New global benchmark for the financial services industry sees success
across 70 companies in 50 countries
TORONTO, July 9, 2013 /CNW/ - CFA Institute, the global association of
investment professionals, announces today that 2,408 participants have
successfully completed and passed the Claritas® Investment Certificate.
The Claritas certificate provides a thorough understanding of how the
investment industry works, and the knowledge that candidates have
acquired will help to shape a more trustworthy financial industry by
setting a new international education and ethics standard.
Participants from 70 companies in 50 countries took part in the Claritas
pilot program, with candidates sitting in on the examination in March
and April 2013. Since then a full review and standard setting process
has been undertaken to evaluate the results and set the passing score
for the pilot and future sittings of the examination. From July
onwards, candidates who sit in on the examination will now be able to
leave the test centre with a preliminary result and receive their
official result within a few days after the examination.
The profile of candidates who took part in the pilot ranged across
operations, administration, IT, HR, marketing, sales, compliance and
customer service. Candidates worked within asset management firms,
commercial and investment banks, insurance companies, data and media
businesses and professional services organizations (A list of some of
the companies that participated in the pilot can be seen here.) 82 per cent of the Claritas certificate candidates passed the first
exam. Of the candidates who took part in the pilot survey:
85 per cent reported they would recommend the program to others
76 per cent said they had benefitted by increasing their industry
64 per cent said that the program helped them to better understand their
ethical obligations within the financial services industry
John Rogers, CFA, president and CEO of CFA Institute, commented: "The
industry's enthusiastic response to the Claritas program is a true
indicator of the need to provide accessible education for those experts
who surround investment decision makers every day. The commitment and
accomplishment of these 2,408 individuals confirms that raising
educational excellence is essential in shaping the future of finance."
John Bowman, managing director and co-lead of Education at CFA
Institute, echoed Rogers' congratulations: "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. With the
large majority of our pilot partners recommending deeper implementation
of Claritas in their firms across a diversity of roles, businesses and
geographical and cultural backgrounds, we are confident we've met that
challenge. These candidates and their supporting pilot partner firms
should be proud to stand as pioneers in their sector."
Global registration for the Claritas Investment Certificate launched on
May 20, 2013. Those who are interested can learn more and register at www.cfainstitute.org/claritas
-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 117,000 members in 137 countries and
territories, including 109,000 CFA charterholders, and 138 member
societies. For more information, visit www.cfainstitute.org.
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 80 to 100 hours of study over an expected
three to six month period, they should gain a clear understanding of
all the essentials. Registration is open to corporates and individuals
and available in English. It is currently available in 106 countries
and over 450 test centres 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.
The Claritas curriculum is made up of seven modules, covering fundamentals of the investment
industry, ethics and regulation, tools and inputs, investment
instruments, industry structure and controls, and client needs. The
self-scheduled, online exam comprises 120 multiple choice questions,
which are designed to give a clear indication of the participant's
understanding of some of the most fundamental issues in the investment
industry. Questions may focus on, for example, the distinction between
credit default swaps and forward contracts, how to define "fiduciary"
versus "suitability" standards of care, or how to handle a particular
ethical dilemma. (Two sample chapters, including questions, can be seen
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 process.
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.
SOURCE: CFA Institute
For further information:
+1 (212) 705-1738
+1 (416) 645-3648