1. The CFA Charter 特许金融分析师
Neil Govier, CFA
Head Education, AsiaPac
7 September 2016
Chengdu
[Presenter’s Note: Welcome to the Professor’s Presentation, which you can use to introduce your students to the CFA Program and to CFA Institute. If you have any questions, please don’t hesitate to contact us at
Hello, I’m Neil Govier. Thank you for having me here. It’s my hope that after today you’ll have a better understanding of the CFA charter and what an important role it can play in your future.
Brief introduction of myself –
As audience who is aware of CFA Institute, the CFA Charter, what programmes they are enrolled in.

2. 通过促进道德，教育和专业卓越的最高标准，领导全球投 资行业，并以社会的最终利益为目的。
Leads the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.
通过促进道德，教育和专业卓越的最高标准，领导全球投 资行业，并以社会的最终利益为目的。
Recently, CFA Institute added the words “for the ultimate benefit of society” to its mission statement. We now “Lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.”
The leadership of our organization debated this phrase inside and out. We believe the concern for the greater good is critical for an organization that represents investment professionals. To restore and maintain trust in our industry, we need to speak to the industry’s broader purpose:
- Financial markets that are an engine for growth, that support jobs and communities, and
- Investment services that manage the wealth and risks of individuals effectively over time.
We need to focus on financial activities that enable economic and social progress, rather than on finance as an end unto itself. This means reconnecting our profession with the public interest. Our firms will thrive if we offer services that truly help clients. If companies engage in money games and place owners’ interests before clients, they will not fare well.

3. CFA Institute – more than just an exam CFA协会-除了考试，还做了更多事情...
Ethics and Standards
(道德操守和专业行为标准)
CFA ® Program (特许金融分析师考试)
Claritas™ Investment Certificate
(Claritas投资证书)
Social Media/Blogs (社会媒体)
Educational Resources and Publications
(教育资源和出版物)
Events and Conferences (活动和会议)
CIPM® Program (CIPM证照)
A lot of people, especially in the Asia Pacific region see CFA Institute solely as an exam administration body. In reality, we do much more than administering the CFA exam. One of our largest departments at CFA Institute focuses on developing and advocating the highest standards of professional conduct and code of ethics to professionals, government, regulators, etc. In addition to our Standards of Practice Handbook, GIPS, AMC, PTC, etc., we develop tons of ethics resources for practitioners, professors and students. We will later detail the resources that may be of interest for your department and faculty.
We also administer the CIPM and Claritas programmes, hold continuing education events for our members and industry, develop content, research, postcasts, webcasts, etc. Basically as a non-for-profit, all the money that we make via our three programmes, we spend it on research, content, advocacy, and continuing education.

4. Three point action plan 构建投资管理行业的三个动作
Set high standards of entry and professionalism (树立高标准和敬业精神)
Create business models geared toward achieving investor outcomes(建立实现投资人目标的商业模式)
Advocate for regulations that align firms and clients (倡导使公司与客户目标一致的法规)
How will we built the investment management profession? I’d like to lay three actions before you today and charge you all with the personal responsibility of trying to push these three things forward within your own firms and within our own community. Let me take these one at a time...
Second, we need to create business models geared toward achieving investor outcomes:
- We can amplify our impact by engaging with investment management industry leaders in our communities and worldwide to better partner with them and develop professionalism at every level of their firms.
- CFA charterholders are employed at approximately 31,000 firms worldwide—that’s a huge number. Your reputation as an investment professional is tied to the reputation of the firm that employs you. Encourage your firm to abandon short-term, product-pushing models and re-orient the business to focus on achieving agreed upon investor outcomes not just profit maximization.
- Establish incentive structures measured on achieving investor outcomes and reform the fee structure to reflect value delivered to clients.
- Create products that have transparent fee structures and represent value for money invested.
- We need to affect change from the inside out.

5. CFA PROGRAM PARTNERSHIP (CFA项目合作)
CFA Institute aligns with a limited number of globally diverse, select institutions whose degree programs cover a significant portion of the CFA Program Candidate Body of Knowledge™, including the CFA Institute Code of Ethics and Standards of Professional Conduct (each, a “CFA Program Partner”).
CFA协会与全球各地少数院校结盟，这些学院的学位课程必须涵盖CFA考 试的大部分知识，其中包括道德操守和专业行为标准。
As thought leaders, CFA Program Partners are champions of practical, relevant and thought-provoking investment education. They are defined by their contributions to our mission, our programs, and the profession, collaborating with CFA Institute in its effort to lead ethics based investment education in the global university community.
作为思想领袖， CFA课程合作伙伴在关于投资方面的教育是实用的、相关 的，且发人深省的。他们对CFA协会的使命，方案，与专业有所贡献，并 协助CFA协会致力于以道德为基础的投资教育。
These universities are recognized leaders in academia and serve as role models for other institutions.
这些大学是公认在学术界的领导者，并作为其他机构的榜样。
Recently, CFA Institute added the words “for the ultimate benefit of society” to its mission statement. We now “Lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.”
The leadership of our organization debated this phrase inside and out. We believe the concern for the greater good is critical for an organization that represents investment professionals. To restore and maintain trust in our industry, we need to speak to the industry’s broader purpose:
- Financial markets that are an engine for growth, that support jobs and communities, and
- Investment services that manage the wealth and risks of individuals effectively over time.
We need to focus on financial activities that enable economic and social progress, rather than on finance as an end unto itself. This means reconnecting our profession with the public interest. Our firms will thrive if we offer services that truly help clients. If companies engage in money games and place owners’ interests before clients, they will not fare well.

