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Earning Your Place in the Investment World

The CFA Program

Wojciech Gudaszewski, CFA, (cover) took a major career leap in

2006, founding WDM Financial Group, the first firm in Poland

to offer a fully comprehensive array of financial services. Beam-

ing with enthusiasm as he strolls amidst the ornate buildings

of Wroclaw, Poland’s third-largest city, Wojciech explains.

“Becoming a CFA charterholder gave me more self-confi-

dence,” says Wojciech. “Now I have more courage to lead more

responsible and ambitious projects, like establishing and man-

aging the WDM Financial Group.”

Wojciech saw opportunity in Poland’s emerging market

and set about earning the professional credentials to partici-

pate fully in— and find solutions for— his homeland’s finan-

cial front. But after earning a master’s degree in economics

and three professional certifications, he says, “Soon I realized

that there is really only one global standard for investment

professionals—[the] CFA [designation].”

Wojciech likewise credits getting his first job after gradu-

ation, an equity analyst position at ING Investment Manage-

ment in Warsaw, to the CFA designation. “Thanks to the CFA

charter I got a great job after my studies,” he says. He glances

proudly at the colorful facades rising all around him and adds,

“The CFA charter gave me a chance to find interesting and

well-paid work.”

As the sun fades and a cool breeze whips across the town

square, Wojciech reveals a broad level of confidence and

urgency, leaving little doubt about the depth of his determina-

tion: With more than 50 clients on board already, he plans to

serve 200 by year’s end. “I want to push the Group to the next

level as soon as possible.”

MEMB ER SOC I ETY: C FA S O C I E T Y O F P O L A N D

The Courage to Lead

Wojciech Gudaszewski, CFA cover W R O C L AW, P O L A N D

Liliane Lintz, CFA 2–3 S Ã O PAU L O, B R A Z I L

Ryan Fuhrmann, CFA 4–5 F O RT W O RT H , T E X A S , U S A

Zafeer Hussain, CFA 6–7 D U B A I , UA E

Kam Shing Kwang, CFA 8–9 H O N G KO N G

Gao Quan, CFA 10–11 S H A N G H A I , C H I N A

Rohit Rebello, CFA 12–13 M U M B A I , I N D I A

Olga Logvina, CFA 14–15 M O S C O W, R U S S I A

Vincent Fournier, CFA 16–17 M O N T R É A L , Q U É B E C , C A N A D A

Sarah Campbell, CFA 18–19 A I X E N P R O V E N C E , F R A N C E

Ten CFA® charterholders from around

the world talk about where they

came from,how the CFA Program

affected their journeys,and where

they are headed.

TA B L E O F C O N T E N T S

3 Defining the CFA Program

4 Benefits of the CFA Charter

12 Steps to Earning Your CFA Charter

15 About the Curriculum and Examinations

18 Preparing for the CFA Examinations

20 About CFA Institute

The CFA designation is a mark of distinction

that is globally recognized by employers,

investment professionals,and investors as

the definitive standard—the gold standard—

by which to measure serious investment

professionals.

The CFA Program Earning Your Place in the Investment World

Liliane Lintz, CFA I N V E S T M E N T A D V I S O R I T A Ú P R I V A T E B A N K

O S C A R F R E I R E S T R E E T , S Ã O P A U L O

T H E G O L D S TA N D A R D O F I N V E S T M E N T C R E D E N T I A L S

Ask a manager at any investment firm what they look for when hiring investment professionals and they’re likely to mention three characteristics: competence, integrity, and passion.These qualities are notoriously difficult to measure, which is why having the letters“CFA”behind your name will provide you with a competitive advantage at every stage of your career.

To earn the CFA charter,you must successfully pass through the CFA Program, a global graduate- level self-study program that combines a broad- based curriculum with professional conduct requirements to prepare you for a wide range of investment specialties.

The program’s breadth and depth builds a fun- damental knowledge of global investment princi- ples that apply in every market all over the world.

E S S E N T I A L K N O W L E D G E F O R T H E P R O F E S S I O N A L I N V E S T O R

Anchored by a practice-based curriculum, the CFA Program is based on the knowledge identified by professionals as essential to the investment

decision-making process.This Candidate Body of Knowledge™ covers 10 general topic areas ranging from equity and fixed-income analysis to portfolio management to corporate finance.

You won’t find an educational experience that better equips you with the fundamental knowl- edge you need to work in today’s world of profes- sional investing than the CFA Program.

F L E X I B L E S E L F - S T U D Y P R O G R A M L E T S Y O U S E T T H E S C H E D U L E

The CFA Program curriculum is delivered in a can- didate-friendly, integrated format and is organ- ized into study sessions to help you schedule your preparation time. Each study session includes readings, learning outcome statements, and prob- lem sets to demonstrate the practical application of your knowledge.

