词条 | Chartered Financial Analyst | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
释义 |
The Chartered Financial Analyst (CFA) Program is a professional credential offered internationally by the American-based CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to investment and financial professionals. The program covers a broad range of topics relating to investment management, financial analysis, quantitative analysis, equities, fixed income and derivatives, and provides a generalist knowledge of other areas of finance. A candidate who successfully completes the program and meets other professional requirements is awarded the "CFA charter" and becomes a "CFA charterholder". As of October 2018, there are approximately 150,000 charterholders around the world in more than 165 countries.[1][2] Successful candidates take an average of four years to earn their CFA charter.[3][4] Only around 9% of candidates have consecutively passed all three levels in the past decade.[4] The top employers of CFA Charterholders globally include JP Morgan, UBS, Morgan Stanley, Royal Bank of Canada, BlackRock and Goldman Sachs.[5] Notable CFA Charterholders include billionaires Bill H. Gross, founder of PIMCO, and Howard Marks, founder of Oaktree Capital Management.
HistoryThe predecessor of CFA Institute, the Financial Analysts Federation (FAF), was established in 1947 as a service organization for investment professionals. The earliest CFA charterholders were "grandfathered" in through work experience only. Then, the series of three exams was established along with requirements to being a practitioner for several years to qualify to take the exams. In 1990, in the hopes of boosting the credential's public profile, the CFA Institute (formerly the Association for Investment Management and Research) merged with the FAF and the Institute of Chartered Financial Analysts (ICFA). The CFA program began in the United States but has become increasingly international with many people becoming charterholders across Europe, Asia and Australia. By 2003 fewer than half the candidates in the CFA program were based in the United States and Canada, with most of the other candidates based in Asia or Europe. The number of charterholders in India and China had increased by 25% and 53%, respectively, from 2005-06.{{citation needed|date=November 2015}} RequirementsTo become a CFA charterholder, candidates must satisfy the following requirements:[7]
Independent of any other requirements for becoming a charterholder, the CFA Program takes an average of four years for candidates to complete.{{citation needed|date=November 2015}} Process
The basic requirements for participation in the CFA Program (with or without obtaining the charter) include holding a university degree or being in the final year of a university degree program (or equivalent as assessed by the CFA Institute), or having four years of qualified, professional work experience in an investment decision-making process. To obtain the charter, however, a candidate must have completed a university degree (or equivalent) and four years of qualified, professional work experience, in addition to passing the three exams that test the candidate's knowledge of the academic portion of the CFA program. However, an accredited degree may not be a requirement.[9][10] Candidates take one exam per year over three years, assuming a pass on the first attempt. Fees as of December 2009 for each exam range from $710 to $955, depending on the date on which the candidate registers to take the exam, plus an additional $400 to $480 for program enrollment for new members. Level II and III pass rates apply to candidates that must have already passed the prior level(s). All three exams are administered on paper on a single day; the Level I exam is administered twice a year (usually the first weekend of June and December). The Level II and III exams are administered once a year, usually the first weekend of June. Each exam consists of two three-hour sessions. Level I has 240 independent, multiple-choice questions—all information required to answer the question is contained in the question. Level II has 120 multiple-choice questions, organized as 20 six-question item sets, each set having its own vignette of facts. To answer each question, the candidate must refer to the vignette as there is insufficient information in the question stem. Level III consists of a session of constructive response, essay-type questions, and a session of 10 six-question item sets as in the Level II exam. On the multiple-choice/item set sections, there is no penalty for wrong answers. For the test, only two models of calculator are allowed (the Hewlett Packard 12C including the HP 12C Platinum), and the Texas Instruments BA II Plus (including the BA II Plus Professional).