CFA

CFA (Chartered Financial Analyst) charterholder

(Ernst & Young Corporate Finance)

Yamaichi Asia Venture Capital
Nikko Pacven Walden Investments
Asian Venture FundPT
Danareksa-Daiwa NIF Ventures

CFAThe Economist
ranked the CFA Program as the gold standard among investment analysis designations
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)
(UK NARIC)CFA

1963CFACFA charterholders8.4
400
CFA135 (CFA Association of Taiwan)
9672 http://www.cfatw.org/

CFA
OxfordCornell Chicago HarvardYaleCFA curriculum
CFA
!

(CSIA)
CFACFP (Certified
Financial Planner) 2007
CFPhttp://www.cfpking.org/

(SEC)CFA
(Series 7)
(NYSE)CFA
(The Supervisory Analyst Examination)
(Supervisory Analyst)
AICPACFA
(Accredited in Business Valuation)
AICPA
(ABV)
SIICFA
SIIMSI
FSI

Source: http://zh.wikipedia.org/wiki/CFA

CFA
(Responsible Officers)

(Hong Kong Business Valuation Forum)

CFA
(Registered
Business Valuer)
(HKSI)CFA
(HKSI)MHKSI
CFA
(CRFA)

Source: http://zh.wikipedia.org/wiki/CFA

Regulators around the

world also recognize the value of the CFA charter. Nearly all U.S. state
securities commissions grant CFA charterholders an exemption to
their licensing exams for investment advisers. The NYSE and FINRA
provide an exemption from the analytical portion (Series 86) of the
Research Analyst Qualification Exam (Series 86/87) for certain
applicants who have passed Level II of the CFA exam. Additionally,
regulators in Australia, Canada, Greece, Hong Kong, Singapore,
Turkey, and Vietnam accept the CFA designation as meeting their
licensing or qualification requirements. In Indonesia, Pakistan, the
Philippines, and Thailand, passing a certain level of the CFA exam is
required to practice in the jurisdiction.
Source: http://www.cfainstitute.org/aboutus/press/release/09releases/20090818_01.html

CFAI
CFACFA Institute (CFAI)
Financial Analysts Federation (FAF1947)Institute of
Chartered Financial Analysts (ICAF1962)
FAF19251937
(NYSSA)
Financial Analysts Journal (1945)
57108.4CFA
Charterholders

55%
15%
14%
13%
2%
1%

: 19952.8200920
15%
: 2009
2009/4/2200814
8


21~25
26~30
31~35
36~40
41~45
46~50
51~55

23%
41%
21%
10%
3%
2%
0.6%

34%
22%
16%
9%
9%
6%
2%
2%

10

 2009/6 CFA
* 2009/6 CFA
1. Mainland China 11,106

6. South Korea 3,867

2. India 7,107

7. Australia 2,204

3. United Kingdom 6,744

8. Germany 1,632

4. Hong Kong 6,529

9. Taiwan 1,584

5. Singapore 3,929

10. Switzerland 1,458

11

 CFA

CFA
CFA(Brian Singer)23

2008CFA1544()4000

CFA
(Ashvin Vibhakar)CFA199624
20081.7(612)
(4) 23

(CFA)

2008/12/22
http://jump.mingpao.com/cfm/Professionals4.cfm?category=finance&PublishDate=
20081222&TopicID=L4A&Filename=eba1.txt
12

CFAI

21% portfolio managers (institutional

and/or private)
17% research analysts
6% chief executives (CEO, CFO, CIO, etc.)
5% consultants
5% investment banking analysts/bankers
5% relationship managers
4% corporate finance analysts
4% risk managers
13

CFA2005
CFACFA
(1) (2)
(3)
CFA()200
Top 1017.9(18.618.3)
(Fed)(Alan Greenspan) 2005
18 (: 1037 2007.10.8~14
124)