Preparation for the CFA examinations is a sub- stantial commitment of time and energy. A major benefit of the CFA Program is its self-study curricu- lum, which allows busy investment professionals to earn the gold standard designation without leaving their current jobs. Most candidates con- tinue in their full-time investment careers while enrolled in the CFA Program, enabling them to keep up with their salary and career opportunities.

Deeply rooted in the city of São Paulo, Brazil, where she has

lived her entire life, Liliane Lintz, CFA, smiles broadly as she

explains her penchant for self-improvement.

“It’s very important to keep studying, keep learning,” she

says in the steamy streets. “You cannot stop the times. The pro-

fessional has to focus on being at the state of the art in terms

of knowledge.”

This attitude shows in every element of Liliane’s life. She

has earned several degrees: both an MBA and a PhD in busi-

ness administration, a certificate for graduate studies in inter-

national management, and two bachelor’s degrees. Despite all

of these, Liliane also found it crucial to study for the CFA

Program.

“The CFA [Program] is much more applicable to the day by

day, rather than a master’s degree,” she says as the temperature

rises and throngs of people rush by, damp and hurried. “The

CFA Program is totally different; it has so much value added.

Every day I use something that I learned in the CFA Program.”

Liliane brings a similar energy to her work and family life.

She gives careful attention to developing deep client relation-

ships, tending to family, and helping the newly formed CFA

Society of Brazil grow.

So much warmth in a tropical place, and she still hopes to

improve.

“That’s the only thing. I wish I had a little bit more time

and I could do much more.”

MEMB ER SOC I ETY: C FA S O C I E T Y O F B R A Z I L

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Continual Growth

3

Defining the CFA Program

W O R L D W I D E R E C O G N I T I O N A N D A C C E P TA N C E

Employers and media around the world acclaim the CFA designation as the standard of profes- sional excellence. Because the program’s rigorous curriculum emphasizes principles common to every market, employers and clients recognize that professionals with the CFA designation have a thoroughly global investment perspective and a profound understanding of the global mar- ketplace. With such widespread recognition, CFA charterholders earn a significant competitive advantage for international employment.

Ryan Fuhrmann, CFA, moves with the easy grace of a man

born and raised in the wide-open plains of Texas. However, he

reveals his true roots while he leans against a live oak tree and

talks about the importance of creating opportunities for him-

self in any environment. As a child, he moved all over the mid-

western United States, so adaptability came as a matter of

course. Gathering new information and assimilating it helped

him excel at university—where he earned a bachelor’s degree

in finance and an MBA— as well as in the workplace, where

he found a challenging career in portfolio management.

Ryan sees the CFA Program as a mark of distinction that

helped him enter the investment profession more rapidly.

“Having completed the first two exams gave me a leg up in

interviewing and getting hired in personal investments,” he says.

Paying careful attention and making adjustments along

the way enables Ryan to take advantage of opportunities as

they come along—wherever they might take him.

He spends his evenings instant-messaging fellow analysts

who are wide awake in India so he can stay on the cutting edge

of research analysis. He synthesizes that analysis with breaking

stock news and writes succinct research reports for publication

at The Motley Fool, a multimedia financial education company.

Because of the portability of his skills and the adaptability of

the CFA designation, he feels prepared for anything.

Tinny country western music echoes through the split-rail

fencing as Ryan reflects on what he’s learned. “Start early and

build your credentials,” he advises. The CFA designation “can

take you anywhere you want to go.”

MEMB ER SOC I ETY: C FA S O C I E T Y O F I N D I A N A P O L I S

Anywhere You Want to Go

4

Benefits of the CFA Charter

E M P L O Y E R S W I T H T H E L A R G E S T N U M B E R S O F C F A C H A R T E R H O L D E R S

ABN AMRO Allianz AG Bank of America Corporation Barclays Group BMO Financial Group CIBC Citigroup Credit Suisse Group Deutsche Bank FMR Corporation The Goldman Sachs Group, Inc. HSBC ING Groep N.V. JPMorgan Chase & Co. Lehman Brothers, Inc. Mellon Financial Corporation Merrill Lynch & Co., Inc. Morgan Stanley PricewaterhouseCoopers International Limited RBC Scotiabank Group State Street TD Bank Financial Group UBS Wachovia Corporation

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Ryan Fuhrmann, CFA I N V E S T M E N T W R I T E R / A N A L Y S T T H E M O T L E Y F O O L