[11] Candidates who have taken the exam receive a score report that is intended to be fairly unspecific: there is no overall score for the test, only a Pass/Fail result, and a range within which his or her performance for each topic area falls: less than or equal to 50%, 51%-70%, and above 70%. Failing candidates are informed of their decile rank within the body of failing candidates. The passing grade for the exams had been defined as 70% of the top percentage of exam papers until 1989; since then, the grading method is not explicitly published and the minimum passing score is set by the Board of Governors after each exam. The Board of Governors reviews the results of the standard setting process and input from independent psychometricians.[12] Standard setting is a process that defines the passing score of the exam. The CFA exam uses the modified Angoff method which is a commonly used approach to setting standards for certification and licensure examinations. Subject matter experts review the exam and recommend a minimum passing score for the "just-qualified candidate". The minimum passing scores are presented to the Board of Governors in a report. The Board of Governors is not bound by this recommendation, but does recognize it as a very important information.{{citation needed|date=November 2015}} CurriculumThe curriculum for the CFA program is based on a Candidate Body of Knowledge established by the CFA Institute.[13] The curriculum comprises the topic areas below. There are three exams ("levels") that test the academic portion of the CFA program. All three levels emphasize the subject of ethics. The material differences among the exams are:
For exams from 2008 onward, candidates are automatically provided the curriculum readings from CFA Institute at the time of registration for the exam. The curriculum is not provided separately in the absence of exam registration. If the student fails an exam and is being allowed to resit in the same year, the CFA Institute offers a slight rebate and will not send the curriculum again (the curriculum changes only on an annual basis). If the student resits in a year other than the year of failure, he or she will receive the curriculum again, as it may have been changed. Study materials for the CFA Exams are available from numerous commercial learning providers, although they are not officially endorsed. Various organizations (some officially accredited) also provide course-based preparation.[14] As of 2019, the Chartered Financial Analyst (CFA) examination will add questions on artificial intelligence, automated investment services and mining unconventional sources of data.[15] EthicsThe ethics section is primarily concerned with compliance and reporting rules when managing an investor's money or when issuing research reports. Some rules pertain more generally to professional behavior (such as prohibitions against plagiarism); others specifically relate to the proper use of the designation for charterholders and candidates. These rules are delineated in the "Standards of Professional Conduct", within the context of an overarching "Code of Ethics". Quantitative methodsThis topic area is dominated by statistics: the topics are fairly broad, covering probability theory, hypothesis testing, (multi-variate) regression, and time-series analysis. Other topics include time value of money—incorporating basic valuation and yield and return calculations—portfolio-related calculations, and technical analysis.[16] EconomicsBoth microeconomics and macroeconomics are covered, including international economics (mainly related to currency conversions and how they are affected by international interest rates and inflation). By Level III, the focus is on applying economic analysis to portfolio management and asset allocation. Corporate financeThe curriculum includes the more fundamental corporate finance topics—capital investment decisions, capital structure policy, and dividend policy—as well as advanced topics such as the analysis of mergers and acquisitions, corporate governance, and business and financial risk.