CFA INSTITUTE, CFA PROGRAM

AND CFA ROMANIA

Adrian Codirlasu, CFA
President, CFA Romania
CONTENTS
PART I
• About CFA Institute
• Educational Opportunities: How to Advance Your Investment Management Career

PART II
• Advocacy
• The Future of Finance

PART III
• Partnering with Employers, Universities, and Associations
• Professional Development
• Career Services
• Get Involved
• Miscellaneous

2
ABOUT CFA INSTITUTE

3
Leads the investment profession globally by promoting the highest standards of ethics,
education, and professional excellence for the ultimate benefit of society

Educated,
ethical investment
professionals
+ Financial markets
that reflect
CFA Institute beliefs
= Global financial
markets that serve
the public interest

4
OUR STRATEGY AND OUTCOMES
STRATEGY

Develop Future Professionals Deliver Member Value Build Market Integrity

Through relevant That accelerates the That benefits investors
and accessible professional success and our members
credentialing programs of our members that serve them
OUTCOMES

High standards of entry Educated, ethical members Regulations that align

and professionalism at the top of their profession firms and clients

Business models geared toward achieving investor outcomes

5
MEMBERSHIP, CANDIDATES, AND SOCIETIES

62% 21% 17%

AMERICAS EMEA ASIA PACIFIC
Members: 86,860 Members: 29,320 Members: 24,470
CFA Program Administrations: 80,860 CFA Program Administrations: 52,510 CFA Program Administrations: 111,510
Societies: 89 Societies: 40 Societies: 18

147 member societies

More than 140,000 members in 145 countries

As of December 2016

6
CFA INSTITUTE STRATEGIC FUNCTIONS
CREDENTIALING
MISSIONS Develop Future Professionals
Develop future investment
SUB-MISSIONS
management industry professionals
TACTICS
• Develop market-leading credentialing
programs based on relevant investment
management competencies
MEMBER VALUE
Deliver Member Value
Support members in their
professional practice
• Education: Provide opportunities for
continuing professional development
• Recognition: Raise awareness
and value of the CFA designation
• Affiliation: Enable affiliation
and engagement
• Conduct: Promote and enforce
professional conduct
STANDARDS & ADVOCACY
Build Market Integrity
Shape an investment management
industry that works in the best
interest of investors
• Promote and publicly disseminate
thought-provoking advocacy and content
that sometimes may be controversial
• Create professional standards
and practitioner tools
• Deliver actionable, innovative outputs
• Partner to affect regulations that improve
investor protection, ethical practices,
market fairness, and investor outcomes
7
CFA INSTITUTE CREDENTIALING PROGRAMS
Investment
CFA® Program CIPM® Program
Investment decision-making and strategy Investment performance and risk evaluation
Foundations™ Program
Industry essentials

Portfolio and wealth management Risk management Ethics

Institutional investing Financial planning Investment roles

Investment analysis Manager search and selection A clear understanding of

the global investment industry
Investment analysis

Client relations

Four years of Two years of

No experience
Three exams professional Two exams professional One exam
required
experience experience

See program details at www.cfainstitute.org/programs

8
SOCIAL MEDIA
CFA Institute maintains an active and growing
social media presence on:

Twitter ̶ twitter.com/cfainstitute

Facebook ̶ facebook.com/CFAInstitute

LinkedIn ̶ linkedin.com/company/cfa-institute

Sina Weibo (China) ̶ e.weibo.com/cfainst

Seeking Alpha ̶ seekingalpha.com

FT Alphaville Long Room ̶ ft.com

9
BLOGS
Enterprising Investor
Inside Investing
Market Integrity Insights

• Written by subject matter experts with deep industry knowledge

• Expert analysis and perspective on economics, emerging
markets, derivatives and more…

www.blogs.cfainstitute.org
THE CFA PROGRAM

11
THE CFA CHARTER
A mark of distinction and globally recognized professional credential in the investment
management industry

“Among the countless finance

degrees around the world, the
Chartered Financial Analyst
qualification has become the
gold standard.”