F O R T W O R T H S T O C K Y A R D S , F O R T W O R T H

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C O U N T R I E S W H E R E C F A C A N D I D AT E S A N D C H A R T E R H O L D E R S R E S I D E

CCeennttrr aall AAssiiaa Afghanistan Kazakhstan Kyrgyzstan Tajikistan Turkmenistan Uzbekistan

SSoouutthheerr nn AAssiiaa Bangladesh India Maldives Nepal Pakistan Sri Lanka

SSoouutthh--EEaasstteerrnn AAssiiaa Brunei Cambodia Indonesia Malaysia Philippines Singapore Taiwan Thailand Viet Nam

WWeesstteerrnn AAssiiaa Armenia Azerbaijan Bahrain Cyprus Georgia Israel Jordan Kuwait Lebanon Oman Palestinian Territory Qatar Saudi Arabia Turkey United Arab Emirates Yemen

EEUURROOPPEE

EEaasstteerr nn EEuurr ooppee Belarus Bulgaria Czech Republic Hungary Moldova Poland Romania Russia Slovakia Ukraine

NNoorrtthheerr nn EEuurr ooppee Denmark Estonia Finland Iceland Ireland Latvia Lithuania Norway Sweden United Kingdom

SSoouutthheerr nn EEuurr ooppee Albania Andorra Bosnia and Herzegovina Croatia Gibraltar Greece Italy Macedonia Malta Portugal Serbia and Montenegro Slovenia Spain

WWeesstteerrnn EEuurrooppee Austria Belgium France Germany Liechtenstein Luxembourg Monaco Netherlands Switzerland

LLAATTIINN AAMMEERRIICCAA

CCaarriibbbbeeaann Anguilla Antigua and Barbuda Aruba Bahamas Barbados British Virgin Islands Cayman Islands Dominica Dominican Republic Guadeloupe Jamaica Martinique Netherlands Antilles Puerto Rico

Saint Kitts and Nevis Saint Lucia Saint Vincent and

the Grenadines Trinidad and Tobago Turks and Caicos Islands Virgin Islands

CCeennttrr aall AAmmeerr iiccaa Belize Costa Rica El Salvador Guatemala Honduras Mexico Panama

SSoouutthh AAmmeerriiccaa Argentina Bolivia Brazil Chile Colombia Ecuador Guyana Peru Suriname Uruguay Venezuela

NNOORRTTHH AAMMEERRIICCAA

Bermuda Canada United States

OOCCEEAANNIIAA

Australia Fiji Guam New Zealand Niue Northern Mariana

Islands Papua New Guinea

AAFFRRIICCAA

EEaasstteerr nn AAffrriiccaa Ethiopia Kenya Malawi Mauritius Mozambique Rwanda Seychelles Tanzania Uganda Zambia Zimbabwe

MMiiddddllee AAffrriiccaa Cameroon Congo

NNoorrtthheerr nn AAffrriiccaa Algeria Egypt Libya Morocco Tunisia

SSoouutthheerr nn AAffrriiccaa Botswana Lesotho Namibia South Africa Swaziland

WWeesstteerrnn AAffrriiccaa Benin Burkina Faso Cape Verde Côte d’Ivoire Gambia Ghana Liberia Mali Nigeria Senegal Sierra Leone

AASSIIAA

EEaasstteerr nn AAssiiaa China Hong Kong Japan Macao Mongolia Republic of Korea

Zafeer Hussain, CFA, relaxes on Dubai Creek with the air of

contentment brought on by a day of satisfying work. Fishing

trawlers with peeling paint return from a long day’s haul in the

Persian Gulf, while he recounts his own struggle to land a job

he could truly value.

Zafeer earned an MBA from a reputable university in Pak-

istan and started a career as an auditor, but he soon realized

that he would rather influence a firm’s direction and drive the

business instead of verifying past transactions. Consequently,

he took a role in the treasury side of the business and simul-

taneously enrolled in the CFA Program.

He says that the CFA Program was a catalyst that helped

him develop an understanding of the world markets from a

practitioner’s point of view. “The CFA Program gives you the

global perspective that may be missing in your career if you

are not working in a major financial center like London or

New York.”

Moreover, he believes that to grow into bigger roles in

the profession one must develop an overall perspective and

some essential understanding of the other areas of finance.

“The CFA Program does a fantastic job in achieving that

edge,” he says.

Now steeped in happiness, he contributes to the decision-

making process at Standard Chartered Bank, helping to opti-

mize the resources of his employer.

He says, “Having the CFA charter does bring credibility to

what I’m saying and it brings me personal satisfaction as well.”

As a cool wind ripples along the creek, he smiles and con-

cludes, “I’m very happy and complete in my life right now.”

