Late last year the CFA Society of the Cayman Islands held its annual Charter awards dinner at Mezza. This annual event is held to recognise and congratulate the new CFA charterholders and was attended by the Financial Secretary, Kenneth Jefferson. CFA board member Russell Burt reports.
This year we presented five charters to the following: Ross Jensen, Harmonic; Liezel Kleynhans, Maples Finance; Sven-Michael Schulz, KPMG; Mathew Conner Clingerman, Krys and Associates and James G.S. Gilbert, UBS.
Candidates all undertook study for three exams using an assigned curriculum and then took the three levels of the exams sequentially. Having passed all three exams, met the professional and ethical requirements, and become a regular member of CFA Institute, they then became a CFA charterholder.
Exams for all levels are held in locations around the world. Level I exams are held in June and December. Levels II and III are only held in June.
In 2008 worldwide pass rates for the three levels of exams were:
Level 1 35 per cent (2007 the figure was 40 per cent)
Level 2 46 per cent (2007 40 per cent)
Level 3 53 per cent (2007 50 percent)
The pass rates in themselves demonstrate how tough the exams are, and thus designation is to earn. The Economist ranked the CFA Programme as the gold standard among investment analysis designations.
At this year’s event to present new charters the Financial Secretary, Kenneth Jefferson thanked members of the CFA Society for the level of professionalism and the commitment they have made in making the Cayman Islands financial services sector the success it is today.
He went on to state: “We maintain a high regard for the work of the CFA Society here in Cayman and believe that its work and efforts strongly support our collective efforts to enhance the professional excellence of our jurisdiction.”
The very first CFA exams were held in June 1963, when only 284 senior analysts worldwide sat for the first-ever CFA exam. In June 2008, more than 90,000 candidates from 162 countries sat for one of the three levels of the CFA exam. In studying for the CFA, candidates seeking the credibility, competitive advantage, connections and recognition that the qualification provides. Increasingly, employers are seeking the CFA designation in the Cayman Islands and abroad as a yardstick for excellence.
Further information on becoming a candidate is available at: http://www.cfainstitute.org/cfaprog/index.html
The CFA Society of the Cayman Islands also offers scholarships to Caymanian applicants, to assist with the expense of studying and enrolling for the exams. Applicants should contact the membership chair Geoff Ruddick at [email protected] for more information.