When the U.S. slips into a recession, the financial sector usually suffers early and long. From Wall Street to Main Street, high-paid professionals and back office workers lose their jobs at a rapid clip. While economists debate whether the U.S. is in a recession, the market for investment talent is sending a clear signal. As Wall Street sheds jobs, the CFA® Program becomes more popular.

The last two times we had a downturn in the economy - 1990-91 and 2001 - registrations for the CFA Program shot up. "The CFA Program becomes more popular when investment jobs are scarce," said Professor J. Clay Singleton of the Crummer School of Business at Rollins College. Professor Singleton, a CFA charterholder since 1985, is a long-time educator and observer of the CFA Program. "Just as MBA applications increase when times are tough, so does interest in differentiating yourself by earning the CFA charter. We saw it in the last two recessions, and it will hit with a double whammy this time," Singleton said. "When markets were booming, many investment professionals didn't have time to study for their CFA exams. Now, many of them will have plenty of time. Studies show that having the CFA designation increases your earning capacity - but a CFA charter may also help you keep your job or perhaps get you that interview."

Becoming a Chartered Financial Analyst® is the most prestigious designation an investment professional can achieve. Through rigorous examinations and a four year apprenticeship, CFA Institute screens the best and brightest from around the world. Only about one-third pass the initial Level I examination - much less succeed on all three required exams. Despite these travails, candidates are flocking to the program. They know the value of the certification because they have seen how the lack of a CFA charter has put them behind their competition. Even if economists aren't sure about the current recession, investment professionals can see it coming and are signing up for the CFA Program in droves. Dr. Singleton says: "It is cold comfort that investment professionals have seen the recession coming and, unlike economists, are doing something positive about it."

J. Clay Singleton is a professor of finance at the Crummer Graduate School of Business at Rollins College. Dr. Singleton earned the Chartered Financial Analyst (CFA) designation in 1985 and has prepared hundreds of students to take the CFA exams since then. He is also one of seven authors on the new 2008 Level I CFA® exam review materials just published by Professional Exam Review, a part of Cengage Learning.

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