6. 154 CFA Program Partners in 41 countries around the world. 美洲
60个
欧洲，中东，非洲
49个
亚太地区
45个
Recently, CFA Institute added the words “for the ultimate benefit of society” to its mission statement. We now “Lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.”
The leadership of our organization debated this phrase inside and out. We believe the concern for the greater good is critical for an organization that represents investment professionals. To restore and maintain trust in our industry, we need to speak to the industry’s broader purpose:
- Financial markets that are an engine for growth, that support jobs and communities, and
- Investment services that manage the wealth and risks of individuals effectively over time.
We need to focus on financial activities that enable economic and social progress, rather than on finance as an end unto itself. This means reconnecting our profession with the public interest. Our firms will thrive if we offer services that truly help clients. If companies engage in money games and place owners’ interests before clients, they will not fare well.
154 CFA Program Partners in 41 countries around the world.
在全球，分布在41个国家，我们有154个 CFA课程合作伙伴。

7. REQUIREMENTS OF PARTNERSHIP (对CFA课程合作伙伴的要求)
Undergraduate Degree Programs must demonstrate that the required course of study covers 70 percent of the Level I CBOK topics.
本科学位课程必须涵盖CFA一级考试所涵盖知识的70%。
Postgraduate Degree Programs must demonstrate to the satisfaction of CFA Institute that the required course of study covers 70 percent of the CBOK topics for all three levels of the CFA exams.
研究生学位课程必须涵盖CFA一~三级考试所涵盖知识的70%。
All programs, whether undergraduate or postgraduate, must cover ethics through the Standards of Practice Handbook.
无论是本科或研究生的课程，皆必须涵盖实践手册的道德标准。
CFA Program Partners must also contribute to our programs, our mission and the profession.
CFA课程合作伙伴还必须有助于我们的使命和专业。
Recently, CFA Institute added the words “for the ultimate benefit of society” to its mission statement. We now “Lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.”
The leadership of our organization debated this phrase inside and out. We believe the concern for the greater good is critical for an organization that represents investment professionals. To restore and maintain trust in our industry, we need to speak to the industry’s broader purpose:
- Financial markets that are an engine for growth, that support jobs and communities, and
- Investment services that manage the wealth and risks of individuals effectively over time.
We need to focus on financial activities that enable economic and social progress, rather than on finance as an end unto itself. This means reconnecting our profession with the public interest. Our firms will thrive if we offer services that truly help clients. If companies engage in money games and place owners’ interests before clients, they will not fare well.

8. The status as a CFA Program Partner signals to the marketplace that tHE university curriculum is closely tied to professional practice
作为CFA课程合作伙伴，传递给市场的信号是，此大学的课程是与职业实务紧密联系在一起的。

9. SWUFE become a CFA Program Partners in 2015 – the ONLY and the FIRST
The ONLY program partner in Southwest China and the FIRST one after we restarted the program partner initiatives in 2015.西财是中国西南地区唯一的方案合作伙伴，也是我们于2015年重新启动该计划的的第一个合作伙伴。
The status as a CFA Program Partner signals to students and employers that their curriculum is closely tied to the practice of investment management and is helpful to students preparing for the CFA exams.作为CFA课程合作伙伴，传递给学生的讯息是，西财的课程是与投资管理实务紧密联系在一起的，且有利于学生准备CFA考试。
CFA supports SWUFE
A talk is organized to let students know
More about the exam & to get some
tips for exam preparations.
让学生知道更多关于考试的信息
和得到一些准备考试的技巧。

10. CFA Research Challenge (Chengdu) 2015 / CFA研究挑战 (成都) 2015
Prof. Tao as a very dedicated supporter of CFAI initiatives, he played a key role in the first CFA Research Challenge in Chengdu in 2015.
陶教授投入大量心力与时间推动CFA课程合作计划，于2015年在成都首办的CFA研究挑战 亦扮演了重要角色。
The winning team was sent to Chicago to compete with universities in the Asia Pacific Region. 获胜的队伍被派往芝加哥與亚太地区的大学竞争。
CFA Research Challenge
(Chengdu) 2016 / CFA研究挑战 (成都) 2016
14 universities participate and the local
final will be held in November.
Winning team will be competing with
other universities in Bangkok, Thailand
in March.总共14所大学参与，当地决赛将在
11月举行。获胜的队伍将与亚太地区的高校在
泰国曼谷进行比赛。