{{citation needed|date=November 2015}} Financial reporting and analysisThe curriculum includes analyzing financial reporting topics (International Financial Reporting Standards and U.S. Generally Accepted Accounting Principles), and ratio and financial statement analysis. Financial reporting and analysis of accounting information is heavily tested at Levels I and II, but is not a significant part of Level III.{{citation needed|date=November 2015}} Security analysisThe curriculum includes coverage of global markets, as well as analysis of the various asset types: equity (stocks), fixed income (bonds), derivatives (futures, forwards, options and swaps), and alternative investments (real estate, private equity, hedge funds and commodities). The Level I exam requires familiarity with these instruments. Level II focuses on valuation, employing the "tools" studied under quantitative methods, financial statement analysis, corporate finance and economics. Level III centers on incorporating these instruments into portfolios. Portfolio managementThis section increases in importance with each of the three levels—it integrates and draws from the other topics, including ethics. It includes: modern portfolio theory (efficient frontier, capital asset pricing model, etc.); investment practice (defining the investment policy for individual and institutional investors, resultant asset allocation, order execution); and measurement of investment performance.{{citation needed|date=November 2015}} Legal and other recognition{{refimprove|date=June 2015}}
Trademark disputes{{tone|section|date=November 2015}}IndiaCFA Institute is strictly not affiliated with the Chartered Financial Analyst degree offered by the Institute of Chartered Financial Analysts of India (ICFAI) University of India or its affiliate, the Council of Chartered Financial Analysts (CCFA). In 1998, CFA Institute's predecessor organization, AIMR, sued and won a judgment against ICFAI/CCFA.[30] The judgment prohibited ICFAI/CCFA and its members from using the CFA or Chartered Financial Analyst mark in the United States and Canada. In August 2006, an Indian court issued a temporary injunction against the Indian entity, as well.{{citation needed|date=November 2015}} The judgments made no assessment of the quality of the Indian program and merely discussed the trademark violation. The Indian Association of Investment Professionals is the only organization in India which is affiliated with CFA Institute. CFA Institute trademark rights to the "CFA" and "Chartered Financial Analyst" brands have been recognized in India by the Delhi High Court. Further, the Delhi High Court issued an interim injunction ordering ICFAI and its affiliated Council of Chartered Financial Analysts to stop using CFA Institute trademarks. The Deputy Registrar of Trade Marks did recently determine that a trademark registration issued to CFA Institute for the "CFA" brand must be republished because of an error by the Trade Marks Registry. CFA Institute has numerous trademark applications on file with the Trade Marks Registry, and CFA charterholders from CFA Institute are free to use the "CFA" and "Chartered Financial Analyst" marks throughout India.[31] On May 8, 2007, the U.S. District Court for the Eastern District of Virginia vacated a default judgment issued against ICFAI that CFA Institute obtained in October 1998. ICFAI recently moved to reopen the case and to vacate the Default Judgment because the Court lacked jurisdiction over ICFAI at the time the Default Judgment issued. With the default judgement vacated, ICFAI informed Indian CFA Charter holders that they could legally use their Charter in the United States and Canada. However, on September 4, 2007, the Court reversed its decision to vacate after a motion to reconsider that decision was filed by CFA Institute.[32] The latest update on the CFA Institute's legal battle in India can be found from the interview of Ashvin P. Vibhakar, Managing Director of the CFA Institute.[33] United Kingdom—Trade Marks Registry vs CFAIIn January 2007, the Trade Marks Registry, UK refused to register "Chartered Financial Analyst" as a trademark, as the word "chartered" in the United Kingdom is associated with bodies incorporated by royal charter and thus "the relevant public in the UK would, prima facie, expect a person using the mark applied for to be representing themselves as a member of an organisation of the kind subject to a Royal Charter".[34] "CFA" is a registered trademark in the UK, but only for "Educational services" (class 41) rather than "Financial services" (class 36) under which the attempt to register "Chartered Financial Analyst" had been made.[35] List of CFA charterholders{{Main|List of CFA charterholders}}See also
