The CFA Program The CFA Society of Cyprus

The CFA Program The CFA Society of Cyprus UNIVERSITY OF CYPRUS 25 April 2012

“Though the finance industry absorbs many with Masters degrees in Business Administration and finance degrees, the Chartered Financial Analyst qualification, pursued part-time by those already hired, has become the industry’s benchmark. ” Financial Times, 2009 The CFA Program │ 2

“Whereas there are tens of thousands of finance degrees available around the world, ranging from the excellent to the worthless, there is only one CFA… explosive growth has made it, in effect, global currency. ” -The Economist, 2005 The CFA Program │ 3

Nikkei Financial Daily “The Chartered Financial Analyst (CFA) qualification is highly rated in financial circles around the world. In many countries it is essential for people working for financial institutions to obtain the license. ” Nikkei Financial Daily, 2004 The CFA Program │ 4

Employment of CFA Institute Members The CFA Program │ 5

Job Ads Around the World CFA is a plus London, UK The Chartered Financial Analyst (CFA) designation required The Chartered Financial Analyst (CFA) designation strongly preferred The CFA Program │ 6

Pensions and Investments Online Job Ads Shown in One Day The CFA Program │ 7

What is the CFA Program? ■ A self-study curriculum with three levels of examinations ■ Practical, relevant education based on a practitioner-driven global body of investment knowledge ■ Ethical and professional standards emphasized at every level ■ Exam locations worldwide The CFA Program │ 8

■ Pass Level I, II, and III exams ■ Complete at least four years of professional work experience ■ Provide professional references (Level III) ■ Submit professional conduct statement ■ Apply for CFA Institute & local society membership The CFA Program │ 9 Initial CFA® Charter Requirements

A Practice Driven Process The CFA Program│ 10

CFA Program Candidate Body of Knowledge™ The CFA Program │ 11

Exam Format & Sample Question Multiple Choice Item Set (Objective) Constructed Response (Essay) Level I ● 100% Level III ● ● 50% Q: An investor is evaluating a 7 -year 4% coupon bond with a par value of $100. 00, and a current market price of $99. 19, callable at the end of year 2 at a price of $102. 00. The yield to first call on a bond-equivalent basis for this bond is closest to: The CFA Program │12 A. 4. 00% B. 4. 42% C. 5. 40%

The CFA Program is a Rigorous Undertaking The CFA Program │ 13

■ Recognition ■ Strong international network of local societies (135) and members (109, 748) ■ Lifelong learning opportunities through publications, conferences, and local society events The CFA Program │ 15 Benefits of Earning the CFA® Charter

CFA Institute Mission To lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence. Professional Excellence CFA Institute Education The CFA Program │ 16 Ethics

■ Administrator of the CFA Program − the global standard for investment professionals ■ Committed to lifelong learning; working to provide value after the designation has been earned Professional Excellence CFA Institute Education The CFA Program │ 17 Ethics

A leading voice on issues of fairness, efficiency, and investor protection for global capital markets through the CFA Institute Standards and Financial Market Integrity Division Professional Excellence CFA Institute Education The CFA Program │ 18 Ethics

■ A member organization with more than 100, 000 member investment professionals in over 130 countries ■ Administrator of the CFA Institute Code of Ethics and Standards of Professional Conduct Professional Excellence CFA Institute Education The CFA Program │ 19 Ethics

Total CFA Registrations & Members The CFA Program │ 20

Americas Geographic Profile of Members 66% Europe, Middle East, Africa 19% Asia Pacific 15% The CFA Program │ 21

Visit our website for program costs, deadlines, and information www. cfainstitute. org The CFA Program │ 22

CFA SOCIETY OF CYPRUS Mission Statement • To promote the highest ethical standards in the Cyprus investment community, to enhance the awareness of the CFA Program, to support CFA candidates, and to serve and bring increasing value to the society's members through continuing education and investment professional networks. The CFA Program │ 23

The CFA Society of Cyprus - Vision • The CFA Society of Cyprus is established as the premier society for investment professionals, representing a vibrant financial services community, committed to the highest standards of professionalism and ethical behavior. This is demonstrable through: – The promotion and provision of high-quality continuing education opportunities – Regular representation of the views of the membership on regulatory matters, together with contributions to the development of financial regulations for the Cypriot investment industry – The provision of support to CFA candidates – Healthy growth in membership The CFA designation is the gold standard required by employers and investors in Cyprus The CFA Program │ 24

CFA Society of Cyprus - Overview Membership Programming Universities / Employers Regular: 89 4 – 5 per annum: §Targeted employer outreach Affiliate: §Charter Awards Ceremony §Relationships with colleges and universities Total: 6 95 §Dues: $70 / year § 1 -2 social events §Program presentations Established 2004 §Inv. & Wealth Mgmt Conference Candidates/ Education Public Awareness / Advocacy Operations / IT §PR – good relations with financial media § 7 board members Exemptions: Ministry of Finance §Forecasting Event §Includes 4 officers (President, VP, Secretary, Treasurer) §Website: www. cfacyprus. com §E-mail: info@cfacyprus. com The CFA Program │ 25

Cyprus Membership* • Total members: 95 • Total charterholders: 89 • 13 candidates completed Level III in 2011 • 140 Registered candidates for 2012 exams: – 82 Level I – 33 Level II – 25 Level III Average annual growth of around 15% during last 10 years The CFA Program │ 26

Cyprus Membership* The CFA Program │ 27

Our website – www. cfacyprus. com • Provides updates on all society’s activities and events. • Provides information on the CFA Program and the CFA Institute. • Has a Jobs section where suitable roles for CFA charterholders/candidates will be listed. The CFA Program │ 28

CFA SOCIETY OF CYPRUS BOARD MEMBERS • Demetris Nicolaou, CFA – President Finance Director, D. Nicolaou Group • Konstantinos Sofokleous, CFA – Vice President Fund Manager, Euro. Life Ltd, Bank of Cyprus Group • Panayiotis Chrysostomou, CFA – Secretary Fund Manager, CISCO Ltd, Bank of Cyprus Group • Emilia Zachariou, CFA – Treasurer Manager Banking Services, Eurobank EFG Cyprus • Constantinos Papanastasiou, CFA – Member (Past President) Head of Investment Banking, CISCO Ltd, Bank of Cyprus Group • Demetris Staphylaris, CFA – Member Central Bank of Cyprus • Konstantinos Leonida, CFA – Member Fixed Income Portfolio Management, Bank of Cyprus Group Treasury The CFA Program │ 29

The CFA Society of Cyprus E-mail: info@cfacyprus. com QUESTIONS AND ANSWERS The CFA Program │ 30