CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected...

57
CFA PROGRAM & CFA SOCIETY ISTANBUL İlke Takımoğlu Homriş, CFA Executive Director

Transcript of CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected...

Page 1: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA PROGRAM amp CFA SOCIETY ISTANBUL

İlke Takımoğlu Homriş CFA

Executive Director

CFA Society Istanbul

To lead the investment profession globally by promoting the highest standards of ethics education and professional excellence for the

ultimate benefit of society

Educated ethical investment

professionals

Financial markets that reflect CFA

Institute beliefs

Global financial markets that serve the public interest

CFA Society Istanbul

A UNIQUE FORCE WITHIN THE INVESTMENT PROFESSION

bull A global not-for-profit organization

bull The worldrsquos largest association of investment professionals

bull Industry leader promoting the highest standards of ethics education and professional excellence

bull A vast global network of members societies and relationships with key financial organizations around the world

CFA Society Istanbul

The CFAreg CharterBuilding a Stronger Sustainable Investment Profession

CFA Society Istanbul

lsquoAmong the countless finance degrees around the world the Chartered Financial Analyst qualification

has become the gold standartrsquo Financial Times13 August 2010

CFA Society Istanbul

CFAreg CHARTER THE GOLD STANDARD

Graduate-level investment credential

More than 500 universities around the world incorporate the CFA curriculum into their degree programs

Held by around 200000 investment professionalsworking in more than 150countries

Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board

CFA Society Istanbul

The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world

200000+CHARTERHOLDERS

Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities

161CFAreg SOCIETIES

The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide

30000+FIRMS

Over 320000 registrations occur yearly for one of the three CFAreg Program exams

320000+REGISTRATIONS

copy 2018 CFA Institute All rights reserved

CFA Society Istanbul

MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession

More than 181000

members in over 160

countries161 member

societies

60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92

22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50

18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20

TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures

CFA Society Istanbul

LETrsquoS WATCH CFAreg PROGRAM

CFA Society Istanbul

WITH THE CFAreg CHARTER YOU

bull Gain a profession

bull Develop a comprehensive investment perspective

bull Gain fluency in practical investment analysis and management skills

bull Demonstrate a commitment to ethics and professional standards

bull Earn credibility with industry peers

bull Become part of a global community of top industry professionals

bull Gain the flexibility to work in any market

bull Are sought out by top industry employers

CFA Society Istanbul

WHAT CAN I DO WITH THE CFAreg CHARTER

Charterholder employment by title

0 2 4 6 8 10 12 14

Financial AdviserPlannerWealth Manager

Manager of Managers

Investment Strategist

Relationship ManagerAccount Manager

Risk AnalystManager

Corporate Financial Analyst

Portfolio Manager

Consultant

Trader

Research AnalystInvestment Analystor Quantitative Analyst

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 2: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

To lead the investment profession globally by promoting the highest standards of ethics education and professional excellence for the

ultimate benefit of society

Educated ethical investment

professionals

Financial markets that reflect CFA

Institute beliefs

Global financial markets that serve the public interest

CFA Society Istanbul

A UNIQUE FORCE WITHIN THE INVESTMENT PROFESSION

bull A global not-for-profit organization

bull The worldrsquos largest association of investment professionals

bull Industry leader promoting the highest standards of ethics education and professional excellence

bull A vast global network of members societies and relationships with key financial organizations around the world

CFA Society Istanbul

The CFAreg CharterBuilding a Stronger Sustainable Investment Profession

CFA Society Istanbul

lsquoAmong the countless finance degrees around the world the Chartered Financial Analyst qualification

has become the gold standartrsquo Financial Times13 August 2010

CFA Society Istanbul

CFAreg CHARTER THE GOLD STANDARD

Graduate-level investment credential

More than 500 universities around the world incorporate the CFA curriculum into their degree programs

