11 pass CFA exam

Eleven people from Cayman are set to join the CFA Society of the Cayman Islands after passing their third and final CFA exam in June.

The successful candidates are: Alaina Booth, David Burnstein, Lauren Christie, Neal Coleman, Michael Garofalo, Edward Gwekwete, Abali Hoilett, David Luu, Claris Mhembere, Davison Ruwende and Craig Smith.

The CFA Institute announced that the global pass rate for the June exams was 43 per cent overall, out of more than 115,000 candidates.

To earn the Certified Financial Analyst charter, candidates must sequentially pass three six-hour exams, which this year have been given in 189 cities worldwide. In June, the Level I global pass rate was 39 per cent; the Level II global pass rate was 43 per cent; and the Level III global pass rate was 51 per cent.

Nearly 23,000 people took the Level III exams in June. CFA Institute expects that the majority of candidates who passed the Level III exam will become CFA charterholders later this year, bringing the number of charterholders worldwide to nearly 100,000. The number of individuals taking the exams in June increased compared to June 2010.

“I am delighted to see the increase in the overall number of candidates registering worldwide for the CFA programme. I believe this demonstrates the value which is placed upon the CFA programme by the investment industry. The Code of Ethics and our Standards of Professional Conduct which our members are required to adhere to is more relevant now than ever, to continue to restore trust in the financial community. The Cayman Islands continues to have one of the highest percentages of CFA Charterholders per capita, in the world. I believe this helps to highlight the depth of investment talent in the Cayman Islands.” said Russell Burt, president of the CFA Society of the Cayman Islands.

“The board of CFASCI wishes to congratulate the 11 successful Cayman Level III candidates.”

“We look forward to them joining the Cayman society soon,” Mr. Burt said.

The CFA curriculum includes ethical and professional standards; financial reporting and analysis; corporate finance; economics; quantitative methods; equity, fixed income, alternative investments; derivatives; portfolio management; and wealth planning.

CFA Institute has administered well over a million exams since the inauguration of the CFA Program in 1963.

Those who passed the Level III exam – 11,567 candidates worldwide − will begin receiving their CFA charters in early October 2011, provided that they also have completed the minimum work experience requirement of four years in the investment industry, signed a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, applied to a CFA Institute society, and become a member of CFA Institute.

Examples of countries and territories with the largest number of candidates that took a CFA exam are the United States (29,537), Mainland China (13,787), India (10,515), Canada (9,514), the United Kingdom (7,742), Hong Kong (6,534), Singapore (3,619), Germany (1,689), South Africa (1,621), Switzerland (1,543), France (1,431), and the Cayman Islands (209).