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Results of NFMA Survey on Certification and Related Matters

Analysis of the NFMA survey results regarding certification in the municipal bond market, including member demographics, opinions on course of study, exams, and continuing education.

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Results of NFMA Survey on Certification and Related Matters

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  1. Results of NFMA Survey on Certification and Related Matters Presented at NFMA’s Twenty-third Annual Conference NFMA Certification Committee Loews Santa Monica Beach Hotel Santa Monica, California May 2006

  2. Question 1 • How long have you been a municipal bond analyst or otherwise been employed in the municipal bond market? • Less than three years • Three to five years • Five to ten years • More than ten years

  3. Question 1 • How long have you been a municipal bond analyst or otherwise been employed in the municipal bond market? • Less than three years - 4.3% • Three to five years - 7.0% • Five to ten years - 19.5% • More than ten years - 69.2%

  4. Question 2 • How long have you been a member of the NFMA? • Less than three years • Three to five years • Five to ten years • More than ten years

  5. Question 2 • How long have you been a member of the NFMA? • Less than three years - 14.9% • Three to five years - 13.2% • Five to ten years - 24.8% • More than ten years - 47.0%

  6. Question 3 • Of which constituent society are you a member? • Boston (BMAF) • California (CSMA) • Chicago (CMAS) • Minnesota (MSMA) • New York (MAGNY) • Southern (SMFS) • No Society (Affiliated)

  7. Question 3 • Of which constituent society are you a member? • Boston (BMAF) - 17.5% • California (CSMA) - 14.8% • Chicago (CMAS) - 14.3% • Minnesota (MSMA) - 8.5% • New York (MAGNY) - 30.9% • Southern (SMFS) - 11.7% • No Society (Affiliated) - 2.2%

  8. Question 4 • In what sector of the industry are you employed? • Bond insurer • Broker-dealer • Commercial bank • Consultant or financial adviser • Mutual fund • Buy-side other than mutual fund • Rating agency • Other

  9. Question 4 • In what sector of the industry are you employed? • Bond insurer - 10.7% • Broker-dealer - 11.8% • Commercial bank - 2.1% • Consultant or financial adviser - 3.2% • Mutual fund - 33.2% • Buy-side other than mutual fund - 26.1% • Rating agency - 12.9%

  10. Question 5 • Should NFMA discuss with the CFA Institute a greater role for municipal bonds on the CFA exam?

  11. Question 5 • Should NFMA discuss with the CFA Institute a greater role for municipal bonds on the CFA exam? • YES - 64.5% • NO - 35.5% • Level of importance among those voting “YES” - 3 out of 6

  12. Question 6 • Should NFMA study the idea of a formal course of study by which municipal analysts can learn about a different subject area, e.g. health care or project finance?

  13. Question 6 • Should NFMA study the idea of a formal course of study by which municipal analysts can learn about a different subject area, e.g. health care or project finance? • YES - 76.5% • NO - 23.5% • Level of Importance - 3 out of 6

  14. Question 7 • Should NFMA study the idea of a formal course of study (as in Question 6) and allow analysts to gain certification, via an exam, that they are knowledgeable about that subject area?

  15. Question 7 • Should NFMA study the idea of a formal course of study (as in Question 6) and allow analysts to gain certification, via an exam, that they are knowledgeable about that subject area? • YES - 42.7% • NO - 57.3% • Level of Importance - 2 out of 6

  16. Question 8 • Without a formal course of study on a given sector of the market, should NFMA consider the idea of an exam only on one or more of those sectors?

  17. Question 8 • Without a formal course of study on a given sector of the market, should NFMA consider the idea of an exam only on one or more of those sectors? • YES - 31.2% • NO - 68.8% • Level of Importance - 2 out of 6

  18. Question 9 • Should NFMA consider a program by which municipal analysts could receive credit for continuing their professional education via conferences or seminars?

  19. Question 9 • Should NFMA consider a program by which municipal analysts could receive credit for continuing their professional education via conferences or seminars? • YES - 62.5% • NO - 37.5% • Level of Importance - 3 out of 6

  20. Question 10 • Should NFMA consider an exam similar in scope to the CFA exam except that it would consist of only one test - as opposed to three for the CFA - and would focus exclusively on the tax-exempt market?

  21. Question 10 • Should NFMA consider an exam similar in scope to the CFA exam except that it would consist of only one test - as opposed to three for the CFA - and would focus exclusively on the tax-exempt market? • YES - 39.7% • NO - 60.3% • Level of Importance - 1 out of 6

  22. Question 11 • Please specify any other licenses or credentials that you have earned:

  23. Question 11 • Please specify any other licenses or credentials that you have earned: • CFA - 25.5% • CPA - 2.5% • Series 7 - 36.8% • Series 63 - 29.0% • Series 24 or Series 55 - 6.2%

  24. Comments and Next Steps

  25. Please contact any member of the Certification Committee if you have comments or questions: Greg Clark, Chairman - gregory_clark@hvbamericas.comGreg Aikman - Chuck Emrich - Howie Mischel - Doug Nelson - Brian Tournier -

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