Hvad er CFA? CFA PROGRAM CFA Program 1

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1 CFA PROGRAM CFA Program 1

2 CFA Institute CFA uddannelsen Indhold Eksamen Krav Pris Studieteknik CFA Program 2

3 Chartered Financial Analyst A Symbol of Integrity and Professional Excellence CFA Program 3

4 Forkortelserne CFA Institute (AIMR) CFA Denmark (DSIP) DDF CFA Program 4

5 Historie CFAcharterholders 160 lande Startede i 1963 i USA Kraftig vækst i 1990 erne CFA Program 5

6 Historie Nye kandidater 50,000 40,000 30,000 20,000 10,000 0 FY2002 FY2003 FY2004 FY2005 FY CFA Program 6

7 Historie 45,000 40,000 35,000 30,000 Asia Canada Europe Other 25,000 20,000 15,000 10,000 5, CFA Program 7

8 Historie June 1993 June % US 78% Male Age 31 68% Non-US 73% Male Age CFA Program 8

9 Historie medlemmer og 136 Societies på verdensplan* CFA Program 9 * pr. 1. august 2008

10 Hvem læser CFA? Direktører Investeringschefer Aktieanalytikere Obligationsanalytikere Corporate Finance Investeringsrådgivere Porteføljemanagere Porteføljestrateger Marketing/Salg CFA Program 10

11 Hvor er de ansat? 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 11

12 Hvorfor læse CFA? CFA Program 12

13 Hvorfor læse CFA? The CFA Premium: US$48,000 $248,000 $200,000 Median Total Compensation for U.S.-based CFA Institute members with 10+ years experience Source: 2005 Compensation Survey Non- Charterholders CFA Charterholders CFA Program 13

14 Hvorfor læse CFA? Becoming a CFA is now a passport for excellence and international mobility. Financial Times 21 June CFA Program 14

15 Uddannelsen Indhold Eksamen Krav Pris Studieteknik CFA Program 15

16 Uddannelsen Professionel betegnelse Globalt anerkendt Global, praktisk baseret uddannelse på master niveau, der fokuserer på den finansielle sektor Selvstudium Opdelt i 3 levels En eksamen pr. år CFA Program 16

17 Uddannelsen Niveau The CFA Program is postgraduate. The readings assigned in the study program and the questions on the CFA examinations are geared for individuals who are prepared to deal with masters level course work CFA Program 17

18 Indhold Practitioners at every step of the process CFA Program 18

19 Indhold - CFA Body of Knowledge Etik & professionelle standarder Statistik Nationaløkonomi Regnskabsanalyse Corporate Finance Aktieanalyse Obligationsanalyse Analyse af derivater Analyse af alternative investeringer Investment Tools Asset Valuation Portfolio Management CFA Program 19

20 Indhold Approximate Percentage Breakdown 5% 10% 15% 10% 40% 40% 50% 50% 30% 40% Level I Level II Level III 10% Investment Tools Asset Valuation Portfolio Management Professional Standards CFA Program 20

21 Eksamen Typisk den første lørdag i juni 2 gange 3 timer uden hjælpemidler (2 specifikt angivne lommeregnere er dog tilladt TI BAII Plus & HP 12C) København om sommeren CFA Program 21

22 Eksamen Multiple Choice Item Set (Objective) Constructed Response Level I Level II Level III 100% 100% 50% 50% CFA Program 22

23 Eksamen Pass Rates: Pass Rates: 2006 Pass Rates: % 100% 100% 90% 80% 70% 68% 90% 80% 70% 76% 90% 80% 70% 60% 50% 40% 30% 47% 52% 60% 50% 40% 30% 40% 48% 60% 50% 40% 30% 35% 46% 53% 20% 20% 20% 10% 10% 10% 0% I II III 0% I II III 0% I II III CFA Program 23

24 Eksamen CFA Program 24

25 Krav til den studerende Ved påbegyndelse: Have en bachelorgrad eller lignende (f.eks. 4 års relevant erhvervserfaring) Kunne afsætte +250 timer til læsning pr. år = ikke særlig svært (at tilmelde sig) CFA Program 25

26 Krav til den studerende Bestå alle 3 levels for at kunne anvende titlen: Have 4 års acceptabel erhvervserfaring Professionel anbefaling Være medlem af CFA Institute og ansøge om medlemsskab af en lokal CFA Institute society Overholde de etiske regler og standarder = væsentlig sværere CFA Program 26

27 Hvad koster det? Omkostningsniveau for nye Level I kandidater Indmeldelse til CFA uddannelsen US $390 Tilmelding til Level I eksamen US $690 * Studiematerialer til Level I: Level 1 Curriculum Inkl CFA Program 27 US$1,080 Evt støtteundervisning hos CFA Denmark DKK Ca. omkostninger i alt DKK * Enrollment by 2 st fee deadline (18. feb 09). * * Schweser Study Notes (kompendium) til ca. USD 263 er et godt supplement. Anvendes ved undervisningen.

28 Hvad koster det? $ $ $ Society CFA Scholarship Program For June of 2009, CFA Denmark can recommend up to 10 people in the Danish region for a Society Scholarship to cover a significant portion of the registration, enrolment, and curriculum fees for the level I, II or III CFA exams CFA Program 28

29 Deadlines & tilmelding juni 2009 Prisen stiger hver gang en deadline overskrides 24. september deadline ( ) 18. februar deadline ( ) 16. marts og ultimative deadline ( ) Yderligere information og tilmelding: CFA Program 29

30 Studieteknik Tidsforbrug Studieplan Teknik Udenadslære Specialister Fokusområder? Studiegrupper? CFA Program 30

31 Studieteknik 2006 Level I Exam Topics CFA Denmark Ethical and Professional Standards Quantitative Analysis Economics Financial Statement Analysis Portfolio Management Asset Valuation Standardiseret score. Gns. = 100. Std.afv. = CFA Program 31

32 Studieteknik 2006 Level II Exam Topics CFA Denmark Ethical and Professional Standards Quantitative Analysis Economics Accounting/ Financial Statement Analysis Asset Valuation: Equity Asset Valuation: Fixed Income Portfolio Management Asset Valuation: Derivatives CFA Program 32

33 Studieteknik 2006 Level III Exam Topics CFA Denmark Ethical & Prof. Standards Quantitative Analysis Asset Valuation: Fixed Income Asset Valuation: Derivatives Portfolio Mgmt. PM/ Indiv. PM/ Institutional Portfolio Performance Measure Alternative Assets Economics Risk Mgmt Level III Exam Topics 92,7 104,1 106,6 104,4 104,4 104,4 97,9 104,4 104,5 100, CFA Program 33

34 Studieteknik Tidsforbrug Studieplan Teknik Udenadslære Specialister Fokusområder? Studiegrupper? Husk at informere familien CFA Program 34

35 CFA Program 35