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Chartered Financial Analyst ®

Chartered Financial Analyst ®. A Symbol of Integrity and Professional Excellence. ®. 2006 CFA ® PROGRAM . Sponsored by:. Benefits of the CFA Program Knowledge . Chartered Financial Analyst ®.

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Chartered Financial Analyst ®

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  1. Chartered Financial Analyst® A Symbol of Integrity and Professional Excellence ® CFA® Program

  2. 2006 CFA® PROGRAM Sponsored by: CFA® Program

  3. Benefits of the CFA ProgramKnowledge CFA® Program

  4. 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 currency.” The Economist Feb. 26-Mar 4, 2005 CFA® Program

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

  6. The Chartered Financial Analyst (CFA) designation is strongly preferred Chartered Financial Analyst® CFA® Program

  7. 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 CFA® Program

  8. 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% CFA® Program

  9. 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 CFA® Program

  10. Benefits of the CFA ProgramEarning Power – The CFA Premium The CFA Premium: US$48,000 $248,000 Median Total Compensation for U.S.-based CFA Institute members with 10+ years experience Source: 2005 Compensation Survey $200,000 Not to scale… CFA® Program

  11. Global Passport: The CFA CharterMembers’ and Candidates’ Locations 76,521 Members and 87,409 Candidates Worldwide* Europe Members: 9,516 Candidates: 13,081 Asia & Mainland China Members: 627 Candidates: 8,853 United States & Canada Members: 56,211 Candidates: 40,205 Latin America Members: 751 Candidates: 1,479 Africa & Middle East Members: 1,407 Candidates: 3,972 Pacific Asia Members: 8,009 Candidates: 19,819 * as of June 2005 CFA® Program

  12. Global Passport: The CFA CharterGlobal Perspective CFA® Program

  13. Global Passport: The CFA CharterInternational Recognition CFA® Program

  14. What is the CFA Program?Rigorous Self-Study Program CFA® Program

  15. 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 curriculum. But, success on the CFA examinations is not merely achieved by committing the requisite hours. CFA® Program

  16. CCC COE What is the CFA Program?Practical, Relevant Education Practitioners at every step of the process Examinations Curriculum Grading Body of Knowledge Setting of Minimum Passing Score (MPS) by CFA Institute Governors Practice Analysis Leaders in the Investment Community CCC:Candidate Curriculum Committee COE:Council of Examiners CFA® Program

  17. 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

  18. 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 CFA® Program

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

  20. Preparation for the CFA ExamsSelf-Study Materials CFA® Program

  21. Preparation for the CFA Exams2006 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 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) CFA® Program

  22. Preparation for the CFA Exams2006 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: 1150pages, VOL 3: 816pages, VOL 4: 1034pagesPUBLISHER: CFA INSTITUTE DATE PUBLISHED: JUNE 2005 CFA® Program

  23. The CFA Examinations2006 Exam Format CFA® Program

  24. The CFA ExaminationsGraded 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

  25. The CFA ExaminationsHistoric Pass Rates Pass Rates: 2005 Pass Rates: 1963-2004 68% 56% 55% 52% 49% 36% CFA® Program

  26. Registering for the CFA ProgramBachelor’s Degree Requirement Candidates’ Highest Degree 2% 1% 31% Master’s 66% Bachelor’s CFA® Program

  27. Registering for the CFA ProgramThree Ways to Register • CFA Exam Date: June 3, 2006 (see signup deadlines) • • Register online at: • www.cfainstitute.org • • 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

  28. 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 CFA® Program

  29. Registering for the CFA Program1st 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

  30. Registering for the CFA ProgramImportant 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

  31. Registering for the CFA ProgramImportant Deadlines * Check the CFA Institute website for the most recently-announced dates. CFA® Program

  32. 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 Scholarshiphttp://www.cfala.org/cfmfiles/asp/scholarship.asp) 31 January 2006 – Final Deadline for all forms to be received by CFA Institute from the society(http://www.cfainstitute.org/university/overview.html) 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 Scholarships for the CFA ProgramTwo Scholarship Programs CFA® Program

  33. 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 experience 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

  34. The CFA Society of Los Angeles currently has 1,773 members. CFA® Program

  35. 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

  36. 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 members.   CFA® Program

  37. Job Placement Listings • Members have access to employment opportunities in the Southern California area via the subscription job listings on the CFALA website. • 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

  38. Annual Career Expo Usually takes place in late April and in 2006, we will be celebrating our 10th anniversary! 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 interact.   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

  39. Basic Accounting For CFA Level I Candidates (2 Saturdays)Date: Saturday, January 7th and 21st, 2006 Time: 9:00 am - 1:30 pmCost: $125.00 for Members and $150 for Non-MembersLocation: 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." https://www.cfala.org/cfmfiles/cal/eventlist2.cfm?id=593&t=e&d=Z CFA® Program

  40. 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

  41. 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 provided.) 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

  42. 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 cfareview@cfala.org. 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

  43. Example of Online Presentation CFA® Program

  44. Contact Us: CFA Society of Los Angeles, Inc555 W. 5th St., 31st Fl.Los Angeles, CA 90013Telephone (213) 627-1500Fax: (213) 947-4855Email: info@cfala.org Web: www.cfala.org USC/CFALA CFA Review Program555 W. 5th St., 31st Fl.Los Angeles, CA 90013Telephone: (213) 627-1230Fax: (213) 947-4855Email: CFAreview@cfala.org` CFA® Program

  45. 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 CFA® Program

  46. Chartered Financial Analyst® A Symbol of Integrity and Professional Excellence ® CFA® Program

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