June 2015 Detailed Candidate Survey Results

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Jun 30, 2015 ... June 2015 CFA Program Candidate Survey. CONTENTS ... Standard Deviations for Hours Preparing for the Exam, June 2015: Global: 125 ...
CFA PROGRAM CANDIDATE SURVEY REPORT June 2015

CONTENTS ABOUT THE SURVEY

HOW DID YOU PREPARE FOR THE EXAM? WHAT IS YOUR OPINION OF THE CFA INSTITUTE CURRICULUM? WHAT DID YOU THINK OF THE JUNE 2015 EXAM?

WHAT ARE YOUR THOUGHTS ON THE CFA PROGRAM OVERALL?

WHY DID YOU REGISTER FOR THE CFA PROGRAM? EMPLOYMENT OPPORTUNITIES, EMPLOYER AWARENESS AND EXAM FEES

RESPONDENT PROFILE

CFA Institute

June 2015 CFA Program Candidate Survey

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ABOUT THE SURVEY • As an organization promoting customer-driven decisions, it is critical that the candidates’ voice is being heard and used in relevant business decisions and strategy. • The CFA Program candidate surveys enable us to: • identify areas of the program to improve • evaluate the program’s success and product integrity • ensure a positive candidate experience • share candidate sentiment with other current and prospective candidates CFA Institute

Two online surveys (pre- and postexam) were sent to a random sample of half the June 2015 CFA exam candidates: PRE-EXAM

POST-EXAM

CANDIDATES RESPONDING

16,468

24,751

RESPONSE RATE

21%

31%

MARGIN OF ERROR

±0.7%

±0.6%

SURVEY DATES

12 – 26 May

9 –23 June

June 2015 CFA Program Candidate Survey

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HOW DID YOU PREPARE FOR THE EXAM?

CFA Institute

EXAM PREPARATION AVERAGE HOURS PREPARING FOR THE EXAM 2010

2011

2012

2013

2014

2015

325 324 327

307 307 308

304 295

306

317 318

315 313 315

314 305

302

297

285 281 281

287 283

274

TOTAL

Level I

Level II

Level III

Standard Deviations for Hours Preparing for the Exam, June 2015: Global: 125 Level I: 131 Level II: 122 Level III: 118 CFA Institute

June 2015 CFA Program Candidate Survey

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EXAM PREPARATION What resources did you use to prepare for the exam and how well did they prepare you? % Using Resource

How well the resource prepared candidates*

Curriculum assigned readings (print and/or ebook)

78% 81% 72%

CFA Institute Mock Exam

84% 61%

Non-CFA Institute preparatory materials

89%

CFA Program curriculum end-of-reading problems

51%

Topic-Based Practice Tests

50%

86% 89% 16%

CFA Program App

73% 11%

CFA Institute Interactive Study Planner

76%

Local study group

5%

Other

4%

76% 81%

*Q. How well do you think the following prepared you for the June 2015 CFA exam? Scale: Not well at all, Not very well, Well, Very well Chart displaying % indicating the resource prepared them Well and Very well CFA Institute

June 2015 CFA Program Candidate Survey

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NON-CFA INSTITUTE PREP MATERIALS Only 14% of those using non-CFA Institute prep materials are aware of the prep provider guidelines program (PPGP). Are you aware of the Prep Provider Guidelines Program?

Not sure 22%

Yes 14%

To learn more about the Prep Provider Guidelines Program (PPGP) CLICK HERE.

No 64%

CFA Institute

June 2015 CFA Program Candidate Survey

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WHAT IS YOUR OPINION OF THE CFA INSTITUTE CURRICULUM?

CFA Institute

CURRICULUM FEEDBACK Please indicate the degree to which you agree or disagree with the following statements about the CFA Program curriculum: Asked only of those using CFA Program curriculum

Scale: Strongly disagree, Disagree, Agree, Strongly agree and No opinion (excluded) Displaying % selecting agree or strongly agree

CFA Institute

June 2015 CFA Program Candidate Survey

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CLARITY OF CURRICULUM READINGS Based on your preparation so far, please rate the clarity of the CFA Program curriculum assigned readings for each topic area. 97%

97% 93%

Corporate Finance

93%

90%

89%

88%

87%

Equity Portfolio Alternative Financial Ethical and Fixed Income Quantitative Investments Management Investments Reporting and Professional Methods Analysis Standards

86%

85%

Derivatives

Economics

Scale: Very often not clearly written, Often not clearly written, Often clearly written, Very often clearly written, No opinion Displaying % often clearly written + % very often clearly written (excludes no opinion)

CFA Institute

June 2015 CFA Program Candidate Survey

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WHAT DID YOU THINK OF THE JUNE 2015 EXAM?

