New education program sets education and ethics standard for financial
TORONTO, May 21, 2013 /CNW/ - CFA Institute, the global association for
investment professionals, launched the Claritas® Investment Certificate
yesterday at its 66th Annual Conference (19-22 May in Singapore). The new education program
provides a thorough understanding of how the investment industry works and represents a new international
education and ethics standard across the financial services sector.
Global registration for the Claritas Investment Certificate is now
available on the CFA Institute website, at http://www.cfainstitute.org/programs/claritas.
The Claritas certificate is accessible to a wide range of professionals
working with investment decision makers in functions such as
operations, administration, IT, HR, marketing, sales, compliance and
customer service. It is a self-study course which requires between 80
to 100 hours of study over a six month period and is made up of seven
modules, covering the industry, tools, instruments, structure,
controls, client methods, and ethics, culminating in a single
self-scheduled, online exam at a proctored testing center. On
successful completion of the examination, candidates will be awarded a
certificate of knowledge.
CFA Institute developed the Claritas certificate in response to the
financial crisis, and as part of a global call to action for industry
participants to play their part in addressing the overall lack of trust
in financial services. This follows feedback from industry leaders,
government regulators, academics, and investors which revealed a need
for an accessible, foundation-level program which gives a clear
understanding of the investment industry and the professional
responsibilities within it.
The industry's enthusiasm for the Claritas certificate has been
confirmed through a pilot program, which launched in January 2013. Over 3,300 candidates
from 70 companies in 50 countries served as pilot participants.
Feedback from pilot participants also supports the need for the
program: 84 per cent of participating employers said they would recommend the program to other employees, and 85 per
cent of employees who took the course would recommend it to colleagues.
Please read company testimonials below.
John Rogers, CFA, president and CEO of CFA Institute, officially opened
public registrations from the CFA Institute 66th Annual Conference in Singapore, and expressed his excitement about the
"We are pleased to announce the launch of the Claritas Investment
Certificate. It has been two years in the making and it is fitting that
we launch this new initiative in Asia, the birthplace of the concept.
In recent years, financial institutions have suffered considerable
reputational damage. We must work to raise the professional standards
of all participants in this industry, and rebuild public trust," said Rogers. "Education is at the heart of
the CFA Institute mission and the new program allows us to broaden our
programs to help people working across the financial services sector."
John Bowman, CFA, managing director and co-lead of Education for CFA
Institute confirmed the organization's commitment to establishing a new
global education benchmark:
"We have an obligation to be a proactive voice in both restoring trust
and raising investment acumen across the industry," said Bowman. "The
Claritas certificate is a visible and tangible step for any company
which wants to demonstrate an institutional commitment to ethics,
offering employees a strong opportunity to develop their skills and
competence in the industry."
More Than 3,000 Participants Complete Claritas Certificate Pilot Program
Beginning in January, professionals from more than 70 companies served
as pilot participants. These employers have said the following about
Dean A. Junkans, CFA, Chief Investment Officer at Wells Fargo Private Bank: "We were excited to be part of the pilot program for the Claritas
Investment Certificate, and are very pleased with the results we've
already seen. As an employer committed to training and development, it
is important for us to be ahead of the curve and investing in
innovative initiatives like the Claritas program for the benefit of our
team members and customers."
Christopher J. Ailman, Chief Investment Officer at CalSTRS: "I commend CFA Institute for once again raising the bar of knowledge in
the investment industry. Investment accountants, marketing, client
servicing personnel, and anyone else involved in the investment
industry should aspire to earn the Claritas certificate. CalSTRS is
honoured to have been selected to participate in the pilot program. As
an education-focused fund we appreciated teaming with CFA Institute to
advance the level of learning available to our investment-industry
Joe Dear, Chief Investment Officer at CalPERS: "Talent management is a key strategic objective for CalPERS. Training
programs, like the Claritas Investment Certificate, help strengthen the
investment decision making and control processes, and improve quality,
efficiency and accountability. Following the success of the Claritas
pilot at CalPERS, we intend to continue the program as part of our
'financial fundamentals' training."
Nathan Palmer, CFA, Vice President of Wilshire Fund Management: "We were very excited to participate in this new program from CFA
Institute and to support its social mission of a more knowledgeable and
ethical industry. As a company which already offers the CFA Program to
employees in investment roles, we felt this was a great opportunity to
extend the education platform to a broader group of staff."
Keith Marks, Partner and General Counsel at Ascendant Compliance Management: "The compliance profession has always been committed to fostering fair
and ethical practices throughout the financial industry. Ascendant
Compliance Management, Inc. participated in the Claritas Pilot Program
because of the tremendous assistance Claritas will provide to
compliance professionals in their work with investment executives.