Financial Times
13 August 2010

Courtesy of Rip Payne

12
CFA CHARTER: THE GOLD STANDARD

Held by more than 140,000

investment professionals
Graduate-level investment credential
working in more than
145 countries

Recognized by regulatory bodies in More than 425 universities around the

many countries as a proxy for meeting world incorporate the CFA curriculum
certain licensing requirements into their degree programs

13
THE CFA EQUATION

Bachelor’s
4 years
degree or Level I, II, III
in final year + exams + qualified work
experience
= CFA Charter
of bachelor’s

14
THE THREE LEVELS OF THE CFA EXAM
Knowledge/Comprehension
Application/Analysis
Synthesis/Evaluation

LEVEL I LEVEL II LEVEL III

Ethics Ethics Ethics

Ethics & Professional Standards

Investment Tools Asset Classes Portfolio Management & Wealth Planning

• Quantitative Methods • Equity Investments • Portfolio Management

• Economics • Fixed Income • Wealth Planning
• Financial Reporting & Analysis • Derivatives
• Corporate Finance • Alternative Investments

15
THE VALUE OF THE CHARTER
CFA Program Benefits

GOLD STANDARD UNMATCHED EXPERTISE

CFA equips you not only to enter the Our rigorous curriculum will equip you
profession but also to excel for complex investment decisions

STRONG ETHICAL FOUNDATION PRESTIGIOUS NETWORK

Gain confidence and clarity in navigating Connect with an exclusive group of
ethical issues outstanding investment professionals

GLOBAL PASSPORT CAREER RESOURCES

Earn waivers from regulatory agencies, Gain access to career guides, thought
graduate programs, and more leadership, and continuing education

16
GLOBAL REACH
CFA Program has test centers in 197 locations in 91 countries, as of June 2016

Total Cities Total Countries

197 91

17
CFA PROGRAM CANDIDATES BY REGION

33% 21% 46%

AMERICAS EUROPE, MIDDLE EAST, AFRICA ASIA PACIFIC

18
REGULATORY RECOGNITION

NUMBER OF WAIVERS

130 16 24

By Job Function From Professional Bodies From Educational Bodies

NUMBER OF COUNTRIES GRANTING WAIVERS

6 14 13

Americas Europe, Middle East, Africa Asia Pacific

19
UNIVERSITY AFFILIATION PROGRAMS
Promote significant use of the CFA Program Candidate Body of Knowledge (CBOK) and CFA
Institute Code of Ethics and Standards of Professional Conduct in finance degree programs

300

CFA Program Partner Initiative

250
• Established in 2006
200

# of universities
• 148 partners globally (program is at capacity)
150

100

University Recognition Program

50
• Established in 2012
0
• 270+ partners globally FY2012 FY2013 FY2014 FY2015 FY2016

• No limit on number of universities that can participate

University Recognition Program Partners

20
“I wanted a globally recognized
qualification that would prove
my competency.”
Nina de Martinis-Majstorovic, CFA
Paris, FRANCE

21
“Early in my career, my boss
told me if you want to be
successful, you’d better think
about earning the CFA charter.”
Dr. Bruce Wonil Lee, CFA
Seoul, SOUTH KOREA

22
“Our industry has so many
different types of products, and
the CFA Program covers every
single different area.”
Ken Luce, CFA
Toronto, CANADA

23
“I chose the CFA program due
to its rigorous curriculum and
reputation, and because you can
do it part time as opposed to
going away full time for an MBA.”
Ashley Khoo, CFA
Hong Kong, CHINA

24
“The CFA Program taught me
valuable skills: how to analyze
and how to study.”
Rana Atallah, CFA
Kuwait City, KUWAIT

25
BENEFITS OF EMPLOYING CFA CHARTERHOLDERS
The CFA charter differentiates candidates in today’s ever-evolving and competitive global
investment management industry
Expertise
• Command of a broad range of
investment skills most needed
for investment analysis and
decision-making
• Mastery of CFA Program
curricula bridging academic
theory and industry
best practices
• Global perspective on
investment management
Trust and Accountability
• Client-first thinking and ethical
integrity
• Personal tenacity and
commitment to the profession
• Mastery of the highest
professional and ethical
standards
• Compliance with global best
practice in safeguarding client
interests
Relevance and Recognition
• The CFA Program is continually
updated to reflect modern
industry practice and ethics
curricula
• Charterholders are employed by
more than 31,000 investment
firms worldwide
• Regulatory bodies around the
world recognize the CFA charter
toward meeting certain licensing
requirements
26
VALUE OF THE CHARTER
TO CANDIDATES AND THEIR EMPLOYERS
Candidate Assessment of Curriculum Relevance Compensation Differences for Financial Advisors