CFA Institute

CANDIDATES’ STATE OF MIND: PRE AND POST EXAM Pre-Exam: Q. Which of the following best describe how you are feeling right now about the upcoming CFA exam? Post-Exam: Q. Which of the following best describe how you are feeling after the completion of the CFA exam?

CFA Institute

June 2015 CFA Program Candidate Survey

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EXAM FEEDBACK Difficulty of Exam Questions

PLEASE INDICATE THE DEGREE TO WHICH YOU AGREE OR DISAGREE WITH THE FOLLOWING STATEMENTS:

9% Less difficult than expected

28%

As difficult as expected

exam questions were 93% The based on Learning Outcome Statements (LOS).

63%

exam fairly represented the 91% The CFA Institute-assigned

Clarity of Exam Questions

curriculum.

89%

The exam questions covered subject matter of importance to investment professionals

More difficult than expected

2%

17%

25%

Always clearly written Mostly clearly written Sometimes not clearly written Often not clearly written

56% Percentage of those who answered agree or strongly agree displayed Scale: Strongly disagree, Disagree, Agree, Strongly agree and No opinion (excluded)

CFA Institute

June 2015 CFA Program Candidate Survey

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EXAM DIFFICULTY The exam consisted of the following topic areas. Please rate the degree of difficulty for each topic area. 2013 75% 73% 67%

Fixed Income

73% 71% 70%

69%

66% 63%

Derivatives

65%66% 60%

65%

Ethical and Financial Alternative Professional Reporting and Investments Standards Analysis

2014

2015

65% 60% 59%

Economics

70% 65%

58%

Portfolio Management

58% 54% 53%

Corporate Finance

58%58% 52%

54%54% 51%

Equity Investments

Quantitative Methods

Scale: Not at all difficult, Not very difficult, Difficult, Very difficult Displayed: % Difficult + Very difficult CFA Institute

June 2015 CFA Program Candidate Survey

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EXAM DIFFICULTY (ITEM-SET) Did you think the item set questions on the exam you took were more difficult, equally as difficult, or less difficult when compared to the essay questions?* 2013

2014

2015

49% 45%

41% 38%

36%

35%

24% 17%

Less difficult

Equally as difficult

15%

More difficult

* Asked of Level III only CFA Institute

June 2015 CFA Program Candidate Survey

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MOCK EXAM 33% of candidates using the mock exam thought the actual exam was more difficult than the mock exam, with a higher proportion at Level III (46%) finding the actual exam more difficult compared to those at Level I (37%) and Level II (only 21% found the actual exam more difficult).

Did you think the actual exam was more difficult, equally as difficult, or less difficult when compared to the CFA Institute mock exam? Less difficult

Equally as difficult

More difficult

21% 33%

37%

46%

45% 47% 50% 47% 34% 20% Global

CFA Institute

13% Level I

June 2015 CFA Program Candidate Survey

8% Level II

Level III

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EXAM ADMINISTRATION Overall candidates gave positive feedback regarding exam administration and the test centers.

Chart displays % who answered agree and strongly agree. CFA Institute

June 2015 CFA Program Candidate Survey

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WHAT ARE YOUR THOUGHTS ON THE CFA PROGRAM OVERALL?

CFA Institute

VALUE OF THE CFA PROGRAM How would you rate the value of each of the following to you? Scale: 1 Very low level of value to 10 very high level of value CFA Charter

CFA Institute Membership

Local Society Membership

10.0 9.0

8.8

7.7

7.7

6.9

6.9

2011

2012

9.0 8.0

8.9

8.9

8.9

7.9

7.9

8.0

7.2

7.2

7.2

2013

2014

2015

7.0 6.0 5.0 4.0 3.0 2.0 1.0

CFA Institute

June 2015 CFA Program Candidate Survey

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HOW CANDIDATES BECAME AWARE OF THE CFA PROGRAM 82% of candidates first became aware of the CFA Program via word-of-mouth. How did you first become aware of the CFA Program?*