Ascendant Compliance Management appreciates the CFA Institute's
diligence in helping to bridge the gap and produce a better financial
Timothy P. Selby, Alston + Bird LLP: "My interest in the Claritas program was the message conveyed by our
participation. Specifically, as an industry provider of legal services
specializing in the area of alternative investments, our participation
afforded us the opportunity to demonstrate the profound commitment our
firm has to understanding the nature and business of our clients. The
exam and related study materials reinforced principles and concepts
well known to me and my colleagues, and refined our knowledge in those
related areas that we encounter on a less frequent basis."
Gerard Carney, Global Head of Financial and Professional Services, FleishmanHillard: "FleishmanHillard is proud to be the first communication agency to
participate in the Claritas Investment Certificate, which we believe
will establish a global educational standard for those of us who work
with investment professionals. Our employees around the world have a
seat at the table with the brightest minds in the financial services
industry, and the Claritas program will strengthen and enhance their
knowledge and help us to deliver higher quality counsel to our
clients. We look forward to making the Claritas Investment Certificate
an integral part of our firm's professional development offerings."
Martin Schnauss, Global Category Lead for Product, Finance and Risk
Education, UBS: "We are delighted to be one of the first companies to participate in
this exciting and important new program from CFA Institute. Our
employees who participated in the pilot program have already reported a
better understanding of their roles and responsibilities within the
industry, and we firmly believe that this improved understanding will
lead to a more efficient, productive and collaborative workforce."
-Notes to Editors-
About CFA Institute
CFA Institute is the global association of investment professionals that
sets the standard for professional excellence and credentials. The
organization is a champion for ethical behaviour in investment markets
and a respected source of knowledge in the global financial community.
The end goal: to create an environment where investors' interests come
first, markets function at their best, and economies grow. CFA
Institute has more than 116,000 members in 137 countries and
territories, including 108,000 CFA charterholders, and 138 member
societies. For more information, visit www.cfainstitute.org.
Claritas® Investment Certificate and the CFA® Program
Whereas the Claritas certificate program is designed to reach everyone
in the investment industry who helps enable investment decision making
- from client services to operations, compliance and legal, from human
resources to sales and marketing - the CFA Program is intended for
those who are directly involved in the investment decision-making
The CFA Program is a globally recognized, graduate level curriculum that
provides a strong foundation of real-world investment analysis and
portfolio management skills along with the practical knowledge you need
in today's investment industry. It also emphasizes the highest ethical
and professional standards.
About the Claritas Investment Certificate
Follow us on Twitter @Claritas for news about the Claritas Investment
Certificate from @CFAInstitute.
Open to all, the Claritas Investment Certificate is for all professional
disciplines in the financial services industry outside of investment
roles; from client services to compliance; from human resources to IT
and operations; from marketing and sales to legal. It is designed for
the many different people in the financial services industry who are
not directly involved in analyzing or making investment decisions.
Participants do not need to meet any education or experience
requirements to study for the Claritas certificate.
With the Claritas Investment Certificate, learners can study online in
their own time. In around 100 hours of study over an expected three to
six month period, they should gain a clear understanding of all the
essentials, including: ethics and regulation, structure of the
industry, the various asset classes and client needs. Registration is
open to corporations and individuals and available in English
worldwide. The name is taken from the Latin for clarity, and everything
about the Claritas certificate - from online support to the look and
feel - has been designed to be as clear as possible for participants.
CFA Institute Annual Conference
The 66th Annual CFA Institute Conference will take place in Singapore 19 - 22 May 2013. The Annual Conference is one of the investment industry's
largest and longest running educational gatherings of investment
Pilot partner participants: Here is a list of the companies and organizations who have agreed to be
named as participants:
Abu Dhabi Investment Authority
AFAP SURA SA
Allianz Global Investors
Alston + Bird
Ascendant Compliance Management
British Airways Pension Investment Management
BT Investment Management Ltd
California Public Employees' Retirement System (CalPERS)
California State Teachers' Retirement System (CalSTRS)
Calvert Investments, Inc.
Central Depository Company of Pakistan Limited
Dubai Financial Market
Income Research + Management
Legal & General Investment Management
MacKay Shields LLC
Malaysian Association of Asset Managers
Massachusetts Pension Reserve Investment Management Board
New York Hedge Fund Roundtable
Nordea Wealth Management
Old Mutual Investment Group South Africa
Professional Association for Investment Communications Resources (PAICR)
State Administration of Foreign Exchange (China)
T. Rowe Price
Unión Capital AFAP S.A.
University of Montevideo
Wells Fargo & Company
William Blair & Company
SOURCE: CFA Institute
For further information:
+1 (212) 705-1738
+1 (416) 645-3648