Please indicate the degree to which you agree or disagree with $200,000
the following statement about the CFA Program curriculum:
$180,000
It focuses on concepts important to my profession.
$160,000
97%
$140,000
96%
$120,000
96%
$100,000
95%
95% $80,000

94% $60,000
94% $40,000
93% $20,000
93%
$-
92% CFA Designation CFP Certification CPA
92%
June 2012 June 2013 June 2014 June 2015 June 2016 Median Base Salary Incentive-based Compensation

Source: Investment News, September 2015

27
WHAT CAN I DO WITH THE CFA CHARTER?
Charterholder Employment by
Charterholder Employment by Title
Primary Investment Practice

*As of October 2016

28
MEMBERS WORK FOR …

*As of October 2016

29
TOP GLOBAL EMPLOYERS OF CHARTERHOLDERS

Allianz SE Goldman Sachs

Bank of America Merrill Lynch HSBC

Barclays JP Morgan Chase

BlackRock Morgan Stanley Smith Barney

BMO Financial Group PricewaterhouseCoopers

Citigroup RBC

Credit Suisse Scotiabank Group

Deutsche Bank TD Bank Financial Group

Ernst & Young UBS

Fidelity Investments Wells Fargo

30
CFA CANDIDATE BODY OF
KNOWLEDGE AND CURRICULUM

31
WHAT IS THE CFA PROGRAM TARGET?

Candidate Body of Knowledge (CBOK)

Global Body of
Investment Knowledge

Candidate CIPM
Generalist Early career Global Body of BOK
Knowledge

PWM
BOK

Practice-based Generally
accepted
Frontier (emerging)

32
CFA PROGRAM PROCESS

CFA Institute,
CFA Institute
Council of Member Board of
Education Advisory Committee & Member
Examiners Volunteers, Governors
Volunteers
& Consultants

Global Candidate Minimum

Standard
Practice Body of Curriculum Exams Grading Passing
Setting
Analysis Knowledge Score

33
PURPOSE OF PRACTICE ANALYSIS

To ensure the continuous development of the

Global Body of Investment Knowledge (GBIK)

To identify the relevant content for the CFA

Program Candidate Body of Knowledge (CBOK)

Conducted on an ongoing basis to ensure

the content of the GBIK and CBOK
remains current and relevant

34
THE PRACTICE ANALYSIS PROCESS

Global Body of Candidate Body

Input from Practitioners Global Practice Analysis
Investment Knowledge of Knowledge

Investment Professionals What are the knowledge, Research Foundation CFA Program Curriculum
skills, and abilities needed to
successfully practice as an
Regulators investment professional? Future of Finance CFA Examination

What are current

University Faculty
industry trends?

Member Associations

35
PRACTICE ANALYSIS PANELS FY2016
Participants by Region Participants by Job Role

EMEA Academics
28% 24%

AMER
53%
Practitioners
APAC
76%
19%

Participants by Gender Participants by Charter Status

Female
31% Charterholders
41%
Male
69%
Non-Charterholders
59%

36
CURRICULUM DEVELOPMENT

Test Specification Curriculum Level Authors/

Practice Intensives Curriculum Directors Authors
Task Force (TSTF) Advisors (CLAs) External Reviewers

General Marching
Degree of
Orders (GMOs) Learning Outcome
Understanding (DUO) Initial Draft
Statements (LOS)
Gaps, Overlaps, Author Selection Final Draft
Just Qualified External Reviews
and Weakness Reading Outlines
Candidate (JQC)
(GOW) Report

Reconcile CBOK and How are concepts Pair academic

Topic weights Internal review Quality control
DUO to curriculum applied in practice? and practitioner

Identify curriculum How should they be

Level of knowledge Multiple reviewers
projects taught in curriculum?

