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CFA PROGRAM CANDIDATE
SURVEY REPORT
June 2015
CFA Institute 2June 2015 CFA Program Candidate Survey
CONTENTS
RESPONDENT PROFILE
EMPLOYMENT OPPORTUNITIES, EMPLOYER AWARENESS AND EXAM FEES
WHY DID YOU REGISTER FOR THE CFA PROGRAM?
WHAT ARE YOUR THOUGHTS ON THE CFA PROGRAM OVERALL?
WHAT DID YOU THINK OF THE JUNE 2015 EXAM?
WHAT IS YOUR OPINION OF THE CFA INSTITUTE CURRICULUM?
HOW DID YOU PREPARE FOR THE EXAM?
ABOUT THE SURVEY
CFA Institute 3June 2015 CFA Program Candidate Survey
ABOUT THE SURVEY
Two online surveys (pre- and post-exam) were sent to a random sample of half the June 2015 CFA exam candidates:
• 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
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
CFA Institute
HOW DID YOU PREPARE FOR THE
EXAM?
CFA Institute 5June 2015 CFA Program Candidate Survey
EXAM PREPARATION
Standard Deviations for Hours Preparing for the Exam, June 2015:
Global: 125 Level I: 131 Level II: 122 Level III: 118
295
281
306302
304
281
314317
297
274
305
318
307
285
315
325
307
283
313
324
308
287
315
327
TOTAL Level I Level II Level III
AVERAGE HOURS PREPARING FOR THE EXAM
2010 2011 2012 2013 2014 2015
CFA Institute 6June 2015 CFA Program Candidate Survey
EXAM PREPARATION
*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
81%
76%
76%
73%
89%
86%
89%
84%
81%
4%
5%
11%
16%
50%
51%
61%
72%
78%
Other
Local study group
CFA Institute Interactive Study Planner
CFA Program App
Topic-Based Practice Tests
CFA Program curriculum end-of-readingproblems
Non-CFA Institute preparatory materials
CFA Institute Mock Exam
Curriculum assigned readings (print and/or e-book)
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*
CFA Institute 7June 2015 CFA Program Candidate Survey
NON-CFA INSTITUTE PREP MATERIALS
Only 14% of those using non-CFA Institute prep materials are aware of the
prep provider guidelines program (PPGP).
To learn more about the
Prep Provider Guidelines
Program (PPGP)
CLICK HERE.
Yes14%
No64%
Not sure22%
Are you aware of the Prep Provider Guidelines Program?
CFA Institute
WHAT IS YOUR OPINION OF THE CFA
INSTITUTE CURRICULUM?
CFA Institute 9June 2015 CFA Program Candidate Survey
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
CURRICULUM FEEDBACK
Scale: Strongly disagree, Disagree, Agree, Strongly agree and No opinion (excluded)
Displaying % selecting agree or strongly agree
CFA Institute 10June 2015 CFA Program Candidate Survey
CLARITY OF CURRICULUM READINGS
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)
97% 97%93% 93%
90% 89% 88% 87% 86% 85%
CorporateFinance
EquityInvestments
PortfolioManagement
AlternativeInvestments
FinancialReporting and
Analysis
Ethical andProfessionalStandards
Fixed Income QuantitativeMethods
Derivatives Economics
Based on your preparation so far, please rate the clarity of the CFA Program curriculum assigned readings for each topic area.
CFA Institute
WHAT DID YOU THINK OF THE JUNE
2015 EXAM?
CFA Institute 12June 2015 CFA Program Candidate Survey
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 13June 2015 CFA Program Candidate Survey
93% The exam questions were
based on Learning Outcome
Statements (LOS).
91% The exam fairly represented the
CFA Institute-assigned
curriculum.
89% The exam questions covered
subject matter of importance
to investment professionals
PLEASE INDICATE THE DEGREE TO
WHICH YOU AGREE OR DISAGREE
WITH THE FOLLOWING STATEMENTS:
EXAM FEEDBACK
Percentage of those who answered agree or strongly agree displayed
Scale: Strongly disagree, Disagree, Agree, Strongly agree and No opinion (excluded)
9%
63%
28%
Difficulty of Exam Questions
Less difficult thanexpected
As difficult as expected
More difficult thanexpected
17%
56%
25%
2%
Clarity of Exam Questions
Always clearly written
Mostly clearly written
Sometimes not clearlywritten
Often not clearly written
CFA Institute 14June 2015 CFA Program Candidate Survey
EXAM DIFFICULTY
Scale: Not at all difficult, Not very difficult, Difficult, Very difficult
Displayed: % Difficult + Very difficult
67%71%
69%65%
60%
65%
54%58%
54%
75%73%
63%65% 66%
65%
70%
58% 58%54%
73%70%
66%
60% 59% 58%
53% 52% 51%
Fixed Income Derivatives Ethical andProfessionalStandards
FinancialReporting and
Analysis
AlternativeInvestments
Economics PortfolioManagement
CorporateFinance
EquityInvestments
QuantitativeMethods
The exam consisted of the following topic areas. Please rate the degree of difficulty for each topic area.
