CFA Program develops future professionals and boosts standards of education
Mumbai, February 15, 2016 – CFA Institute, the global association of investment management professionals, reports that of the 52,315 candidates that took the Chartered Financial Analyst (CFA) Level I exam in December 2015 globally, 4,991 were from India, third largest number of exam takers after the United States (11,676) and China (9,502). The overall pass rate for this exam is 43 percent. These successful candidates now progress to Level II of the CFA Program, having taken the first step towards leading the way in building a sustainable investment profession.
The Asia Pacific region continued to be the largest source of candidates, accounting for 47 percent of all candidates in the December 2015 exam. In India, the candidates gave exams from four cities – Mumbai (2,530), New Delhi (1,241), Bengaluru (756) and Kolkata (464). The number of candidates in the country grew by approximately 23 percent as compared to December 2014. These record numbers of candidates reflect the increasing credibility of the exam and the growing demand from employers and regulators for the CFA designation.
“There is a great demand from employers for CFA charterholders as they are the most rigorously credentialed practitioners and are committed to putting investor interests first,” said Vidhu Shekhar, CFA, Country Head, India, CFA Institute. “We are committed to developing future professionals in the country with the necessary technical skills and knowledge, and with a clear understanding of their role in society. Congratulations to the successful candidates who are now one step closer to earning the CFA designation!”
The CFA Program curriculum covers ethical and professional standards, securities analysis and valuation, international financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, wealth management and portfolio analysis. Level I exams are offered in both June and December and Levels II and III are offered only in June. It takes most candidates more than three years to complete the CFA Program due to its rigour.
“The CFA Program is focused on learning of the core skills in the area of investment management and research and hence critical for the development of the profession,” said Jayesh Gandhi, CFA, President, Indian Association of Investment Professionals (IAIP), the CFA Society of India, and Senior Portfolio Manager, Birla Sun Life Asset Management Company.
Candidates seek CFA charter for career advancement
According to the 2015 CFA Program Candidate Survey, more than 60 percent of respondents see career advancement and development opportunities as the main personal benefit to taking the CFA Program, closely followed by helping to achieve long term career goals. Furthermore, 98 percent of candidates who responded believe that the CFA Program improved their understanding of important topics and, on a scale of one (very low level value) to 10 (very high level value), rate the value of the CFA charter as 8.9. Candidates are very positive towards employment with 92 percent of candidates who responded expecting employment opportunities for investment management professionals to increase or stay the same over the next six months.