CFA Society of Washington DC. Invested in the Nation s Capital

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1 CFA Society of Washington DC Invested in the Nation s Capital

2 The CFA Society of Washington DC is the leading association for investment professionals in the National Capital region. Perhaps you have seen the CFA designation after the name of an investment professional. In greater Washington including the district s Maryland and Virginia suburbs nearly 1,600 professionals who have earned the Chartered Financial Analyst designation are members of the society. In the diverse and growing Washington investment community, the society plays a vital role from advocating the highest ethical practices to promoting career opportunities for members. As investment management becomes ever more important in both the public and private sectors, the society and its members set the standard for the highest level of professional excellence. Hilda Ochoa-Brillembourg, CFA, is founder and president of the Strategic Investment Group, a provider of integrated portfolio management solutions for institutional investors. A CFA charterholder since 1985, Brillembourg has been active on CFA Institute s candidate curriculum committee and has delivered training courses for CFA candidates. Today, her firm employs many CFA charterholders. In her view, pursuit of the CFA designation exposes candidates to an ambitious and comprehensive training program in all functional areas of investment management. I consider it more valuable than an MBA for professionals who start in the trenches and want to rise from there, she says.

The CFA Designation The Hallmark of Achievement in the Investment Profession The CFA Society of Washington DC (CFAW) represents the regional presence of CFA Institute, the global nonprofit

3 The CFA Designation The Hallmark of Achievement in the Investment Profession The CFA Society of Washington DC (CFAW) represents the regional presence of CFA Institute, the global nonprofit association of investment professionals that awards the CFA and CIPM designations. Around the world, there are 136 local and regional societies and more than 96,000 members of CFA Institute. The mission of CFA Institute is to lead the investment profession by setting and maintaining the highest standards for ethics, education, and professional excellence. To secure the CFA designation, an investment professional must complete a three-year study program and pass three levels of examinations, each six hours long. Additional requirements include a minimum of four years experience in the investment industry and adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. Since its establishment in 1962, the CFA Program has been recognized as the most comprehensive and rigorous examination of investment knowledge and skill. The CIPM designation stands for the Certificate in Investment Performance Measurement. It is a specialized study and exam program for individuals focused on investment performance measurement, attribution, and appraisal. Typically, CFA charterholders are employed by investment companies; mutual funds; hedge funds; commercial and investment banks; insurance companies; pension funds; foundations, educational institutions, and other nonprofits; consultants and research firms; as well as government agencies and regulatory bodies. In addition to administering the CFA Program, CFA Institute sponsors conferences, publications, and webcasts and provides a variety of additional member services. John Escario, CFA, is senior portfolio manager for Rydex Investments. The Rockville, Marylandbased firm manages more than $16 billion in assets through more than 100 mutual funds and exchange-traded products. At Rydex, Escario manages several mutual funds and conducts factor and investment strategy research focusing on industry tactical asset allocation. A CFA charterholder since 1998, Escario has served as treasurer and vice president of CFAW. As is true with many members of CFAW, Escario is committed to making contributions to the greater Washington community. He is vice president of a soccer club where he helped establish an academy that teaches advanced techniques and foot skills to developing players ages 4 through 11. 1

4 CFAW An Association as Dynamic and Diverse as Washington Itself CFAW was founded in 1953 as the Washington Society of Investment Analysts. Today, this organization has grown to more than 1,600 members plus some 250 student members, making it one of the largest CFA societies in the United States. Reflecting the diverse nature of the investment profession in the National Capital region, CFAW members represent an unusually wide spectrum of roles and positions. A sample of the many titles found among members includes CEO, CFO, COO, CIO, portfolio manager, analyst, trust officer, consultant, director of research, corporate strategist, and director of compliance. In similar breadth, CFAW members are employed by major corporations; associations; union pension funds; national, state, and local government agencies (regulatory and nonregulatory); the nonprofit community, including foundations, operating charities, and academic institutions; governmentsponsored enterprises; asset management firms; insurance companies; broker/ dealers; and consultants. Many have met with success as entrepreneurs and business owners. In terms of assets managed, members represent firms ranging from less than $250 million in assets under management to those managing $250 billion or more. A highly active organization, CFAW is led by elected officers and a board of directors. To fulfill its mission, the society is organized around committees that implement a wide range of programs for its members as well as outreach efforts that connect with employers, other professional associations, government, the media, and the higher education community. The society also serves as a public voice promoting ethics, high standards, competence, and knowledge within the investment community. The CFA Society of Washington DC: Invested in the Nation s Capital. Kenneth Lay, CFA, is vice president and treasurer of the World Bank, a development cooperative owned by 185 countries. The bank provides financial solutions and expertise to help its members meet economic, social, and environmental challenges at the national and international levels. Lay travels globally and says he encounters increasing numbers of CFA charterholders, particularly in India and China. Lay, who received his CFA charter in 2001, says, I came late to the CFA program after starting as a securities lawyer and then spending 15 years in the capital markets. Earning the charter is a great thing to do at any point in a career. 2

Outreach Programs Link the Society with the Washington Community Among the approximately 70 CFA societies in the United States, CFAW stands apart as it represents a diverse microcosm of the

