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  #1  
Old 01-20-2005, 01:46 PM
DW Simpson DW Simpson is offline
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Default 7,000 pass CFA Level I

http://biz.yahoo.com/bw/050120/205512_1.html

Quote:
CFA Institute Announces Results for the December Level I Exam
Thursday January 20, 12:11 pm ET
Growing participation in the December exam nears the June exam levels


CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Jan. 20, 2005--CFA Institute today announced that more than 7,000 current and aspiring investment professionals passed the first of the three examinations leading to the prestigious Chartered Financial Analyst® (CFA®) designation. Offered this past December, more than 19,500 candidates sat for the Level I exam in 33 cities across 21 nations.
The CFA self-study curriculum and examinations set a globally recognized program for measuring the competence and integrity of financial analysts, portfolio managers and investment advisers. The Level I exam is offered twice a year, in June and December. Although 2004 marked only the second year the Level I exam was offered in December, the number of test takers in for this exam almost exceeded the number of candidates who sat for the Level I exam in June 2004. Roughly 24,000 Level I candidates sat for that exam.

The pass rate for the 2004 December Level I exam was 36 percent, compared to 34 percent for the 2004 June Level I exam and 40 percent for the 2003 December Level I exam.

"We began to offer an additional Level I exam in December last year to meet the growing worldwide demand of professionals who want to earn the CFA charter," said Bob Johnson, PhD, CFA, executive vice president of the CFA program division. "The fact that the enrollment figures are quickly approaching those of the June exam demonstrates the increasing popularity of the designation. The designation is recognized around the world and often has been referred to as an 'international passport' for those who work in the financial services industry."

To earn the CFA charter, candidates must sequentially pass three six-hour examinations that are widely considered the most rigorous in the investment profession. They also must have completed a minimum work-experience requirement of three to four years in the investment decision-making process and have signed a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct.

The Level I exam is offered twice a year in June and December, while the other two exams are offered just once a year in June. The candidates who passed December's Level I are qualified to take the Level II exam this coming June.

On average, CFA candidates take four years to pass the three required examinations. The examinations cover ethical and professional standards, securities analysis and valuation, financial statement analysis, quantitative methods, economics, corporate finance, portfolio management and performance measurement. CFA Institute recommends at least 250 hours of study per exam.

"Becoming a CFA charterholder is a significant achievement, marked not only by earning the charter but also the commitment and dedication it takes to pass all three examinations," said Johnson. "Those who have just passed the Level I are on their way to joining a talented membership than spans nations and professions, and warrants much respect in the global investment community."

Currently, there are 62,000 CFA charterholders in 113 countries and territories.

Number of CFA Candidates Tested for December 2004 Level I Exam

United States 6,810
Pacific Asia 5,366
Europe 2,822
Canada 1,901
Mainland China 1,132
Africa/Middle East 804
Asia 580
Latin America 91

Total 19,566

About CFA Institute

CFA Institute is the global, non-profit professional association that administers the Chartered Financial Analyst® curriculum and examination program worldwide, publishes research, conducts professional-development programs, and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 73,000 members in 117 countries and territories, including the world's 62,000 CFA charterholders, as well as 131 affiliated professional societies in 52 countries and territories. CFA Institute is headquartered in Charlottesville, Va., USA, with regional headquarters in London and Hong Kong. It was known as AIMR (Association for Investment Management and Research) from 1990 to early 2004, and before that was two separate organizations whose roots go back to 1947. More information may be found at www.cfainstitute.org.



--------------------------------------------------------------------------------
Contact:
Media:
CFA Institute
Kathy Valentine, 434-951-5348
434-466-2803 (mobile)
kathy.valentine@cfainstitute.org
or
Ogilvy PR
Dori Pasternak, 212-880-5326
917-689-3415 (mobile)
dori.pasternak@ogilvypr.com



--------------------------------------------------------------------------------
Source: CFA Institute
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  #2  
Old 01-20-2005, 07:01 PM
Joe Sakic Joe Sakic is offline
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How is the CFA market in Canada ?
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  #3  
Old 01-20-2005, 07:33 PM
DW Simpson DW Simpson is offline
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Quote:
Originally Posted by Joe Sakic
How is the CFA market in Canada ?
Unfortunately, I do not know. The market for actuaries with the CFA credential is strong in many countries.

