CFA PROGRAM INTRODUCTION

BY CFA SOCIETY TAIWAN

April – May 2019

CONTENTS

PART I

• About CFA Institute

• The CFA Program

• CFA Candidates Information and Support

PART II

• About CFA Society Taiwan

PART III

• About Research Challenge

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3

ABOUT CFA INSTITUTE

Leads the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society

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+Educated,

ethical investment

professionals

=Financial markets

that reflect

CFA Institute beliefs

Global financial

markets that serve

the public interest

MEMBERSHIP, CANDIDATES, AND SOCIETIES

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AMERICAS

Members: 86,860

CFA Program Administrations: 80,860

Societies: 89

62% 21%

EMEA

Members: 29,320

CFA Program Administrations: 52,510

Societies: 40

17%

ASIA PACIFIC

Members: 24,470

CFA Program Administrations: 111,510

Societies: 18

147 member societies

More than 140,000 members in 145 countries

As of December 2016

CFA INSTITUTE CREDENTIALING PROGRAMS

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Three exams

CFA® ProgramInvestment decision-making and strategy

Portfolio and wealth management

Institutional investing

Investment analysis

Four years of

professional

experience

Two exams

CIPM® ProgramInvestment performance and risk evaluation

Risk management

Financial planning

Manager search and selection

Investment analysis

Client relations

Two years of

professional

experience

Ethics

Investment roles

A clear understanding of

the global investment industry

Investment

Foundations™ ProgramIndustry essentials

One examNo experience

required

See program details at www.cfainstitute.org/programs

THE CFA PROGRAM

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“Among the countless finance

degrees around the world, the

Chartered Financial Analyst

qualification has become the

gold standard.”

Financial Times

13 August 2010

THE CFA CHARTER

A mark of distinction and globally recognized professional credential in the investment management industry

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Courtesy of Rip Payne

CFA CHARTER: THE GOLD STANDARD

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Held by more than 150,000

investment professionals

working in more than

165 countries

More than 425 universities around the

world incorporate the CFA curriculum

into their degree programs

Graduate-level investment credential

Recognized by regulatory bodies in

many countries as a proxy for meeting

certain licensing requirements

THE CFA EQUATION

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+Level I, II, III

exams

4 years

qualified work

experience

CFA Charter+ =Bachelor’s

degree or

in final year

of bachelor’s

THE THREE LEVELS OF THE CFA EXAM

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LEVEL I LEVEL II LEVEL III

Ethics & Professional Standards

• Quantitative Methods

• Economics

• Financial Reporting & Analysis

• Corporate Finance

Investment Tools

• Equity Investments

• Fixed Income

• Derivatives

• Alternative Investments

Asset Classes

• Portfolio Management

• Wealth Planning

Portfolio Management & Wealth Planning

Ethics Ethics Ethics

Knowledge/Comprehension

Application/Analysis

Synthesis/Evaluation

THE VALUE OF THE CHARTER

CFA Program Benefits

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GOLD STANDARDCFA equips you not only to enter the

profession but also to excel

UNMATCHED EXPERTISEOur rigorous curriculum will equip you

for complex investment decisions

GLOBAL PASSPORTEarn waivers from regulatory agencies,

graduate programs, and more

CAREER RESOURCESGain access to career guides, thought

leadership, and continuing education

STRONG ETHICAL FOUNDATIONGain confidence and clarity in navigating

ethical issues

PRESTIGIOUS NETWORKConnect with an exclusive group of

outstanding investment professionals

CFA PROGRAM CANDIDATES BY REGION

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AMERICAS

33%

EUROPE, MIDDLE EAST, AFRICA

21%

ASIA PACIFIC

46%

REGULATORY RECOGNITION

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NUMBER OF WAIVERS

NUMBER OF COUNTRIES GRANTING WAIVERS

By Job Function

130

From Professional Bodies

16

From Educational Bodies

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Americas

6

Europe, Middle East, Africa

14

Asia Pacific

13

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“I wanted a globally recognized

qualification that would prove

my competency.”

Nina de Martinis-Majstorovic, CFA

Paris, FRANCE

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“Early in my career, my boss

told me if you want to be

successful, you’d better think

about earning the CFA charter.”

Dr. Bruce Wonil Lee, CFA

Seoul, SOUTH KOREA

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“Our industry has so many

different types of products, and

the CFA Program covers every

single different area.”

