Did I read this correctly? All the propsed changes to the bylaws, which many local chapters vehemently opposed, were all passed? Seems suspicious to me.
…and this is on the 150th anniversary of the Civil War. someone didn’t do their homework.
FIresearch Wrote: ------------------------------------------------------- > Did I read this correctly? All the propsed changes > to the bylaws, which many local chapters > vehemently opposed, were all passed? Seems > suspicious to me. That and the fact that they are pushing ahead with the CFA-lite qualification, despite the fact I couldn’t find anyone who supported it.
That is bullsh!t. Is there some silent robot majority within the CFA membership ranks who just rubber stamp whatever garbage CFAI tells them to vote for? What’s next, honorary charters for a one time payment of $500 plus ongoing membership dues?
There is no way all of those changes could have passed. Something seems fishy. The new CFA-Lite is sure to water down the charter. Anything in the name of money. How about just pushing a new book or set of books?
Do you have a link? I don’t see it on the CFAI website under media or publications.
Flowbe, It was disclosed in an email. You probably need to be a regular member in order to be on the distribution list.
This is the excerpt NEW FUNDAMENTALS CERTIFICATE The post-financial-crisis landscape continues to evolve and CFA Institute is seeking new ways to serve the investment profession in this environment. Based on your feedback, market research, and conversations with many stakeholders, we are moving forward with the development of a global program that will train entry-level participants and support staff in the fundamentals of investments. By providing this educational opportunity to more members of the industry, CFA Institute will better fulfill its mission of leading the investment industry in ethics, education, and professional excellence. The program also will serve our members by increasing the professional excellence at their firms. To measure demand for entry-level education, we asked CFA Institute members some key questions through our annual member survey, which was completed in May. The results are clear: 68 percent of respondents believe that it’s important for employees not directly involved in the investment decision-making process to increase their knowledge of the fundamentals of investments. Further, more than half of respondents would be likely to recommend a CFA Institute fundamentals certificate program to their colleagues. As currently planned, the program will be aimed at individuals who do not wish to pursue or are at least several years from being ready to begin the CFA Program. There will be no connection between the certificate program and CFA Institute membership or the CFA designation, and certificate recipients would not be entitled to a designation or letters after their names. The curriculum and examination will be delivered electronically in English, although we will consider expanding it to other languages in due course. Look for more details about this new program over the next year, and please continue to send us your feedback to help us introduce a product that will benefit our industry.
Sounds more like CFA is trying to standardize the orientation that you get when you join a big finance company or really any company. This makes sense to me, as it can be used by smaller companies that wish to outsource it. I got friends that work for an airline that were forced to take level 1 for example, as part ofm their management program. This was basically because they decided that their people should have a basic understanding of finance and the CFA was the easiest way to ensure that. The fact that it implies no link to the CFA designation means we are not seeing a dilution. If anything it should increase awareness of the program. A lot more people will become aware of the program as a result of this. Brand equity goes up.
Good point, ChickenTikka. I hadn’t thought of it as a kind of “consumer education” designation vs. the “professional education” distinction. And you’re right… if there are no letters that would make someone think that this is the same or equivalent to the CFA charter, then why not.
Agreed, sounds like a response to the CFP bumping up their brand awareness push. Although it looks like CFA candidates stand to lose a lot more than charterholders, since you know it will show up on resumes referencing the CFA program. If you’ve passed some ‘real’ CFA exams but aren’t entitled to using the letters it’ll be fun explaining to HR it’s different than this new lite exam.
I’m sure the new program will be played up on countless resumes, most of which will go to HR people who are clueless about the differences and will just see the letters referenced (since it will be administered by “CFA Institute”) and assume they have a CFA. Also, who the F are these people who are “several years from being ready to begin the CFA Program”? I’m not aware of too many working professionals who have “starting the CFA program” as part of their long-term plans. Are they marketing this to elementary school children?
FIresearch Wrote: ------------------------------------------------------- > It was disclosed in an email. You probably need to > be a regular member in order to be on the > distribution list. Off topic, but they send way too many emails.
monger187 Wrote: ------------------------------------------------------- > Also, who the F are these people who are “several > years from being ready to begin the CFA Program”? > I’m not aware of too many working professionals > who have “starting the CFA program” as part of > their long-term plans. Are they marketing this to > elementary school children? Good point. Seeing as you don’t even need a Bachelor’s degree to enrol for Level 1, who are these people who plan to begin the CFA program in several years time? And this excerpt from their email: “There will be no connection between the certificate program and CFA Institute membership or the CFA designation” DO you notice how they say there will be no connection between the certificate program and CFA Institute MEMBERSHIP, but they definitely don’t say that there will be no connection between the certificate and the CFA Institute. So as monger187 points out, you get say you have a certificate from CFAI, which will nicely confuse people as to what the heck the charter or the certificate is.
The difference will probably be something like: CFA Charterholder; Regular Member, CFA Institute vs. CFA Certificant; Associate/Regular Member, CFA Institute I can see how the two could end up being worded almost identically in somebody’s bio since you can be a Regular Member of CFAI without passing the exams anyways (just promise to be ethical + 4 years work experience + membership dues). I’m sure all the geniuses in HR will fully understand the difference edit: At least they can’t use any letters though… Like “CFa” or something.
they should call it something else so that it is clear the two are not the same program. it sounds like it is a totally different certification so who cares? I dont see how it will dilute the CFA charterholders. There are plenty of certificates out there that are similar to CFA but everyone knows this one is the hardest to achieve. Do you really want to work for a company that doesnt know the difference between a 3+ year program and a certificate? I sure as shit dont. However you are right the HR geniuses (lol) will be clueless.
also starbuk, CFA, CFA, MBA would look pretty good on a business card. just double up on the CFA cert and cover all your bases!