Multiple rounds
Exam frequency CLAs
of review

EAC Working Body

37
2017 REFRESHER READINGS
This year’s curriculum updates reflect the importance of three primary areas:
ethics; risk management; and environmental, social, and governance (ESG) factors

Ethics and Trust in the Investment Profession

Derivatives Strategies
Topics in Demand and Supply Analysis
Commodities and Commodity Derivatives:
Corporate Governance and ESG: An Introduction
An Introduction
Measuring and Managing Market Risk
Integration of Financial Statement
Analysis Techniques
Algorithmic Trading and
Pricing and Valuation of High-Frequency Trading
Forward Commitments
Risk Management for Individuals
Valuation of Contingent Claims

38
CFA PROGRAM: CANDIDATE INFORMATION AND
SUPPORT

39
THE KEYS TO CFA PROGRAM SUCCESS

Average completion time is four years,

with most candidates taking between
two and five years
Successful candidates report dedicating
more than 300 hours of study per level
AVAILABLE STUDY TOOLS
• Curriculum eBook
• Interactive study planner
• Topic tests and mock exams

The CFA program curriculum is the only • Mobile study app

source material for exam writers

All three levels offered in June; Level I also offered in December

40
THE PATH TO CHARTERHOLDER MEMBERSHIP

Pass Level I Pass Level II Pass Level III

Pass CFA
Exams

New
Charterholder
Meet Regular Membership
Become Requirements
a Member

Acquire 48 months qualified Obtain 2 to 3 references

professional work experience who can attest to your work

41
CFA PROGRAM SCHOLARSHIPS
Access Scholarships
Access scholarships provide needs-based scholarship opportunities
for those unable to afford the full price of the CFA Program enrollment
and registration fees
Waive the CFA Program enrollment fee and reduce the exam
Award
registration fee (includes access to the curriculum eBook) to US$250
Access scholarships are awarded in December to be applied to exams
Award
in the following year. Awards can be applied to any CFA Program level
Cycle
(I, II, or III) and either exam cycle (June or December)
Application submission period: March to September
every calendar year
Society review process: Late September to October
Timeline
every calendar year
CFA Institute review process: November
Award announcement by CFA Institute: Early December
We award 2,600+ Access Scholarships and 3,800+ Awareness Scholarships to deserving recipients each year
Awareness Scholarships
Awareness scholarships are offered to key influencers in the media,
academic, and financial communities, such as college/university
faculty, college students affiliated with our Recognized Universities
and CFA Program Partner schools, regulatory agencies, and media
organization employees around the world
Waive the CFA Program enrollment fee and reduce the exam
Award
registration fee (includes access to the curriculum eBook) to US$350
Awareness scholarships are awarded as they are received and
Award
processed in the current year. Awards can be applied to any CFA
Cycle
Program level (I, II, or III) and either exam cycle (June or December)
Application deadlines for the June exam are in early February.
Timeline
Application deadlines for the December exam are in early September
42
CANDIDATE RESOURCES PAGE

43
CANDIDATE RESOURCES:
STUDY PLANNER

Allows users to track their progress

Uses topic area weights

Dynamically adjusts

44
CANDIDATE RESOURCES:
STUDY PLANNER

Topic-based exams and

mock exams

Track your score history

Unlimited access and dynamic

45
EXAM SCHEDULE AND PRICING OVERVIEW
Program Overview 2016–2017
CFA® Pricing (US$)
enrollment fee early registration standard registration late registration

PROGRAM December 2016 $450 plus $650 or $930 or $1,380

Professional/
graduate level

Early Standard Late

Exam Exam
Timeline registration registration registration
day results
deadline deadline deadline

Dec 2016 16 Mar 17 Aug 14 Sept 3 Dec

I: Jan 2017
(Level I only) 2016 2016 2016 2016

June 2017 21 Sept 15 Feb 15 Mar 3 June I, II: July 2017

(Level I, II, III) 2016 2017 2017 2017 III: Aug 2017

46
CFA INSTITUTE MEMBERSHIP

47
SOCIETY MEMBERSHIP
CFA Institute society membership is optional but strongly encouraged
Your membership in a
society is your introduction
to a community of
professionals who are
committed to the
highest standards of
ethics, education, and
professional excellence
Benefits include the opportunity to:
Network with your peers
in the industry
Be part of a common voice
that is developing and
protecting the interests
of the profession
Stay abreast of trends
that affect the industry
in your market
Take advantage of
local continuing-
education events
Participate in dynamic and
educational local programs
at discounted rates
Gain access to additional
resources, such as
job announcements
and newsletters
48
CFA INSTITUTE MEMBERSHIP
APPLICATION PROCESS
Work Experience Review
CFA® CHARTERHOLDER
Application Training eLearning Module
Society Review

