CONTENTS
PART I
• About CFA Institute
• The CFA Program
• CFA Candidates Information and Support
PART II
• About CFA Society Taiwan
PART III
• About Research Challenge
2
Leads the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society
4
+Educated,
ethical investment
professionals
=Financial markets
that reflect
CFA Institute beliefs
Global financial
markets that serve
the public interest
MEMBERSHIP, CANDIDATES, AND SOCIETIES
5
AMERICAS
Members: 86,860
CFA Program Administrations: 80,860
Societies: 89
62% 21%
EMEA
Members: 29,320
CFA Program Administrations: 52,510
Societies: 40
17%
ASIA PACIFIC
Members: 24,470
CFA Program Administrations: 111,510
Societies: 18
147 member societies
More than 140,000 members in 145 countries
As of December 2016
CFA INSTITUTE CREDENTIALING PROGRAMS
6
Three exams
CFA® ProgramInvestment decision-making and strategy
Portfolio and wealth management
Institutional investing
Investment analysis
Four years of
professional
experience
Two exams
CIPM® ProgramInvestment performance and risk evaluation
Risk management
Financial planning
Manager search and selection
Investment analysis
Client relations
Two years of
professional
experience
Ethics
Investment roles
A clear understanding of
the global investment industry
Investment
Foundations™ ProgramIndustry essentials
One examNo experience
required
See program details at www.cfainstitute.org/programs
“Among the countless finance
degrees around the world, the
Chartered Financial Analyst
qualification has become the
gold standard.”
Financial Times
13 August 2010
THE CFA CHARTER
A mark of distinction and globally recognized professional credential in the investment management industry
8
Courtesy of Rip Payne
CFA CHARTER: THE GOLD STANDARD
9
Held by more than 150,000
investment professionals
working in more than
165 countries
More than 425 universities around the
world incorporate the CFA curriculum
into their degree programs
Graduate-level investment credential
Recognized by regulatory bodies in
many countries as a proxy for meeting
certain licensing requirements
THE CFA EQUATION
10
+Level I, II, III
exams
4 years
qualified work
experience
CFA Charter+ =Bachelor’s
degree or
in final year
of bachelor’s
THE THREE LEVELS OF THE CFA EXAM
11
LEVEL I LEVEL II LEVEL III
Ethics & Professional Standards
• Quantitative Methods
• Economics
• Financial Reporting & Analysis
• Corporate Finance
Investment Tools
• Equity Investments
• Fixed Income
• Derivatives
• Alternative Investments
Asset Classes
• Portfolio Management
• Wealth Planning
Portfolio Management & Wealth Planning
Ethics Ethics Ethics
Knowledge/Comprehension
Application/Analysis
Synthesis/Evaluation
THE VALUE OF THE CHARTER
CFA Program Benefits
12
GOLD STANDARDCFA equips you not only to enter the
profession but also to excel
UNMATCHED EXPERTISEOur rigorous curriculum will equip you
for complex investment decisions
GLOBAL PASSPORTEarn waivers from regulatory agencies,
graduate programs, and more
CAREER RESOURCESGain access to career guides, thought
leadership, and continuing education
STRONG ETHICAL FOUNDATIONGain confidence and clarity in navigating
ethical issues
PRESTIGIOUS NETWORKConnect with an exclusive group of
outstanding investment professionals
REGULATORY RECOGNITION
14
NUMBER OF WAIVERS
NUMBER OF COUNTRIES GRANTING WAIVERS
By Job Function
130
From Professional Bodies
16
From Educational Bodies
24
Americas
6
Europe, Middle East, Africa
14
Asia Pacific
13
15
“I wanted a globally recognized
qualification that would prove
my competency.”
Nina de Martinis-Majstorovic, CFA
Paris, FRANCE
16
“Early in my career, my boss
told me if you want to be
successful, you’d better think
about earning the CFA charter.”
