Increasing number of successful candidates coming from the GCC and Middle East regions
CFA Institute, the preeminent global body of investment professionals, has announced that 45 percent of 104,111 current and aspiring investment professionals worldwide passed its June 2009 CFA exams.
Hosted at 256 test centers in 182 cities worldwide, candidates must sequentially pass three six-hour exams to earn the CFA charter, widely considered to be among the most rigorous in the investment profession.
Within these figures, CFA Institute is also pleased to announce that an increasing number of candidates from the Middle East, representing all six of the GCC countries as well as Egypt, Jordan and Lebanon, also passed their CFA exams. A total of 35 percent of the 2,383 candidates that sat for the exam in the region were successful compared to 33 percent of 2,228 exam candidates achieved last year (June 2008).
Earlier this summer CFA Institute announced that a record number of 6,227 investment professionals from the Middle East & Africa regions registered for the CFA exams, reaffirming their commitment to the highest level of professionalism within the investment community. This represented a 26% increase in candidates from last year.
Nitin Mehta, managing director for Europe, Middle East and Africa at CFA Institute, said, “The increasing number of candidates sitting for the CFA exam in the Middle East provides strong evidence of the growing desire around the region to achieve global standards in integrity, education and professional excellence within the investment and financial communities. The fact that there is a corresponding increase in the numbers from the region that have passed shows that students from are better prepared for this tough examination”.
He added: “By taking the rigorous CFA Program, candidates make a commitment to the highest standards of professional and ethical conduct. Given the current economic climate, a CFA qualification is a clear mark of distinction between investment professionals. In recognition, investors, employers and regulators worldwide are attaching even greater value to the CFA Program and the charter.”
The CFA curriculum includes ethical and professional standards; financial reporting and analysis; corporate finance; economics; quantitative methods; equity, fixed income, and alternative investments; derivatives; portfolio management and wealth planning.
A strong majority (74 percent) of candidates who responded to a post-exam survey said they would re-take the CFA exam the next time if they did not pass this time around.
Those who passed the Level III exam – 9,597 candidates around the world − will begin receiving their CFA charters in early October 2009, provided that they also have completed the minimum work-experience requirement of four years in the investment industry, signed a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, apply to a CFA Institute society, and become a member of CFA Institute.
Employers and media around the world recognise the CFA charter as the standard of professional excellence. With such widespread international recognition, CFA charterholders earn a significant competitive advantage for international employment. CFA charterholders are typically employed by investment companies, mutual funds, broker-dealers, investment banks, and as private wealth managers.
