Work Experience Guidelines For Eventual Award of the CFA Charter

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Bryan Osborne
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1 Work Experience Guidelines FOR THOSE CANDIDATES WHO WERE REGISTERED BEFORE THE 2005 EXAMINATION YEAR AND WHO BECOME A REGULAR MEMBER BY 1 JULY 2007, THE FOLLOWING REQUIREMENTS AND WORK EXPERIENCE GUIDELINES APPLY. Work Experience Guidelines For Eventual Award of the CFA Charter Three years of acceptable professional work experience are required before the CFA charter can be awarded. This experience may be accrued while the candidate is in the CFA Program, after the candidate has passed all three levels of examinations, or from previous positions. Acceptable work experience includes activities that consist to a significant extent of collecting, evaluating, or applying financial, economic, or statistical data (as appropriate) as part of the investment decision-making process; or supervising, directly or indirectly, persons who practice such activities; or the teaching of such activities. The investment decision-making process is the professional practice of financial analysis, investment management, securities analysis, or other similar activities. CFA CANDIDATES ARE REQUIRED TO SPEND AT LEAST 40 PERCENT OF THEIR TIME IN THESE ACTIVITIES TO ACCRUE THE REQUIRED PROFESSIONAL WORK EXPERIENCE. Summer, part-time, and internship positions do not qualify. The following job titles are provided as a guide only. Job titles alone cannot convey the true nature of the underlying job duties. Therefore, to assess professional work experience, evaluate the nature of your job activity, as described previously, rather than merely the job title. Accountant Actuary Auditor Bank Examiner Bank Lending (corporate) Business Appraiser Client Services Manager Compliance Examiner Consultant on Investment Manager Selection/Investment Policy C t Chi f Fi i l Investment Strategy Formulation Investor Relations Management Consultant (excluding personnel) Marketer (of investment management services, funds, securities, etc.) Mutual Fund Sales/Trainer Options/Futures/Commodities Portfolio Administrator P tf li M

This experience may be accrued while the candidate is in the CFA Program, after the candidate has passed all three levels of examinations, or from previous positions.

2 Corporate Chief Financial Officer Corporate Controller (not finance/not investment) Derivatives Director of Finance Director of Mutual Funds Economist (involved in investment decision-making process) Financial Journalist (Editor/Reporter/Publisher) Financial Planner Internal Corporate Planning Internal Management of Investment Firm Investment Banking/Corporate Finance Consultant Investment Sales (consultative) Portfolio Manager Portfolio Performance Evaluator Portfolio Strategist Product/Software Developer (of investment-related products/services) Professor/Instructor (investment, finance, and economics, or non-financial business administration) Quantitative Investment Real Estate Investment Manager Risk (securities related) Securities and Investment Securities Regulation Securities Trader Securities Underwriter Stockbroker/Registered Representative Valuator of Closely Held Business Valuator of Mergers/Acquisitions Venture Capital Investment (not securities)

(consultative) Portfolio Manager Portfolio Performance Evaluator Portfolio Strategist Product/Software Developer (of investment-related products/services) Professor/Instructor (investment, finance,

3 FOR THOSE WHO ARE REGISTERING FOR THE 2005 PROGRAM FOR THE FIRST TIME AND FOR ALL CANDIDATES WHO REMAIN IN THE PROGRAM AFTER 1 JULY 2007, THE FOLLOWING REQUIREMENTS AND WORK EXPERIENCE GUIDELINES APPLY. Work Experience Guidelines For Eventual Award of the CFA Charter Four years of acceptable professional work experience are required before the CFA charter can be awarded. This experience may be accrued while the candidate is in the CFA Program, after the candidate has passed all three levels of examinations, or from previous positions. Acceptable Professional Work Experience as it relates to applicants seeking to become Charterholder Members, or Regular Members, includes activities that consist to a majority extent of: (i) evaluating or applying financial, economic and/or statistical data as part of the investment decision-making process involving securities or similar investments, which includes, but is not limited to, publicly traded and privately placed stocks, bonds and mortgages and their derivatives; commodity-based derivatives and mutual funds; and other investment assets, such as real estate and commodities, if these other investment assets are held as part of a diversified, securities-oriented investment portfolio; or (ii) supervising, directly or indirectly, persons who practice such activities; or (iii) teaching such activities. CFA CANDIDATES ARE REQUIRED TO SPEND 50 PERCENT OR MORE OF THEIR TIME IN THESE ACTIVITIES TO ACCRUE THE REQUIRED PROFESSIONAL WORK EXPERIENCE. Summer, part-time, and internship positions do not qualify. The following job titles are provided as a guide only. Job titles alone cannot convey the true nature of the underlying job duties. Therefore, to assess professional work experience, evaluate the nature of your job activity, as described previously, rather than merely the job title. 1. Client Service Representative or Relationship Manager 2. Compliance /Officer 3 I C l

4 3. Investment Consultant 4. Corporate Chief Financial Officer 5. Corporate Finance 6. Investment Banking 7. Derivatives 8. Economist 9. Institutional Sales Professional/Business Development (Buy & Sell Side) 10. Investment Strategist 11. Portfolio Manager 12. Private Client Investment Advisor 13. Professor/Instructor 14. Quantitative Investment or Risk 15. Real Estate Investment Manager 16. Regulator/Supervisor of Investment Firm 17. Security/Investment 18. Securities Trader 19. Valuator of Closely Held Business 20. Venture Capital

Private Client Investment Advisor 13. Professor/Instructor 14. Quantitative Investment or Risk 15. Real Estate Investment Manager 16.

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