Dr. Bruce Wonil Lee, CFA
Seoul, SOUTH KOREA
17
“Our industry has so many
different types of products, and
the CFA Program covers every
single different area.”
Ken Luce, CFA
Toronto, CANADA
18
“I chose the CFA program due
to its rigorous curriculum and
reputation, and because you can
do it part time as opposed to
going away full time for an MBA.”
Ashley Khoo, CFA
Hong Kong, CHINA
19
“The CFA Program taught me
valuable skills: how to analyze
and how to study.”
Rana Atallah, CFA
Kuwait City, KUWAIT
WHAT CAN I DO WITH THE CFA CHARTER?
20
Charterholder Employment by
Primary Investment Practice Charterholder Employment by Title
*As of October 2016
TOP GLOBAL EMPLOYERS OF CHARTERHOLDERS
22
Allianz SE
Bank of America Merrill Lynch
Barclays
BlackRock
BMO Financial Group
Citigroup
Credit Suisse
Deutsche Bank
Ernst & Young
Fidelity Investments
Goldman Sachs
HSBC
JP Morgan Chase
Morgan Stanley Smith Barney
PricewaterhouseCoopers
RBC
Scotiabank Group
TD Bank Financial Group
UBS
Wells Fargo
2017 REFRESHER READINGS
This year’s curriculum updates reflect the importance of three primary areas: ethics; risk management; and environmental, social, and governance (ESG) factors
24
Ethics and Trust in the Investment Profession
Topics in Demand and Supply Analysis
Corporate Governance and ESG:
An Introduction
Integration of Financial Statement
Analysis Techniques
Pricing and Valuation of
Forward Commitments
Valuation of Contingent Claims
Derivatives Strategies
Commodities and Commodity Derivatives:
An Introduction
Measuring and Managing Market Risk
Algorithmic Trading and
High-Frequency Trading
Risk Management for Individuals
THE KEYS TO CFA PROGRAM SUCCESS
25
Average completion time is four years,
with most candidates taking between
two and five years
Successful candidates report dedicating
more than 300 hours of study per level
The CFA program curriculum is the only
source material for exam writers
AVAILABLE STUDY TOOLS
• Curriculum eBook
• Interactive study planner
• Topic tests and mock exams
• Mobile study app
All three levels offered in June; Level I also offered in December
Timeline
Award
Award
Cycle
Timeline
CFA PROGRAM SCHOLARSHIPS
26
Access Scholarships Awareness Scholarships
Access scholarships provide needs-based scholarship opportunities
for those unable to afford the full price of the CFA Program enrollment
and registration fees
Awareness scholarships are offered to key influencers in the media,
academic, and financial communities, such as college/university
faculty, college students affiliated with our Recognized Universities
and CFA Program Partner schools, regulatory agencies, and media
organization employees around the world
Waive the CFA Program enrollment fee and reduce the exam
registration fee (includes access to the curriculum eBook) to US$250
Waive the CFA Program enrollment fee and reduce the exam
registration fee (includes access to the curriculum eBook) to US$350
Access scholarships are awarded in December to be applied to exams
in the following year. Awards can be applied to any CFA Program level
(I, II, or III) and either exam cycle (June or December)
Awareness scholarships are awarded as they are received and
processed in the current year. Awards can be applied to any CFA
Program level (I, II, or III) and either exam cycle (June or December)
Application submission period: March to September
every calendar year
Society review process: Late September to October
every calendar year
CFA Institute review process: November
Award announcement by CFA Institute: Early December
Application deadlines for the June exam are in early February.