Held by around 200000 investment professionalsworking in more than 150countries

Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board

CFA Society Istanbul

The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world

200000+CHARTERHOLDERS

Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities

161CFAreg SOCIETIES

The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide

30000+FIRMS

Over 320000 registrations occur yearly for one of the three CFAreg Program exams

320000+REGISTRATIONS

copy 2018 CFA Institute All rights reserved

CFA Society Istanbul

MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession

More than 181000

members in over 160

countries161 member

societies

60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92

22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50

18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20

TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures

CFA Society Istanbul

LETrsquoS WATCH CFAreg PROGRAM

CFA Society Istanbul

WITH THE CFAreg CHARTER YOU

bull Gain a profession

bull Develop a comprehensive investment perspective

bull Gain fluency in practical investment analysis and management skills

bull Demonstrate a commitment to ethics and professional standards

bull Earn credibility with industry peers

bull Become part of a global community of top industry professionals

bull Gain the flexibility to work in any market

bull Are sought out by top industry employers

CFA Society Istanbul

WHAT CAN I DO WITH THE CFAreg CHARTER

Charterholder employment by title

0 2 4 6 8 10 12 14

Financial AdviserPlannerWealth Manager

Manager of Managers

Investment Strategist

Relationship ManagerAccount Manager

Risk AnalystManager

Corporate Financial Analyst

Portfolio Manager

Consultant

Trader

Research AnalystInvestment Analystor Quantitative Analyst

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 3: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

A UNIQUE FORCE WITHIN THE INVESTMENT PROFESSION

bull A global not-for-profit organization

bull The worldrsquos largest association of investment professionals

bull Industry leader promoting the highest standards of ethics education and professional excellence

bull A vast global network of members societies and relationships with key financial organizations around the world

CFA Society Istanbul

The CFAreg CharterBuilding a Stronger Sustainable Investment Profession

CFA Society Istanbul

lsquoAmong the countless finance degrees around the world the Chartered Financial Analyst qualification

has become the gold standartrsquo Financial Times13 August 2010

CFA Society Istanbul

CFAreg CHARTER THE GOLD STANDARD

Graduate-level investment credential

More than 500 universities around the world incorporate the CFA curriculum into their degree programs

Held by around 200000 investment professionalsworking in more than 150countries

Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board

CFA Society Istanbul

The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world

200000+CHARTERHOLDERS

Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities

161CFAreg SOCIETIES

The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide

30000+FIRMS

Over 320000 registrations occur yearly for one of the three CFAreg Program exams

320000+REGISTRATIONS

copy 2018 CFA Institute All rights reserved

CFA Society Istanbul

MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession

More than 181000

members in over 160

countries161 member

societies

60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92

22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50

18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20

TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures

CFA Society Istanbul

LETrsquoS WATCH CFAreg PROGRAM

CFA Society Istanbul

WITH THE CFAreg CHARTER YOU

bull Gain a profession

bull Develop a comprehensive investment perspective

bull Gain fluency in practical investment analysis and management skills

bull Demonstrate a commitment to ethics and professional standards

bull Earn credibility with industry peers

bull Become part of a global community of top industry professionals

bull Gain the flexibility to work in any market

bull Are sought out by top industry employers

CFA Society Istanbul

WHAT CAN I DO WITH THE CFAreg CHARTER

Charterholder employment by title

0 2 4 6 8 10 12 14

Financial AdviserPlannerWealth Manager

Manager of Managers

Investment Strategist

Relationship ManagerAccount Manager

Risk AnalystManager

Corporate Financial Analyst

Portfolio Manager

Consultant

Trader

Research AnalystInvestment Analystor Quantitative Analyst

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 4: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

The CFAreg CharterBuilding a Stronger Sustainable Investment Profession

CFA Society Istanbul

lsquoAmong the countless finance degrees around the world the Chartered Financial Analyst qualification

has become the gold standartrsquo Financial Times13 August 2010

CFA Society Istanbul

CFAreg CHARTER THE GOLD STANDARD

Graduate-level investment credential

More than 500 universities around the world incorporate the CFA curriculum into their degree programs

