CFA Institute continues to drive international financial standards across Middle East as 4287 candidates enroll for June 2010 CFA exams

Despite the financial crisis, the number of candidates remained resilient reflecting the strong commitment among finance professionals to high standards of competency, integrity, and professional excellence, which are at the core of the CFA exam.

Asia Pacific continues to be the largest source of candidates, accounting for 40% of the total, followed by 37% from the Americas, and 23% from EMEA (Europe, Middle East and Africa). UAE remained the largest source of new candidates (1419) from the Middle East followed by Egypt (658) and Saudi Arabia (507).

"Investors need trustworthy professionals to manage their wealth. This is the most important lesson the world has learnt in the global financial crisis. We are delighted that a significant number of individuals from across the world continue to be committed to pursuing the CFA designation, which has ethics, rigor, tenacity and analytics at its core," said John Rogers, CFA, President and CEO of CFA Institute.

"At this time of global economic instability, we believe it is especially important for the investment industry to be led by professionals who put investors' interests first. Finance markets cannot function effectively without ethical behavior, and transparency and CFA charterholders are integral to this," he said.

The CFA Program is a self-study program, considered to be the most rigorous credentialing program in the investment industry. The CFA curriculum is grounded in the practice of the investment profession and evolves with time. Through a process called "practice analysis", a survey of investment professionals from around the world, CFA Institute is able to update the curriculum with knowledge, skills, and competencies that are relevant to the profession. The CFA Program is a strong foundation for a wide range of career paths, and the CFA charter is recognized as the gold standard in the investment industry.

"It is encouraging to see the CFA Program participation remaining resilient despite the volatility in the financial markets. Developing a career in the finance industry will continue to be rewarding in the long run. CFA candidates and charterholders regularly tell me that when looking for a new job or working with potential and current clients, the CFA designation distinguishes them from those without the charter. This is an incredibly important testament to the value of the credential," said Robert R. Johnson, CFA, senior managing director of CFA Institute.

The CFA exam is a three-level exam covering topics including Ethical and Professional Standards, Quantitative Methods, Economic, Financial Reporting and Analysis, Corporate Finance, Investment Tools, Asset Classes, and Portfolio Management and Wealth Planning. Each level imparts a particular skill set: Level I is focused on investment tools and the foundations of the business, giving candidates the necessary knowledge and comprehension; Level II is focused on asset classes including equity investments, fixed income, derivatives, and alternative investments, emphasizing on candidates' ability in application and analysis; and Level III is focused on portfolio management and wealth planning, requiring candidates to be competent in synthesis and evaluation while making investment decisions.

The Level I exam is administered in both June and December, while Levels II and III are administered in June only. Surveys of candidates report indicate that they spend an average of about 300 hours preparing for each exam. Preparation time required for individual candidates will vary, however, depending on their individual circumstances and academic background.

On average, successful candidates take four years to complete the self-study program and examinations to 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, commit to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct which is a commitment they must reaffirm each year to maintain the charter, and become a regular member of CFA Institute.