Application deadlines for the December exam are in early September
Award
Award
Cycle
We award 2,600+ Access Scholarships and 3,800+ Awareness Scholarships to deserving recipients each year
EXAM SCHEDULE AND PRICING OVERVIEW
28
Program Overview 2019
CFA®
PROGRAM
Professional/graduate level
Pricing (US$)June 2019
Timeline
enrollment fee early registration standard registration late registration
$450 plus $650 or $950 or $1,380
Early
registration
deadline
Standard
registration
deadline
Late
registration
deadline
Exam
dayExam
results
June 2019
(Level I, II, III)
17 Oct
2018
13 Feb
2019
13 Mar
2019
15-16 Jun
2019Aug 2019
Dec 2019
(Level I only)
27 Mar
2019
14 Aug
2019
11 Sep
2019
7 Dec
2019Jan 2019
CFA SOCIETY TAIWAN
• 會員人數:截至2019.02.28,會員人數為401人。
31
1.1 Active Society Members
Year-End as of 30 June
Year-to-Date as of 28 February
5 - Year CAGR (Compound Annual Growth Rate): 8.4%
246 263 296 319
352 369 361 401
2013 2014 2015 2016 2017 2018 2018YTD
2019YTD
MEMBERS WORK FOR …
32
2.1 Member Job FunctionsAs of 28 Feb 2019
Cathay Financial Holdings Company
Mega Financial Holding Company
0% 5% 10% 15% 20% 25%
Portfolio Manager
Other
Research Analyst, Investment Analyst, orQuantitative Analyst
Financial Adviser/Planner/WealthManager
Risk Analyst/Manager
Corporate Financial Analyst
Consultant
Trader
Sales Agent (Securities, Commodities,Financial Services)
Investment Strategist
TOP EMPLOYERS IN TAIWAN …
33
2.2 Member Top EmployersAs of 31 Aug 2018
0 20 40 60 80
Cathay Financial Holdings Company
Fubon Financial
Yuanta Financial Holdings
CTBC Financial Holding Co., Ltd.
Taishin Financial Holdings
Deloitte
KGI Group
HSBC
Citigroup
Mega Financial Holding Company
Members
FY18 CFA ProgramCandidates
25%
WHAT IS THE CFA INSTITUTE RESEARCH CHALLENGE?
• How is it organized?
- Worldwide intercollegiate competition between teams of students
- Organized by local CFA Institute volunteers – usually through CFA member societies
- At least 4 teams of 3-5 students participate
• What does it involve?
- Analysis of a publicly-traded company
- Interviews with company management
- Mentoring by a CFA charterholder
- Research report writing
- Presentation of research
44
BENEFITS FOR STUDENTS
• Best practices in research and report writing
• Real-life learning experience as an Equity Analyst
• Access and exposure to leading industry professionals
• Professional report and experience to use on resume/CV and job interviews
• Experience presenting to top financial professionals
• Individual and team prizes
• Opportunity for travel
• Potential for media exposure
• Network of over 20,000 students and thousands of volunteers worldwide
46
COMPETITION TIMELINE
48
May 2018 校園說明會
30 June 2019 組隊報名完成(包含一位指導教授及3~5位學生)
15 July 2019 CFA協會確認研究標的公司及Mentor安排
15 September 2019 研究報告書審/小組名單最終確認*/完成CFA Institute網站報名程序
30 September 2019 公佈書審結果(晉級隊伍將參加台灣區準決賽)
Early October 2019 晉級隊伍教育訓練
15 December 2019 繳交書面報告(最終版本)
End of December 2019 台灣區準決賽-書面報告50%+英語口頭報告50%
Early of Feb. 2020 台灣區決賽-英語口頭報告(選出冠軍隊伍代表台灣參加亞太地區比賽)
2019/20 TOURNAMENT DIAGRAM
49
100+ LOCAL LEVEL
CHALLENGES
AP
Regional
~20
Teams
EMEA
Regional
~30
Teams
Americas
Regional
~50
Teams
Global Final 預計2020年4月舉行
預計2020年2-3
月舉行
RULES OVERVIEW
• Each team consists of 3-5 students (undergraduate or graduate)
• Universities may form up to two teams each, depending on Local Host rules
• Students must be enrolled in the university they represent and registered for at least a part-time course load at the time of the kickoff meeting
• Reports and presentations must be the students’ original work
