february 2008 CONNEXIONS · CONNEXIONS february 2008 - 11 - Our region, EMEA East, consists of societies in countries with a limited capital markets history. Almost all our markets

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NEWSLETTER FOR THE EMEA REGIONCONNEXIONS

february 2008

Nitin Mehta

contentsKEY DATES .................................... 1

VIEWPOINT ................................... 2

INTERVIEW ................................... 2

FEATURE ....................................... 3

SOCIETY FOCUS .......................... 5

INSIGHT ........................................ 5

ADVOCACY OUTLOOK ................ 6

EDUCATION .................................. 7

SOCIETY OUTREACH ................... 9

PUBLIC AWARENESS .................10

SHARING BEST PRACTICE ......... 11

WELCOME to the first issue of Connexions, the EMEA region’s newsletter created especially for society leaders. With 32 societies, hundreds of volunteers, and 16,000 society members, the EMEA region is home to a great many talented, energetic professionals all dedicated to setting the highest ethical and professional standards within the investment industry. To best achieve this shared mission, we feel that communication is key. We have therefore introduced this newsletter as a first step toward improving the exchange of information within the EMEA region. We hope it will become a popular channel for celebrating success and sharing news, ideas, and best practices among societies.

CFA Institute already provides many resources and messages for society leaders worldwide. What differentiates Connexions from other existing CFA Institute materials is its sole focus on EMEA societies and regional activity. We trust it will prove useful.

Many of you spent some time in strategic planning sessions for your society last year, and we have been doing the same at CFA Institute. For our organisation, 2007 marked a year of both banner growth and celebration. It is now time to look ahead with optimism and plan accordingly. Our planning process began in 2007 with a series of Vision 2012 meetings with industry and society leaders in London, New York, and Hong Kong. The meetings’

highlights and findings, which will be reported in an upcoming issue of CFA Magazine, will drive a strategic plan for the next four years, including a specific component for the EMEA region.

Looking to the nearer term, there are some exciting events planned for this year. In March, the 2008 Regional Meeting in Jordan will provide an opportunity for EMEA society leaders to meet and discuss issues that are most relevant to them. Sami Nabulsi, CFA, (President, CFA Jordan), Attila Koksal, CFA, (PCR-EMEA East), and Helmut Henschel (PCR-EMEA West) are busily preparing to host the important event. Your feedback and input will help us to make future events as productive and successful as possible. Closer to home, we are delighted to welcome Dennis McLeavey, CFA, to the EMEA region as Head of Education. His wealth of knowledge and experience will make him an invaluable addition to the team.

We hope you will take the time to review this newsletter and let us know how we might improve it to be useful to you. We are very grateful to the society leaders who contributed to this first issue of Connexions, and urge you to send us anecdotes, testimonials, or stories for the next issue. As ever, your participation will make all the difference!

WELCOME

February

28 CFA Association (Russia) First Corporate Reporting Conference Moscow

March

6-8 EMEA Regional Conference Amman, Jordan

14 EMEA Society Public Awareness Conference Call London

17 Final deadline for new CFA Program enrollments Charlottesville

17-19 Hedge Funds Program—London Business School— Executive Education

London

17-19 First Annual Advances in Asset Allocation Seminar— EHDEC Business School—Executive Education

London

April

16 Global Investment Research Challenge UK Final London

16-18 European Traveling Conference Italy, Finland, Denmark

17 Global Investment Research Challenge Regional Final London

29 Middle East Traveling Conference Jordan

May

1-3 Middle East Traveling Conference UAE, Bahrain

5-9 5th International Wealth and Tax Planning Seminar—Swiss Institute —Executive Education

Lucerne, Switzerland

11-14 CFA Institute Annual Conference Vancouver, Canada

June

7 CFA Program Exam Date Various

19 CFA UK First Annual Conference London

9-13 Seventh Annual Global Investors Workshop—INSEAD— Executive Education

Fontainebleau, France

16-19 The Oxford Private Equity Program—Saïd Business School, University of Oxford

Oxford, UK

KEY DATES at a glanceJORDAN

Petra

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CONNEXIONS february 2008

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Our region, EMEA East, consists of societies in countries with a limited capital markets history. Almost all our markets are classified under the emerging markets category, and some smaller ones are called “frontier” markets. There is huge potential for growth throughout the region. Over the past three to four years, South Africa, Russia, Turkey, and some Gulf Cooperation Council (GCC)

countries achieved enormous growth rates and are now among the world’s top emerging mar-kets. Additionally, since joining the European Union, Greece, Hungary, and Czech Republic are all one step closer to attaining “developed nation” status.