Held by around 200000 investment professionalsworking in more than 150countries

Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board

CFA Society Istanbul

The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world

200000+CHARTERHOLDERS

Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities

161CFAreg SOCIETIES

The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide

30000+FIRMS

Over 320000 registrations occur yearly for one of the three CFAreg Program exams

320000+REGISTRATIONS

copy 2018 CFA Institute All rights reserved

CFA Society Istanbul

MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession

More than 181000

members in over 160

countries161 member

societies

60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92

22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50

18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20

TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures

CFA Society Istanbul

LETrsquoS WATCH CFAreg PROGRAM

CFA Society Istanbul

WITH THE CFAreg CHARTER YOU

bull Gain a profession

bull Develop a comprehensive investment perspective

bull Gain fluency in practical investment analysis and management skills

bull Demonstrate a commitment to ethics and professional standards

bull Earn credibility with industry peers

bull Become part of a global community of top industry professionals

bull Gain the flexibility to work in any market

bull Are sought out by top industry employers

CFA Society Istanbul

WHAT CAN I DO WITH THE CFAreg CHARTER

Charterholder employment by title

0 2 4 6 8 10 12 14

Financial AdviserPlannerWealth Manager

Manager of Managers

Investment Strategist

Relationship ManagerAccount Manager

Risk AnalystManager

Corporate Financial Analyst

Portfolio Manager

Consultant

Trader

Research AnalystInvestment Analystor Quantitative Analyst

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 5: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

lsquoAmong the countless finance degrees around the world the Chartered Financial Analyst qualification

has become the gold standartrsquo Financial Times13 August 2010

CFA Society Istanbul

CFAreg CHARTER THE GOLD STANDARD

Graduate-level investment credential

More than 500 universities around the world incorporate the CFA curriculum into their degree programs

Held by around 200000 investment professionalsworking in more than 150countries

Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board

CFA Society Istanbul

The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world

200000+CHARTERHOLDERS

Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities

161CFAreg SOCIETIES

The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide

30000+FIRMS

Over 320000 registrations occur yearly for one of the three CFAreg Program exams

320000+REGISTRATIONS

copy 2018 CFA Institute All rights reserved

CFA Society Istanbul

MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession

More than 181000

members in over 160

countries161 member

societies

60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92

22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50

18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20

TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures

CFA Society Istanbul

LETrsquoS WATCH CFAreg PROGRAM

CFA Society Istanbul

WITH THE CFAreg CHARTER YOU

bull Gain a profession

bull Develop a comprehensive investment perspective

bull Gain fluency in practical investment analysis and management skills

bull Demonstrate a commitment to ethics and professional standards

bull Earn credibility with industry peers

bull Become part of a global community of top industry professionals

bull Gain the flexibility to work in any market

bull Are sought out by top industry employers

CFA Society Istanbul

WHAT CAN I DO WITH THE CFAreg CHARTER

Charterholder employment by title

0 2 4 6 8 10 12 14

Financial AdviserPlannerWealth Manager

Manager of Managers

Investment Strategist

Relationship ManagerAccount Manager

Risk AnalystManager

Corporate Financial Analyst

Portfolio Manager

Consultant

Trader

Research AnalystInvestment Analystor Quantitative Analyst

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 6: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CFAreg CHARTER THE GOLD STANDARD

Graduate-level investment credential

More than 500 universities around the world incorporate the CFA curriculum into their degree programs

Held by around 200000 investment professionalsworking in more than 150countries

Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board

CFA Society Istanbul

The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world

200000+CHARTERHOLDERS

Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities

161CFAreg SOCIETIES

The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide

30000+FIRMS

Over 320000 registrations occur yearly for one of the three CFAreg Program exams

320000+REGISTRATIONS

copy 2018 CFA Institute All rights reserved

CFA Society Istanbul

MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession

More than 181000

members in over 160

countries161 member

societies

60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92

22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50

18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20

TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures

CFA Society Istanbul

LETrsquoS WATCH CFAreg PROGRAM

CFA Society Istanbul

WITH THE CFAreg CHARTER YOU

bull Gain a profession

bull Develop a comprehensive investment perspective

bull Gain fluency in practical investment analysis and management skills

bull Demonstrate a commitment to ethics and professional standards

bull Earn credibility with industry peers

bull Become part of a global community of top industry professionals

bull Gain the flexibility to work in any market

bull Are sought out by top industry employers

CFA Society Istanbul

WHAT CAN I DO WITH THE CFAreg CHARTER

Charterholder employment by title

0 2 4 6 8 10 12 14

Financial AdviserPlannerWealth Manager

Manager of Managers

Investment Strategist

Relationship ManagerAccount Manager

Risk AnalystManager

Corporate Financial Analyst

Portfolio Manager

Consultant

Trader

Research AnalystInvestment Analystor Quantitative Analyst

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 7: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world