• Students may not have contact with the subject company outside of organized events
• Students may not enlist the help of any professionals other than the mentor or faculty advisor
• Mentors and faculty may NOT contact the company
• Mentors, faculty, and subject company may NOT
provide material non-public information
• Written reports must conform to the guidelines set
forth by CFA Institute and include the cover and
back pages provided by CFA Institute
• Teams may not use props in their oral presentations
• Students, mentors, and faculty must all agree to
abide by the CFA Institute Code of Ethics and
Standards of Professional Conduct
50
ADVISOR AND MENTOR INVOLVEMENT
Faculty Advisor
• Insight and guidance on research
methods and tools as taught in academia
• 10 hours maximum of productive time
• Access to faculty for other projects
unrelated to the Research Challenge is
permitted
• All work must be the original work of the
students
Industry Mentor
• Insight and guidance on industry practice
• 6 hours maximum of productive time
• Face to face or virtual
• Company management question
development
• Review first draft of research report
• Presentation development assistance
51
ETHICS RESOURCES
• Ethical Standards for Investment
Professionals: An Interactive Case-
Based Course
• Ethics Course Module 2: Standard II—
Integrity of Capital Markets
• Ethics Course Module 3: Standard III—
Duties to Clients
• Ethics Course Module 6: Standard VI—
Conflicts of Interest
• Ethics Course Module 7: Standard VII—
Responsibilities as a CFA Institute
Member or CFA Candidate
52
REPORT SCORING
54
Section
Maximu
m Points Comments
Business Description 5
Industry Overview &
Competitive
Positioning 15
Investment Summary 20
Valuation 20
Financial Analysis 20
Investment Risks 15
Corporate
Governance 5
Total 100
PRESENTATION SCORING
55
Criteria Maximum Points Points Notes
Financial Analysis
How thorough was their
analysis of the industry,
company, and competitors?
25
Valuation
Were the valuation
methodologies appropriate and
detailed?
25
Presentation
How effective/convincing was
their presentation? Was it
logical and did the facts support
the recommendation?
20
Question & Answer
Were they able to answer the
questions effectively and with
confidence?
20
Team Involvement
Team involvement in the
presentation/questions and
answers
5
Materials
Quality of slides5
Total 100
WHERE TO BEGIN
• Visit the CFA Institute Research Challenge website:
• https://www.cfainstitute.org/en/societies/challenge/students CFA Institute
活動官網
• https://www.cfasociety.org/taiwan/Pages/Research-Challenge.aspx CFA
Society Taiwan網頁資訊
• https://www.facebook.com/CFATaiwanRC/?ref=bookmarks CFA Society
Taiwan – Research Challenge粉絲頁
• Register for the Taiwan competition http://gg.gg/1920RCTW
• Materials for Competition Preparation
- Peruse educational materials selected specifically for participants
- Watch videos of past presentations
- View past reports from winning teams
- https://www.cfainstitute.org/societies/challenge/past-champions 前幾年冠軍隊伍的報告暨Presentation資訊
• Students MUST register on the CFA Institute website by 15 September
2019 (報名網站: TBA, 預計8月中通知)
57
報名比賽
• 2019.06.30前完成台灣區比賽報名,需至下面連結填寫Google表單
- 每隊人數3-5人 (隊長1人, 隊員2-4人)
- 隊長必須提供Line ID, 方便協會公告比賽注意事項
- Register for the Taiwan competition
https://forms.gle/wSPPURE6YsxhSt979
• 2019.09.15 繳交書面報告前, 完成CFA Institute官網正式報名
- 所有學生只能參加一屆CFA Institute Research Challenge, 透過CFA Institute官網正式報名後即視為參加比賽
- 填寫官網正式報名後, 小組隊員則不可再有異動
- 報名網站: 預計8月中會另行通知
58
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