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2004-2005 CFA ® PROGRAM

2004-2005 CFA ® PROGRAM . Sponsored by:. Chartered Financial Analyst ®. A Symbol of Integrity and Professional Excellence. ®. What is the CFA Program? Rigorous Self-Study Program . What is the CFA Program? Three Levels and Three Exams .

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2004-2005 CFA ® PROGRAM

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  1. 2004-2005 CFA® PROGRAM Sponsored by: 2004-2005 CFA® Program

  2. Chartered Financial Analyst® A Symbol of Integrity and Professional Excellence ® 2004-2005 CFA® Program

  3. What is the CFA Program?Rigorous Self-Study Program 2004-2005 CFA® Program

  4. 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. 2004-2005 CFA® Program

  5. What is the CFA Program?Practical, Relevant Education Practitioners at every step of the process 2004-2005 CFA® Program

  6. What is the CFA Program?Learning Tied to Current Practice •Determines topics taught in the CFA Program • Conducted every five years: next in 2005-2006 • 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 2004-2005 CFA® Program

  7. Benefits of the CFA ProgramKnowledge 2004-2005 CFA® Program

  8. Benefits of the CFA ProgramRespect 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 Professional 2004-2005 CFA® Program

  9. Benefits of the CFA ProgramDiverse 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% 2004-2005 CFA® Program

  10. Benefits of the CFA ProgramOpportunity – 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 2004-2005 CFA® Program

  11. Benefits of the CFA ProgramEarning Power – The CFA Premium The CFA Premium: US$40,000 $203,000 Median Total Compensation for CFA Institute members with 10+ years experience Source: 2003 Compensation Survey $163,000 2004-2005 CFA® Program

  12. Global Passport: The CFA CharterGrowing Non-US Numbers 2004-2005 CFA® Program

  13. Global Passport: The CFA CharterMembers’ and Candidates’ Locations 68,378 Members and 129,389 Candidates Worldwide* Europe Members: 7,492 Candidates: 19,373 Asia & Mainland China Members: 610 Candidates: 6,899 United States & Canada Members: 52,058 Candidates: 65,726 Latin America Members: 457 Candidates: 2,125 Africa & Middle East Members: 1,153 Candidates: 5,489 Pacific Asia Members: 6,608 Candidates: 29,777 * as of December 2003 2004-2005 CFA® Program

  14. Global Passport: The CFA CharterGlobal Perspective 2004-2005 CFA® Program

  15. Global Passport: The CFA CharterInternational Recognition 2004-2005 CFA® Program

  16. The CFA Course of StudyCFA Body of Knowledge™ • Ethical and Professional Standards • Quantitative Methods • Economics • Financial Statement Analysis • Corporate Finance • Analysis of Equity Investments • Analysis of Debt Investments • Analysis of Derivatives • Analysis of Alternative Investments • Portfolio Management Investment Tools Asset Valuation 2004-2005 CFA® Program

  17. 5% 5% 15% 35% 50% 50% 30% 10% Investment Tools Asset Valuation Portfolio Management Professional Standards The CFA Course of StudyThree Levels – Topic Areas Approximate Percentage Breakdown 10% 10% 40% 40% Level I Level II Level III 2004-2005 CFA® Program

  18. Preparation for the CFA ExamsSelf-Study Materials 2004-2005 CFA® Program

  19. Preparation for the CFA Exams2005 Level I Primary Textbooks Standards of Practice Handbook 8e(AIMR, 1999) 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 5eSolnik & 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) 2004-2005 CFA® Program

  20. Preparation for the CFA ExamsValuable Learning Experience 2004-2005 CFA® Program

  21. The CFA Examinations2005 Exam Format *Beginning in 2005, Level II exams will be 100% item set. 2004-2005 CFA® Program

  22. The CFA ExaminationsGraded with Great Care • 750+ CFA charterholders in 2004 • Teams of practitioners • Rigorous and thorough process • Consistency and fairness across all papers 2004-2005 CFA® Program

  23. The CFA ExaminationsHistoric Pass Rates Pass Rates: 2004* Pass Rates: 1963-2004* 68% 64% 52% 50% 34% 32% *Level I totals do not include results for the December 2004 exam. 2004-2005 CFA® Program

  24. Registering for the CFA ProgramBachelor’s Degree Requirement Candidates’ Highest Degree 2% 1% 31% 66% 2004-2005 CFA® Program

  25. Registering for the CFA ProgramThree Ways to Register • Register online at: www.cfainstitute.org • Download forms from the CFA Institute website and register by mail • Contact CFA Institute for a paper CFA exam registration and enrollment package 2004-2005 CFA® Program

  26. Registering for the CFA ProgramCFA 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 2004-2005 CFA® Program

  27. Registering for the CFA ProgramConnecting with a Local Society 2004-2005 CFA® Program

  28. Registering for the CFA Program1st Year Program Costs – 2005 Approximate Costs for New Level I Candidates Registration fee to enter CFA Program US $375 Enrollment fee for Level I examination US $360 Study materials for Level I: • Study Guide Free • CFA Institute publications US $268 • Primary textbooks US $427 Approximate Total Costs for Level I US$1,430 *Registration & Enrollment by 1st fee deadline. * * 2004-2005 CFA® Program

  29. Registering for the CFA ProgramImportant Deadlines June 2005 Examinations (Levels I, II, & III) 15 September 2004 – Early registration deadline 15 February 2005 – Second deadline 15 March 2005 – Final deadline December 2005 Examinations (Level I only) 17 March 2005 – Early registration deadline 15 August 2005 – Second deadline 15 September 2005 – Final deadline 2004-2005 CFA® Program

  30. Scholarships for the CFA ProgramThree Scholarship Programs Student Scholarships – For New Level I Only* Awarded by CFA charterholder full-time faculty members Faculty Scholarships – Available for Any Level* Awarded to full-time faculty directly by CFA Institute Society Scholarships – Available for Any Level* Awarded to qualified candidates by local CFA Institute society *Registration fees waived – candidate pays US$150 for enrollment 2004-2005 CFA® Program

  31. Scholarships for the CFA ProgramImportant Deadlines • Scholarship Applications 14 January 2005 – Faculty and society sponsors submit final list of scholars to Scholarship Office 31 January 2005 – Final Deadline: all forms received by CFA Institute • Scholarships apply to June 2005 exam only • No scholarships currently available for December 2005 2004-2005 CFA® Program

  32. More Information About the CFA Programwww.cfainstitute.org 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: info@cfainstitute.org USA Asia-Pacific Suite 3407 Phone: 852-2868-2700 or 852-8228-8820 Two Exchange Square Fax: 852-2868-9912 8 Connaught Place E-mail: infohk@cfainstitute.org Central Hong Kong, SAR Europe 29th Floor Phone: 44-20-7712-1719 One Canada Square Fax: 44-20-7712-1601 Canary Wharf E-mail: infoeu@cfainstitute.org London E14 5DY United Kingdom 2004-2005 CFA® Program

  33. Chartered Financial Analyst® A Symbol of Integrity and Professional Excellence ® 2004-2005 CFA® Program

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