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Academy of Financial Training

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THE CFA PROGRAM

What?

Why?

How?

AFT Advantage

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THE CFA PROGRAM

What?

Why?

How?

AFT Advantage

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• A professional certification / degree offered by the (formerly known as AIMR) to investment and financial professionals

• Most recognized global designation for finance profession

• Equips you with the practical and fundamental knowledge you need for a wide variety of career choices in the investment profession

• A self-study curriculum with three levels of examinations

• On successful completion of the program and meeting other professional requirements, the candidate is awarded a “CFA charter” and becomes a “CFA charterholder”

• The CFA charter provides you with a strong foundation for a variety of career choices in the investment and finance profession, like portfolio management, equity research, advisory services, or investment banking, amongst others

What is the CFA Program

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CFA PROGRAM

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Global Members and Candidates

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CFA INSTITUTE

FY11 • Global Members – 107,800 • Global Candidates – 209,500

The Americas Members: 65,500+ Candidates:75,000+

Europe, Middle East & Africa Members:16,000+ Candidates: 44,000+

Asia Pacific Members: 14,000+ Candidates: 80,000+

• More than 1/3rd members are outside North America

• In FY11, almost 50% of new candidate registrations are from Asia-Pacific… likely indicative of the future membership composition of the Institute

135 local member societies around the world

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THE CFA PROGRAM

What?

Why?

How?

AFT Advantage

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Global Acknowledgement to CFA Charter

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“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.”

“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 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.”

CFA PROGRAM

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Buy Side - 55% • Investment Companies/Mutual Funds - 25% • Private Client Wealth Manager Advisor - 11% • Hedge Funds/Fund of Hedge Funds -6% • Banks - 7% • Insurance Companies - 4% • Pensions and Foundations - 4% • Private Client Wealth Manager/Advisor - 2%

Sell Side - 16% • Investment Bank/ Broker Dealer - 16%

Other - 29% • Consultancy • Government/Regulator • University/College • Research Firm

Where CFAs Work

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CFA PROGRAM

55%

16%

29%

Placement Pie Chart

Buy Side

Sell Side

Others

Source: CFA Institute

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CFA Speak

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CFA PROGRAM

• “After five years in the industry as an analyst, I recognized the need to enhance my knowledge of the global investment management world. The CFA charter was my first step…

• …When I started the CFA Program in 1998, I instantly loved the books.

The curriculum and body of knowledge are just incredible…

• …As a lead portfolio manager at Morgan Stanley Investment Management in Mumbai, India, I am entrusted with pursuing and leading an independent investment strategy. Professionally, the charter has been important. Apart from the knowledge, it earns you respect and the standing required to command a certain level of access to the organizations you want to be part of…

• …In the context of this global shift, the CFA charter has become one of the most important, sought-after designations in the Indian financial services industry. It’s relevant and significant because the global financial services industry is integrating at a fast pace. The charter provides finance professionals with relevant knowledge and access, as well as an understanding of the dynamism of the global financial markets and how to function efficiently in them. And they also stay current with the new products, ideas, and forces changing the industry.”

Jayesh Gandhi, CFA Portfolio Manager, Morgan Stanley, Mumbai

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Select Other Career Profiles for CFAs

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CFA PROGRAM

An Investment Banker – Typical Work Profile • Equity Capital Market deals such as Initial Public Offerings (IPOs), Qualified Institutional

Placement (QIPs), Rights Issues, Open Offers, Delisting • Advisory Deals such as Private Equity fund raising, Buy-side M&A advisory and Sell-side M&A

advisory • The day-to-day work profile would include client meetings with senior management of

corporates, intensive business & financial analysis of sectors and corporates, preparing pitch presentations, financial modeling, preparing SEBI filing documents like DRHP, Offer Document, etc.