11. The launch of the new CFA BSc Finance Program – 2016
Prepare yourself to be a CFA Charterholder
培养自己成为特许金融分析师

12. WHAT IS THE CFA CHARTER?
Since 1963, the CFA (Chartered Financial Analyst)
Charter has been recognized as the top globally recognized investment credential since 1963
Deemed the “gold standard” by industry leaders and employers
A designation held by over 90,000 investment professionals in more than 135 countries
Top employers
Regulators in 19 countries recognize the charter as a proxy for certain licenses
If you’re looking for a passport to the world of investment and finance, earning the CFA charter could be the most important move you make in your career.
我想一张全球认证且足以证明我能力的证书。
More and more, the CFA Charter is recognised as the true global standard of education in the finance & investment industry. Most employers highly value their staff to become a CFA Charterholder because of the knowledge benchmark it brings. Employers may not necessarily be familiar with the university where applicants have studies, but they do know the CFA Charter and understand the broad knowledge it brings to employees. Many students would also take the CFA exams to increase their mobility. Whether they want to work in New York City, London, Hong Kong, India, South Korea, Japan, China, everywhere in the world employers recognize the competency that having the Charter represents.

13. MEMBERSHIP BY REGION 61% 18% 17% CFA Institute Members (CFA协会会员)
Global
(全球)
Asia Pacific
(亚太地区)
CFA Institute Members
(CFA协会会员)
140,642
24,468
CFA Charterholders
(CFA证书持有人)
133,883
23,950
Starting off in the USA, the current majority of our members are still present in North America. As you can see, Asia Pacific represents 15% of our members.
As on 1st July 2016

14. June 2016 CFA Exam Registrations
CANDIDATES BY REGION
However, the largest region for CFA programme candidates (and the largest growing one) is here in Asia Pacific, with 43% of candidates taking the exams in the region. Also, given that sitting down for the CFA exam requires an international passport, more than 50% of candidates on the globe hold an Asian passport (e.g.: Chinese citizen, but taking the exam in the USA). In other words, the Asia-Pacific region is a key driver of our globalization.
In addition, I want to highlight that CFA Institute has 143 local societies in 60 different countries around the world. One of which, of course, is here in Beijing (China has CFA Society Beijing, as well as volunteer groups in Guangdong and Shanghai). I am thankful that CFA Society Beijing leaders are here with us tonight and they will take the floor later and further explain their structure and programs.
Global
(全球)
Asia Pacific
(亚太地区)
June 2016 CFA Exam Registrations
(注册2016年6月CFA考试人数)
172,839
77,570
As on 16th May 2016

15. Now let’s look a little more closely at the range of knowledge and skills you gain as a CFA charterholder that is so attractive to employers.

16. What you learn as a cfa charterholder 成为特许金融分析师必须学习的内容
Investment Tools (投资工具)
Quantitative Methods (定量方法)
Economic Theory (经济理论)
Financial Reporting (财务报告)
Corporate Finance (企业金融)
Asset Classes and Valuation(资产类别与评价)
Equity Analysis (股票分析)
Fixed Income (固定收益)
Alternative Assets and Derivatives (另类资产及衍生工具)
Portfolio management (投资组合管理)
Institutional and Private Wealth Management (机构与私人财富管理)
Risk Management (风险管理)
Performance Measurement & Evaluation (绩效测试与评估)
Ethics & Professional Standards (道德与专业标准)
The comprehensive CFA curriculum is organized into 10 general topic areas that provide a framework of important skills needed for making sound investment decisions.
[Discuss topics]
All of these topics are grounded in the real world of the investment profession and are regularly updated through a practice-analysis process that draws on the specialized knowledge of active practitioners, employers, and current CFA charterholders.
And since these skills are drawn from the real-world of professional practice, you can begin using them on the job the moment you start studying.
Ethics and professional standards are emphasized throughout the program because…(next slide)

17. The three levels of the cfa exams
The course of study itself is organized into three levels, each culminating in a six-hour exam. Each of the three exams covers a full range of topics, but with a different focus.
Level I focuses on investment tools; Level II focuses on asset classes and their valuation; and Level III focuses on portfolio management.
The learning focus and testing methods also change: Knowledge and comprehension are tested using multiple response format questions at Level I; application and analysis are tested using case studies at Level II; and synthesis and evaluation are tested using case studies and essay questions at Level III.

