The CFA Association of Pakistan (CFAAP) on Saturday organised the Annual CFA Charter Awards Ceremony for successful CFA candidates based in Pakistan. The CFA Program, administered by CFA Institute based in USA, is a graduate level, self-study curriculum and examination program for investment specialists, especially securities analysts, money managers, and investment advisors.
Established in 1962, the CFA Program sets the global standard for investment knowledge, standards, and ethics. Clients, employers, and colleagues know that CFA charter is awarded to a very select group of investment specialists who have mastered a rigorous curriculum covering a broad range of investment topics and is committed to the highest ethical standards in the profession.
Earning the CFA credential also serves as a 'passport' for entry to or advancement within a wide range of professions globally. CFA charter holders have professional experience applying this knowledge to the investment decision-making process. There are currently 108 active members of CFAAP, with this number expected to grow rapidly over the next few years.
Forty-two percent of the 71,897 candidates world-wide in the CFA program passed the exams they took in June 2007. The Level-I global pass rate was 40 percent (33,599 took the exam); the Level II global pass rate was 40 percent (25,521 took the exam); and the Level III pass rate was 50 percent (12,777 took the third and final exam).
More than 6,000 successful Level III candidates will soon join the current 79,000 CFA charter holders world-wide. Since the first exam was given in 1963, the average global pass rates are 46 percent for Level I, 51 percent for Level II, and 67 percent for Level III.
On the occasion, Khalid Ghayur, CFA, FSIP, Chief Executive Officer of Westpeak Global Advisors in the USA shared his valuable expertise on Hedge Funds. In his presentation, Ghayur clarified some commonly-held myths about hedge funds.
He argued that even though hedge funds at times can destabilise the markets, they perform the vital function of providing liquidity and stability to many illiquid segments of the capital markets, thus helping achieve overall market efficiency.
Ghayur also highlighted career management issues for young professionals in today's rapidly changing work environment. He further emphasised that successful careers today depend more and more on issues like cultural and core values fit between employee and employer, professional integrity, and technical and personal skills.
The CFA designation demonstrates professional achievement. To earn the CFA charter, investment professionals must have at least three years of acceptable professional experience in the investment decision-making process.
In addition, candidates must pass three sequential, six-hour examinations over at least three years and must commit to abide by and annually reaffirm their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.
Currently, there are more than 50,000 charter holders in 100 countries and territories. The top 10 companies to employ CFA charter holders are: Merrill Lynch & Co, Inc CIBC Bank of America.
The CFA Association of Pakistan (CFAAP) is a non-profit organisation founded in 2005 to promote the professional and ethical standards of financial analysts and investment practitioners in Pakistan.
As a member society of CFA Institute, whose mission is to lead the investment profession globally by setting the highest standards of education, integrity, and professional excellence, CFAAP marches out in the same fashion locally. CFAAP currently has 128 members. More information can be found at www.membersocieties.org/pakistan.