A Research Analyst – Typical Work Profile • Covering designated sector(s) • Meeting professionals in the industry from industry associations (COAI, SIAM, etc.), regulatory

associations (TRAI, IRDA, etc.), sector corporates. • Cover companies in the sector • Write initiating coverage reports on sector / company(ies) • Quarterly result updates on company(ies), Event updates on sector(s)/company(ies) • Day-to-day work profile includes detailed financial statement analysis, understanding and

forecasting industry trends, tracking company(ies) closely

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THE CFA PROGRAM

What?

Why?

How?

AFT Advantage

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The CFA Program • A series of three exams (offered in English only) — Level I, Level II, and Level III —

must be passed sequentially

CFA Exams

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CFA PROGRAM

Enrollment Requirements • Have a bachelor's (or equivalent) degree

• or be in final year of bachelor's degree program at the time of registration • or have four years of professional work experience (does not have to be

investment related) • or have a combination of professional work and college experience that

totals at least four years. Part-time positions do not qualify • If you initially enroll/register as a final year undergraduate student with a

degree in progress, you may not register for the Level II exam until you have earned your degree, or obtained professional work experience that meets the program’s entrance requirements

• Understand the professional conduct requirements (you will be asked to sign the Professional Conduct Statement and Candidate Responsibility Statement)

• Valid international travel passport (required for enrollment and exam registration)

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Exam Format

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CFA PROGRAM

• 2014 Exams were given at 269 test centers in 192 cities in 74+ countries worldwide • Currently New Delhi, Mumbai and Bangalore, Pune , Kolkata are the centers in India • Imp Note: CFA Program exams will be held on Saturday only

Level Question Style

# of Que

Exam Month / Duration

Remarks

I Multiple Choice

240 Jun & Dec /

6 hrs

Conceptual questions

II Item Set 120 Jun only /

6 hrs

Total 20 item sets — 10 in each session. Each item set consists of a vignette (or case

statement) and six multiple choice questions

III Essay & Item Set

~60 Jun only /

6 hrs

Essay in morning and 10 item sets in afternoon. Essay exam typically has 10–15

questions. The points for each question and each question part are given in the exam

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Understanding Topic Weightage

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Important Note

• High weightage given to Ethics and Professional Standards in all the Levels

• Financial Reporting is very crucial in Level I and Level II

• Equity Investments crucial for Level II

• Portfolio Management is extremely crucial for clearing Level III

Topics Level I Level II Level III

Ethics and

Professional Standards 15 10 10

Quantitative

Techniques 12 5-10 0

Economics 10 5-10 0

Financial Reporting 20 15-25 0

Corporate Finance 8 5-15 0

Equity Investments 10 20-30 5-15

Fixed Income 12 5-15 10-20

Derivatives 5 5-15 5-15

Alternate Investments 3 5-15 5-15

Portfolio Mgmt. 5 5-15 45-55

Total 100 100 100

CFA PROGRAM

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Imp Deadlines: Dec 2014 • 1st Deadline: Aug 20, 2014 • 2nd Deadline: Sep 17, 2014 • (Fees shall also increase by

USD 370, i.e.~Rs. 22,000)

Fees and Deadlines

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CFA PROGRAM

Particulars USD INR*

Program Enrolment 440 ~26,000

Level-I Exam Registration 800 ~48,000

Level-II Exam Registration 800 ~48,000

Level-III Exam Registration 800 ~48,000

Total 2,880 ~170,000

• 2014 Exams were given at 266 test centers in 189 cities in 70+ countries worldwide • Currently New Delhi, Mumbai, Pune, Ahmedabad & Bangalore are centers in India • Imp Note: Beginning with the December 2012 exam, CFA Program exams will be

held on Saturday only

* Exchange Rate assumed at USD 1 = INR 60

Imp Deadlines: June 2015 • 1st Deadline: Sep 25, 2014 • 2nd Deadline: Feb 12, 2015 • (Fees shall also increase by

USD 370, i.e.~Rs. 22,000)

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Requirements

1. Complete the CFA Program: Pass 3 six-hour examinations viz. Level I, II, and III exams (Level-I is held in June and December every year and Level-II and Level-III are held only in June every year)

2. Have four years of qualified investment work experience

3. Become a member of CFA Institute,

4. Pledge to adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct,

5. Apply for membership to a local CFA member society,

Become a CFA Charterholder

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CFA PROGRAM

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THE CFA PROGRAM

What?