A friend 2% 13%

A professor/teacher

19%

A classmate 5% A colleague 6% A manager or supervisor 17%

6%

A family member The CFA Institute website 15% 16%

Other Don’t remember

*Only New Level I candidates were asked this question. CFA Institute

June 2015 CFA Program Candidate Survey

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HOW CANDIDATES BECAME AWARE OF THE CFA PROGRAM, BY MARKET

CFA Institute

June 2015 CFA Program Candidate Survey

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NET PROMOTER SCORE (NPS) The CFA Program has a Net Promoter Score (NPS) of 37, up from 35 in 2014. How likely is it that you would recommend the CFA Program to a friend or colleague? Scale: Not at all likely 0, 5 neutral, 10 extremely likely

NPS

2014

14%

37%

49%

35

2015

14%

36%

51%

37

CFA Institute

June 2015 CFA Program Candidate Survey

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WHY DID YOU REGISTER FOR THE CFA PROGRAM?

CFA Institute

MOTIVATIONS TO REGISTER Which best describes your primary motivation for registering for the June 2015 CFA exam?

Career advancement/development opportunities 2%

5%

4% Increased competency with advanced investment analysis and portfolio management skills

10% 37%

To gain professional status in a global community of investment management professionals Improved chances of obtaining a job 11% To challenge myself

Recognition from my employer/potential employers 13% To contribute to a culture of trust and credibility in the profession

18%

Other

CFA Institute

June 2015 CFA Program Candidate Survey

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BENEFITS OF THE CFA PROGRAM What are the benefits of the CFA Program for you personally? Career advancement/development opportunities

61%

It will assist me in achieving my long term career goals.

60%

Increased competency with advanced investment analysis and portfolio management skills

56%

Personal pride

47%

Gaining professional status in a global community of investment management professionals

44%

Increased recognition from my employer/potential employers

42%

Improved chances of obtaining a job

38%

Expectation of an eventual salary increase

29%

Increased recognition from colleagues

28%

Contributing to a culture of trust and credibility in the profession

27%

It will assist me in achieving my short term career goals.

25%

Increased recognition from clients

20%

Improved client relationships

10%

Increased recognition from regulators Other

CFA Institute

8% 4%

June 2015 CFA Program Candidate Survey

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EMPLOYMENT OPPORTUNITIES, EMPLOYER AWARENESS AND EXAM FEES

CFA Institute

EMPLOYMENT OPPORTUNITIES In the coming 12 months, do you expect employment opportunities for investment management professionals in your local market to:*

*Excludes “Not sure” CFA Institute

Displaying % indicating increase June 2015 CFA Program Candidate Survey

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EMPLOYER AWARENESS % of Employed Candidates Whose Employer is Aware of the CFA Program Total

92%

AMER

APAC

EMEA

94%

94%

90%

90%

92%

89% 87%

89%

88% 86% 83%

90%

% of Employed Candidates Whose Employer is Aware of the CFA Program UNITED KINGDOM

96%

USA

95%

SWITZERLAND

94%

CANADA

94%

SOUTH AFRICA

93%

UNITED ARAB EMIRATES

88%

INDIA

88%

GERMANY

88%

FRANCE

88%

AUSTRALIA

88%

85% 83%

81%

SINGAPORE

84%

APAC KOREA 83%

84%

HONG KONG

CHINA 2012

CFA Institute

2013

2014

2015

June 2015 CFA Program Candidate Survey

TAIWAN

82% 80% 74%

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EXAM FEES % of Candidates Paying Exam Fees Themselves Total

86%

69% 62%

57%

85%

AMER

87%

71%

71%

63%

63%

59%

58%

APAC

% of Candidates Paying Exam Fees Themselves

EMEA

86%

69% 62%

56%

85%

CHINA

89%

TAIWAN

88%

HONG KONG

88%

SINGAPORE

85%

INDIA

84%

70%

KOREA

64%

UNITED ARAB EMIRATES

77%

AUSTRALIA

76%

79%

FRANCE

57%

73%

CANADA

63%

GERMANY

APAC 86% USA

61%

SOUTH AFRICA

SWITZERLAND 2011

CFA Institute

2012

2013

2014

2015

UNITED KINGDOM

June 2015 CFA Program Candidate Survey

59% 53% 52% 45%

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RESPONDENT PROFILE

CFA Institute

June 2015 CFA Program Candidate Survey

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RESPONSE BY TOP MARKET Pre-Exam Survey (Responded)

Pre-Exam Survey (Response rate)

Post-Exam Survey (Responded)

Post-Exam Survey (Response rate)