200000+CHARTERHOLDERS

Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities

161CFAreg SOCIETIES

The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide

30000+FIRMS

Over 320000 registrations occur yearly for one of the three CFAreg Program exams

320000+REGISTRATIONS

copy 2018 CFA Institute All rights reserved

CFA Society Istanbul

MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession

More than 181000

members in over 160

countries161 member

societies

60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92

22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50

18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20

TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures

CFA Society Istanbul

LETrsquoS WATCH CFAreg PROGRAM

CFA Society Istanbul

WITH THE CFAreg CHARTER YOU

bull Gain a profession

bull Develop a comprehensive investment perspective

bull Gain fluency in practical investment analysis and management skills

bull Demonstrate a commitment to ethics and professional standards

bull Earn credibility with industry peers

bull Become part of a global community of top industry professionals

bull Gain the flexibility to work in any market

bull Are sought out by top industry employers

CFA Society Istanbul

WHAT CAN I DO WITH THE CFAreg CHARTER

Charterholder employment by title

0 2 4 6 8 10 12 14

Financial AdviserPlannerWealth Manager

Manager of Managers

Investment Strategist

Relationship ManagerAccount Manager

Risk AnalystManager

Corporate Financial Analyst

Portfolio Manager

Consultant

Trader

Research AnalystInvestment Analystor Quantitative Analyst

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 8: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession

More than 181000

members in over 160

countries161 member

societies

60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92

22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50

18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20

TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures

CFA Society Istanbul

LETrsquoS WATCH CFAreg PROGRAM

CFA Society Istanbul

WITH THE CFAreg CHARTER YOU

bull Gain a profession

bull Develop a comprehensive investment perspective

bull Gain fluency in practical investment analysis and management skills

bull Demonstrate a commitment to ethics and professional standards

bull Earn credibility with industry peers

bull Become part of a global community of top industry professionals

bull Gain the flexibility to work in any market

bull Are sought out by top industry employers

CFA Society Istanbul

WHAT CAN I DO WITH THE CFAreg CHARTER

Charterholder employment by title

0 2 4 6 8 10 12 14

Financial AdviserPlannerWealth Manager

Manager of Managers

Investment Strategist

Relationship ManagerAccount Manager

Risk AnalystManager

Corporate Financial Analyst

Portfolio Manager

Consultant

Trader

Research AnalystInvestment Analystor Quantitative Analyst

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 9: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

LETrsquoS WATCH CFAreg PROGRAM

CFA Society Istanbul

WITH THE CFAreg CHARTER YOU

bull Gain a profession

bull Develop a comprehensive investment perspective

bull Gain fluency in practical investment analysis and management skills

bull Demonstrate a commitment to ethics and professional standards

bull Earn credibility with industry peers

bull Become part of a global community of top industry professionals

bull Gain the flexibility to work in any market

bull Are sought out by top industry employers

CFA Society Istanbul

WHAT CAN I DO WITH THE CFAreg CHARTER

Charterholder employment by title

0 2 4 6 8 10 12 14

Financial AdviserPlannerWealth Manager

Manager of Managers

Investment Strategist

Relationship ManagerAccount Manager

Risk AnalystManager

Corporate Financial Analyst

Portfolio Manager

Consultant

Trader

Research AnalystInvestment Analystor Quantitative Analyst

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 10: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

WITH THE CFAreg CHARTER YOU

bull Gain a profession

bull Develop a comprehensive investment perspective

bull Gain fluency in practical investment analysis and management skills

bull Demonstrate a commitment to ethics and professional standards

bull Earn credibility with industry peers

bull Become part of a global community of top industry professionals

bull Gain the flexibility to work in any market

bull Are sought out by top industry employers

CFA Society Istanbul

WHAT CAN I DO WITH THE CFAreg CHARTER

Charterholder employment by title

0 2 4 6 8 10 12 14

Financial AdviserPlannerWealth Manager

Manager of Managers

Investment Strategist

Relationship ManagerAccount Manager

Risk AnalystManager

Corporate Financial Analyst

Portfolio Manager

Consultant

Trader

Research AnalystInvestment Analystor Quantitative Analyst

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 11: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

