CFA Association of Taiwan

After June, CFA Institute will have given more than one million CFA exams

Taiwan’s new registrations number rose 16 percent

Taiwan, June 6, 2008 – As about 119,000 current and aspiring investment professionals from 165 countries prepare to take the rigorous CFA exams this weekend, CFA Institute noted that this marks the administration of the one millionth exam since it was first offered in 1963.

In related news, CFA Institute, the global association of investment professionals, also reported that 99 out of 186 analysts recognized by the inaugural Financial Times/StarMine Global Analyst Awards hold the globally recognized CFA designation. (View the FT report: www.ft.com/topanalysts2008)

CFA Institute continues to see steady global growth in new CFA candidates − those registering for the CFA Program for the first time. From FY2007 to FY2008 (the CFA Institute fiscal year begins on September 1 and ends August 31), the top 10 markets of new CFA candidate growth for the December 2007 and June 2008 exams combined are: 

1. United States (23,685 new candidates, 27 percent growth from FY2007)
2. China (7,778 new candidates, 68 percent growth from FY2007)
3. Canada (6,223 new candidates, 35 percent growth from FY2007)
4. United Kingdom (5,299 new candidates, 42 percent growth from FY2007)
5. Hong Kong (5,028 new candidates, 25 percent growth from FY2007)
6. Singapore (4,019 new candidates, 66 percent growth from FY2007)
7. South Korea (3,276 new candidates, 55 percent growth from FY2007)
8. Australia (2,215 new candidates, 71 percent growth from FY2007)
9. Taiwan (1,378 new candidates, 16 percent growth from FY2007)
10. South Africa (1,199 new candidates, 26 percent growth from FY2007)

New CFA candidate growth continues to be especially strong in developing markets. For example, Vietnamese candidates increased 302 percent from FY2007; Kenyan candidates increased 95 percent; Egyptian candidates increased 23 percent; Russian candidates increased 55 percent; and Brazilian candidates increased 57 percent. Globally, new candidate registrations have grown by 29 percent from FY2007 to FY2008.

“The Financial Times/StarMine report gives further evidence that CFA charterholders’ knowledge, skills, and ability are gaining recognition,” said Jeff Diermeier, CFA, president and CEO of CFA Institute. “And as we approach the administration of the one millionth examination, I am pleased to report that interest in the CFA Program remains robust, with double-digit percentage increases in most countries. As the world grows in its need for financial expertise, this tangible feedback from the marketplace, of the relevance and quality of the CFA Program, is gratifying.”

The CFA examination is considered by many to be the investment profession’s most rigorous credentialing program. Level I is administered twice per year, in June and December, and Levels II and III are administered just once per year, in June. CFA Institute recommends that to be successful, a candidate should study a minimum of 750 hours for the three examination levels. On average, successful candidates sit for four examinations to complete the self-study program and earn the CFA charter. In addition to passing the exams, candidates must also have at least four years of work experience in the investment profession and must commit to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, a commitment they must reaffirm each year to earn the charter.

“In addition to employers recognizing the value of the CFA charter by encouraging their employees to enroll in the program, more and more prestigious colleges and universities are embedding the CFA curriculum into their degree programs,” said Robert Johnson, CFA, deputy CEO. “In fact, fifty-six universities worldwide from the Hong Kong University of Science and Technology to the London Business School to Cornell University have become CFA Program Partner institutions, which allows them to offer their students degree programs that focus on the concepts and principles in the CFA Program and identified by investment industry leaders as essential to global practice.”

 Top 12 Test Center Cities with Largest Number of June 2008 Candidates

1. New York – 8,710 total registered candidates
2. Hong Kong – 7,912
3. London – 7,330
4. Singapore – 5,785
5. Toronto – 5,239
6. Shanghai – 4,964
7. Seoul – 4,710
8. Beijing – 4,284
9. Chicago – 2,749
10. Boston – 2,694
11. San Francisco – 2,198
12. Taiwan – 2,138