Before You Apply Activate Your Membership

Get Started
Professional Conduct Statement
Step 1: Personal Profile
Research Foundation Donation
NEXT
Step 2: Address
STEP
Payment Confirmation Page
Step 3: Education
Credit Card Information
Step 4: Work Experience

Step 5: Select Society Completion

Step 6: References FAQ and Support

49
BEFORE YOU APPLY

CFA Institute encourages you to take advantage of the tools listed below
and available online to determine whether your work experience qualifies
for CFA Institute regular membership and to prepare your application

The Work Experience Tips for Writing Application Tips

Self-Assessment Successful Descriptions

50
MEMBERSHIP APPLICATION CHECKLIST

Passing score on the CFA Level I exam or self-administered Standards of Practice Exam

48 months of qualified work experience

Three professional references

Apply for CFA local society membership

51
WORK EXPERIENCE GUIDELINES

When you apply for regular CFA Institute Evaluating or applying financial, economic,
membership, you will attest that your and/or statistical data as part of the
48 months of work experience meets investment decision-making process
one of the following qualifications involving securities or similar investments

Supervising, directly or
Teaching such activities indirectly, people who
practice these activities

52
WORK EXPERIENCE GUIDELINES

For a job position to qualify, at least 50% of your time at

work should be spent directly involved in the investment
decision-making process or producing a work product that
informs or adds value to that process.

The job must Work experience can be Internships (paid or unpaid) Managing your own
be full time. earned before, during, or after may count if qualifying investments or the investments
participation in the CFA Program. activities are full time. of your family or friends (without
compensation) does not qualify.

53
PROFESSIONAL REFERENCES
When you apply for membership, you will need to supply professional references
who can speak to your role in the investment decision-making process

We require three professional
references unless you have
a reference from a regular
member of the society to which
you are applying. In that case,
two professional references
are required.
For your references, select
individuals who can attest to
your professional character
and who can describe your work
experience in the investment
decision-making industry.
If you are in a remote location
without a society nearby,
please note that many member
societies are willing to find
society members who can
provide a reference for you.

54
AFTER SUBMITTING YOUR APPLICATION
We will notify you by email if and when your application is approved

Once you’ve been approved,

you can activate your membership by:

Signing your Member Agreement

You can help speed up
the process by making sure
your contact information is Filing your Professional Conduct Statement
up-to-date in your account

Paying your annual dues

55
OTHER MEMBERSHIP TYPES
Affiliate Membership
Recommended for investment professionals who do not intend
to participate in the CFA Program or who have not yet met the
requirements for regular membership but would like to be part
of the CFA Institute and society communities
Process
• Meet selected society work experience requirements
(these may vary by society)
• Provide professional references
• Join both CFA Institute and local society
• Pay CFA Institute and society dues
• File annual Professional Conduct Statement
• Receive all CFA Institute member benefits
(except for voting rights)
Local Society Membership
Recommended for candidates and Level III Passers who
have not yet met the requirements for regular membership.
Also recommended for investment professionals who do not
intend to participate in the CFA Program but would like to be
part of the local society community
Process
• Meet a standardized global work experience requirement
(waived for candidates and Level III Passers)
• Join local society
• Pay society dues
• File annual Professional Conduct Statement
• Receive society benefits, including local networking
and programs
56
OFAC COMPLIANCE POLICY
The Office of Foreign Assets Control (OFAC) prohibits US companies from engaging
in unlicensed transactions with individuals who live in countries that are subject
to certain sanctions

See the OFAC website for details and Residents of Iran and Sudan may enroll
updates on current sanctions programs, in CFA Institute programs pursuant to
including updates on OFAC’s recent OFAC General License G (Iran) and
Ukraine-related sanctions program OFAC General License No. 1A (Sudan)

57
INVESTMENT FOUNDATIONS PROGRAM

58
 Mission

To lead the investment profession globally by promoting the highest standards of ethics,
education, and professional excellence for the ultimate benefit of society.