18. The cfa equation Steps to earning the charter (取得CFA证书步骤) 学士学位或本科的最后一年
通过I，II，III级考试
4年工作经验
CFA特许资格认证
So how do you go about earning the charter? We broke it down into a simple formula.
To initially enroll as a CFA candidate, you must either:
hold a bachelor's degree in any subject; or
be in the final year of your bachelor’s degree program at the time of registration; or
have four years of qualified, professional work experience; or
a combination of work and study that totals at least four years.
After enrolling, you must pass all three exams and then demonstrate at least four cumulative years of relevant work experience, 50% of which must involve investment decision-making. This experience can be accrued before, after, or during the time you are studying for and taking the exams.

19. Why earn the CFA charter? 为什么要获得CFA特许资格认证？
A common body of knowledge that is widely accepted
取得被广泛接受的知识
Certification that individuals possess such knowledge before practicing
在进入实务之前，认证个人具备足够知识
A code of ethics, with compliance monitoring and enforcement
服从符合监测和执法的道德准则
A commitment to use knowledge for the public good, not profit maximization
承诺利用知识极大化公共利益，而非利润最大化
Continuing professional development
持续专业发展
Seal of approval from society
得到社会大众的认可
Education credentials are only one component of what makes a profession. It takes more than that to build a profession.
To make a profession you need a common body of knowledge and a certification that demonstrates a person possesses that knowledge before you allow them to practice. We have the certification, but it isn’t a prerequisite to practice. This is at the heart of one of the issues we need to address as a profession. There are too many investment professionals working in the industry who do not have globally relevant, practice-based education. This needs to change.
You need a code of ethics and a way to enforce compliance. We have that embedded in our education programs and our professional conduct program, but again, not all investment professionals are trained in ethics. The global financial crisis brought this to the forefront.
More recently, CFA Institute updated its mission to reflect our commitment to use knowledge for the public good, not just profits. This is taking root but has a long way to go as we work to rebuild trust in the financial services sector.
The Institute makes a major investment in providing continuing professional development, and although we don’t require it XX% of our members self report their continuing professional development. This is encouraging. But there are professions in the world, much less connected to the well being of society, that require CPD. We haven’t been able to solve this issue after many attempts.
The investment industry today desperately needs an investment management profession that can better demonstrate what it means to be a profession. We are leading the way by promoting the highest standards of education, competence, and professional conduct.
At the same time, there is much more that we can contribute. As the investment management business evolves, and it is doing so quickly, we must get out ahead and truly lead the way when it comes to these critical components of a profession. For example, we need to be more involved in the issues of the day. Emerging practices, such as SRI, ESG, and Islamic finance, should continue to make their way into our curriculum.

20. What Asset manager EMPLOYERS want 什么是资产经理雇主想要的
Analytical Ability (分析能力)
Broad Knowledge (广泛的知识)
Ability to Communicate (沟通能力)
Ability to Reason (找原因的能力)
Out-of-the-Box Thinking (不受拘束的思考模式)
High Interest In Financial Markets (对金融市场的高度兴趣)
Humility (谦逊)
Here you can see a quick snapshot of some of the top global employers of CFA charterholders.
These include nearly all the world’s leading financial institutions, including the big investment banks such as Bank of America Merrill Lynch, Citigroup, and JPMorgan, as well as asset management firms, insurance companies, and accounting firms.

21. Voices from the profession

22. Voices from the profession

23. Voices from the profession

24. Voices from the profession

25. Voices from the profession

26. WHAT CAN I DO WITH THE CFA CHARTER? CFA特许资格持证人可以做什么?
会计师，金融顾问，经理人，投资组织者，分析师，交易员，银行家....
With a curriculum this broad and thorough, there is no limit to the types of work it prepares you to do.
Earning the charter will help you find work all over the world and give you the professional credibility to stand out at every stage of your career.
CFA charterholders find that earning the charter provides them with a passport to successful work in numerous investment specialties, such as being portfolio managers, relationship managers, research analysts, and CEOs, to name but a few.
And the list doesn’t end there. Some charterholders work as traders, brokers, academics, and in dozens of other roles that require advanced investment skills.

27. TOP EMPLOYERS OF CHARTERHOLDERS - AP
Bank of China
Citigroup
Credit Suisse
Deutsche Bank
Goldman Sachs
HSBC
JPMorgan Chase
PWC
Standard Chartered
UBS
Here you can see a quick snapshot of some of the top global employers of CFA charterholders.
These include nearly all the world’s leading financial institutions, including the big investment banks such as Bank of America Merrill Lynch, Citigroup, and JPMorgan, as well as asset management firms, insurance companies, and accounting firms.

28. neil.govier@cfainstitute.org 翻译人：陈苡文
To learn more about the charter and CFA Institute, I encourage you to visit our website for more information or to register.
I am also happy to answer any questions that you might have.
Thank you for your time.
翻译人：陈苡文