WHAT CAN I DO WITH THE CFAreg CHARTER

Charterholder employment by title

0 2 4 6 8 10 12 14

Financial AdviserPlannerWealth Manager

Manager of Managers

Investment Strategist

Relationship ManagerAccount Manager

Risk AnalystManager

Corporate Financial Analyst

Portfolio Manager

Consultant

Trader

Research AnalystInvestment Analystor Quantitative Analyst

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 12: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

0 5 10 15 20 25

Accounting Firm

Sovereign Wealth Fund

Private Wealth Management FirmFamily OfficeTrusts

Central Bank

UniversityEducationalInstitution

Governmentor Regulator

Brokerage

Consulting Firm

Investment Bank

Others

Asset ManagementInvestment Firm

Commercial Bank

MEMBERS WORK FORhellip

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 13: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

A RICH HISTORY

1ST EXAM 1963

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 14: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul 14

224052244881

270152

319189

354275 348595

686

813

908

1024

1146

1326

0

200

400

600

800

1000

1200

1400

0

50000

100000

150000

200000

250000

300000

350000

400000

2015 2016 2017 2018 2019 2020

CANDIDATE EXAM REGISTRATIONS

Global Turkey

DEMAND FOR THE CFA reg CHARTER

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 15: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

THE EXAM DIGITAL TRANSITION

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 16: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

Bachelorrsquos degree or in final year of

bachelorrsquosLevel I II III Exams

4 years work experience

CFAreg Charter

THE CFA reg EQUATION

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 17: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

WHAT YOU LEARN AS A CFAreg CHARTERHOLDER

bull Investment (equity and fixed income) analysis

bull Portfolio management

bull Wealth planning

bull Economic theory

bull Alternatives and derivatives

bull Performance measurement amp evaluation

bull Risk management

bull Financial reporting

bull Quantitative methods

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 18: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 19: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CODE OF ETHICSI will

Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets

Place the integrity of the investment profession and the interests of clients above my own personal interests

Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities

Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession

Promote the integrity and viability of the global capital markets for the ultimate benefit of society

Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals

Adhere to this code of ethics

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 20: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

THREE LEVELS OF CFAreg PROGRAM EXAMS

Level I

49

29

15 Ethics 7

Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance

Level II

30-5535-70

10-15 Ethics

7

Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment

Level III

22-65

10-15 Ethics

40-55

Portfolio Management ampWealth Planning

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 21: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER

of QUESTİONS

Level IJune ndash December

Level IIJune Only

Level IIIJune Only

Multiple Choice

Item Sets cases mdash 6 related multiple choice

questions

ConstructedResponse

(essay) Item Sets

Machine graded Extensive sampling

Machine gradedExtensive sampling

Item Sets mdash Machine graded extensive

samplingConstructed Response

Graded by teams of charterholders

240 Questions (120 in am and 120 in pm)

20 Item Sets(10 in am and

10 in pm)

Variable number of constructed

response questions

CFAreg EXAM

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 22: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

For all levels there is an exam of 6 hours

Level WhenPass rates

(2008-2017)Format Number of questions

Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions

Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)

1 Morning session 10 item set question2 Afternoon session 10 item set questions

Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response

(essay type) questions (8-12)2 Afternoon session 10 item set questions

CFAreg EXAM

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 23: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

ENROLLMENT DETAILS ndash December 2020 EXAM

Early Registration Standard Registration Late Registration

Deadline 25 March 2020 19 August 2020 9 September 2020

Fee $700 $1000 $1450

One off enrollment fee $450 (only payable once)

The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above

Level 1 exam is also offered in December

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 24: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CFAreg EXAM FEES

Total cost depending on early or late registration is between $2550-4800

US$ Early registration Standard registration Late registration

Number of months to the exam 85 months 4 months 3 months

Program registration fee 450 450 450

Level 1 exam fee 700 1000 1450

Level 2 exam fee 700 1000 1450

Level 3 exam fee 700 1000 1450

Total cost (US$) 2550 3450 4800

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 25: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by

regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth

and depth of our program curricula as well as our leadership in ethics education

Waivers and Exemptions

from UniversitiesIf yoursquore considering a graduate degree

in banking investment or financial

services and you are enrolled in or

have completed the CFA Program you

may be eligible for a waiver of the

GMAT entrance exam or some

university courses

An example

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 26: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