References1. ^{{cite web |title=Member Directory |url=https://www.cfainstitute.org/membership/directory |website=CFA Institute |publisher=CFA Institute |accessdate=1 October 2018}} 2. ^{{cite web|url=https://www.cfainstitute.org/about/press/release/Pages/06022016_130089.aspx |title=More than 170,000 Aspiring CFA Charterholders Sit for CFA Exams this Weekend|website= www.cfainstitute.org}} 3. ^{{cite web|url=http://www.cfainstitute.org/programs/cfaprogram/charterholder/Pages/index.aspx |title=Become a CFA Charterholder |publisher=Cfainstitute.org |date= |accessdate=2015-11-23}} 4. ^1 {{cite web|url = http://www.cfainstitute.org/programs/cfaprogram/Documents/1963_current_candidate_exam_results.pdf|deadurl =no|archiveurl=https://web.archive.org/web/20140729093324/http://www.cfainstitute.org/programs/cfaprogram/Documents/1963_current_candidate_exam_results.pdf |archivedate=July 29, 2014 |title = 1963 - Current Candidate Examination Results|publisher = CFA Institute}} 5. ^{{cite web|url=https://www.cfainstitute.org/about/research/Pages/index.aspx|title=Research & Data|website=www.cfainstitute.org}} 6. ^{{cite web|url=https://www.cfainstitute.org/programs/cfaprogram/charter/professions/Pages/index.aspx |title=Charterholder Professions |publisher=Cfainstitute.org |date= |accessdate=2016-09-04}} 7. ^ {{webarchive |url=https://web.archive.org/web/20111101183528/http://www.cfainstitute.org/cfaprogram/process/Pages/becoming_a_charterholder.aspx |date=November 1, 2011 }} 8. ^{{cite web|url=https://www.cfainstitute.org/programs/cfaprogram/Documents/1963_current_candidate_exam_results.pdf |title=CFA Historical Pass Rates |publisher=Chartered Financial Analyst Institute |accessdate=2017-08-16 |deadurl=yes |archiveurl=https://web.archive.org/web/20170816100341/https://www.cfainstitute.org/programs/cfaprogram/Documents/1963_current_candidate_exam_results.pdf |archivedate=2017-08-16 |df= }} 9. ^{{cite web|url=http://www.cfainstitute.org/about/membership/process/Pages/index.aspx|title=Membership Requirements|work=Cfainstitute.org|accessdate=2015-11-23}} 10. ^{{cite web|url=http://www.cfainstitute.org/cfaprogram/process/Pages/becoming_a_charterholder.aspx |title=CFA Institute Membership |publisher=Cfainstitute.org |accessdate=2012-11-25 |deadurl=yes |archiveurl=https://web.archive.org/web/20111101183528/http://www.cfainstitute.org/cfaprogram/process/Pages/becoming_a_charterholder.aspx |archivedate=2011-11-01 |df= }} 11. ^{{cite web|url=https://www.cfainstitute.org/about/governance/policies/pages/calculator_policy.aspx|title=CFA Institute- Calculator Policy|last=|first=|date=|website=|publisher=CFA Institute}} 12. ^Where Practice Meets Theory [Brochure]. (2016). Retrieved February 3, 2017, from https://www.cfainstitute.org/programs/cfaprogram/documents/cfa_program_theory_meets_practice.pdf 13. ^{{cite web|url=http://www.cfainstitute.org/cfaprog/courseofstudy/topic.html|title=Topical Outline|publisher=Cfainstitute.org|accessdate=2010-03-23|archiveurl=https://web.archive.org/web/20071005132946/http://cfainstitute.org/cfaprog/courseofstudy/topic.html|archivedate=October 5, 2007}} 14. ^{{cite web|url=http://www.cfainstitute.org/community/university/Pages/cfa_program_partners_overview.aspx |title=CFA List of Registered Curriculums and Educational Programs|publisher=Cfainstitute.org|accessdate=2015-11-21}} 15. ^{{Cite news|url=https://www.reuters.com/article/us-investment-tech-cfa/cfa-exam-to-add-artificial-intelligence-big-data-questions-idUSKBN18J2R4|title=CFA exam to add artificial intelligence, 'big data' questions|date=2017-05-23|work=Reuters|accessdate=2018-03-01}} 16. ^{{cite web|url=https://www.cfainstitute.org/CFA%20Program%20Study%20Session/2017_L1_SS02.pdf|title=2017 