive a comprehensive study guide detailing Learning Outcome Statements (LOS) or specific subtopics that you are required to know for the exam. The study guide is divided into study sessions that list the required readings and learning outcomes for each reading. Textbooks and Readings are required purchases for the exam.

    14. PREPARATION Review Courses, such as BeckerConviser / Stalla, are available to facilitate the learning process. But they are not a substitute to preparing for the exam. The best ingredients for successful preparation Mental focus & determination Regular scheduled studying Studying the assigned reading per LOS And if it helps, taking review courses & getting involved in study groups.

    15. AGENDA Introduction & History purpose & how it all started Structure & Requirements what the program entails Preparation Involved how much time & what involved Topics Covered what subjects are necessary to know Demographics of Candidates who are they? Benefits of the CFA? Designation money, reputation, and continuing education Careers & Salary Analysis what the market is paying

    16. TOPICS COVERED ON EXAM The CFA? Programs Body of Knowledge includes Ethics & Professional Standards Quantitative Methods Economics Financial Statement Analysis Corporate Finance Analysis of Debt Investments Analysis of Equity Investments Derivatives Alternative Investments Portfolio Management Performance Measurement

    17. % BREAKDOWN OF COURSE STUDY

    18. CALCULATOR POLICY Due to programming functions available for formulas only 2 calculators are permitted to be used Texas Instruments BA II Plus Hewlett Packard 12C Proctors instructed to confiscate unauthorized calculators.

    19. AGENDA Introduction & History purpose & how it all started Structure & Requirements what the program entails Preparation Involved how much time & what involved Topics Covered what subjects are necessary to know Demographics of Candidates who are they? Benefits of the CFA? Designation money, reputation, and continuing education Careers & Salary Analysis what the market is paying

    20. CFA? CANDIDATE AGE PROFILE

    21. CFA? CANDIDATE GEOGRAPHIC PROFILE

    22. CFA? CANDIDATE GROWTH

    23. CFA? CANDIDATE GLOBAL GROWTH

    24. CFA? CANDIDATE EMPLOYMENT PROFILE

    25. AGENDA Introduction & History purpose & how it all started Structure & Requirements what the program entails Preparation Involved how much time & what involved Topics Covered what subjects are necessary to know Demographics of Candidates who are they? Benefits of the CFA? Designation money, reputation, and continuing education Careers & Salary Analysis what the market is paying

    26. BENEFITS OF CFA? DESIGNATION Symbol of professional excellence, and as a result A primary qualification for senior level investment positions (and most analysts positions as well). Frequently backed and financially sponsored by employers. Global Acceptance In fact, in some parts of Asia, this is a way of keeping their financial system clean and self-regulated something they have a hard time regulating themselves. Membership into AIMR and local CFA? Societies require the CFA?. Bottom Line? Networking and Continuing Education access.

    27. THE IASC The Investment Analysts Society of Chicago (IASC) Oldest CFA Society founded in 1925. Also most prestigious with the history in finance that many of our members created.

    28. BENEFITS OF IASC MEMBERSHIP Weekly luncheon meetings providing interesting speakers, networking, and most importantly, lunch Education & Career Development programs new intellectual capital that can be used in practice. Committee Involvement there are several committees you can participate on to network and make a difference. Jobs Listings www.tiasc.org - and the site is also another way to network with the Society.

    29. AGENDA Introduction & History purpose & how it all started Structure & Requirements what the program entails Preparation Involved how much time & what involved Topics Covered what subjects are necessary to know Demographics of Candidates who are they? Benefits of the CFA? Designation money, reputation, and continuing education Careers & Salary Analysis what the market is paying

    30. COMMON OCCUPATIONS OF CFAs? CEO / Principal Chief Investment Officer Equity Analyst Fixed Income Analyst Investment Banker Investment Counselor Investment Firm Manager Portfolio Manager Portfolio Strategist Sales / Marketing Professional

    31. EMPLOYERS WITH LARGEST # OF CFAs? ABN Amro American Express Financial Bank of America Bear, Stearns & Company CIBC World Markets Donaldson, Lufkin, & Jenrette Chase J.P. Morgan Lehman Brothers Loomis, Sayles & Company Merrill Lynch

    32. CAREER & MONEY BENEFITS Definite correlation between high base salaries / bonuses with those individuals having the CFA? and approximately 6 years of relevant experience. Supported by 1999 study by HQ Search where 230 equity analysts and 60 mutual fund analysts working for 55 different Chicago-based investment companies, banks and consultants. Also supported by 1999 Russell Reynolds national survey. The CFA? credential provides better career opportunities and not just in investment management. Investment bankers, bankers and other financial managers value a CFA?.

    33. CAREER & MONEY BENEFITS Chicago as a financial hub Growing money management industry base and thus, job prospects increasing this is due to 1999 exodus of Chicago-based firms left numerous Chicagoans extremely wealthy from their sell-out provisions. September 11 effect encouraging financial firms to diversify their locations.

    34. APPENDIX

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