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INTRODUCTION: CFA INSTITUTE AND THE CFA PROGRAM
A CAREER IN …
CFA SOCIETY ITALY
HOW TO BECOME A CHARTERHOLDER AND A MEMBER
CFA Institute members
• 100.000 professionals
skilled people operating around the world committed to
continue education.
• 100.000 professionals
who believe that ethics is not abstract value but a concrete
way to protect the integrity of the markets incrementing
investor confidence.
• 100.000 professionals
who enjoy a unique viewpoint on evolving trends and engage
in analysis of new scenarios to protect the interests of
investors.
CFA Charter: values
• Global
It certifies worldwide the real expertise on the world financial
markets
• Rigorous
The high quality standards required for passing the
certification exams are universally recognized
• Ethics
Ethics is studied and practiced: the lack of adherence to
shared ethical principles imply the cancellation of the
certification
CFA Program and CFA Designation
What do they say about it?
“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, managed and
examined by an American association of financial
professionals, the CFA Institute. It used to be just an
American qualification. But explosive growth has made it,
in effect, global currency.”
The Economist
Feb. 26-Mar. 4, 2005
The CFA Program and CFA Charter
Three exams, taken sequentially across 3-4 years - The most
rigorous in the investment profession
Self-study curriculum
Grounded in ethics -10% of curriculum focuses on ethics - members
and candidates must sign annual ethics statement
Four years work experience in the investment profession before
gaining the CFA charter
CFA charter provides strong foundation for a variety of career
choices in the investment profession.
Employers and media around the world recognize the CFA charter as
the standard of professional excellence.
With such widespread recognition, CFA charterholders earn a
significant competitive advantage for international employment.
Learning Tied to Current Practice
• Practice Analysis determines topics taught in the CFA
Program
• Conducted every five years: currently in 2005-2006
• Involves investment practitioners worldwide: Regional Expert
Panels and member surveys
• “What knowledge and skills are needed by an investment
professionals?”
• CBOK, curriculum, LOS and exams all based on what
practitioners need to know
CFA Body of Knowledge™
• Ethical and Professional Standards
• Quantitative Methods
• Economics
• Financial Statement Analysis
• Corporate Finance
• Analysis of Equity Investments
• Analysis of Debt Investments
• Analysis of Derivatives
• Analysis fo alternative Investments
• Portfolio Management
Investment Tools
Asset Valuation
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• Six volumes at each level represents the entire curriculum.
• Each study session is designed for flexible, self-directed study
• Each reading has learning outcome statements (LOS)
• “Discuss the rationales for, and the possible drawbacks to, the use of price to earnings (P/E), price to book value (P/BV), price to sales (P/S), and price to cash flow (P/CF) in equity valuation.”
CFA Program – Custom curriculum
The importance of Ethics
All too often, the public view is that the financial
services industry has failed to do the right thing …
The challenge is to translate the aims and objectives of millions of
individual participants in the industry to deliver an end result with
which all concerned – participants, customers, governments, etc. –
are satisfied.
What do ethics actually mean in the
context of the financial industry?
It is a fundamental requirement of the
investment profession.
Ethics protects the integrity of the capital markets.
Ethics Increases investor confidence in global capital markets.
Ethical practices instil a public trust in the fairness of markets,
allowing them to function efficiently
What more needs to be done to bring
ethics to the front of the debate?
CFA Institute will continue to reinforce the value of sustaining sound
ethics in the profession through education, codes and standards,
letters and public commentary and policy research
It is CFA Institute mandate to keep ethics at front of mind for
investment professionals, regulators, and firms across the globe
CFA Institute Code of Ethics
High ethical standards are critical to maintaining the public’s trust in global
financial markets and in the investment profession.
The more than 100,000 members of CFA Institute – of whom 93,000 across
137 countries hold the respected CFA© designation – adhere to the CFA
Institute Code of Ethics and Standards of Professional Conduct (“Code
and Standards”)
Self regulation and enforcement of these fundamental professional
standards has served as a model for measuring and promoting the ethics of
investment professionals around the world
What will you do next? A career in…
INVESTMENT MANAGEMENT
Institutional Investment Management
Retail Investment Management
Private Client/Wealth Management
Hedge Funds
Private Equity
Risk Management
Performance Measurement
Client Relationship Management
Portfolio Administration
Asset Allocation
Trading
Equity Research
Fixed Income Research
BANKING
Corporate Finance – M&A
Fixed Income
Equity – Cash /Derivatives
Prime Brokerage
Foreign Exchange
Commodities
Research
Funding and Finance
Sales and Trading
Origination - Debt and Equity Capital
Markets
Key Competences
the Market is looking for
ANALYTICAL SKILLS
Corporate Finance
Economics
Financial Reporting
Quantitative Methods
Derivatives
Equity Investments
Fixed Income
People who hire say:
• “We look for strong academics, but candidates really need to stand head
and shoulders above their counterparts. They have to have a good
understanding of the economics of the business and they have to be very
commercial. Confidence is also extremely important.”
• “One important trend is globalisation. People with local knowledge for
certain types of asset classes and strategies have an advantage.
Candidates who are willing to be flexible about their location will have
greater opportunities.”
People who hire say:
• “For people entering the industry now therefore, things will look very
different than they did a decade ago. For the most part, new entrants will
need to develop specialist knowledge very quickly, and they will have to
succeed in a global marketplace with competition from all fronts.”
• At the same time however, some observers believe that now is the best
time to enter the industry: “Those who begin their careers now are going to
have a very clear idea about what life was like in today’s harsh environment.
