1. UMBS CFA® Track

2. Session Outline Overview of CFA Program
Who Should Consider CFA and Why
Resources and Tips for Taking CFA at UMBS

3. What is the CFA Program?
The globally recognized professional certification in the field of investment management.
Administered by Association for Investment Management Research (AIMR).
Over 50,000 CFA charterholders.
Over 100,000 enrolled for 2002 examinations.

4. What Does the CFA Program Involve?
A three year self-study curriculum with three annual examinations (Levels I through III).
Curriculum covers:
Ethical and Professional Standards
Quantitative Methods
Economics
Financial Statement Analysis
Corporate Finance
Analysis of Equities, Fixed Income and Derivative Securities
Alternative Investments
Portfolio Management

5. Time Line Register September Through March
Exams on First Saturday of June
Results in August

6. Registration Requirements
Must have a US bachelor’s degree or comparable by the end of examination year (i.e., to take Level I in June of 2003, must earn degree by December of 2003)
Complete registration form
Pay required fees ($725 before December 16, $1,025 before March 17)

7. Who Should Take the CFA Program
Strongly Recommend:
Investment Research
Portfolio Management
Financial Advisory/Wealth Management
Recommend:
Corporate Financial Analyst
Other Corporate Finance/Treasury
Sales & Trading
Investment Banking
Corporate Financial Consulting

8. MBA vs. CFA: Complements, not Substitutes
Global standard
Focus on narrowly defined set of technical skills
Body of well-established knowledge
High failure rate (self motivation indicator)
MBA
Differentiated, customizable program
Focus on general management skills
Leading edge curriculum

9. Recommended Courses (MBA)
Level I
FIN 551, FIN 553, FIN 580, FIN 608, FIN 609, (FIN 613)
ACC 501, ACC564, SMS 502, BE 501, BE 560
Level II
FIN 615, (FIN 618), ACC 712, (ACC 624), STAT 561
Level III
ACC/FIN 725
Ethical/Professional Standards and Alternative Investments Not Covered Above

10. Recommended Courses (BBA)
Level I
FIN 300, FIN 310
ACC 271, ACC312, SMS 301, BE 300
Level II
ACC 318
Level III
ACC/FIN 335
Ethical/Professional Standards, Derivatives and Alternative Investments Not Covered Above

11. Additional Resources
Study guide outlines and required texts for all three levels available in Tozzi Center
Schweser study guides for all three levels will be available in Tozzi Center in December
(Study group sign-up schedule January through April)
(Review course on ethics/professional standards, alternative investments and exam tips in late April)

12. Tips
Learn the material in the recommended courses very well. These are single, closed book comprehensive examinations with failure rates in excess of 50%.
Start studying early (January at latest) and pace yourself. Keep a copy of Standards of Practice Handbook next to your bed.
Start using a CFA approved calculator
Texas Instruments BAII Plus
Hewlett-Packard 12C

13. Information Sources http://www.aimr.com/cfaprogram/

14. Questions