Why?

How?

AFT Advantage

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• Over 350 hours of teaching sessions and more than 80 hours of mock tests : 50 Sessions over 6 Months.

• Revision classes - Past year paper discussion and revision of important topics.

• More than 6000 questions solved in mock tests : Every Week with complete individual score and feedback.

• Guest faculties (CFA’s) to discuss their experiences : CFA Certified, professionals with significant experience in Top Investment Banks and educational background of CA/IIT/IIM's

• Timely completion of syllabus one month before scheduled examination time, and one month only for mock examinations

• Additional Online quizzes 2500 + questions, Online Forums and formation of study groups for better doubt solving

• Proven training record in CFA for over 7 years

AFT Advantage

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CFA PROGRAM

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Kirti Jain • Kirti owner of a Chartered Accountants firm, is the Lead faculty for

AFT’s CFA Training course.

• He has previously worked with KPMG (B S R & Co.) for more than 4 years into Assurance & Audit and Corporate Finance Advisory services leading Audit and Finance advisory assignments for listed and as well as privately held companies in Pune.

• Kirti is a Chartered Accountant and has cleared all three exam levels of the CFA Program in first attempt .

• Ashutosh Zawar - (Rank Holder CA, x-Morgan Stanley, x-IDFC)

• Sarang Bhide (PGDM Currently Equity Analyst at Crisil)

• Ashish Jain (CFA level II candidate, BE, MBA, Currently working as a Debt Dealer)

Trainer’s Profile

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CFA PROGRAM

Other Trainers / Advisors Deepak Aswani (CA, Morgan Stanley (MS), Axis)

Manish Harodia (IIM-K, HSBC)

Divyaunsh Divatia (MBA –Babson School, CA Ranker, MS, ICICI Ventures)

Augustya Somani (ISB, CA, MS, Kotak Securities

. . . . and 25+ other professionals with similar solid credentials

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Ashutosh Prajapati • He is a rank holder Chartered Accountant (All India 11th Rank in May 2005 CA Final

exams). He has also completed M.Com from MS University of Baroda. • He is also CFA Level-III candidate. • Ashutosh has over 6 years of experience in Investment Banking at Edelweiss

Financial Services Ltd and Morgan Stanley. • His work experience at Edelweiss ranged from pitch presentations to senior

management of large corporates and financial modeling for execution of public market transactions and advisory deals.

Tejash Desai (Ahmedabad) • Tejash has cleared all levels of CFA Exams and is awaiting charter post completion

of work experience • He also holds an MBA from Nirma University (Ahmedabad) and B.E. (Mech.) from

Bharati Vidyapeeth College of Engineering, Pune • He has over 7 years of experience at various leading corporates in the finance

industry such as Standard Chartered Bank, HSBC Bank and Kotak Securities • He is also a part of AFT’s CFA Training course

Trainer’s Profile (1/2)

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CFA PROGRAM

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CFA PROGRAM

INDUSTRIAL TRAINING PROGRAMS Investment Banking

Equity research

Certified Financial Planning

Wealth management

Financial Engineering & Risk management

Chartered Financial Analyst CFA (US) Level I, II & III.

Financial Risk Management (FRM –GARP Level I & II)

Technical Analysis

Capital Markets Mergers & Acquisitions, IPO & Private Equity

Real Estate Financing

Certified Public Accountant (CPA) US

Certified Market Technician –CMT US

International Financial Reporting Standards-IFRS

Credit Research and Analysis

Excel and Advanced Excel

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