NT$/US$ = 32.2
US$180,000
NT$5,796,000
US$100,762
NT$3,244,536
US$114,098
NT$3,673,956
US$163,199
NT$5,255,008
US$79,592
NT$2,562,862
US$170,354
NT$5,485,399
US$217,048
NT$6,988,946
US$170,000
NT$5,474,000
urce: CFAI "2005 Investment Management Compensation Survey"

14

CFA
CFA
(20)1.5

C FA
C FA
(54% )

U S$180,000
U S$116,850
U S$63,150

C FA
C FA
(24% )

U S$248,000
U S$200,000
U S$48,000
15

CFA2007
(for Portfolio Manager)

NT$/US$ = 32.2

US$196,000
NT$6,311,200

US$50,000
NT$1,610,000

US$156,000
NT$5,023,200

US$175,000
NT$5,635,000

US$140,000
NT$4,508,000

US$152,000
NT$4,894,400

US$209,000
NT$6,729,800

US$178,000
NT$5,731,600
(equities)
US$251,000
NT$8,082,200
(equities)
US$313,000
NT$10,078,600
(equities)
US$456,000
NT$14,683,200
Source: CFAI "2007 Investment Management Compensation Survey"
16

CFA

CFA

18

1.5
10

3
34
5
50%
50%
CFA

17

CFA
(: CFAI)

ABN AMROAllianz AG Bank of America

BarclaysBMO Financial GroupCIBC
CitigroupCredit SuisseDeutsche Bank
FMR CorporationGoldman SachsHSBC
INGJPMorgan Chase & Co. Mellon
FinancialMerrill LynchMorgan Stanley
PricewaterhouseCoopersRBC
Scotiabank GroupStreet Street TD Bank
Financial GroupUBSWachovia
18

CFA
()

, CFA

()
(
)

(Allianz)
(Fitch)

(KGI )
()
/()
IR()
:

http://www.cfainstitute.org/aboutus/press/release/07releases/20070829_01.html

19

CFA Institute
http://www.cfainstitute.org/cfaprog/charterholder/program/positions.html

20

CFA

Level 1~3
Level(s)

investment decision-making process

CFA Institute


21

 Sample Job Titles ()

http://www.cfainstitute.org/cfaprog/charterholder/membership/jobtitles.html

Accountant
Actuary
Auditor
Compliance analyst/officer
Consultant
Corporate chief financial officer
Corporate finance analyst
Client service representative or relationship manager
Derivatives analyst
Economist
Financial adviser
Financial journalist/editor
Institutional sales professional/business development (buy and sell side)
Investment banking analyst
Investment consultant
22

 Sample Job Titles ()

http://www.cfainstitute.org/cfaprog/charterholder/membership/jobtitles.html

Investment strategist
Investor relations
Mutual fund sales
Portfolio administrator
Portfolio manager
Private client investment adviser
Product/software developer
Professor/instructor
Quantitative investment or risk analyst
Real estate investment manager
Regulator
Securities trader
Securities underwriter
Security/investment analyst
Supervisor of investment firm
Valuator of closely held business
Venture capital analyst

23

CFA?
: (+)

(http://www.gocharter.com.tw/) *
CFA*
CFAIhttp://www.cfainstitute.org/cfaprog/register/
email address

User NamePassword
5~10
201066
2009/9/23:US$400+US$620=US$1,020 (NT$3.3)
2010/2/17:US$400+US$710=US$1,110 (NT$3.6)
2010/3/17:US$480+US$955=US$1,435 (NT$4.6)

Sample Exam(Mock Exam)

24

CFA* (in NT$)

$12,880

$19,964
$19,964
$19,964

$33,000
$33,600
$28,000

$9,500 $1,400 $76,744
$9,500
$63,064
$9,500
$57,464
$197,272

2009CFAIL1
201066L1()
L2L32009US$1 = NT$32.2

25

Level 1: Pass
The table below illustrates your subject matter strengths and
weaknesses. The three columns on the right are marked with asterisks
to indicate your performance on each question or topic area.
Multiple Choice
Q# Topic Max Pts <=50% 51%-70% >70%
- Alternative Investments 8 - - *
- Corporate Finance 20 - - *
- Derivatives 12 - - *
- Economics 24 - - *
- Equity Investments 24 - - *
- Ethical & Professional Standards 36 - - *
- Financial Statement Analysis 48 - - *
- Fixed Income Investments 28 - - *
- Portfolio Management 12 - - *
- Quantitative Methods 28 - - *
26