2013 2014 2015
CFA Institute 15June 2015 CFA Program Candidate Survey
* Asked of Level III only
EXAM DIFFICULTY (ITEM-SET)
45%
38%
17%
35%
41%
24%
49%
36%
15%
Less difficult Equally as difficult More difficult
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
CFA Institute 16June 2015 CFA Program Candidate Survey
MOCK EXAM
20%13%
34%
8%
47%50%
45%
47%
33% 37%
21%
46%
Global Level I Level II Level III
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
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).
CFA Institute 17June 2015 CFA Program Candidate Survey
EXAM ADMINISTRATION
Overall candidates gave positive feedback regarding exam administration and the test centers.
Chart displays % who answered agree and strongly agree.
CFA Institute
WHAT ARE YOUR THOUGHTS ON THE
CFA PROGRAM OVERALL?
CFA Institute 19June 2015 CFA Program Candidate Survey
VALUE OF THE CFA PROGRAM
9.08.8 8.9 8.9 8.9
7.7 7.77.9 7.9 8.0
6.9 6.97.2 7.2 7.2
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
2011 2012 2013 2014 2015
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
CFA Institute 20June 2015 CFA Program Candidate Survey
19%
17%
16%
15%
6%
6%
5%
13%
2%
How did you first become aware of the CFA Program?*
A friend
A professor/teacher
A classmate
A colleague
A manager or supervisor
A family member
The CFA Institute website
Other
Don’t remember
HOW CANDIDATES BECAME AWARE OF
THE CFA PROGRAM
*Only New Level I candidates were asked this question.
82% of candidates first became aware of the CFA Program via word-of-mouth.
CFA Institute 21June 2015 CFA Program Candidate Survey
HOW CANDIDATES BECAME AWARE OF THE CFA
PROGRAM, BY MARKET
CFA Institute 22June 2015 CFA Program Candidate Survey
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
WHY DID YOU REGISTER FOR THE CFA
PROGRAM?
CFA Institute 24June 2015 CFA Program Candidate Survey
MOTIVATIONS TO REGISTER
37%
18%
13%
11%
10%
4%2%
5%
Which best describes your primary motivation for registering for the June 2015 CFA exam?
Career advancement/development opportunities
Increased competency with advanced investmentanalysis and portfolio management skills
To gain professional status in a global communityof investment management professionals
Improved chances of obtaining a job
To challenge myself
Recognition from my employer/potentialemployers
To contribute to a culture of trust and credibility inthe profession
Other
CFA Institute 25June 2015 CFA Program Candidate Survey
BENEFITS OF THE CFA PROGRAM
4%
8%
10%
20%
25%
27%
28%
29%
38%
42%
44%
47%
56%
60%
61%
Other
Increased recognition from regulators
Improved client relationships
Increased recognition from clients
It will assist me in achieving my short term career goals.
Contributing to a culture of trust and credibility in the profession
Increased recognition from colleagues
Expectation of an eventual salary increase
Improved chances of obtaining a job
Increased recognition from my employer/potential employers
Gaining professional status in a global community of investment managementprofessionals
Personal pride
Increased competency with advanced investment analysis and portfolio managementskills
It will assist me in achieving my long term career goals.
Career advancement/development opportunities
What are the benefits of the CFA Program for you personally?
