2008-2009 CFA PROGRAM 2004-2005 CFA Program 1
CFA Institute CFA uddannelsen Indhold Eksamen Krav Pris Studieteknik 2004-2005 CFA Program 2
Chartered Financial Analyst A Symbol of Integrity and Professional Excellence 2004-2005 CFA Program 3
Forkortelserne CFA Institute (AIMR) CFA Denmark (DSIP) DDF 2004-2005 CFA Program 4
Historie 82.000 CFAcharterholders 160 lande Startede i 1963 i USA Kraftig vækst i 1990 erne 2004-2005 CFA Program 5
Historie Nye kandidater 50,000 40,000 30,000 20,000 10,000 0 FY2002 FY2003 FY2004 FY2005 FY2006 2004-2005 CFA Program 6
Historie 45,000 40,000 35,000 30,000 Asia Canada Europe Other 25,000 20,000 15,000 10,000 5,000 0 1990 1993 1996 1997 1998 1999 2000 2001 2002 2003 2004-2005 CFA Program 7
Historie June 1993 June 2008 68% US 78% Male Age 31 68% Non-US 73% Male Age 30 2004-2005 CFA Program 8
Historie 96.134 medlemmer og 136 Societies på verdensplan* 2004-2005 CFA Program 9 * pr. 1. august 2008
Hvem læser CFA? Direktører Investeringschefer Aktieanalytikere Obligationsanalytikere Corporate Finance Investeringsrådgivere Porteføljemanagere Porteføljestrateger Marketing/Salg 2004-2005 CFA Program 10
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% 2004-2005 CFA Program 11
Hvorfor læse CFA? 2004-2005 CFA Program 12
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 2004-2005 CFA Program 13
Hvorfor læse CFA? Becoming a CFA is now a passport for excellence and international mobility. Financial Times 21 June 2004 2004-2005 CFA Program 14
Uddannelsen Indhold Eksamen Krav Pris Studieteknik 2004-2005 CFA Program 15
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 2004-2005 CFA Program 16
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. 2004-2005 CFA Program 17
Indhold Practitioners at every step of the process 2004-2005 CFA Program 18
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 2004-2005 CFA Program 19
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 2004-2005 CFA Program 20
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 2004-2005 CFA Program 21
Eksamen Multiple Choice Item Set (Objective) Constructed Response Level I Level II Level III 100% 100% 50% 50% 2004-2005 CFA Program 22
Eksamen Pass Rates: 1963-2006 Pass Rates: 2006 Pass Rates: 2008 100% 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 2004-2005 CFA Program 23
Eksamen 2004-2005 CFA Program 24
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) 2004-2005 CFA Program 25
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 2004-2005 CFA Program 26
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. 2004-2005 CFA Program 27 US$1,080 Evt støtteundervisning hos CFA Denmark DKK 18.000 Ca. omkostninger i alt DKK 24.500 * Enrollment by 2 st fee deadline (18. feb 09). * * Schweser Study Notes (kompendium) til ca. USD 263 er et godt supplement. Anvendes ved undervisningen.
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. 2004-2005 CFA Program 28
Deadlines & tilmelding juni 2009 Prisen stiger hver gang en deadline overskrides 24. september 2008 1. deadline (390 + 600) 18. februar 2009 2. deadline (390 + 690) 16. marts 2009 3. og ultimative deadline (465 + 930) Yderligere information og tilmelding: www.cfainstitute.org www.cfa.dk 2004-2005 CFA Program 29
Studieteknik Tidsforbrug ++250 Studieplan Teknik Udenadslære Specialister Fokusområder? Studiegrupper? 2004-2005 CFA Program 30
Studieteknik 2006 Level I Exam Topics CFA Denmark Ethical and Professional Standards Quantitative Analysis Economics Financial Statement Analysis Portfolio Management Asset Valuation 102.4 105.6 94.3 102.6 114.4 105.7 Standardiseret score. Gns. = 100. Std.afv. = 20 2004-2005 CFA Program 31
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 97.7 108.6 108.3 100.5 103.5 107.5 103.9 105.8 2004-2005 CFA Program 32
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 101.7 88.4 100.7 107.2 107.0 99.0 97.0 98.3 109.6 108.9 103.3 2007 Level III Exam Topics 92,7 104,1 106,6 104,4 104,4 104,4 97,9 104,4 104,5 100,6 2004-2005 CFA Program 33
Studieteknik Tidsforbrug ++250 Studieplan Teknik Udenadslære Specialister Fokusområder? Studiegrupper? Husk at informere familien 2004-2005 CFA Program 34
2004-2005 CFA Program 35