The growth of hedge funds and private equity funds, coupled with the boom in goverment funds and petrodollars, have made emerging markets a focal point in the international investment scene. Recently, our region has seen enormous interest from international hedge funds, private equity funds, and strategic investors. In fact, in Turkey, foreign investment in the past two years exceeded the sum of total investments made between 1923 (the formation of the Republic) and 2005 and I believe many countries in the region have experienced similar trends. The development of the Russian market, the growing popularity of such GCC countries as Kuwait, Saudi Arabia, and United Arab Emirates, and increasing foreign investment into Africa, are the results of a new investment environment.

VIEWPOINT“With the CFA Institute name behind us, we can mobilize our regulators, lawmakers, universities, local corporations, banks, and associations to attract young, intelligent minds into this profession.”

INTERVIEWDr. Helmut Henschel

Dr. Helmut Henschel, PCR for EMEA West, speaks to Emily Dunbar about some of the issues facing European societies.What prompted you to volunteer to be a PCR?

It was important to bring a European perspective to CFA Institute, and I felt I had the right understanding of the cultural differences in the region to do that. EMEA makes up almost a quarter of all societies and around a fifth of the membership of CFA Institute. As a global organisation, CFA Institute needs to strengthen its focus on EMEA. The volume of assets under management here is vastly greater than in Asia, for example, and I think we will continue to grow.

Helmut Henschel was the founding president of the German CFA Society. He became President’s Council Representative for EMEA two years ago, prior to the region’s split. He is currently serving his second term.

Even though we all enjoy the growth in our markets, we face several challenges, of which the most common are inadequate legal systems, poor technological infrastructures, low investor confidence, and a lack of a local investor base. Our region’s biggest challenge, however, is to increase the number of investment professionals who meet global standards. To sustain growth, we must come up with new investment products, funds, IPOs, and M&A deals. The question is: Do we have the human capital to support these initiatives?

Going back to the Turkish experience, Turkey was one of the top recipients of global foreign investment in 2006 and 2007. Would you believe it if I told you that there are fewer than 500 “top quality” invest-ment professionals in this country of 70 million people? Is the situation any different in Egypt, Jordan, Lebanon, Bulgaria, Cyprus, Romania, Ukraine, and Kazakhstan?

My observation is that almost all CFA Institute society leaders are dedicated investment professionals with a mission to develop their countries’ capital markets. In this respect, we can all use CFA Institute, CFA Institute Centre for Financial Integrity, and local societies to support this mission. With the name and reputation of CFA Institute behind us, we can mobilize our regulators, lawmakers, universities, local corporations, banks, and associations to attract young, intelligent minds into this profession.

One facet of the mission of CFA Institute is setting a higher standard within the global investment community. This mission can be achieved only with the help of qualified volunteers serving the financial community and we, society leaders, serving as role models for the recent graduates and young investment professionals in our respective countries.

Attila Koksal, CFA, PCR for EMEA East,Outlines the Region’s Potential for Growth

FASTEST GROWING EMEA EAST SOCIETIES:

Society 2006 2007Jan

2008

Russia 94 160 204

Emirates 141 224 246

Saudi Arabia

19 29 55

Cyprus 43 66 75

Poland 90 134 158

CzechRepublic

41 75 79

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CONNEXIONS

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february 2008

EMEA makes up a quarter of all societies and a fifth of the membership of CFA INSTITUTE.

What are the main issues for societies in EMEA West?

There are three: Size, leadership, and transfer of knowledge. The larger societies have reached the stage where they need to jump to the next level to be a match for local competition, while smaller societies need to maintain the enthusiasm of volunteers to stave off inertia. Professional support is crucial, but societies with a strong founding president also have to manage the transfer of knowledge and energy to a new president, and that can take a lot of effort.

In your experience, what’s the most effective approach to the leadership issue?

In our sector, it can be difficult to predict the career development of volunteers, making it hard to plan for succession. In my view, it’s important to be aware of potential problems and to tackle them as they arise. Of course, if you recognise leadership potential among your volunteers, you should do all you can to keep them interested and recognise their contributions.

How does the German CFA Society encourage members to volunteer?

We speak to them directly and recruit them at events. We also favour large boards. Board membership is highly valued by volunteers—it brings them into the “fold” and provides the society with a large pool of people who can share the workload. It also generates more ideas and brings a greater breadth of knowledge to the society.

