CLEVELAND, Aug. 30, 2006 (PRIMEZONE) -- The CFA Society of Cleveland (CFASC) announced today that it has awarded five scholarships for the Chartered Financial Analyst(r) (CFA)(r) program. The scholars chosen were Ankit Chhabra, Michael Lagoni, Gordon Phillip Lilly, Kristen San Marco, and Zachary Schweda.
The CFASC's scholarship program will enable these five individuals to take the CFA exam for a reduced registration and enrollment fee of $150. The estimated value of each scholarship is $600. Scholarship candidates were required to write essays on why they wished to pursue the CFA designation, highlight involvement in community service, and demonstrate a financial need. Information on applying for the CFASC's CFA scholarships is available at www.cfasc-cfai.org/cfa/cfa_scholar.html.
The CFA charter is the only globally recognized credential for investment analysis and management. The CFA program sets a globally recognized standard for measuring the competence and integrity of financial analysts, portfolio managers and investment advisors. Currently more than 69,600 investment professionals in 120 countries hold the CFA charter.
"Investment professionals who earn the CFA charter demonstrate to clients and employers that their investment knowledge and ethics meet the highest standards, regardless of where they practice," said John King, CFA, CFASC president. "As a local Society of CFA Institute, we are pleased to be able to offer financial assistance to these outstanding candidates who are committed to pursuing the CFA designation."
In June, the CFA Institute administered the CFA exams simultaneously at 186 test centers in 86 countries. Candidates for the CFA designation must pass a series of three six-hour exams over a period of at least three years. Each of the three examinations typically requires candidates to spend a minimum of 250 hours in study preparation.
Candidates take, on average, a little more than four years from initial enrollment to the time they complete all requirements for the CFA designation. The exams cover issues and topics that investment professionals encounter in their day-to-day practice, such as ethical and professional standards, financial statement analysis and portfolio management.
But passing the exams is not the only requirement to become a CFA charterholder. Candidates also must agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct and have at least three years of experience in the investment field before they earn the right to use the CFA designation after their names.
With a pass rate of 76 percent, 12,314 candidates passed the third and final exam in the three-year exam series this June and expect to receive their charter. CFA Institute expects the majority of the candidates who passed this year's Level III exam will become CFA charterholders later this year, bringing the number of charterholders worldwide to more than 79,000, including 362 in the Northeast Ohio area. CFA Institute continues to award additional charters weekly as candidates who have passed all three exams meet all other requirements, including the completion of at least three years of professional investment experience and the submission of a statement committing themselves to adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct.
About CFA Society of Cleveland
The CFA Society of Cleveland (CFASC), formerly The Cleveland Society of Security Analysts, was founded in 1950 and provides investment-related programs and services to its Northeast Ohio-based membership. The CFASC has approximately 460 members -- primarily portfolio managers and analysts working throughout the professional investment community. The mission of the CFASC is to promote excellence, education and integrity in the investment management profession. For more information, visit www.cfasc-cfai.org.
The CFASC is a member society of CFA Institute, the global, non-profit professional association that administers the Chartered Financial Analyst(r) curriculum and examination program worldwide, publishes research, conducts professional-development programs, and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 84,000 members in 128 countries and territories, including the world's 69,600 CFA charterholders, as well as 134 affiliated professional societies in 55 countries and territories. CFA Institute has offices in Charlottesville, Va., New York, London, and Hong Kong. More information may be found at http://www.cfainstitute.org.