CFA Institute Investment Foundations Program Vision

To set a new standard of industry knowledge and ethical awareness, thereby improving
firm-wide communication, enterprise risk management, and employee engagement.

59
WHAT IS THE PROGRAM?
A comprehensive global education program that sets a new standard of industry
knowledge and ethical awareness.

The Investment Foundations Program is designed to provide employees with

a clear understanding of the essentials of the investment management industry.

60
PROGRAM UPDATES

Program Status Our Vision

Create a new standard for industry

Three years and 10,000 certificate holders
knowledge and ethical awareness

Price: US$200–$250

Course New Industry

Course of Study: Free online Price of Name
Study Standard

Name: Claritas

61
GLOBAL REACH

45% 20% 25% 8% 2%

AFRICA/ LATIN AMERICA &

NORTH AMERICA EUROPE ASIA PACIFIC
MIDDLE EAST CARIBBEAN

10,000 certificate holders

Global Pass Rate: 85%

Registrations, global launch to 1 September 2016

62
THE AUDIENCE
All professional disciplines in the investment management industry outside
of investment roles, including:

Administration Client Compliance Human

and Operations Service and Legal Resources

Information Marketing Media and

Technology and Sales Communications

63
THE AUDIENCE
All professional disciplines in the investment management industry outside
of investment roles.

64
HOW IT WORKS
The Investment Foundations Program is an online certificate program.

Approximately 100 hours of study from

A certificate of knowledge
an interactive eBook (print copies also
for those who pass the exam.
available for an additional charge).

Access to supplemental study tools,

including end-of-chapter questions, No membership or continuing
online mock exams, additional practice education requirement.
assessments, and a study planner.

Two-hour, multiple-choice
examination taken at one of the
global network of centers managed
by Pearson VUE.

65
INVESTMENT FOUNDATIONS PROGRAM BENEFITS
Firms Employees
Enterprise Risk Management Clarity
• Strong understanding of the investment management industry and • Common understanding of industry structure, regardless of their job
the importance of compliance. function or geographic location.
• Greater confidence to speak up when issues arise. • Thorough knowledge and understanding of industry terminology leads
to improved efficacy.

Firm-Wide Communication Collaboration

• Employees gain a common understanding of industry structure, • Deeper understanding of industry functions allows employees to work
regardless of job function or geographic location. more effectively with global colleagues.
• Comprehension of industry terminology facilitates improved internal • Increased professional competence equips employees to develop
working relations. stronger working relationships.

Employee Engagement Confidence

• A better sense of their roles in the firm drives employees to go beyond • In gaining the knowledge to identify issues, employees develop the
the minimum requirements. confidence to speak up.
• Understanding how they belong in the organization helps make • A better sense of their roles within the firm provides employees with
employees more effective and efficient. insight into how they connect with the complex global industry at large.

66
WHAT WE’RE HEARING

“Our employees … have already reported a better “The program also supports client service, and is a positive
understanding of their roles and responsibilities within the career development and retention tool for Citco staff.”
industry, and we firmly believe that this improved
understanding will lead to a more efficient, productive, and
collaborative workforce.”
Alok Sethi Bernadette White
Franklin Templeton Services Citco Fund Services

“The main benefit of the CFA Institute Investment “We are confident that, after going through the Investment
Foundations Program was an ability to see a bigger picture of Foundations Program process, our associates will have the
the finance industry and the role of our business within it.” knowledge and confidence to serve our banking clients
more effectively.”