MEMB ER SOC I ETY: C FA E M I R AT E S

Personal Satisfaction

Zafeer Hussain, CFA H E A D O F F I N A N C I A L I N S T I T U T I O N S F I X E D I N C O M E S A L E S , N O R T H E R N G U L F S T A N D A R D C H A R T E R E D B A N K

D U B A I C R E E K , D U B A I

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C A R E E R O P P O R T U N I T I E S

The CFA charter is recognized around the world as a measure of competence, integrity, and passion; and employers are willing to pay a premium to investment professionals who have earned this designation.

Many employers stipulate the CFA charter as a requirement for investment-related positions and/or for advancement to more senior positions.

The CFA charter is also held in high regard by the regulatory community. Regulatory bodies in the following jurisdictions provide waivers from certain licensing or qualification requirements for those who have passed Levels I or II of the CFA exam, or have received the CFA designation:

• Australia

• Canada Alberta British Columbia Ontario Saskatchewan

• Greece

• Hong Kong

• Singapore

• Turkey

• United States

In the scorching shade of a thatched hut in her backyard, Kam

Shing Kwang, CFA, talks about her good fortune— the kind of

fortune that comes from being dedicated to hard work and

continuous education. As managing director at JPMorgan

Private Bank in Hong Kong, she is able to make use of the

knowledge she’s acquired.

“It’s the CFA Program that helped me to bridge from the

past and move to the future,” she says as overhead fans stir

the heat.

Kam Shing explains that although she began as an account-

ant, she quickly decided she would much rather use the num-

bers on the balance sheet to try to forecast the future instead

of “digging into the past.” She sought advice from a number of

her colleagues in investments, who all encouraged her to enroll

in the CFA Program.

In particular, the head of the Government Investment

Corp. (GIC) in Singapore, whom she highly respected, strongly

recommended the CFA Program to her. “I felt that if I could

be anywhere near as successful as he is I had to get myself a

CFA [charter].”

When Kam Shing enrolled, her personal experience with

the CFA Program confirmed her mentor’s recommendation.

“It’s a much more comprehensive program that allowed me to

look over and beyond just my little role and see the invest-

ment world more in all of its totality.”

Now she looks for the gold standard when hiring finance

analysts. “People who have a CFA charter obviously have an

advantage even if they don’t have relevant experience. I think

it’s much more applicable.”

MEMB ER SOC I ETY: C FA S I N G A P O R E

A Look Over and Beyond

Kam Shing Kwang, CFA M A N A G I N G D I R E C T O R , H E A D O F H O N G K O N G T E A M J P M O R G A N P R I V A T E B A N K

H E R B A C K Y A R D , S I N G A P O R E

Gao Quan, CFA I N D E P E N D E N T F I N A N C I A L A N A L Y S T

T H E B U N D , S H A N G H A I

L E A R N M O R E A N D R E G I S T E R A T www.cfainstitute.org

In the early morning mist beside the hardworking Huangpu

River in Shanghai, Gao Quan, CFA, stands poised for a new

challenge: setting up his own business as an independent

financial analyst. As workboats churn the river, Quan says he

is looking forward to his new venture as a business owner.

An investment professional who looks at the stability of a

company before investing, Quan is accustomed to careful delib-

eration. Even at university, when a professor suggested to him

that he would find the CFA Program useful, Quan carefully

assessed the program’s value before making the commitment

to enroll.

Quan initially confirmed the breadth of the CFA Program

Candidate Body of Knowledge and its worldwide recognition.

More impressive, however, were the investment managers with

the CFA charter he later came to know.

“I observed the high level of professionalism and skill of

those whose business cards had CFA on them,” he says, maneu-

vering through a dense crowd of cyclists, pedestrians, and

mopeds. “That earned my respect and ultimately convinced

me to study the CFA Program.”

Although his elder brother now suggests that Quan matric-

ulate to an Ivy League university for a dual MBA/JD degree

program, Quan says, “It’s not necessary because I want to stay

in finance.” His eyes dancing in the rising sunlight, he says,

“The CFA Program is better.”

MEMB ER SOC I ETY: T H E H O N G KO N G S O C I E T Y O F F I N A N C I A L A N A LYSTS L I M I T E D

Upon Further Verification

11

T H R E E E X A M I N AT I O N S V E R I F Y Y O U R E X P E R T I S E

Divided into three sequential levels, each culmi- nating in an examination, the CFA Program sets a high standard that only the most committed pro- fessionals are able to achieve. The examinations are well known for their rigor, verifying not only your understanding of the curriculum but your ability to synthesize complex investment principles and apply financial instruments in a professional manner.