SCHOLARSHIPS

ACCESS SCHOLARSHIPS

SCHWESER - CFA SOCIETY ISTANBUL

SCHOLARSHIP

Access scholarships provide needs-based

scholarship opportunities for those unable to afford the full

price of the CFAreg Program

enrolment and registration fees

AWARENESS SCHOLARSHIPS

Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world

There is also a Women in Investment Management Scholarship just for women

The awarded Candidates will choose one of the below scholarship products

A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)

B ndash 16-Week Online Class wWorkbook and Class Archives

C ndash Schwesers Final Review Pack

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 27: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM

1 Pay the exam fee

2 Pay the membership fee

3 Be a sponsor for local society events

4 Allow CFA-program ambassador(s) to announce society events in the

firm

5 Allow candidates to use the office for study groups after work give

paid study days maybe even a week

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 28: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

SAMPLE EXAM QUESTIONS

Level 1

Level 2

Level 3

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 29: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

TIPS and MYTHS

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 30: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

TOP 10 EXAM TIPS

Start early create a schedule and prepare for about 300 hours

Study the Learning Outcome Statements (LOS)

Practice using end-of-reading question mock exams and sample exams

Make sure rest the day before exam

Show up on exam day and answer all questions

Listen carefully to announcements and pre-exam day communications

Watch your time and pace yourself

Stay calm

Get the ethics right

Tell your friends and family about your commitment to the CFAreg program

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 31: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

TOP 10 EXAM MYTHS NOT TRUE

The question writers look at what prep courses are saying and test the opposite

The question writer is trying to trick me

Questions that nearly everyone got right are thrown out

Questions that nearly everyone got wrong are thrown out

You must finish the program within a certain time frame so you must take the exams in consecutive sittings

A month is plenty of time to study

I do not need to read the assigned curriculum ndash I already do this stuff at work

A friendrsquos prep notes from three years ago are good enough

CFA Institute has a targeted pass rate

The minimum pass score is 70

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 32: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo

Timo Schmid CFAWesfarmersAustralia

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 33: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

Established in 2003

350 members

270 CFA charterholders

Outreach activities Universities Employers Regulatory

Conferences amp Events

Jobline amp Internships

Istanbul December Test Center

Whatsapp groups for candidates

Newsletters

CFA Societies Passport Program

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 34: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 35: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CONFERENCES amp EVENTS

JOBLINE

RESEARCH CHALLENGE

MAKROPANEL

INVESTORS FIRST

WOMEN IN FINANCE

CHARTER AWARD CEREMONY

PENSIONS

NETWORKING

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 36: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

16 OCTOBER TURKEY INVESTMENT CONFERENCE

2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE

in İstanbul on 17-19 October

2020 CEE Women in Investment Management

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 37: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

10TH MACRO PANEL DECEMBER 2019

Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 38: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

WOMEN IN FINANCE PANEL

MARCH 4 2020

İlke Homriş CFA CFA Society Istanbul

Alper Alkan CFA CFA Society Istanbul

Ebru Dildar Edin Garanti BBVA

Banuhan Yuumlruumlkoğlu Akiş GYO

Esra Genccediltuumlrk Oumlzyeğin University

Şebnem Uumlnluuml UumlnluumlampCo

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 39: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CHARTERHOLDERS IN TURKEY

TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS

0 5 10 15 20

ING BANK

GARANTI

AK GRUBU

YKB

İŞ GRUBU

of employees

Job Function

Research Analyst 12

Consultant 9

Portfolio Manager 9

Trader 9

Corporate Financial

Analyst

7

Society Membership Demographics

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 40: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CFAreg SOCIETIES PASSPORT PROGRAM

Benefits

Enhanced member value through opportunities to extend global

networking and access to global professional development

opportunities

Promotion of CFA Institute Continuing Education credits

Increased promotion of the societyrsquos brand to other members

and markets

CFA Society Austria CFA Society Belgium CFA Society Czech

Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait

CFA Society Liechtenstein

CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland

Most EMEA Societies

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 41: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov

CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019

10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 42: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