5 Outreach Programs Link the Society with the Washington Community Among the approximately 70 CFA societies in the United States, CFAW stands apart as it represents a diverse microcosm of the investment industry from mutual fund companies and broker/ dealers to regulatory agencies, quasigovernment organizations, and a large nonprofit community. Among its leading priorities, CFAW actively reaches out to all participants in the investment and financial industry as well as to nonfinancial corporations and organizations. In doing so, the society seeks not only to promote employment opportunities for its members but also to enhance the value of the CFA designation and to contribute broadly to the greater Washington community. Employer Outreach/Public Awareness CFAW s employer outreach/public awareness initiatives seek to raise recognition of the society and the value of the CFA charter. With the CFA designation already widely appreciated in the financial services and investment industry, outreach efforts in part are aimed at increasing recognition among nonfinancial corporations and the general public. CFAW also seeks to be a respected public voice on ethics, standards, and professional competence in the investment community and to speak authoritatively on industry issues, practices, and regulations. Sponsorships Sponsorships provide the opportunity for corporations and other organizations to gain recognition among CFAW members and for the society to generate income to help support its programs. Lead Corporate Sponsorships create a yearlong partnership between CFAW and corporate sponsors, providing sponsors with the greatest level of access to society members and the greatest sponsorship value. Sponsorship packages may be individually customized in order to meet each sponsor s objectives. Sponsors also have the opportunity to present their companies and products to CFAW members at the events most relevant to their business or marketing interests. Career Task Force/Professional Development Day A venue for bringing employers face to face with CFA charterholders, CFA Program candidates, and graduate level finance students, Professional Development Day is a major event in the society s calendar. Activities range from a job fair type of environment for employers to meet prospective employees to a series of panel discussions on the changing employment environment and career opportunities for investment professionals. Daryl Dennis, CFA, founded Black Knight Asset Management named for his years at the U.S. Military Academy at West Point to invest in fixed-income strategies, principally for public and private pension funds and other institutional investors. A CFA charterholder since 2000, Dennis is a leader of CFAW, having served as both president and vice president. In his view, Earning a CFA charter exposes one to a broad range of investment disciplines. After securing the CFA designation, CFAW continuing education, seminars, and professional development programs keep us abreast of ongoing changes in the field. University Outreach One of the society s newest programs, university outreach opens channels of communication with the region s many institutions of higher education. The society sponsors student-focused programs using both external and CFAW member speakers and offers networking opportunities with young professionals. The society supports university-based CFA programs and helps explain the value of the CFA designation. An important goal is introducing the popular CFA Global Investment Research Challenge to the region. Through the challenge, university teams compete on a research project. Winners go on to regional and global competitions. 3

Education Programs Maintain the CFA Designation as the Highest Professional Standard The society offers regular speaker programs that allow members to hear firsthand from thought leaders representing

6 Education Programs Maintain the CFA Designation as the Highest Professional Standard The society offers regular speaker programs that allow members to hear firsthand from thought leaders representing the worlds of investments, business, government, and academia. To promote career opportunities, CFAW sponsors Professional Development Day to reach out to area employers as well as networking events for members. For CFA candidates, the society sponsors prep classes and study groups, and it offers ongoing professional development programs for members. Candidate Education The CFA designation is recognized around the world as the gold standard of professional credentials in the investment community. Achieving the CFA designation is extremely challenging. Thus, a primary activity of the society is exam prep classes for Level I and Level II candidates and study groups for Level III candidates. In recent years, CFAW has doubled the number of merit and need scholarships it offers to help candidates defray the cost of preparing for and taking the exam. Professional Education In a constantly changing marketplace, education does not stop once an investment professional earns the CFA designation. Thus, the society offers opportunities for continuous learning and professional growth. Educational efforts range from programs addressing timely investment topics to how to workshops on such subjects as investment writing, retaining clients, and practice management. Networking Keeping members connected with each other for both professional development and career opportunities is a dedicated effort for CFAW. Regular programs range from a reception for new charterholders to an annual dinner with keynote speaker to more informal social events. Jeanne Shen, CFA, is senior director, investments, of the GAVI Alliance, a nonprofit whose mission is to support poor countries through sustainable immunization and other healthrelated initiatives. At GAVI, Shen manages funds that come in through fund-raising campaigns and donations. A CFA charterholder since 2001, Shen says the designation has been valuable to her because of the knowledge she gained in pursuit of the charter and the networking opportunities provided by CFAW. It s a constant learning process, and events, speakers, seminars, and publications all help you keep pace, she says. 4

CFA Society of Washington DC Setting the standard for the Washington DC investment community www.cfawashington.org Contact us at: 888-718-3893 / info@cfawashington.

8 CFA Society of Washington DC Setting the standard for the Washington DC investment community Contact us at: / info@cfawashington.org For more information about CFA Institute, please visit or call toll-free (USA and Canada) 2009 CFA Society of Washington DC All rights reserved.

Len Lundstrum, Ph.D., FRM

Len Lundstrum, Ph.D., FRM , Ph.D., FRM Professor of Finance Department of Finance College of Business Office: 815 753-0317 Northern Illinois University Fax: 815 753-0504 Dekalb, IL 60115 llundstrum@niu.edu Education Indiana University