Level I CFA Program Curriculum|last=|first=|date=|website=|publisher=CFA Institute|access-date=}} 17. ^{{cite web|url=https://www.soa.org/education/exam-req/edu-vee.aspx|title=Validation by Educational Experience|work=soa.org}} 18. ^{{cite web|url=http://www.nasd.com/RegistrationQualifications/BrokerGuidanceResponsibility/Qualifications/NASDW_011105|title=FINRA - Qualifications Frequently Asked Questions - Research Analysts|publisher=Nasd.com|date=2003-04-22|accessdate=2010-03-23|deadurl=yes|archiveurl=https://web.archive.org/web/20081013135416/http://www.nasd.com/RegistrationQualifications/BrokerGuidanceResponsibility/Qualifications/NASDW_011105|archivedate=2008-10-13|df=}} 19. ^{{cite web|url=http://www.cisi.org/cisiweb2/cisi-website/join-us/membership/grades-of-membership#sectionC|title=Member (MCSI)|publisher=Chartered Institute for Securities & Investment|accessdate=2016-06-21}} 20. ^Recognized by UK NARIC (December 2009) as comparable to QCF Level 7. 21. ^{{cite web|url=http://www.fscey.gov.tw|title=金融監督管理委員會全球資訊網|publisher=Fscey.gov.tw|accessdate=2010-03-23}} 22. ^{{cite web|url=http://www.sitca.org.tw|title=SITCA|work=sitca.org.tw|accessdate=November 23, 2015}} 23. ^{{cite web|url=http://www.hkbvf.org|title=Hong Kong Business Valuation Forum|publisher=Hkbvf.org|date=2005-09-29|accessdate=2010-03-23}} 24. ^{{cite web|url=http://www.hksi.org/big5/membership/overseas.html|title=Welcome to Hong Kong Securities Institute|publisher=hksi.org|accessdate=2010-03-23|deadurl=yes|archiveurl=https://web.archive.org/web/20100125083132/http://www.hksi.org/big5/membership/overseas.html|archivedate=2010-01-25|df=}} 25. ^{{cite web|url=http://www.prmia.org|title=Professional Risk Managers' International Association|publisher=PRMIA|accessdate=2010-03-23}} 26. ^{{cite web|url=http://www.saifm.co.za/rpe.htm|title=The South African Institute of Financial Markets: Registered Persons Examination|publisher=Saifm.co.za|accessdate=2010-03-23}} 27. ^{{cite web|url=http://www.saifm.co.za/13.htm|title=Registered Persons Examination Exemptions|publisher=Saifm.co.za|accessdate=2010-03-23}} 28. ^{{cite web|url=http://www.apimec.com.br/apimec/default.aspx|title=APIMEC|publisher=Apimec.com.br|accessdate=2015-11-21}} 29. ^{{cite web|url=http://www.cfp.net/become-a-cfp-professional/cfp-certification-requirements/education-requirement#challenge|title=Education Requirements|publisher=cfp.net|accessdate=2016-07-16}} 30. ^{{cite web|url=http://www.cfainstitute.org/aboutus/press/release/98releases/traderule.html|title=AIMR Obtains Favorable Ruling in Trademark Infringement Suit|publisher=Cfainstitute.org|accessdate=2010-03-23|archiveurl=https://web.archive.org/web/20070426131809/http://www.cfainstitute.org/aboutus/press/release/98releases/traderule.html|archivedate=April 26, 2007}} 31. ^{{cite web|url=http://www.cfainstitute.org/utility/faq/Pages/index.aspx|title=FAQs|work=cfainstitute.org|accessdate=November 23, 2015}} 32. ^{{cite web|url=http://www.cfainstitute.org/aboutus/worldwide/asiapac/indiaFAQ.html##usinjunction|title=India FAQS: The CFA Program in India |publisher=Cfainstitute.org|accessdate=2010-03-23|archiveurl=https://web.archive.org/web/20071007064351/http://www.cfainstitute.org/aboutus/worldwide/asiapac/indiaFAQ.html##usinjunction|archivedate=October 7, 2007}} 33. ^{{cite web|url=http://www.daulatguru.com/blog/33-cfa-institute-director-speaks-on-cfa-exam-in-india-june-2010|title=MD, CFA Institute Discusses the Latest Developments on the CFA Exams in India|publisher=Daulatguru.com|accessdate=2010-03-23|deadurl=yes|archiveurl=https://web.archive.org/web/20100408145331/http://www.daulatguru.com/blog/33-cfa-institute-director-speaks-on-cfa-exam-in-india-june-2010|archivedate=2010-04-08|df=}} 34. ^{{cite web|url=http://www.patent.gov.uk/tm/t-decisionmaking/t-challenge/t-challenge-decision-results/o31506.pdf|format=PDF|title=Trade Mark Application No. 2226144: Chartered Financial Analyst|publisher=Patent.gov.uk|accessdate=2015-11-21}} 35. ^{{cite web|url=https://www.ipo.gov.uk/tmcase/Results/1/UK00002225116|title=Case details for trade mark UK00002225116|publisher=UK Intellectual Property Office|accessdate=28 June 2016}} External links{{Commons category}}
3 : Professional certification in finance|Money managers|Institutional investors |
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