Alexander Tarasov Viswanathan Vedpuriswar

Citco Fund Services Cognizant Academy

67
FREE ONLINE COURSE OF STUDY
Your employees can review, read, and learn the material before they register.
Log in, and see the course of study at our website.
Investment Foundations Course of Study Chapters | Download Chapters from the eBook
Module 1: Industry Overview
• Chapter 1: The Investment Industry: A
Top Down View
Module 2: Ethics and Regulation
• Chapter 2: Ethics and Investment Professionalism
• Chapter 3: Regulation
Module 3: Inputs and Tools
• Chapter 4: Microeconomics
• Chapter 5: Macroeconomics
• Chapter 6: Economics of International Trade
• Chapter 7: Financial Statements
• Chapter 8: Quantitative Concepts
Module 4: Investment Instruments
• Chapter 9: Debt Securities
• Chapter 10: Equity Securities
• Chapter 11: Derivatives
• Chapter 12: Alternative Investments
Module 5: Industry Structure
• Chapter 13: Structure of
the Investment Industry
• Chapter 14: Investment Vehicles
• Chapter 15: The Functioning
of Financial Markets
Module 6: Serving Client Needs
• Chapter 16: Investors and Their Needs
• Chapter 17: Investment Management
Module 7: Industry Controls
• Chapter 18: Risk Management
• Chapter 19: Performance Evaluation
• Chapter 20: Investment Industry
Documentation
• Glossary
68
SAMPLE COURSE OF STUDY
Example: Diagram showing how firms raise capital through Example: Diagram showing how direct and indirect
debt and equity (from Chapter 10: Equity Securities) investments differ (from Chapter 14: Investment Vehicles)

69
SAMPLE CHAPTER REVIEW QUESTIONS

Sovereign bonds are issued by:

a) Companies
b) Central governments
c) All levels of government

Which of the following entities raises external capital to finance their

operations by issuing a combination of equity and debt securities?
a) Companies
b) Governments
c) Both companies and governments

Example: Two multiple choice review questions (from Chapter 9: Debt Securities)

70
SAMPLE EXAM QUESTIONS
The feature of a well-functioning
investment industry that gives
investors the ability to quickly buy
and sell a significant amount of an
investment without having a
material impact on the price
is described as:
a) Liquidity
b) Competitive markets
c) Risk transfer
According to fundamental ethical
Regulators often seek public
and professional principles
consultation prior to the
applicable to the investment
implementation of new regulations
industry, which group should have
in order to:
its interests ranked first?
a) Clients a) Ensure the new rules are
favorable to those likely to be
b) Employers
affected
c) Co-workers
b) Educate consumers and service
providers on the new rules
c) Improve the final rules by
undertaking a cost-benefit
analysis
71
SAMPLE EXAM ANSWERS
The feature of a well-functioning
investment industry that gives
investors the ability to quickly buy
and sell a significant amount of an
investment without having a
material impact on the price
is described as:
a) Liquidity
b) Competitive markets
c) Risk transfer
According to fundamental ethical
Regulators often seek public
and professional principles
consultation prior to the
applicable to the investment
implementation of new regulations
industry, which group should have
in order to:
its interests ranked first?
a) Clients a) Ensure the new rules are
favorable to those likely to be
b) Employers
affected
c) Co-workers
b) Educate consumers and service
providers on the new rules
c) Improve the final rules by
undertaking a cost-benefit
analysis
72
GLOBAL RECOGNITION

73
SOCIAL MEDIA
CFA Institute Investment Foundations maintains an active and growing
social media presence on:

Twitter Facebook LinkedIn Group

twitter.com/InvFound facebook.com/InvFound CFA Institute Investment
Foundations

74
EXAM SCHEDULE AND PRICING OVERVIEW
Program Overview 2016-2017
INVESTMENT Pricing (US$)
Individual registration Employer registration
(Purchase of 5 or more)
FOUNDATIONS December 2016
$250 $200

Foundational level Timeline Flexible Scheduling

Schedule the exam for any day and time it is offered at the most convenient test
center for you, as long as you take the exam within 180 days of registration.

Specifications • Prepares candidates for all professional disciplines working in financial

services outside of investment roles
• All registration fees include full-access to all study materials: the Mobile Study
App, e-book, study planner, chapter review questions, module practice
tests, and a mock exam, plus one exam sitting

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INVESTMENT FOUNDATIONS
CANDIDATE EXPERIENCE

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REGISTRATION
Log In or Create an Account

Use your name of firm

email address

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REGISTRATION

You will receive an email communication

with your Voucher Code.