()
Level 3: Fail
The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with
asterisks to indicate your performance on each question or topic area.
Essay Q# Topic Max Pts <=50% 51%-70% >70%
1 Portfolio Management - Individual 36 - * 2 Portfolio Management - Individual 9 - - *
3 Portfolio Management - Institutional 36 - * 4 Portfolio Management - Asset Allocation 17 * - 5 Fixed Income Investments 13 * - 6 Alternative Investments 11 * - 7 Portfolio Management - Risk Management 17 * - 8 Portfolio Management - Execution 14 * - 9 Portfolio Management - Monitor&Rebalance 9 - - *
10 Portfolio Management Performance Eval. 9 * - 11 Portfolio Management 9 * - Item Set Q# Topic Max Pts <=50% 51%-70% >70%
- Alternative Investments 18 - * - Derivatives 18 - - *
- Economics 18 - - *
- Equity Investments 36 - * - Ethical & Professional Standards 36 - - *
- Fixed Income Investments 36 - * - Portfolio Management 18 - - *

27


()
We have divided the full group of failed candidates into ten
approximately equal score bands. Your score band below
shows how your overall score on the exam compares with all
other failed candidates.
For example, if your reported score band is 1, you scored in
approximately the bottom 10% of failed candidates. If your
reported score band is 2, your score was within the next band
width ranging from approximately the bottom 11% to 20% of
failed candidates. If your score band is reported as 10, you
scored in the top 10% of all failed candidates.
Performance band of your overall score among all candidates
who failed the exam: 10
28

CFA 2008/12 L1

- Alternative Investments 3.3%

- Corporate Finance 8.3%
- Derivatives 5%
- Economics 10%
- Equity Investments 10%
- Ethical & Professional Standards 15%
- Financial Statement Analysis 20%
- Fixed Income Investments 11.7%
- Portfolio Management 5%
- Quantitative Methods 11.7%
29

CFAMinimum Passing
Score (MPS)
1963~1977: MPS = x 70%
1978~1989: MPS = 1% x 70%
1989: MPSAIMR/CFA Institute

1%70%MPS
CFA Institute
1%

70%
30

1963CFA2009/6

Level 1: 44%
Level 2: 49%
Level 3: 64%
CFA Candidates: 49%

31

CFA
Level

2002

2003

2004

2005

2006

2007

2008

2009

44%

42%/40%

34%/36%

36%/34%

40%/39%

40%/39%

35%/35%

46%/?

47%

47%

32%

56%

48%

40%

46%

41%

58%

68%

64%

55%

76%

50%

53%

49%

32

2008/6 CFA
(3 Levels combined)

92,081

42%

28,306

43%

7,768

41%

15,656

46%

33,936

40%

1,543

37%

4,872

28%

33

2008/12 CFA L1

2952
test centers

49,797*

35%

12,955

36%

3,555

35%

8,158

38%

21,971

35%

424

33%

2,734

27%

34

2009/6 CFA
(3 Levels combined)

104,111

45%

29,021

47%

8,229

47%

17,860

50%

41,832

42%

1,689

42%

5,480

33%

35

 2004/6 Level 3

69%

47%

59%

49%

75%

43%

49%

62%

64%

72%

82%

44%

45%
36

2004
(CFAI )

200457% Level 1200

250
20046CFA
41%29%
3/4
2008CFA

37

2004/6

TOEFL(300)
2003-2004

34%

32%

64%

215

49%

26%

26%

40%

203

26%

22%

47%

216

53%

49%

61%

213()

43%

53%

63%

()

55%

50%

62%

()

