THE CFA SOCIETY, THE CFA &
THE RESEARCH CHALLENGE
Presented by
A member society of
What we will discuss
• Introduction to
–
–
–
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CFA San Francisco
The CFA Institute
The CFA Designation
The CFA Exam
• Investment Research Challenge
– What it is / Key Dates
– What you learn
• How you can get involved
• Questions
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Who’s Who
• CFA Society of San Francisco
www.cfa-sf.org
– Membership consists of local CFA charterholders
– Offer CFA Review programs, Levels I – III
– Sponsors meetings between analysts & companies
• CFA Institute www.cfainstitute.org
– Administers CFA® exams, Levels I – III
– Awards CFA® charter to successful candidates
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CFA Society of San Francisco
• CFASF is a non-profit, professional organization serving the Bay
Area financial community since March 1929.
• CFASF is one of the largest local societies in CFA Institute.
– Currently has 3,200+ members working for banks, insurance
companies, investment counselors, brokers, public agencies,
universities and corporations.
• CFASF offers several services to its members and candidates.
1. Largest & most comprehensive CFA® Review program at all three
levels in the Bay Area.
2. Regular meetings between analysts and companies
3. Continuing education programs,
4. Job listings
5. Charity events.
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CFASF Student Members
• Benefits of Membership Include:
– Access to Members Only section of CFASF's website, featuring
online member directory, career resources and more.
– Discounted registration fees for professional development
programs.
– Opportunities to volunteer.
• Student Membership Requirements:
– Sponsorship by two Regular CFASF members, plus a
professor’s confirmation of student status.
– Dues are $100 per year.
• Note: Students are members of CFA Society of San
Francisco; they are not members of CFA Institute.
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CFA Society of
San Francisco Links
•
Home Page: www.cfa-sf.org
•
Candidate Overview Page: (general information) www.cfasf.org/cfmfiles/asp/cfainfo.asp
•
Review Course Information and Registration:
sf.org/cfmfiles/cal/eventlist1.cfm?t=e
•
Study Groups: www.cfa-sf.org.org/cfmfiles/asp/studygrp.asp
•
Scholarship/Fellowship Application: http://www. cfasf.org.org/cfmfiles/asp/scholarship.asp
www.cfa-
Email: dave@cfa-sf.org
Phone: 415.814.7906
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CFA Institute
• Founded in 1990, predecessors date to 1947. Has over 120,000
charter holders with 135 societies/chapters worldwide.
www.cfainstitute.org
• Mission is to advance the interests of the global investment
community by establishing and maintaining the highest standards
of professional excellence and integrity.
• Administers the Chartered Financial Analyst Program (CFA®).
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•
Curriculum develops & reinforces knowledge of investment principles.
Three levels of examination measure candidate ability.
CFA® exam is given annually in more than 168 nations worldwide.
118,000 candidates from 162 countries took the June 2014 exams.
Other benefits include membership, access to timely conferences
and publications, network of societies and chapters.
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CFA Institute Website Links
• Course of Study [Main page for many ‘need-to-know’ items]
www.cfainstitute.org/cfaprogram/courseofstudy/Pages/index.aspx
• Registration for CFA Exam
www.cfainstitute.org/CFAPROGRAM/PROCESS/Pages/index.aspx
• Study Guides (Required readings & LOSs):
www.cfainstitute.org/cfaprogram/courseofstudy/Pages/study_sessions.aspx
• CFA Institute Online Sample & Mock Exams:
www.cfainstitute.org/programs/cfaprogram/courseofstudy/Pages/sample_an
d_mock_exams.aspx
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The CFA® Designation
Administered by
© 2000 Association for Investment Management and Research
CFA® Charterholder Job Functions
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What is the CFA Program?
Three Levels & Three Exams
Level I
Knowledge & Comprehension of Fundamental
Investment Tools and Concepts
Level II
Application & Analysis focused on Asset Valuation
Level III
Synthesis & Evaluation of Client Needs and Portfolio
Management Issues
Ethical & Professional Standards Emphasized at every Level
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The CFA® Course of Study
Three Levels – Topic Areas
Topic Area Weights for the CFA Exam
Topic Area
Level I
Level II
Level III
Ethical and Professional
Standards (total)
15
10
10
Quantitative Methods
12
5-10
0
Economics
Financial Reporting and
Analysis
10
5-10
0
20
15-25
0
8
5-15
0
Investment Tools (total)
50
30-60
0
Equity Investments
10
20-30
5-15
Fixed Income
12
5-15
10-20
Derivatives
5
5-15
5-15
Alternative Investments
3
5-15
5-15
30
35-75
35-45
5
5-15
45-55
100
100
100
Corporate Finance
Asset Classes (total)
Portfolio Management and
Wealth Planning (total)
Total
Actual exam weights may vary slightly from year to year.
Note that some topics are combined for testing purposes.