On the Investment Foundations registration page,

select “Voucher” under Payment Information.

Enter the Voucher Code assigned to you in the

Investment Foundations Voucher Number field.

Select the pick box to agree to the Voucher Policy,

which states that your employer will have access to
your email address, exam registration date, exam
date, and exam results.

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GETTING STARTED
Once you have completed the registration
process, you will received a welcome
email that will guide you through your
next steps.
Other emails you may receive from CFA Institute
include:
• If you have scheduled your exam, a reminder
7 days before your scheduled exam date.
• If you have not yet scheduled your exam,
a reminder 30 days before your registration expires.
• An official results email within 24 hours of
completing your exam.
Welcome to the Investment Foundations Program!
This e-mail confirms your registration and provides important information about accessing study
materials, scheduling your exam appointment, reviewing testing policies, and connecting with other
candidates through social media.
Start Studying
Preparation for the Investment Foundations exam is self-paced. The Investment Foundations
eBook (featuring introductory videos, learning outcome statements, required readings, and chapter
review questions), helpful practice questions, and a mock exam are now available to you online.
To access your materials: log in to the CFA Institute website using the username and password
you created during your registration process and select the Investment Foundations My CFA tab.
You may also purchase the print version of the eBook in My CFA by selecting Study Materials and
clicking the Optional Print Book on the right-hand sidebar.
Schedule Your Exam Appointment
Now that you are registered, you have 180 days to take the Investment Foundations exam.
To schedule your appointment: select Schedule Your Exam within the Investment Foundations
My CFA tab.
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GETTING STARTED

Once you log in, your

personal CFA Institute
home page provides easy
access to your Investment
Foundations candidate
resources.

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CANDIDATE EXPERIENCE: YOUR DASHBOARD

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SCHEDULE

Pick a Test Center

• Exam experience is
supported by Pearson VUE.
• Users must access the
Pearson VUE site from the
CFA Institute website and
are logged in automatically.

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SCHEDULE YOUR EXAM
Choose a Date and Time

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SCHEDULE YOUR EXAM

Verify
Appointment
and Submit

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SUMMARY AND NEXT STEPS

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HOME PAGE SHOWS YOUR SCHEDULED EXAM

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COURSE OF STUDY EBOOK
Now available for free at our website:
cfa.is/InvFound

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STUDY PLANNER AND MOBILE APP
Study Planner
Investment Foundations eBook
• Encourages time management
• Adjusts to schedule changes
• Reinforces reviewing
How to Use the Investment Foundations
Mobile App Program Study Material

• Adds flexibility
• Includes course of
study and practice
questions

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STUDY RESOURCES
Test Your Knowledge
You may use any of these practice assessment options as many
times as you would like.

Chapter Review Questions

• Content is chapter specific.
• These questions can be found at the end of each chapter, OR you
may answer electronically through the “Test Your Knowledge” section
of your candidate dashboard.

Module Practice Tests or Practice Assessment

• Content is by Module, with a final Practice Test covering all modules.
• These can be found in the “Test Your Knowledge” section
of your candidate dashboard.

Mock Exam
• Content covers all of the curriculum, and is timed (two hours) and
structured (120 multiple-choice questions), just like the actual exam.

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SIT FOR THE EXAM
Testing Policies

Thoroughly review all the Investment

Foundations Testing Policies and the
Candidate Agreement.

You will be asked to acknowledge that you

accept these policies when you complete
your registration.

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SIT FOR THE EXAM
Prepare for Exam Day

Ensure you are comfortable with what will

happen on exam day by watching this short
clip from Pearson Vue.

Review the Tutorial Screens (PDF) prior to

exam day to ensure there are no surprises,
and to save you from additional reading
right before your exam.

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SIT FOR THE EXAM
Exam Results

You will receive preliminary results

immediately on your testing screen.

Official results will be posted on your

Candidate Dashboard, and you will receive
an email when those are available.

If you pass the exam, your certificate will

be sent to you by mail within 3 to 4 weeks.

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CFA ROMANIA

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CFA ROMANIA

Memb New Candidates

ers Members

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CFA ROMANIA
CHARTERHOLDERS JOB FUNCTIONS AND
EMPLOYERS

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