I don't know much about the market for non-actuaries with the CFA credential.
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  #4  
Old 01-21-2005, 11:44 AM
Tristram Shandy Tristram Shandy is offline
 
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How about the US market for an FCAS with a CFA? There seems to be more CFA-taking activity on the SOA side. Does it pay for casualty actuaries?
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  #5  
Old 01-21-2005, 03:23 PM
DW Simpson DW Simpson is offline
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Does it pay, as an FCAS, to get a CFA? It's something that some employers consider a nice credential to have to get the position, but it has not been my experience that there is a large premium put on casualty actuaries with the CFA designation.

Here are some open casualty actuary jobs that mention CFA, for example. The CFA might help you stand out versus another Fellow, but it's not something for which they're going to pay another 10 grand/year, generally. --

Northeast - ACAS/FCAS - Position 14929 - Firm seeks a casualty actuary to fill their investment actuarial role. Some travel. Reports to SVP. Consulting experience or CFA a plus. Investment strategy, financial analysis and research position.

Northeast - Position 14332 - Client seeks a VP-level consultant. Risk management consulting experience preferred. CFA designation a plus. SAS or C++ knowledge preferred. Some understanding of derivatives pricing desired.

West - Position 14934 - Client is looking for a credentialed actuary or an experienced student with 6 to 12 years of experience. MBA or CFA a plus. Requires managerial experience. Profitability analysis and pricing opportunity.
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  #6  
Old 01-22-2005, 08:57 AM
asamd asamd is offline
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Look at the title - 7000 pass. Looks like competition is heating up. Need to find a way to differentiate yourself so you stand out from the crowd so that an employer thinks your worth paying a premium for.
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  #7  
Old 01-24-2005, 09:06 AM
Tristram Shandy Tristram Shandy is offline
 
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Thanks for the comments.

Claude, how does the "non-traditional" market for FCASs look at this time? Do you place casualty actuaries in Wall Street - type jobs, for instance? Do you have to be a super-quant to gain entry into the securities industry, or are there jobs for the less mathematically oriented?
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  #8  
Old 01-24-2005, 11:22 AM
FSAwannabe FSAwannabe is offline
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Quote:
Originally Posted by Tristram Shandy
How about the US market for an FCAS with a CFA? There seems to be more CFA-taking activity on the SOA side. Does it pay for casualty actuaries?
Claude,
What's your opinion on opportunities for a FSA with a CFA?
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  #9  
Old 01-24-2005, 11:22 PM
DW Simpson DW Simpson is offline
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Quote:
Originally Posted by FSAwannabe
Claude,
What's your opinion on opportunities for a FSA with a CFA?
Quite solid. Some current open examples:

FSA,CFA - Northeast - Position 15636 - Annuity risk management

FSA,CFA - Midwest - Position 15849 - Annuity pricing and risk management

FSA,CFA - Southeast - Position 15639 - Financial analyst/competitor analysis

FSA,CFA - Southeast - Position 14997 - Risk modeling/capital management

CFA and MBA / MBA-Finance are sometimes used interchangeably.
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  #10  
Old 01-24-2005, 11:49 PM
DW Simpson DW Simpson is offline
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Quote:
Originally Posted by Tristram Shandy
Claude, how does the "non-traditional" market for FCASs look at this time? Do you place casualty actuaries in Wall Street - type jobs, for instance? Do you have to be a super-quant to gain entry into the securities industry, or are there jobs for the less mathematically oriented?
We do see occasional ACAS/FCAS securities jobs, usually investment analyst / financial analyst positions such as

Mid-Atlantic - Position 14630 - Help analyze insurance company stocks. Unique opportunity for an actuary with a financial focus.

To do the super-quant jobs, though, companies are generally still asking to see Ph.D.'s, even with an FCAS.

For a good idea of the types of non-traditional jobs that we've worked on over the years for casualty actuaries (as well as other actuaries), check out the archives of our Other Jobs page: http://web.archive.org/web/*/http://...otherjobs.html . Some of those positions have included risk management consulting, research director, quant underwriting director, investment banking analyst, MBS/ABS
structuring manager, portfolio manager, etc. However, my experience has been that those types of positions come trickling in, rather than the open spigot of reserving and pricing casualty jobs. Every year I've been here, the strong growth for casualty actuaries has continued to be in traditional P&C actuarial jobs and other interesting applications of those skills within insurance & consulting.

Last edited by DW Simpson; 01-25-2005 at 12:00 AM..
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