Global

16,468

21%

24,751

31%

AMER

5,753

21%

9,053

33%

EMEA

6,285

18%

9,165

27%

APAC

4,430

26%

6,533

38%

253

16%

367

23%

CANADA

1,403

21%

2,192

33%

CHINA

2,009

14%

2,944

20%

FRANCE

290

26%

442

39%

GERMANY

245

25%

365

38%

HONG KONG

467

15%

780

25%

1,767

28%

2,419

38%

KOREA

307

16%

467

24%

SINGAPORE

348

18%

541

28%

SOUTH AFRICA

294

30%

455

46%

SWITZERLAND

245

29%

351

42%

TAIWAN

131

20%

188

29%

UAE

180

22%

264

32%

UNITED KINGDOM

890

18%

1,473

30%

3,709

19%

6,011

31%

AUSTRALIA

INDIA

USA CFA Institute

June 2015 CFA Program Candidate Survey

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EXAM LEVEL Percent of Respondents by Exam Level Pre-Exam

39%

Post-Exam

39%

38% 36%

24% 23%

Level I

CFA Institute

Level II

June 2015 CFA Program Candidate Survey

Level III

32

EMPLOYMENT STATUS AND ASSET BASE* 1%

6%

2% 27%

15%

51%

20% 76% 2%

Employed, full time or part time Student Unemployed, but looking for work Self-employed, full time or part time Unemployed and not looking for work

Institutional clients

Private or retail clients

Other

Not applicable

Note: Data based on pre-exam survey questions CFA Institute

*Only asked of candidates who are employed June 2015 CFA Program Candidate Survey

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EMPLOYER TYPE & JOB FUNCTION CURRENT EMPLOYER TYPE Commercial Bank 15% Investment Firm/Company 13% Investment Bank 10% Consulting Firm 7% Accounting Firm 5% Brokerage Company 5% Private Wealth Management… 4% Insurance Company 4% Manufacturing Company 3% Government/Regulator 3% Information Technology Firm 3% Energy or Utilities Company 3% Registered Investment Advisor 2% Hedge Fund 2% Private Equity Firm 2% Real Estate Firm 2% Pension Fund 1% Non-bank Financial Institution 1% Data Vendor 1% University/Academic Institution 1% Credit Rating Agency 1% Other 10%

CURRENT JOB FUNCTION Portfolio/fund management Research & analysis, buy-side Risk management Consulting services Corporate finance Accounting Client services Wealth management Sales Financial planning Investment banking Auditing Research & analysis, sell-side Treasury Information technology Alternative investments Financial transaction processing Private equity Performance measurement Product development Structured finance Compliance Executive management Marketing Academia Investor relations Development finance Other

8% 7% 7% 7% 6% 6% 4% 4% 4% 4% 3% 3% 3% 3% 3% 2% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% 10%

Note: Data based on pre-exam survey questions and candidates who are employed CFA Institute

June 2015 CFA Program Candidate Survey

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JOB CHANGES % of candidates looking to change some aspect of their career 74% 66% 61%

65%

76% 74% 67% 63%

75%74% 73% 71% 68%

% of candidates looking to change the following aspects of their career

72% 68%

Job function 60%

48%

59% 57% 52%

Employer

33%

Industry

Other

21%

6%

Note: Data based on pre-exam survey questions and candidates who are employed CFA Institute

June 2015 CFA Program Candidate Survey

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DESIRED JOBS OVER THE NEXT 5 YEARS JOB FUNCTIONS CANDIDATES ARE MOST INTERESTED IN PURSUING OVER THE NEXT 5 YEARS Portfolio/fund management Investment banking Private equity Research & analysis, buy-side Corporate Finance Wealth management Alternative Investments Risk management Financial planning Consulting services Research & analysis, sell-side Structured finance 11% Treasury 10% Executive management 9% Development finance 7% Performance measurement 7% Investor relations 6% Academia 5% Accounting 5% Sales 5% Product development 5% Financial transaction processing 5% Client services 4% Information technology 3% Auditing 3% Marketing 2% Compliance 2% Legal services 1% Other 4%

CFA Institute

45% 39% 33% 32% 31% 26% 21% 21% 20% 19% 19%

Note: Data based on pre-exam survey questions

June 2015 CFA Program Candidate Survey

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DESIRED JOBS OVER THE NEXT 5 YEARS Desired Current

CFA Institute

June 2015 CFA Program Candidate Survey

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QUESTIONS? Contact Market Intelligence

CFA Institute