Institutional Profile January 2015
CFA INSTITUTE CFA Institute Global community of more than 120.000 investment professionals in more than 145 countries Develops and promotes professional and ethical standards through a graduate-level investment credential Recognized by regulatory bodies More than 180 universities incorporate the CFA curriculum into their degree programs Mission To lead the investment profession locally by setting the highest standards of ethics, education and professional excellence 2
CFA INSTITUTE In addition to administering the CFA Program, CFA Institute provides other educational opportunities including the CIPM Certification and the Claritas Investment Certificate CFA Institute Portfolio Ethics and Standards CFA Program Claritas Investment Certificate CIPM Program Events and Conferences Educational Resources and Publications 3
CFA INSTITUTE Increasingly, the CFA Charter is a globally recognized credential, with more than 120.000 investment professionals in more than 145 countries CFA Institute members by region 4
CFA INSTITUTE CFA Program candidates, many of whom represent CFA future members, have an even more diverse international profile than current members CFA Program candidates by region 5
CFA INSTITUTE To earn the Charter, there are 3 conditions, namely holding a bachelor s degree (or be in final year), demonstrate work experience and pass the three CFA exams 1 Hold a bachelor's degree in any subject (or be in the bachelor s final year) 2 Demonstrate at least four cumulative years of relevant work experience 3 Pass the three CFA exams 6
CFA INSTITUTE CFA charterholders can be found in virtually every sector of the financial markets CFA charterholders by sector (*) CFA charterholder employment by title Portfolio Managers 22% Equities 37% Research Analysts 15% Fixed Income 18% Chief Executives 7% Private Equity Derivatives Hedge Funds Real Estate 5% 4% 3% 3% Consultants Relationship Managers Risk Managers Other (e.g. traders) 6% 5% 4% 40% Structured Products Commodities Foreign Currency Indexed Venture Capital 2% 1% 1% 1% 1% Top global employers Other 6% (*) Represents 82% of respondents Source: CFA Institute (data as of September 2012). 7
CFA Society Portugal As one of 144 CFA Institute member societies, CFA Society Portugal connects its members with the world s largest association of investment professionals CFA Institute Member societies CFA Society Portugal CFA Society (others) 8
CFA Society Portugal supports CFA Institute Mission, based on four pillars CFA Institute Mission: To lead the investment profession locally by setting the highest standards of ethics, education and professional excellence. CFA Society Portugal supports CFA Institute Mission, based on the following four pillars: 1 2 Promote the ethical and professional standards within the Portuguese investment industry Facilitate the exchange of information and opinions among financial professionals 3 4 Encourage members and other investment professionals in Portugal to further their financial knowledge Promote the general public s understanding of the CFA designation and investment industry 9
The start-up group started the business plan development in 2011 and the new Society was approved and established in mid-2013 2011-2012 Preparation of the business plan first draft (throughout 2011 and 2012) Nov-2012 May-2013 Jul-2013 Aug-2013 Dec-2013 May-2014 Jun-2014 Nov-2014 Jan-2015 First Charter-award dinner in Lisbon (organized by the start-up members in Portugal and sponsored by CFA Spain) Achievement of more than 50 founding members and conclusion of new Society by-laws. Submission of documentation for CFA Institute new society approval New society in Portugal approved by the CFA Institute as a new CFA Institute member society New society legal establishment in Portugal First CFA Portugal Charter-award dinner in Lisbon First CFA Portugal conference in Católica Lisbon School of Business & Economics. Survey deployment to CFA Portugal members First CFA Portugal exam-day event First CFA Portugal career event (in Gulbenkian Foundation) Second CFA Portugal Charter-award dinner in Lisbon First CFA Portugal General Assembly 10
The composition of the CFA Portugal Statutory Bodies is the following General Assembly Miguel Maia President Carlos França Vice-President Cláudia Cruz de Almeida (Vieira de Almeida & Associados, SARL) Secretary Statutory Bodies Board of Directors Ulugbek Suyumov President Marcos Ribeiro Vice-President João Caiano Vice-President Pedro Barata Vice-President David Ribeiro Treasurer Luís Castro Secretary Cláudio Cardoso Board Member Auditor PricewaterHouseCoopers & Associados Sociedade de Revisores Oficiais de Contas, Lda., represented by José Manuel Henriques Bernardo (auditor) or Carlos Manuel Sim Sim Maia (auditor) 11
The CFA Society Portugal management team is composed by 10 members (7 board members and 3 head of committees for specific activity plans) Prof. Miguel Athayde Marques Advisory Board Board of Directors Ulugbek Suyumov (President) Pedro Barata (VP) João Caiano (VP) Marcos Soares Ribeiro (VP) David Ribeiro (Treasurer) Luís Castro (Secretary) Cláudio Cardoso (Board Member) Career Development Fund Raising Education Membership Best Practices Public Awareness Marcos Soares Ribeiro Ulugbek Suyumov Miguel Maia Cláudio Cardoso Carlos França Sandra Costeira João Caiano Society Committees Volunteers 12
The CFA Charter has been increasingly recognized in Portugal, with the membership reaching almost 100 CFA Institute members as of November 2014 Membership trend Candidate trend 57 57 71 CAGR 8,5% 80 79 84 50 93 61 181 95 211 234 244 251 115 137 127 152 219 126 234 122 86 96 97 117 99 93 112 2008 2009 2010 2011 2012 2013 2014 Portuguese Members CFA Society Portugal Members FY08 FY09 FY10 FY11 FY12 FY13 FY14 New Level I Candidates Other Candidates CFA Society Portugal members represent approximately 2/3 of the total number of CFA Institute Portuguese members (increase from 60% in 2013 to 66% in 2014) In terms of candidates, FY14 has registered an increase in the total number of candidates, specially in the case of new level I candidates (from 93 in 2013 to 112 in 2014) Source: CFA Institute.. 13
According to the CFA Portugal members survey as of June 2014, members are looking for a higher seniority level as well as more experience in his/her career Members age Occupational breakdown Portfolio Manager 40% 26% 17% Corporate Financial Analyst Research Analyst 23% 21% 10% 0% 4% 0 2% 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 6% 8% 8% 8% 15% 15% Investment Banking Analyst Manager of Managers Trader Consultant Other Current seniority level Career goals Higher seniority level 56% 44% More experience 40% 20% 24% Be promoted 36% 8% 4% Other professional project 36% Junior Senior Middle Senior management management Board level Internationalize career Increase technical knowledge 24% 20% Source: Survey as of June 2014. 14
Regarding the strategic plan, the CFA Society Portugal has defined the following driving factors to be implemented during the first 5 years of activity Provide a strong platform for continued education Organize educational events and promote participation in other educational events in Portugal Provide platform for CFA examination preparation to the CFA candidates (e.g. online training, mock exam sessions, etc.) develop a career services center Provide orientation at early career stages by setting up mentoring programs Promote information on current job offers Help members with long term career management and develop and strengthen the relationships with financial industry Organize joint workshops, training sessions and seminars to promote financial and ethical education and awareness among the financial professionals in Portugal Promote the CFA Charter awareness and value 15
CFA INSTITUTE CFA Program 16