Ken Luce, CFA

Toronto, CANADA

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“I chose the CFA program due

to its rigorous curriculum and

reputation, and because you can

do it part time as opposed to

going away full time for an MBA.”

Ashley Khoo, CFA

Hong Kong, CHINA

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“The CFA Program taught me

valuable skills: how to analyze

and how to study.”

Rana Atallah, CFA

Kuwait City, KUWAIT

WHAT CAN I DO WITH THE CFA CHARTER?

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Charterholder Employment by

Primary Investment Practice Charterholder Employment by Title

*As of October 2016

MEMBERS WORK FOR …

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*As of October 2016

TOP GLOBAL EMPLOYERS OF CHARTERHOLDERS

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Allianz SE

Bank of America Merrill Lynch

Barclays

BlackRock

BMO Financial Group

Citigroup

Credit Suisse

Deutsche Bank

Ernst & Young

Fidelity Investments

Goldman Sachs

HSBC

JP Morgan Chase

Morgan Stanley Smith Barney

PricewaterhouseCoopers

RBC

Scotiabank Group

TD Bank Financial Group

UBS

Wells Fargo

CFA PROGRAM: CANDIDATE INFORMATION AND

SUPPORT

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2017 REFRESHER READINGS

This year’s curriculum updates reflect the importance of three primary areas: ethics; risk management; and environmental, social, and governance (ESG) factors

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Ethics and Trust in the Investment Profession

Topics in Demand and Supply Analysis

Corporate Governance and ESG:

An Introduction

Integration of Financial Statement

Analysis Techniques

Pricing and Valuation of

Forward Commitments

Valuation of Contingent Claims

Derivatives Strategies

Commodities and Commodity Derivatives:

An Introduction

Measuring and Managing Market Risk

Algorithmic Trading and

High-Frequency Trading

Risk Management for Individuals

THE KEYS TO CFA PROGRAM SUCCESS

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Average completion time is four years,

with most candidates taking between

two and five years

Successful candidates report dedicating

more than 300 hours of study per level

The CFA program curriculum is the only

source material for exam writers

AVAILABLE STUDY TOOLS

• Curriculum eBook

• Interactive study planner

• Topic tests and mock exams

• Mobile study app

All three levels offered in June; Level I also offered in December

Timeline

Award

Award

Cycle

Timeline

CFA PROGRAM SCHOLARSHIPS

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Access Scholarships Awareness Scholarships

Access scholarships provide needs-based scholarship opportunities

for those unable to afford the full price of the CFA Program enrollment

and registration fees

Awareness scholarships are offered to key influencers in the media,

academic, and financial communities, such as college/university

faculty, college students affiliated with our Recognized Universities

and CFA Program Partner schools, regulatory agencies, and media

organization employees around the world

Waive the CFA Program enrollment fee and reduce the exam

registration fee (includes access to the curriculum eBook) to US$250

Waive the CFA Program enrollment fee and reduce the exam

registration fee (includes access to the curriculum eBook) to US$350

Access scholarships are awarded in December to be applied to exams

in the following year. Awards can be applied to any CFA Program level

(I, II, or III) and either exam cycle (June or December)

Awareness scholarships are awarded as they are received and

processed in the current year. Awards can be applied to any CFA

Program level (I, II, or III) and either exam cycle (June or December)

Application submission period: March to September

every calendar year

Society review process: Late September to October

every calendar year

CFA Institute review process: November

Award announcement by CFA Institute: Early December

Application deadlines for the June exam are in early February.

Application deadlines for the December exam are in early September

Award

Award

Cycle

We award 2,600+ Access Scholarships and 3,800+ Awareness Scholarships to deserving recipients each year

CANDIDATE RESOURCES PAGE

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EXAM SCHEDULE AND PRICING OVERVIEW

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Program Overview 2019

CFA®

PROGRAM

Professional/graduate level

Pricing (US$)June 2019

Timeline

enrollment fee early registration standard registration late registration

$450 plus $650 or $950 or $1,380

Early

registration

deadline

Standard

registration

deadline

Late

registration

deadline

Exam

dayExam

results

June 2019

(Level I, II, III)

17 Oct

2018

13 Feb

2019

13 Mar

2019

15-16 Jun

2019Aug 2019

Dec 2019

(Level I only)