34%

30%

49%

252

27%

22%

43%

213

22%

14%

44%

190

38

39

2008/6/8 CFA
---Level 1

Level 2

Level 3

120

60

13
60

55,000

38,000

26,000

()

165119,000CFA200716%

40

2008/12/7 CFA
Level 1

120

49,797

41

2009/6/7 CFA
Level 1

Level 2

Level 3

120

60

13
60

60,000

41,000

27,600

()

154128,600CFA2008
8.5%

42

LOS

K

43

: 4~6
8~12

CFAIStudy Session Outline

CFAI7~10
study notes ()

44

: 3~4(8~12)

study notes ()

: 1.5~2
CFAI
Sample ExamCFA(120);
(US$40/)
Mock Exam CFA(240)

: 3~5

45

Learning Outcome Statements (LOS)

CFA Institute

3500
study notes ()

50

L2

46

L1

study notes ()
CFAI
Sample ExamCFA(120);
(US$40/)
Mock ExamCFA(240)

47

 Vs.
3500

CFA

( + )

( + )

48

?
? CFA?
?
CFA
Levels?

?

?

?

49

CFA =

CFA/FRM/CFP
CFA
900
CFA20096L1 = 46%; L2 = 41%; L3 = 49%
20096CFA Level 1 63.8%18%
L2 = 41.9%L3 = 51.1%2009
23CFA116
CFA
2008/12(L1 = 42.3%)35%


Golden Notes

(
)CFA/FRM//
CFA L3(Total Solution)
Study Notes ()
51
50

CFA
CFA

CFA Item Set Essay ;

:

CFA FRM CFP

CFACFA
(FRM)
:

51

()

PhD
CFA
:
()PhD
:

, CFA, FRM

Sir
CFA L3presentation:

, CFP, CPA
:

CFA
:
52

()

CPA
:

Steven CFA FRM

:

CFACSIA
:

, CFA

CPA, CIA, CFP

:

53

Golden Notes

CFA

2010SchweserNotes Package
CFA
CFATI BA-II PLUS

54

70%20106CFA
L1
: 51
80

Powerpoint

55

2010 Level 1

2010/1/9~5/1

9:30~12:30; 13:30~16:30/17:00/17:30
9:10~9:25

2010/5/15

NT$38,000/
NT$34,000 only
2009/12/6~12/19()
PowerPoint
56

TI NT$1600 NT$1400 only

CFA (for 2010)
SchweserNotes Package
6US$349 (NT$1.1)
NT$9,500 only

57


-- 1130

ACFA Level 1 DVD 98

NT$40,000 NT$30,000 only
99/6/30

http://www.publish.com.tw/Publish/www/mail/lawyer_1.asp?BKID=1489

B= A+ SchweserNotes Package
NT$49,500 NT$36,000 only

58

TipsCFA

2009 CFA ?
CFA 1996
2008CFAI

CFAI exam type

CFAI online exam

59

CFAI
315
2009Ethics

CFA
CFAI 300

Source: http://www.cfainstitute.org/aboutus/press/release/09releases/20090818_01.html

60

CFA
CFA
!!

CFACFAGolden Notes

CFA

61

The Investment Takes Three Years.

The Dividends Last a Lifetime.

You Cant Move Ahead

If You Never Step Forward.
62


: 02-2375-3000

Gocharter CFA courses

-- The Best Finance Courses in Town -http://www.gocharter.com.tw

63

CFA --

64

 Sample Question (L1)

In the USA, it is common practice to amortize goodwill over 40 years, and the
amortization expense is charged to income. In some other countries, goodwill is
amortized over five years, and is charged directly to shareholders equity.
Under this circumstance, a USA firms ratio relative to the non-USA firms
ratios would typically be as follows (assuming all other factors are equal and
ignoring the effect of income taxes):
Return on Equity
A.
Neutral
B.
Higher
C.
Lower
D.
Lower

Profit Margin
Lower
Higher
Lower
Neutral

65