26 February 2019Development Finance in Emerging Markets by CFA charterholders at

IFC Istanbul office

SPEAKER EVENTS from CFA SOCIETY ISTANBUL

25 April 2019Structure of the Board of Directors

Independent Member Selection for Board of Directors Board Member fees and Legal

Framework Panel

2 May 2019Turkish Wealth Fund CEO

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 43: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

25 July 2019C-Chat E

Yılmaz Arısoy 2 October 2019C-Chat

Cheryl Einhorn

8 October 2019C-Chat

Goumlnenccedil Guumlrkaynak

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 44: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

12 September 2019Investment Professional of the Future

Bob Stammers CFA 19 December 2019Oumlvuumll Sezer

26 December 2019Oumlzguumlr Kaya CFA

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 45: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

OUTREACH ACTIVITIES

University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)

Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and

Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the

topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program

exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The

University Recognition Program is intended to be a solely curriculum-based relationship

Investment Research Challenge (IRC) ndash every year

Ethics Challenge ndash planned

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 46: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

UNIVERSITY OUTREACH

HACETTEPE UNIVERSITY April 11

TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15

BILKENT UNIVERSITY December 27

KOC UNIVERSITY March 23

BOGAZICI UNIVERSITY December 10

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 47: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

DOKUZ EYLUL UNIVERSITY March 21

IZMIR ECONOMY UNIVERSITY March 21

TOBB UNIVERSITY May 14

BILGI UNIVERSITY December 18

ISTANBUL TECHNICAL UNIVERSITY February 21

ISTANBUL COMMERCE UNIVERSITY February 24

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 48: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING

NOVEMBER 7 2019

On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting

2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 49: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

RESEARCH CHALLENGE 2020 LOCAL FINAL

LETrsquoS WATCH

HIGHLIGHTS FROM THE

CHALLENGE

WINNER TEAMrsquoS SPEECH

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 50: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT

New CFAs December 2019 ndash joined by Alex King CFA

Letrsquos watch

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 51: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

REGULATORY OUTREACH

Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara

Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul

Turkish Court of Accounts Ankara

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 52: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

EMPLOYER OUTREACH

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 53: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

Thank you for listeningAny questions

Learn more at wwwcfainstituteorg

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 54: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

MORE INFORMATION

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 55: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CFAreg Level 1 Main Subjects amp Reading Materials (2018)

R6 Time Value of Money

R7 Discounted Cash Flow Applications

R8 Statistical Concepts and Market Returns

R9 Probability Concepts

R10 Common Probability Distributions

R11 Sampling and Estimation

R12 Hypothesis Testing

R13 Technical Analysis

Quantitative Methods

R14 Topics in Demand and Supply Analysis

R15 The Firm and Market Structures

R16 Aggregate Output Prices and Economic Growth

R17 Understanding Business Cycles

R18 Monetary and Fiscal Policy

R19 International Trade and Capital Flows

R20 Currency Exchange Rates

Economics

R21 Financial Statement Analysis An Introduction

R22 Financial Reporting Mechanics

R23 Financial Reporting Standards

R24 Understanding Income Statetements

R25 Understanding Balance Sheets

R26 Understanding Cash Flow Statements

R27 Financial Analysis Techniques

R28 Inventories

R29 Long Lived Assets

R30 Income Taxes

R31 Non-Current (Long term) Liabilities

R32 Financial Reporting Quality

R33 Financial Statement Analysis Applications

Financial Reporting and Analysis

R34 Corporate Governance and ESG An Introduction

R35 Capital Budgeting

R36 Cost of Capital

R37 Measures of Leverage

R38 Working Capital Management

Corporate Finance

R50 Fixed Income Securities- Defining Elements

R51 Fixed-Income Markets Issuance Trading and Funding

R52 Introduction to Fixed-Income Valuation

R53 Introduction to Asset-Backed Securities

R54 Understanding Fixed-Income Risk and Return

R55 Fundamentals of Credit Analysis

Fixed Income

R39 Portfolio Management An Overview

R40 Risk Management An Introduction

R41 Portfolio Risk and Return Part 1

R42 Portfolio Risk and Return Part 2

R43 Basics of Portfolio Planning and Construction

Portfolio Management

R56 Derivative Markets and Instruments

R57 Basics of Derivative Pricing and Valuation

Derivatives

R58 Introduction to Alternative Investments

Alternative Investments

R44 Market Organisation and Structure

R45 Security Market Indexes

R46 Market Efficiency

R47 Overview of Equity Securities

R48 Introduction to Industry and Company Analysis

R49 Equity Valuation Concepts and Basic Tools

Equity

R1-R5 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 56: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CFAreg Level 2