Wrestling with the bear now, therefore, may be as much of an opportunity
as it will be a challenge.”
Types of Positions that Benefit
from a CFA Charter
• The CFA charter provides you with a strong foundation for a variety of career
choices in the investment profession.
• Employers and media around the world recognize the CFA charter as the
standard of professional excellence. And with such widespread
recognition, CFA charterholders earn a significant competitive advantage for
international employment.
The CFA Program and CFA Charter
WHAT JOBS DOES THE CFA
CHARTER PREPARE YOU FOR?
WHO EMPLOYS
CFA CHARTERHOLDERS?
Example Careers
Required Skills:
• Strong Analytical Background,
i.e. master mathematical and
statistical concepts
• Ability to interpret annual
reports, i.e. good accounting
knowledge
• Soft skills: good
communication skills
Example Careers
Required Skills:
• Strong Analytical Background,
i.e. master mathematical and
statistical concepts and good
programming abilities
• Ability to interpret dynamics in
economics
• Soft skills: ability in summarize
information and perspectives
into a final assessment
Example Careers
Required Skills:
• Strong Analytical Background,
i.e. master mathematical and
statistical concepts and good
programming abilities
• Ability to interpret corporate
variables and industries
dynamics
• Soft skills: ability in summarize
information and good
communication skills
CFA Society Italy – Fast Facts
• Established in 1999 as not-for-profit organization of investment professionals
who agrees to abide by the Code of Ethics and Standards of Professional Conduct
promoted by CFA Institute
• Promotes the highest ethical and professional standards within the Italian
investment industry and encourages professional development through the CFA
Program and the CIPM Program
• Network of 390+ members employed by the major companies within investment
industry (asset management, private banks, insurance)
• Affiliated with CFA Institute, the global, not-for-profit association of investment
professionals that leads the investment industry by setting the highest standards of
ethics, education, and professional excellence.
• Network of 137 Societies worldwide offers exchange of ideas and professional
experience with peers throughout the globe and on a European level.
CFA Society Italy: our commitment
Reference point
for Charterholders
operating in Italy
Promoter of
CFA Institute
values
Events on
financial markets
topics, networking.
newsletter
Events on
financial markets
topics,
newsletter
Support to
candidates during
the course of
studies
Candidate
briefings, Exam
focus, Mock
Exam, Courses
CFA Society Italy: Our Major Activities
We offer an ongoing series of events for investment practitioners
and a wide range of educational opportunities throughout the year
• Focus on industry - market analysis and development perspectives, updates on
regulatory issues in partnership with some of the main investment businesses
• Forecast Event – annual forecast on markets with the most famous speakers
• CFA Award Dinner – celebration of the new CFA Charterholders and networking
among society members, investment professionals and the media
• Career Events – outlook on professional identity in time of change and soft skills
workshops
• Jobline – exclusive access for CFA Candidates and senior professionals members
• Connections with Italian business colleges – Research Challenge, Fund
Management Challenge
Research Challenge
• Courses - Corsi di Laurea Magistrale in Scienze dell’Economia, Scienze Economico-
Aziendali, Ingegneria Gestionale and similar courses
• Topics – The competition simulates real market conditions in which student analyst
teams write and present their recommendation report on a stock listed on the Italian
Stock Exchange, as Equity sell-side analysts do. Students, supported by a mentor,
learn to apply analytical techniques, using leading industry tools and software, such
as Bloomberg.
• Networking opportunity – The Italian contest is a major opportunity for university
students to meet senior professionals and head hunters.
• Deadline – October 2013
For more information: [email protected]
Fund Management Challenge
• Courses – The Fund Management Challenge is an annual competition for university
students in Italy completing a Master’s degree.
• Topics – The competition simulates real market conditions in which student
management teams select equities to build a successful investment fund. Students
learn the importance of ethical behavior, while applying legal frameworks, portfolio
management techniques and using leading industry tools and software such as
FactSet.
• Awards – Competition winners will be able to choose between a monetary prize or
tax-free CFA Level I scholarships.
• Deadline – December 2013
For more information: [email protected]
How to become a CFA Charterhoder
• 4 years of professional experience
• 3 exams, which requires the knowledge of a
rigorous theoretical basis and the ability to solve
practical cases based on the most modern reality
of financial markets around the world.
• Becoming part of 2 networks, at the local level
and at the international stage
• Adhering to 1 rigorous Code of Ethics, that in
the event of inappropriate behavior foresee
sanctions from the Association
4 3
2 1
CFA Society Italy is the Association that gathers the Italian
Professionals who have earned the
Chartered Financial Analyst ® (CFA) designation
and, in Italy, it represents CFA Institute,
the leading Association in the financial world.
CFA Society Italy at a glance
C F A S I Charter Financial Analyst Society Italy
Focusing on
the
peculiarities
of our country
In compliance with projects defined at
the global level by CFA Institute, the
most prestigious association of
professionals in the financial world
Not-for-profit
association
CFA Society Italy: Membership
We offer three types of membership
• Regular membership – CFA Charterholders and senior professionals who
can take advantage from a wide range of benefits both from CFA Institute
and from CFA Society Italy
• Affiliate membership – junior professionals who can take advantage from
a wide range of benefits both from CFA Institute and from CFA Society Italy
• Junior membership – CFA Candidates who can take advantage from a
wide range of benefits from CFA Society Italy, particularly focused on
supporting them in achieving the CFA certification
• For more information [email protected]
Contact us
For any kind of information write to [email protected]
Subscribe to our by-monthly newsletter from our website
homepage www.cfasocietyitaly.it
Thank you!
CFA Society Italy