THE CFA INSTITUTE RESEARCH CHALLENGE

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1 THE CFA INSTITUTE RESEARCH CHALLENGE Hosted by the 2017/2018

2 AGENDA CFA Institute and the CFA Society Germany The CFA Qualification The CFA Institute Research Challenge 2 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 145,000 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 3

4 - WHO WE ARE The organisation 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 members One of the largest societies in the EMEA region with more than 2,500 members Steady annual member growth Members include CFA Charterholders, Candidates, German Investment Professionals 4 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 5

6 AGENDA CFA Institute and the CFA Society Germany The CFA Qualification The CFA Institute Research Challenge 6 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 CHARTER - Graduate-level investment credential - Held by more than 140,080 individuals in 154 countries - Recognized by regulatory bodies in many countries as a proxy for meeting certain licensing requirements - More than 425 universities around the world incorporate the CFA curriculum into their degree programs 8

9 CANDIDATE BODY OF KNOWLEDGE 9 9

10 WITH THE CFA CHARTER, YOU Develop a comprehensive investment perspective Gain fluency in practical investment analysis and management skills Earn credibility with industry peers Become part of a global community of top industry professionals Gain the flexibility to work in any market Are sought out by top industry employers Demonstrate a commitment to ethics and professional standards 10

11 The CFA designation continues to spread across Germany steady growth and high entry levels of education Member Locations Member Professions Members of Member Education Frankfurt 34,8% Munich 17,3% Rhine/Ruhr 14,1% Hamburg 4,6% Stuttgart 3,1% Berlin 2,5% Other 23,7% 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 % Bachelor Master MBA Doctor 34% 76% 6% 7% 11 11

12 AGENDA CFA Institute and the CFA Society Germany The CFA Qualification The CFA Institute Research Challenge 12 12

13 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

14 CFA INSTITUTE RESEARCH CHALLENGE GLOBAL NETWORK 2017 Season Statistics The 11th season was our biggest so far. The season statistics are as follows: Students Volunteers 1,000+ Universities 151 Societies and Emerging Societies 109 Local Challenges 82 Countries 14 14

15 PARTICIPANTS In these universities took part in Germany: European Business School Frankfurt School of Finance and Management RWTH Aachen TU Dresden TH Nürnberg TU München Universität der Bundeswehr München University of Heilbronn University of Kiel Only one team of 3-5 students per university is admitted to take part

16 GERMAN CHAMPIONS: RWTH AACHEN The winning team from RWTH Aachen Their valuation report was about the subject company ProSiebenSat. 1 Media SE The team was coordinated by Prof. Dr. Astrid Salzmann Their Industry Mentor was Viktor Strauch, CFA 16 16

17 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

18 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 18 18

19 RULES AND TIMELINE The Challenge starts in October 2017 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 held in Dublin, Ireland in April 2018 and in case of success in the Global Final held in Seoul, Korea in April

20 TIMELINE (1) Beginning of October Universities submit team applications to Society Beginning of October Kick-off conference call End of October Teams submit up to 3 questions for the subject company to Society November Subject Company Visit: Teams to attend Company presentation January Teams submit final reports to Society Exact schedule will be available in September

21 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

22 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 In 2016 the subject company was Carl Zeiss Meditec AG In 2017 the subject company was ProSiebenSat. 1 Media SE 22 22

23 Timeline CFA Institute Research Challenge For participants Date / Deadline September 2017 End of September 2017 October 2017 Task Universities choose team members Universities submit team applications to Society (names of team members and contact details) Kick-off Call October 2017 November 2017 January 2018 January 2018 February 2018 Teams submit up to 3 questions for the subject company to Society Company presentation Teams submit final reports to Society Announcement which teams may present at the Local Final in Frankfurt Local Final, Frankfurt, Germany April 2018 Regional Final, Dublin, Ireland 20. April 2018 Global Final, Seoul, Korea