R9 Correlation and Regression

R10 Multiple Regression and Issues in Regression Analysis

R11 Time Series Analysis

R12Excerpt from Probabilistic Approaches Scenario Analysis

Decision Trees and Simulations

Quantitative Methods

R13Currency Exchange Rates- Understanding Equilibrium

Value

R14 Econonic Growth and the Investment Decision

R15 Economics of Regulation

Economics

R16 Intercorporporate Investments

R17Employee Compenstation Post- Employment and Share

Based

R18 Multinational Operations

R19 Evaluating Quality of Financial Reports

R20 Integration of Financial Analysis Techniques

Financial Reporting and Analysis

R21 Capital Budgeting

R22 Capital Structure

R23 Dividends and Share Purchases Analysis

R24 Corporote Performance Governance and Business Ethics

R25 Corporate Governance

R26 MampA

Corporate Finance

R35 Term Structure of Interest Rates

R36 The Arbirtage Free Valuation Framework

R37Valuation and Analysis Bonds with Embedded

Options

R38 Credit Analysis Models

R39 Credit Default Swaps

Fixed Income

R47 The Portfolio Management Process

R48 An Intro to Multifactor Models

R49 Measuring and Managing Market Risk

R50 Economics and Investment Markets

R51 Analysis of Active Portfolio Management

R52 Algorithmic Trading and High-Frequency Trading

Portfolio ManagementR40 Pricing and Valuation of Forward Commitments

R41 Valuation of Contingent Claims

R42 Derivatives Strategies

Derivatives

R43 Private Real Estate Investmenst

R44 Publicly Traded Real Estate Securities

R45 Private Equity Valuation

R46Commodities and Commodity Derivatives

An Introduction

Alternative Investments

R27 Equity Valuation Application and Process

R28 Return Concepts

R29 Industry and Company Analysis

R30 Discounted Dividend Valuation

R31 Cash Flow Valuation

R32Market-Based Valuation Price and Enterprise

Value Multiples

R33 Residual Income Valuation

R34 Private Company Valuation

Equity Valuation

Main Subjects amp Reading Materials (2018)

R1-R9 Ethics and Professional Standards

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)

Page 57: CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected and recognized investment designation in the industry held by more than 200,000

CFA Society Istanbul

CFAreg Level 3

R5 The Behaviorial Finance Perspective

R6 The Behaviorial Biases of Individuals

R7 Behaviorial Finance and Investment Processes

Behaviorial Finance

R8 Managing Individual Investor Portfolios

R9 Taxes and Private Wealth Management in a Global Context

R10 Estate Planning in a Global Context

R11 Concentrated Single Asset Positions

R12 Risk Management for Individuals

Private Wealth Management

R16 Intro to Asset Allocation

R17 Principles of Asset Allocation

R18 Asset Allocation with Real World Constraints

R19 Currency Management An Introduction

R20 Market Indexes and Benchmarks

Asset Allocation and Related Decisions in Portfolio Management

R13 Managing Institutional Investors Portfolios

R14 Capital Market Expectations

R15 Equity Market Valuation

Portfolio Management forInstitutional Investors

R27 Risk Management

R28Risk Management Applications of Forward and Futures

Strategies

R29 Risk Management Applications of Option Strategies

R30 Risk Management Applications of Swap Strategies

Risk Management

R25 Equity Portfolio Management

Equity Portfolio Management

R31 Execution of Portfolio Decisions

R32 Monitoring and Rebalancing

Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management

R22 Liability Driven and Index-Based Strategies

R23 Yield Curve Strategies

R24 Credit Strategies

Fixed Income Portfolio Management

R26 Alternative Investments Portfolio Management

Alternative Investments Portfolio Management

R33 Evaluating Portfolio Performance

Performance Evaluation

R34 Overview of the GIPS

Global Investment PerformanceStandarts

R1-R4 Ethics and Professional Standards and Applications

Main Subjects amp Reading Materials (2018)