27 Mar

2019

14 Aug

2019

11 Sep

2019

7 Dec

2019Jan 2019

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ABOUT CFA SOCIETY TAIWAN

CFA SOCIETY TAIWAN

協會全名為台灣金融分析專業人員協會，成立於民國96年，目前會員人數401人。

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Courtesy of Rip Payne

CFA SOCIETY TAIWAN

• 會員人數：截至2019.02.28，會員人數為401人。

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1.1 Active Society Members

Year-End as of 30 June

Year-to-Date as of 28 February

5 - Year CAGR (Compound Annual Growth Rate): 8.4%

246 263 296 319

352 369 361 401

2013 2014 2015 2016 2017 2018 2018YTD

2019YTD

MEMBERS WORK FOR …

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2.1 Member Job FunctionsAs of 28 Feb 2019

Cathay Financial Holdings Company

Mega Financial Holding Company

0% 5% 10% 15% 20% 25%

Portfolio Manager

Other

Research Analyst, Investment Analyst, orQuantitative Analyst

Financial Adviser/Planner/WealthManager

Risk Analyst/Manager

Corporate Financial Analyst

Consultant

Trader

Sales Agent (Securities, Commodities,Financial Services)

Investment Strategist

TOP EMPLOYERS IN TAIWAN …

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2.2 Member Top EmployersAs of 31 Aug 2018

0 20 40 60 80

Cathay Financial Holdings Company

Fubon Financial

Yuanta Financial Holdings

CTBC Financial Holding Co., Ltd.

Taishin Financial Holdings

Deloitte

KGI Group

HSBC

Citigroup

Mega Financial Holding Company

Members

FY18 CFA ProgramCandidates

25%

ACTIVITIES IN TAIWAN

CE EVENTS

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EDUCATION WORKSHOP

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HAPPY HOUR EVENTS

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ANNUAL DINNER/GOLF

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BIKE FUN GROUP

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RESEARCH CHALLENGE

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BRAND CAMPAIGN

2018 Brand Campaign Video

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NEWSLETTER PUBLISH

• 2016年3月創刊

• 每季發行

• 可於協會官網下載

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ABOUT RESEARCH CHALLENGE

RESEARCH CHALLENGE FACEBOOK PAGE

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WHAT IS THE CFA INSTITUTE RESEARCH CHALLENGE?

• How is it organized?

- Worldwide intercollegiate competition between teams of students

- Organized by local CFA Institute volunteers – usually through CFA member societies

- At least 4 teams of 3-5 students participate

• What does it involve?

- Analysis of a publicly-traded company

- Interviews with company management

- Mentoring by a CFA charterholder

- Research report writing

- Presentation of research

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BENEFITS FOR STUDENTS

• Best practices in research and report writing

• Real-life learning experience as an Equity Analyst

• Access and exposure to leading industry professionals

• Professional report and experience to use on resume/CV and job interviews

• Experience presenting to top financial professionals

• Individual and team prizes

• Opportunity for travel

• Potential for media exposure

• Network of over 20,000 students and thousands of volunteers worldwide

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GLOBAL NETWORK OF THE WORLD’S TOP

BUSINESS AND FINANCE STUDENTS

COMPETITION TIMELINE

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May 2018 校園說明會

30 June 2019 組隊報名完成(包含一位指導教授及3~5位學生)

15 July 2019 CFA協會確認研究標的公司及Mentor安排

15 September 2019 研究報告書審/小組名單最終確認*/完成CFA Institute網站報名程序

30 September 2019 公佈書審結果(晉級隊伍將參加台灣區準決賽)

Early October 2019 晉級隊伍教育訓練

15 December 2019 繳交書面報告(最終版本)

End of December 2019 台灣區準決賽-書面報告50%+英語口頭報告50%

Early of Feb. 2020 台灣區決賽-英語口頭報告(選出冠軍隊伍代表台灣參加亞太地區比賽)

2019/20 TOURNAMENT DIAGRAM

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100+ LOCAL LEVEL

CHALLENGES

AP

Regional

~20

Teams

EMEA

Regional

~30

Teams

Americas

Regional

~50

Teams

Global Final 預計2020年4月舉行

預計2020年2-3

月舉行

RULES OVERVIEW

• Each team consists of 3-5 students (undergraduate or graduate)

