The CFA Program
The CFA Society of Cyprus
UNIVERSITY OF CYPRUS
25 April 2012
“Though the finance
industry absorbs many
with Masters degrees in
Business Administration
and finance degrees, the
Chartered Financial
Analyst qualification,
pursued part-time by
those already hired, has
become the industry’s
benchmark.”
Financial Times, 2009
The CFA Program │ 2
“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… explosive growth has
made it, in effect, global
currency.”
-The Economist, 2005
The CFA Program │ 3
Nikkei Financial Daily
“The Chartered Financial Analyst (CFA) qualification is
highly rated in financial circles around the world.
In many countries it is essential for people working for
financial institutions to obtain the license.”
Nikkei Financial Daily, 2004
The CFA Program │ 4
Employment of CFA Institute Members
The CFA Program │ 5
Job Ads Around the World
CFA is a plus
London, UK
The Chartered
Financial Analyst
(CFA) designation
required
The Chartered Financial Analyst (CFA)
designation strongly preferred
The CFA Program │ 6
Pensions and Investments Online
Job Ads Shown in One Day
The CFA Program │ 7
What is
the CFA
Program?
■ A self-study curriculum with three
levels of examinations
■ Practical, relevant education
based on a practitioner-driven
global body of investment knowledge
■ Ethical and professional standards
emphasized at every level
■ Exam locations worldwide
The CFA Program │ 8
■ Pass Level I, II, and III exams
■ Complete at least four years of
professional work experience
■ Provide professional
references (Level III)
■ Submit professional conduct
statement
■ Apply for CFA Institute & local
society membership
The CFA Program │ 9
Initial
CFA® Charter
Requirements
A Practice Driven Process
The CFA Program│ 10
CFA Program Candidate Body of Knowledge™
The CFA Program │ 11
Exam
Format &
Sample
Question
Multiple
Choice
Item Set
(Objective)
Constructed
Response
(Essay)
Level I
●
100%
Level II
●
100%
Level III
●
●
50%
50%
Q: An investor is evaluating a 7-year 4%
coupon bond with a par value of $100.00, and a
current market price of $99.19, callable at the
end of year 2 at a price of $102.00. The yield to
first call on a bond-equivalent basis for this bond
is closest to:
The CFA Program │12
A. 4.00%
B. 4.42%
C. 5.40%
The CFA Program is a
Rigorous Undertaking
The CFA Program │ 13
■ Recognition
■ Strong international network
of local societies (135) and
members (109,748)
■ Lifelong learning opportunities
through publications,
conferences, and local
society events
The CFA Program │ 15
Benefits of
Earning the
CFA® Charter
CFA Institute Mission
To lead the investment profession
globally by setting the highest
standards of ethics, education,
and professional excellence.
Professional Excellence
CFA
Institute
Education
The CFA Program │ 16
Ethics
■ Administrator of the CFA Program −
the global standard for investment
professionals
■ Committed to lifelong learning; working
to provide value after the designation
has been earned
Professional Excellence
CFA
Institute
Education
The CFA Program │ 17
Ethics
A leading voice on issues of fairness, efficiency,
and investor protection for global capital markets
through the CFA Institute Standards and Financial
Market Integrity Division
Professional Excellence
CFA
Institute
Education
The CFA Program │ 18
Ethics
■ A member organization with more than 100,000
member investment professionals in over 130 countries
■ Administrator of the CFA Institute Code of Ethics and
Standards of Professional Conduct
Professional Excellence
CFA
Institute
Education
The CFA Program │ 19
Ethics
Total CFA Registrations & Members
The CFA Program │ 20
Americas
Geographic Profile of Members
66%
Europe, Middle
East, Africa
19%
Asia Pacific
15%
The CFA Program │ 21
Visit our website for program costs,
deadlines, and information
www.cfainstitute.org
The CFA Program │ 22
CFA SOCIETY OF CYPRUS
Mission Statement
• To promote the highest ethical standards in the Cyprus
investment community, to enhance the awareness of the CFA
Program, to support CFA candidates, and to serve and bring
increasing value to the society's members through continuing
education and investment professional networks.
The CFA Program │ 23
The CFA Society of Cyprus - Vision
•
The CFA Society of Cyprus is established as the premier society for investment
professionals, representing a vibrant financial services community, committed to the
highest standards of professionalism and ethical behavior. This is demonstrable
through:
– The promotion and provision of high-quality continuing education opportunities
– Regular representation of the views of the membership on regulatory matters, together
with contributions to the development of financial regulations for the Cypriot investment
industry
– The provision of support to CFA candidates
– Healthy growth in membership
The CFA designation is the gold standard required by employers and investors in Cyprus
The CFA Program │ 24
CFA Society of Cyprus - Overview
Membership
Programming
Universities / Employers
Regular: 89
4 – 5 per annum:
Targeted employer outreach
Affiliate:
Charter Awards Ceremony
Relationships with colleges
and universities
Total:
6
95
Dues: $70 / year
Established 2004
1-2 social events
Inv. & Wealth Mgmt
Conference
Program presentations
Forecasting Event
Candidates/ Education
Exemptions: Ministry of
Finance
Public Awareness / Advocacy
Operations / IT
PR – good relations with
financial media
7 board members
Includes 4 officers (President,
VP, Secretary, Treasurer)
Website: www.cfacyprus.com
E-mail: info@cfacyprus.com
The CFA Program │ 25
Cyprus
Membership*
• Total members: 95
• Total charterholders: 89
• 13 candidates completed
Level III in 2011
• 140 Registered candidates
for 2012 exams:
– 82 Level I
– 33 Level II
– 25 Level III
Average annual growth of
around 15% during last 10 years
The CFA Program │ 26
Cyprus
Membership*
TOP EMPLOYERS 2011
Bank of Cyprus Group
Marfin Popular Bank
Central Bank of Cyprus
Piraeus Bank Group
Moody's Investors Service
The Hellenic Bank Group
PricewaterhouseCoopers
EFG Group
Ernst & Young
FxPro Group
The CFA Program │ 27
19
9
7
5
4
4
3
2
2
2
Our website – www.cfacyprus.com
• Provides updates on all society’s
activities and events.
• Provides information on the CFA
Program and the CFA Institute.
• Has a Jobs section where
suitable roles for CFA
charterholders/candidates will
be listed.
The CFA Program │ 28
CFA SOCIETY OF CYPRUS
BOARD MEMBERS
• Demetris Nicolaou, CFA – President
Finance Director, D. Nicolaou Group
• Konstantinos Sofokleous, CFA – Vice President
Fund Manager, EuroLife Ltd, Bank of Cyprus Group
• Panayiotis Chrysostomou, CFA – Secretary
Fund Manager, CISCO Ltd, Bank of Cyprus Group
• Emilia Zachariou, CFA – Treasurer
Manager Banking Services, Eurobank EFG Cyprus
• Constantinos Papanastasiou, CFA – Member (Past President)
Head of Investment Banking, CISCO Ltd, Bank of Cyprus Group
• Demetris Staphylaris, CFA – Member
Central Bank of Cyprus
• Konstantinos Leonida, CFA – Member
Fixed Income Portfolio Management, Bank of Cyprus Group Treasury
The CFA Program │ 29
The CFA Society of Cyprus
E-mail: info@cfacyprus.com
QUESTIONS AND ANSWERS
The CFA Program │ 30