News Announcement from CFA Institute
1. 6,227 Investment Professionals in the GCC and Middle East Commit to Advancing Professional Excellence and Standards by Taking June 2009 CFA Exams
2. Increasing demand leads to opening of new examination centre in Dubai from December 2009 onwards
CFA Institute, the preeminent global body of investment professionals, has announced that despite the global economic downturn, a record number of 6,227 investment professionals from nine GCC and Middle East countries reaffirmed their commitment to the highest level of professionalism by enrolling for the CFA exams across the UAE, Oman, Bahrain, Saudi Arabia, Qatar, Kuwait, Lebanon, Jordan, and Egypt. This represents a 26% increase from last year.
“During this time of great uncertainty in financial markets, it is critical that the global investment profession upholds what all CFA charterholders hold true: ethics, rigour, tenacity, and analytics,†said John Rogers, CFA, president and CEO of CFA Institute. “Market turbulence, low investor confidence, and regulatory reforms present CFA Institute and its current and aspiring CFA charterholders with the opportunity to lead the profession and to put investors’ interests first. In this regard, CFA Institute continues to be actively engaged in regulatory reform efforts, investor protection, and advancing ethics training for the financial services industry. â€
The CFA examination is considered by many to be the investment profession’s most rigourous credentialing programme. Level I is administered twice per year, in June and December, and Levels II and III are administered just once per year, in June.
Commenting on the growth in the GCC and Middle East, Nitin Mehta, managing director for Europe, Middle East and Africa at CFA Institute, said, “Globally, we have seen a 14% increase in examination registrations from fiscal year 2008. In the GCC and Middle East, overall registrations grew by 26%, with Oman (34%), UAE (31%), Bahrain (28%), Lebanon (27%), Egypt (26%), Jordan (12%), Saudi Arabia (7%), Qatar (6%) and Kuwait (5%), leading the way. Evidently, the increase in the GCC and Middle East registrations shows the value placed on obtaining the CFA charter across the region.â€
CFA Institute recommends that to be successful, a candidate should study in excess of 750â€900 hours for the three examination levels. On average, successful candidates take four years to complete the selfâ€study program and examinations to earn the CFA charter. In addition to passing the exams, candidates must also have at least four years of work experience in the investment profession and must commit to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, a commitment they must reaffirm each year to maintain the charter.
Since 1990, the compound annual growth rate for global registrations in the CFA Program has been approximately 16% while the compound annual growth rate for CFA Institute membership has been approximately 9%.
CFA Institute is also due to establish an additional test centre in the UAE. This comes off the back of the global increase in numbers taking the exams. In addition to the existing centre in Abu Dhabi a new exam centre will be established in Dubai for the first time for the December Level I sittings and for all three levels from June 2010. This is to accommodate the growing number of candidates who are sitting the exam in the UAE as well as to support candidates in both financial centres.
About CFA Institute
CFA Institute is the global association for investment professionals. It administers the CFA and CIPM curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has nearly 100,000 members, who include the world’s 85,114 CFA charterholders, as well as 136 affiliated professional societies in 57 countries and territories. More information may be found at www.cfainstitute.org
About the CFA Institute Centre for Financial Market Integrity
The CFA Institute Centre develops timely, practical solutions to global capital market issues. Established in 2004, the CFA Institute Centre builds upon the CFA Institute mission to lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence. It carries forward the organization’s 60-year history of standards and advocacy work, especially its Code of Ethics and Standards of Professional Conduct for the investment profession. More information may be found at www.cfainstitute.org/centre
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