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
2
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
3
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
5
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
6
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
7
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
9
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
10
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
12
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
13
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
14
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
15
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
16
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
17
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
19
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
20
HOW CANDIDATES BECAME AWARE OF THE CFA PROGRAM, BY MARKET
CFA Institute
June 2015 CFA Program Candidate Survey
21
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
22
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
24
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
25
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
27
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%
28
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%
29
RESPONDENT PROFILE
CFA Institute
June 2015 CFA Program Candidate Survey
30
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
31
31
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
33
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
34
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
35
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
36
DESIRED JOBS OVER THE NEXT 5 YEARS Desired Current
CFA Institute
June 2015 CFA Program Candidate Survey
37
QUESTIONS? Contact Market Intelligence
CFA Institute