• Universities may form up to two teams each, depending on Local Host rules

• Students must be enrolled in the university they represent and registered for at least a part-time course load at the time of the kickoff meeting

• Reports and presentations must be the students’ original work

• Students may not have contact with the subject company outside of organized events

• Students may not enlist the help of any professionals other than the mentor or faculty advisor

• Mentors and faculty may NOT contact the company

• Mentors, faculty, and subject company may NOT

provide material non-public information

• Written reports must conform to the guidelines set

forth by CFA Institute and include the cover and

back pages provided by CFA Institute

• Teams may not use props in their oral presentations

• Students, mentors, and faculty must all agree to

abide by the CFA Institute Code of Ethics and

Standards of Professional Conduct

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ADVISOR AND MENTOR INVOLVEMENT

Faculty Advisor

• Insight and guidance on research

methods and tools as taught in academia

• 10 hours maximum of productive time

• Access to faculty for other projects

unrelated to the Research Challenge is

permitted

• All work must be the original work of the

students

Industry Mentor

• Insight and guidance on industry practice

• 6 hours maximum of productive time

• Face to face or virtual

• Company management question

development

• Review first draft of research report

• Presentation development assistance

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ETHICS RESOURCES

• Ethical Standards for Investment

Professionals: An Interactive Case-

Based Course

• Ethics Course Module 2: Standard II—

Integrity of Capital Markets

• Ethics Course Module 3: Standard III—

Duties to Clients

• Ethics Course Module 6: Standard VI—

Conflicts of Interest

• Ethics Course Module 7: Standard VII—

Responsibilities as a CFA Institute

Member or CFA Candidate

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SAMPLE REPORT

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REPORT SCORING

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Section

Maximu

m Points Comments

Business Description 5

Industry Overview &

Competitive

Positioning 15

Investment Summary 20

Valuation 20

Financial Analysis 20

Investment Risks 15

Corporate

Governance 5

Total 100

PRESENTATION SCORING

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Criteria Maximum Points Points Notes

Financial Analysis

How thorough was their

analysis of the industry,

company, and competitors?

25

Valuation

Were the valuation

methodologies appropriate and

detailed?

25

Presentation

How effective/convincing was

their presentation? Was it

logical and did the facts support

the recommendation?

20

Question & Answer

Were they able to answer the

questions effectively and with

confidence?

20

Team Involvement

Team involvement in the

presentation/questions and

answers

5

Materials

Quality of slides5

Total 100

SUBJECT COMPANY / 標的公司

• 此次活動的標的公司由CFA Society Taiwan指定

• 全部的參賽隊伍均使用同一個標的公司

• 預計於7月初公布

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WHERE TO BEGIN

• Visit the CFA Institute Research Challenge website:

• https://www.cfainstitute.org/en/societies/challenge/students CFA Institute

活動官網

• https://www.cfasociety.org/taiwan/Pages/Research-Challenge.aspx CFA

Society Taiwan網頁資訊

• https://www.facebook.com/CFATaiwanRC/?ref=bookmarks CFA Society

Taiwan – Research Challenge粉絲頁

• Register for the Taiwan competition http://gg.gg/1920RCTW

• Materials for Competition Preparation

- Peruse educational materials selected specifically for participants

- Watch videos of past presentations

- View past reports from winning teams

- https://www.cfainstitute.org/societies/challenge/past-champions 前幾年冠軍隊伍的報告暨Presentation資訊

• Students MUST register on the CFA Institute website by 15 September

2019 (報名網站: TBA, 預計8月中通知)

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報名比賽

• 2019.06.30前完成台灣區比賽報名，需至下面連結填寫Google表單

- 每隊人數3-5人 (隊長1人, 隊員2-4人)

- 隊長必須提供Line ID, 方便協會公告比賽注意事項

- Register for the Taiwan competition

https://forms.gle/wSPPURE6YsxhSt979

• 2019.09.15 繳交書面報告前, 完成CFA Institute官網正式報名

- 所有學生只能參加一屆CFA Institute Research Challenge, 透過CFA Institute官網正式報名後即視為參加比賽

- 填寫官網正式報名後, 小組隊員則不可再有異動

- 報名網站: 預計8月中會另行通知

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QUESTIONS?

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