CFA Institute
EMPLOYMENT OPPORTUNITIES,
EMPLOYER AWARENESS AND EXAM
FEES
CFA Institute 27June 2015 CFA Program Candidate Survey
EMPLOYMENT OPPORTUNITIES
In the coming 12 months, do you expect
employment opportunities for investment
management professionals in your local market
to:*
*Excludes “Not sure” Displaying % indicating increase
CFA Institute 28June 2015 CFA Program Candidate Survey
APAC
83%
88%
86%
89%90%
92% 92%
94% 94%
83%
81%
83%
85%
89%
87%
90% 90%
2012 2013 2014 2015
% of Employed Candidates Whose Employer is Aware of the CFA Program
Total AMER APAC EMEA
74%
80%
82%
84%
84%
88%
88%
88%
88%
88%
93%
94%
94%
95%
96%
TAIWAN
CHINA
KOREA
HONG KONG
SINGAPORE
AUSTRALIA
FRANCE
GERMANY
INDIA
UNITED ARAB EMIRATES
SOUTH AFRICA
CANADA
SWITZERLAND
USA
UNITED KINGDOM
% of Employed Candidates Whose Employer is Aware of the CFA
Program
EMPLOYER AWARENESS
CFA Institute 29June 2015 CFA Program Candidate Survey
EXAM FEES
APAC
86%
69%71% 71%
69% 70%
57%59% 58%
56% 57%
86% 85%87% 86% 85%
62% 63% 63% 62%64%
2011 2012 2013 2014 2015
% of Candidates Paying Exam Fees Themselves
Total AMER APAC EMEA
45%
52%
53%
59%
61%
63%
73%
76%
77%
79%
84%
85%
88%
88%
89%
UNITED KINGDOM
SWITZERLAND
USA
SOUTH AFRICA
GERMANY
CANADA
FRANCE
AUSTRALIA
UNITED ARAB EMIRATES
KOREA
INDIA
SINGAPORE
HONG KONG
TAIWAN
CHINA
% of Candidates Paying Exam Fees Themselves
CFA Institute 30June 2015 CFA Program Candidate Survey
RESPONDENT PROFILE
CFA Institute 31June 2015 CFA Program Candidate Survey
RESPONSE BY TOP MARKET
31
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%
AUSTRALIA 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%
INDIA 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%
USA 3,709 19% 6,011 31%
CFA Institute 32June 2015 CFA Program Candidate Survey
EXAM LEVEL
39%38%
23%
36%
39%
24%
Level I Level II Level III
Percent of Respondents by Exam Level
Pre-Exam Post-Exam
CFA Institute 33June 2015 CFA Program Candidate Survey
EMPLOYMENT STATUS AND ASSET BASE*
76%
15%
6%2%
1%
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
27%
20%
2%
51%
Institutional clients Private or retail clients
Other Not applicable
Note: Data based on pre-exam survey questions *Only asked of candidates who are employed
CFA Institute 34June 2015 CFA Program Candidate Survey
EMPLOYER TYPE & JOB FUNCTION
15%
13%
10%
7%
5%
5%
4%
4%
3%
3%
3%
3%
2%
2%
2%
2%
1%
1%
1%
1%
1%
10%
Commercial Bank
Investment Firm/Company
Investment Bank
Consulting Firm
Accounting Firm
Brokerage Company
Private Wealth Management…
Insurance Company
Manufacturing Company
Government/Regulator
Information Technology Firm
Energy or Utilities Company
Registered Investment Advisor
Hedge Fund
Private Equity Firm
Real Estate Firm
Pension Fund
Non-bank Financial Institution
Data Vendor
University/Academic Institution
Credit Rating Agency
Other
CURRENT EMPLOYER TYPE
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%
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
CURRENT JOB FUNCTION
Note: Data based on pre-exam survey questions and candidates who are employed
CFA Institute 35June 2015 CFA Program Candidate Survey
JOB CHANGES
66%
61%
74%
65%63%
67%
76%74%
60%
71%75%74%73%
68%
52%
68%72%
57%59%
% of candidates looking to change some aspect of their career
48%
33%
21%
6%
Job function
Employer
Industry
Other
% of candidates looking to change the following aspects of their career
Note: Data based on pre-exam survey questions and candidates who are employed
CFA Institute 36June 2015 CFA Program Candidate Survey
DESIRED JOBS OVER THE NEXT 5 YEARS
45%39%
33%32%
31%26%
21%21%
20%19%19%
11%10%9%
7%7%
6%5%5%5%5%5%
4%3%3%
2%2%
1%4%
Portfolio/fund managementInvestment banking
Private equityResearch & analysis, buy-side
Corporate FinanceWealth management
Alternative InvestmentsRisk managementFinancial planning
Consulting servicesResearch & analysis, sell-side
Structured financeTreasury
Executive managementDevelopment finance
Performance measurementInvestor relations
AcademiaAccounting
SalesProduct development
Financial transaction processingClient services
Information technologyAuditing
MarketingCompliance
Legal servicesOther
JOB FUNCTIONS CANDIDATES ARE MOST INTERESTED IN PURSUING OVER THE NEXT 5 YEARS
Note: Data based on pre-exam survey questions
CFA Institute 37June 2015 CFA Program Candidate Survey
DESIRED JOBS OVER THE NEXT 5 YEARS
Current
Desired
CFA Institute
Contact Market Intelligence
QUESTIONS?