THE CFA INSTITUTE RESEARCH CHALLENGE

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1 THE CFA INSTITUTE RESEARCH CHALLENGE Hosted by the 2015/2016

2 AGENDA CFA Institute and the The CFA Qualification CFA Charterholders The CFA Institute Research Challenge 2

3 THE CFA INSTITUTE KEY FIGURES CFA Institute is the global, not-for-profit member association of investments professionals that awards the prestigious CFA designation More than 131,000 members globally 144 member societies worldwide CFA Institute works with over 30 educational establishments as CFA Program Partners in the EMEA region e.g. EBS, Mannheim University, Goethe University, Oxford University (business school), INSEAD (France) and London Business School CFA Institute was founded in 1947 in Charlottesville, USA 3

4 e.v. - WHO WEARE The organisation The members Organised as non-profit association, managed by professionals and volunteers, founded in 2000 and currently the largest association for investment professionals in Germany Based in Frankfurt, with members all over Germany Promoting the highest professional and ethical standards in the investment industry Providing a networking platform for the German investment community as well as other stakeholders The 3 rd largest society in the EMEA region with more than 2,200 members Steady annual member growth Members include CFA Charterholders, Candidates, German Investment Professionals 4

5 THE CFA QUALIFICATION ORGANISATION IN GERMANY CFA Exam Body of knowledge Standards Post CFA Education Providing support for CFA Candidates Promoting the highest ethical standards Professional Education Providers Prep Courses Materials Mock Exams 5

6 AGENDA CFA Institute and the The CFA Qualification CFA Charterholders The CFA Institute Research Challenge 6

7 Among the countless finance degrees around the world, the Chartered Financial Analyst qualification has become the gold standard Financial Times 7

8 THE CFA QUALIFICATION - OVERVIEW The CFA Program is the benchmark of the highest professional excellence and ethical standards in the investment industry on a global basis To earn the CFA designation, candidates must - pass three exams, - have four years professional experience, - and abide by the Code of Ethics and Standards of Professional Conduct annually. 8

9 CANDIDATE BODY OF KNOWLEDGE 9

10 WITH THE CFA CHARTER You have a comprehensive investment perspective You are current with practical investment analysis and management skills You have credibility with industry peers You have the flexibility to work in any market You are sought out by top industry employers You have demonstrated a commitment to ethics

11 AGENDA CFA Institute and the The CFA Qualification CFA Charterholders in Germany The CFA Institute Research Challenge 11

12 THE CFA SOCIETY GERMANY A YOUNG, EXPERIENCED AND SOPHISTICATED COMMUNITY Education MBA Doctorate - PhD, EdD or equiv. Bachelors or equivalent Masters or equivalent 4,4% 6,6% 32,0% 71,1% More than half of CFA Society Germany members have more than 10 years of experience Represents 64% of members. Age Breakdown 22,1% 1,0% 6,0% A dynamic society with exceptional potential 30 or Younger Years Old Years in Industry 2,7% 1,6% 10,3% 7,6% 5 Years or Less 6-10 Years Years 70,6% Years Old Years Old 40,7% 37,1% Years More than 20 Years Not Applicable 12

13 MEMBERS OF THE CFA SOCIETY GERMANY Professional Position Expertise Regional Representation Portfolio Manager 23,5% Consultant 11,9% Research Analyst 9,3% Corporate Financial Analyst 8,9% Risk Manager 7,3% Investment Banking Analyst 6,7% Relationship Manager 5,8% Financial Advisor 5,0% Chief Executive 4,2% Strategist % Other % Equities 27,2% Fixed Income 24,5% Not specified 17,2% Other 6,8% Private Equity 6,6% Derivatives 6,0% Structured Products 4,9% Real Estate 2,4% Hedge Funds 1,2% Foreign Currrency 1,0% Commodities 1,0% Venture Capital 0,8% Indexed 0,4% Frankfurt 34,8% Munich 17,3% Rhine/Ruhr 14,1% Hamburg 4,6% Stuttgart 3,1% Berlin 2,5% Other 23,7% 13

14 AGENDA CFA Institute and the The CFA Qualification CFA Charterholders in Germany The CFA Institute Research Challenge 14

15 CFA INSTITUTE RESEARCH CHALLENGE GERMANY An educational initiative that promotes best practices in equity research among the next generation of analysts. The CFA Institute Research Challenge is an annual global competition which provides university students with hands-on mentoring and intensive training in financial analysis and professional ethics. Each student participant will be tested on their analytic, valuation, report writing and presentation skills and gain realworld experience as they assume the role of a research analyst. 15

16 CFA INSTITUTE RESEARCH CHALLENGE GLOBAL NETWORK In the first eight years of this annual competition, 15,000+ students from more than 1,000 universities around the world participated with the help of thousands of dedicated volunteers. 16

17 PARTICIPANTS In these universities took part in Germany: European Business School Frankfurt School of Finance and Management Goethe Business School RWTH Aachen TH Nürnberg TU München Universität Hamburg Universität Hohenheim Only one team of 3-5 students per university is admitted to take part. 17

18 GERMAN CHAMPIONS: TH NÜRNBERG The winning team from TH Nürnberg Their Industry Mentor was Krzystof Stryjecki, CFA The team was coordinated by Prof. Dr. Andreas Weese 18

19 THE STUDENT EXPERIENCE - Candid feedback from mentors, graders, and judges helped me to understand the industry - It was an honor to win US$10,000 for my university - Understanding: opportunity favors the prepared mind - My sell-side research report opened doors to a fantastic internship - I was offered a job in the investment industry where jobs are difficult to find. 19

20 THE PROCESS Form team of 3 5 students Mentoring by an industry professional (CFA Charterholder) Interview company management Compete against the world s top teams Present to a panel of industry experts Write an equity report 20

21 RULES AND TIMELINE The Challenge starts in October 2015 and ends with a presentation in early It consists of the following components: Analysis of a Public Company: Teams research the same public company, selected by the, including a question and answer session with the company management. Mentoring by a Financial Professional: Each team is mentored by a professional research analyst, who reviews and critiques the team's report. Research Report: Each team writes a research report on the subject company which is then critiqued and evaluated by experienced financial experts. Presentation of Research: the 3 best teams (selected by their reports) present to a high-profile panel of CFA Charterholders and executives from the financial industry. The winning team will be selected based on the combined scores for the written report and the presentation. The winner will take part in the CFA Institute Regional Challenge for the EMEAregion and in case of success in the Global Final held in April. 21

22 TIMELINE (1) Beginning of October Universities submit team applications to Society Mid October Kick-off conference call Beginning of November Teams submit up to 3 questions for the subject company to Society Mid November Subject Company Visit: Teams to attend Company presentation - Travel expenses will be partially reimbursed (based on guidelines of the ) January Teams submit final reports to Society by 5pm Exact schedule will be available in September

23 TIMELINE (2) February Local Final held in Frankfurt - Overall winner announced at Final April EMEA Regional Final/ Global Final Exact schedule will be available in September

24 SUBJECT COMPANY The same company will be analyzed by all teams In 2011 the subject company was Pfeiffer Vacuum In 2012 the subject company was adidas Group In 2013 the subject company was HUGO BOSS In 2014 the subject company was Kabel Deutschland In 2015 the subject company was Wacker Chemie 24