Historically, only one in five people who regis- ters completes the program. Completion places you in elite company, confirming your mastery of the program’s rigorous curriculum, as well as your commitment to rise to the formidable challenge that the CFA Program represents.

Though CFA Institute encourages investment professionals also to strongly consider the bene-

fits of post-graduate education, the cost of the CFA Program is a small fraction of what you would pay for an MBA and enables you to continue working while you progress through the program, unlike most post-graduate programs.

Y O U R E T H I C S P U T T O T H E T E S T

Because ethical dilemmas surface in all varieties in the investment business, the CFA Program heav- ily emphasizes the application of ethics in profes- sional practice. More importantly, in a business where personal integrity must never come into question, your association with CFA Institute— as a CFA candidate or as a CFA charterholder— carries with it a requirement to adhere to the investment profession’s most stringent Code of Ethics and Standards of Professional Conduct.

The CFA charter represents a lifetime commit- ment to ethical behavior, a commitment that helps to create the charter’s recognition and apprecia- tion among clients, employers, and your colleagues in investments.

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1. E N R O L L I N T H E C F A P R O G R A M A N D R E G I S T E R F O R A N E X A M I N AT I O N .

• Visit www.cfainstitute.org to register online or to print the necessary forms.

• Sign and complete the Professional Conduct Inquiry.

• Sign and agree to comply with the terms of the Candidate Responsibility Statement.

• Fulfill basic entrance requirements:

• Have a U.S. bachelor’s (or equivalent) degree, be in the final year of your bachelor’s degree program, or have four years of qualified, professional work experience.

• Complete the registration and enrollment form and pay the required fees.

• Be prepared to take the examinations in English.

2 . S E Q U E N T I A L LY PA S S L E V E L I , L E V E L I I , A N D L E V E L I I I E X A M I N AT I O N S .

3 . J O I N C F A I N S T I T U T E A S A M E M B E R .

• Provide current completed sponsor forms.

• Sign and complete the Professional Conduct Statement.

• Sign and agree to comply with the terms of the Member’s Agreement.

• Meet the work experience requirements.

• Apply for membership in a CFA Institute member society.

Steps to Earning Your CFA Charter As people stream by in Mumbai’s hazy heat, Rohit Rebello, CFA, talks about the personal quest for knowledge that con-

tinues to drive him to this day.

“You can’t rely on anyone else,” he says in the pungent

night air. “There’s no map for learning what you need to know.”

Rohit’s approach to education reveals an intensity particu-

larly suited to a person responsible for underwriting inde-

pendent risk for Barclays Wealth India.

That strong self-motivation led him to a full-time intern-

ship at an accounting firm while he attended college. After

earning his Chartered Accountant designation, Rohit worked

at a finance company in Mumbai, where he became intrigued

by the complexity of capital markets. Curiosity developed into

a fascination that drew him to the only educational program

that would satisfy him.

“My keen interest in investment management and research

led to my pursuit of the CFA charter,” Rohit says. While

enrolled in the CFA Program he found that he could directly

apply knowledge learned from the curriculum at his job on a

daily basis. He developed a thorough understanding of finan-

cial structuring and investment analysis that helped him earn

his first position in a multinational company, where he man-

aged both debt and credit investment portfolios.

“The CFA Program has a great combination of knowledge

and preparation for real-life work,” Rohit says as he wipes his

brow with a carefully folded red handkerchief. “Each step

brings you a bit closer to the ultimate goal—being acutely

aware of your environment and what will affect the companies

under your purview.”

MEMB ER SOC I ETY: I N D I A N A S S O C I AT I O N O F I N V E STM E N T P R O F E S S I O N A L S

What You Need to Know

Rohit Rebello, CFA R I S K M A N A G E R B A R C L A Y S W E A L T H I N D I A

M A H A T M A G A N D H I R O A D A T H U T A T M A C H O W K , M U M B A I

Olga Logvina, CFA H E A D O F R E S E A R C H T R O I K A D I A L O G A S S E T M A N A G E M E N T

R E D S Q U A R E , M O S C O W

L E A R N M O R E A N D R E G I S T E R A T www.cfainstitute.org

Olga Logvina, CFA, carries an armload of paperwork across

Red Square with a determined step despite the light rain. As

the head of research at one of the largest and oldest mutual fund

companies in Russia, she says of her work, “I have to ask the

tough questions. Sometimes managers do not want to answer.

But I just keep asking until I get the information I need.”

A linguist by training, Olga works with the resilience born

of necessity and the elegance of a sophisticated education that

reflects somehow the complicated nature of present-day Mos-

cow. She describes the CFA Program as “the best asset in my

educational portfolio.”