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The CFA® Examinations
Exam Format
• Level I: 100% Individual Multiple Choice Questions
• Exam: 240 questions over 360 minutes
• Average 1.5 minute per question
• Level II: 100% Item Set
• Information Vignette & related multiple choice questions.
• 20 item sets with 6 questions each. Each question
averages 3 minutes long.
• Level III: 50% Item Set / 50% Constructed Answer
• Constructed answer = discussion-type or problem-solving
• 10-18 constructed answer questions worth 180 points .
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Benefits of the CFA® Program
International Recognition
– Employers and media around the world praise the CFA designation
Credibility
– Clients & colleagues regard you with a presumption of expertise
Respect
– Your efforts connect you with the prestige of existing charterholders
Competitive Advantage
– Employers & clients require professionals who demonstrate
competence in implementing international investment strategies
Knowledge with a Global Perspective
– Practice analysis is conducted every five years to determine a globally
relevant, broad-based curriculum.
Connections
– 92,000+ charterholders & 144,000+ candidates around the world who
are active investment professionals with senior responsibility
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THE CFA INSTITUTE
RESEARCH CHALLENGE
Craig Ayers, CFA,
Bill King, CFA
Dave Bolt, CFASF Education Director
September 22, 2014
2013 RESEARCH CHALLENGE
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THE INVESTMENT RESEARCH CHALLENGE
WHAT IS IT?
FIRST SHOW, THEN TELL…
A new student experience video featuring the three Global Finalist teams:
https://www.youtube.com/watch?v=6POIAHu8flo&index=1&list=UUHwkW7lTTzf
19xg5R4gfwVw
RESEARCH CHALLENGE PROMO VIDEO
CFA CHALLENGE CHANNEL
WHAT IS THE CFA INSTITUTE
RESEARCH CHALLENGE?
• How is it organized?
- Worldwide intercollegiate
competition between teams of
students
- Organized by local CFA Institute
volunteers – usually through CFA
member societies
- At least 4 teams of 3-5 students
participate
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THE INVESTMENT RESEARCH CHALLENGE
WHAT DO YOU LEARN?
- Working with Investor Relations.
- Conducting Company Specific Research.
- Building and defending an investment hypothesis.
- Producing a comprehensive written report.
- Summarizing your findings in a 10 minute presentation.
- Presenting to a panel of portfolio managers in a board
room setting.
- The experience of being an equity analyst.
SAMPLE REPORT
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2013 TOURNAMENT DIAGRAM
Global Final
AP
Regional
EMEA
Regional
Americas
Regional
~20 Teams
~25 Teams
~48 Teams
90+ LOCAL LEVEL CHALLENGES
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SAMPLE TOURNAMENT RESULTS (2012)
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BENEFITS FOR STUDENTS
• Best practices in research and report
writing
• Real-life learning experience as an
Equity Analyst
• Access and exposure to leading
industry professionals
• Professional report and experience to
use on resume/CV and job interviews
• Experience presenting to top financial
professionals
• Individual and team prizes
• Opportunity for travel
• Potential for media exposure
• Network of over 10,000 students and
2,200 volunteers worldwide
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THE INVESTMENT RESEARCH CHALLENGE
KEY DATES (TENTATIVE)
October 17, 2014
Kick off meeting at CFA-SF offices in San Francisco
November 7, 2014
Educational Session/ Factset Presentation
At CFA-SF offices in San Francisco
December 12, 2014
Team Sign Up Deadline
RSVP for Company Presentation
December 17, 2014
Company Presentation
February 2 (10:00 pm), 2015
Written Reports Due
February 12 (Thursday), 2015
Presentations from Students at location TBA
THE INVESTMENT RESEARCH CHALLENGE
HOW DO YOU SIGN UP?
It all starts at the local
level.
Because we rely on
volunteers all around
the world to organize
and host the local level
competitions, getting
involved can be a bit
confusing.
Follow your path to the
right.
THE INVESTMENT RESEARCH CHALLENGE
LINKS / RESOURCES
- EDUCATIONAL RESOURCES
- OFFICIAL RULES
- CFA SF RESEARCH CHALLENGE LINKEDIN GROUP
- FACTSET
UNIVERSITY OUTREACH
GOING FORWARD
- CFA needs a better way to keep in touch with students and
universities.
- Putting together a University Council
- Consisting of Craig Ayers, Matt Zuck (Co-chairs of University
Outreach)
- And student representatives of local universities.
- Benefits:
- networking, resources, resume.
- Obligation:
- help us coordinate activities at your university,
- offer feedback,
- hand the job off to a successor next year.
WHAT WE DISCUSSED
• Introduction to
-
CFA San Francisco
The CFA Institute
The CFA Designation
The CFA Exam
• Investment Research Challenge
- What it is
- What you learn
How you can get involved
- UNIVERSITY COUNCIL
- STUDENT MEMBERSHIP
- COMPETE IN THE RESEARCH CHALLENGE
• Questions
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