A globally recognized designation of professional excellence

About the CFA Program

CFA Institute is world-renowned as the administrator of the Chartered Financial Analyst (CFA) Program. In addition to more than 70,000 individual members from 119 countries, the CFA Institute membership includes 129 societies in 50 countries and territories. Headquartered in Charlottesville, Virginia, USA, CFA Institute has additional ofces in Hong Kong and London.

First awarded in 1963, the CFA charter has become known as the designation of professional excellence within the global investment community. Around the world, employers and investors recognize the CFA designation as the denitive standard for measuring competence and integrity in the elds of portfolio management and investment analysis. The CFA Programs self-study curriculum allows even the busiest investment professional to participate. The curriculum develops and reinforces a fundamental knowledge of investment principles. The three levels of examination verify a candidates ability to apply these principles across all areas of the investment decision-making process. And the programs professional conduct requirements demand that both CFA candidates and charterholders adhere to the highest standards of ethical responsibility. Successful completion of the CFA Program is an accomplishment that justiably carries great respect among employers, investors, colleagues, and the investment community.

CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. For a list of CFA Institute trademarks and a guide for their use, visit www.cfainstitute.org. 2004, CFA Institute

P R O G R A M

Knowledge with a Global Perspective

Drawing on a broad-based Body of KnowledgeTM, the CFA Program is intended to supplement the education and work experience of investment professionals. Although the program is open to a wide range of investment specialists, the curriculum emphasizes the knowledge and skills needed to be involved in asset valuation or portfolio management. In both developed and emerging markets, the CFA designation is recognized as a symbol of professional excellence. This recognition has brought unparalleled growth to candidate enrollments throughout the world. In 2004, more than half of the enrollments for the CFA examinations came from candidates who live outside of the United States and Canada. CFA candidates and charterholders reside in more than 150 countries throughout the world. Accordingly, CFA Institute takes great effort to build a global perspective into the CFA Programs curriculum and examinations. While candidates are responsible for understanding the principles that are common to any market, to earn the CFA charter they must develop simultaneously a working knowledge of those principles in a global investment context.
Julia H. Kim, CFA Portfolio Manager Phillips, Hager & North Investment Management Ltd. Vancouver, British Columbia, Canada

W H E R E C FA C A N D I D AT E S R E S I D E

United States

39 % 28 % 16 % 10 % 5% 2%

The world is becoming much more global as evidenced by the increasing recognition of the CFA designation internationally.

Eastern Asia/Oceania Europe Canada Africa/Middle East Central & South America/Caribbean/Bermuda

Respect

Virtually no other designation within the profession of investment management carries as much prestige as the CFA charter. The list of individuals who have preceded you in the program reads like a Whos Who of the global investment community and includes CEOs and partners of top investment rms, leading investment strategists, and world-renowned academics. Earning the right to use the CFA designation puts you in select company, providing you with respect and credibility that will benet you at every stage of your career. That prestige is accompanied by the responsibility to uphold ethical standards that are as much a part of holding the CFA designation as passing the examinations. The programs professional conduct requirements demand that both CFA candidates and charterholders adhere to the highest standards of ethical responsibility. Adherence to these standards fosters condence and trust among clients, employers, and regulators, and distinguishes the CFA charter among professional credentials.

Gary P. Brinson, CFA Founder and Retired Chairman Brinson Partners, Inc. Chicago, Illinois, USA

The CFA charter means integrity

and adherence to professional standards. It is also a designation that demonstrates individual commitment to excellence in the investment management eld.

Career Development

Search the job opportunities listed in your newspaper, on the Internet, or with executive recruiters and you will nd a recurring qualication for investment-related positions: CFA charter preferred. When hiring, promoting, and assigning additional responsibility, a large number of employers use the CFA charter as a benchmark for measuring capability and professionalism. More and more individual and institutional investors now recognize the value of the CFA Program, providing charterholders with a clear advantage when competing for promotions and other career opportunities. Registering for the CFA Program puts you in the company of more than 100,000 investment professionals around the world, all of whom are committed to excellence in their chosen professions. Successful completion of the program provides you with access to the programs and services of CFA Institute and its Member Societies, including networking opportunities within the regions where you live and work.

Simon Botherway, CFA Chief Investment Ofcer Brook Asset Management Auckland, New Zealand

WHO HIRES CFA CHARTERHOLDERS?

The CFA designation is becoming increasingly recognised in New Zealand. A number of rms, including mine, require new analysts to either have the CFA designation or to enrol in the program.

Investment Companies/Mutual Funds Broker-Dealer/Investment Banks Investment Management Counseling Firms Banks Consulting Firms Insurance Companies Pensions and Foundations Other

26 % 18 % 14 % 14 % 7% 5% 3% 13 %

Course of Study

Despite the rigor of the CFA Program, its exible, self-study curriculum allows investment professionals to customize their learning around busy work schedules. CFA Institute works to ensure that all of the material covered in the CFA Program is conducive to a distance-learning format. Each level of the program includes a study guide that leads candidates through assigned readings. Specic learning outcome statements accompany each reading, providing candidates with a gauge to measure the progress of their studies. The CFA Programs curriculum is designed to reect a Body of KnowledgeTM that keeps pace with the ever-changing dynamics of the global investment community. This Body of Knowledge, developed through an extensive survey of practicing CFA charterholders, consists of 10 general topic areas, which provide a framework for making investment decisions. Each level of the CFA Program has a different learning focus: Level I focuses on tools and concepts that apply to investment valuation and portfolio management, Level II on asset valuation and applying the tools and concepts from Level I, and Level III on applying the concepts learned at Levels I and II to the portfolio management process.

Basic Entrance Requirements

YOU MUST

. Have a U.S. Bachelors (or equivalent) degree or four years

of qualied, professional work experience.

. Complete the registration and enrollment form and pay

the required fees.

. Be prepared to take the examinations in English.

Since reading assignments compose the core of the study program, you can continue to work and have a exible study schedule. All three levels of the CFA examination are offered in June at more than 270 sites around the world. A second administration of the Level I examination is offered at a limited number of sites in December.

The required readings for the CFA Program are not included in the registration fees, but candidates are strongly encouraged to purchase the textbooks for their exam preparation.

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