What else have you observed societies doing to increase their pool of volunteers?

The Italian, German, and Swiss societies all recently surveyed their members. The German survey had a response rate of over 20% (approximately 250 people). Members were asked if they would consider volunteering, and to our surprise, 10% said they would. We recruited 25 new volunteers and now have a pool of 40 in all.

Finding volunteers can sometimes be less difficult than finding meaningful ways to involve them.

It’s really important to have specific tasks in mind. For the German Society, it was straightforward: A key objective was to provide value to the many members living and working outside Frankfurt. We asked the new volunteers to help us with programming in other German cities.

In March, we’ll be meeting EMEA society leaders at the regional conference in Jordan. How can society leaders help you to be an effective spokesperson?

My role has two purposes: To voice the interests of EMEA societies to the governors and staff of CFA Institute and to inform societies of CFA Institute initiatives and the opportunities available to them. Society leaders can help me by being responsive.

You can contact Dr. Henschel at [email protected].

focus on:

“Promote the highest ethical standards at the lowest point on earth!”

JORDANVenue for the 2008 EMEA Regional Meeting

The 2008 EMEA Regional Meeting for key society leaders from Europe, Middle East, and Africa will be held on 6-8 March 2008 in Jordan. This three-day event is expected to draw approximately 60 representatives from 32 societies and will offer an excellent opportunity for the region’s society leaders to meet and discuss strategic objectives and operational challenges.

On the following pages, Sami Nabulsi, CFA, President of CFA Jordan, sets the scene for this year’s conference and describes the development of his society in the context of Jordan’s economic development.

The Dead Sea, Jordan


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DR. NASSER SAIDI, Chief Economist DIFC and Executive Director of Hawkamah, the Institute for Corporate Governance in the Middle East, North Africa and Central Asia, will be the key-note speaker at the opening dinner on Thursday 6 March.

“I can sum up in one sentence why Jordan is a wonderful destination and why all society leaders should come to the conference in March. In a three-day visit to Jordan, you will be able to visit one of the world’s new seven wonders and promote the highest ethical standards at the lowest point on earth!

“In recent years, Jordan has seen positive economic growth and has introduced economic reforms that have contributed to a favourable investment environment. We at CFA Jordan feel strongly that it is time to reach out to the regulatory bodies. We recently introduced the CFA Institute Code of Ethics to them, and we hope this will have a positive impact on the current regulations that govern the capital markets. This is just one of a number of initiatives undertaken by the society in this expanding marketplace.

Conference DetailsThe 2008 EMEA Regional Meet-ing will be held at the Jordan Valley Marriott Resort & Spa at the Dead Sea, approximately a half-hour drive from the capital city of Amman.

Jordan is bordered by Syria to the north, Iraq to the northeast, Israel and the West Bank to the west, and Saudi Arabia to the east and south. One of the countries forming the “cradle of

A MACRO PICTURE OF JORDAN

• Jordan attracted sizeable foreign investment inflows in recent years owing to bold economic and regulatory reforms and an ambitious privatisation program. Foreign direct investment (FDI) inflows rose from JD86.2 million in 2002, or 1% of real GDP, to JD2, 228.5 million in 2006, or 29% of real GDP.

• The outlook for the Jordanian economy is robust. The government has signed several free trade agreements, including the Greater Arab FTA and the US-Jordan FTA. Both agreements have contributed substantially to growing Jordan’s export industry.

The Dead Sea—Setting for the 2008 Regional Conference “The Dead Sea is one of the most spectacular natural and spiritual landscapes in the whole world. Located 55 kilometers from Amman, it is the lowest body of water on earth, the lowest point on earth, and the world’s richest source of natural salts. The extremely high concentration of salts and minerals (including magnesium, calcium, potassium, bromine, sulfur, and iodine) give the Dead Sea its renowned curative powers. The Dead Sea is also famous, of course, because it allows you to float on the water effortlessly. It is a once-in- a-lifetime experience that you really should try while you are here.

“Although sparsely populated and tranquil now, the area is believed to have been home to five Biblical cities: Sodom; Gomorrah; Adman; Zebouin; and Zoar.

“This is the setting for our conference and I look forward to welcoming you all!”

civilization,” Jordan has a rich and varied history and is home to many of the most famous religious landmarks in the world, including Mount Nebo, Madaba, and the River Jordan.

Conference attendees are encouraged to stay for an extra day at the end of the conference to explore the country of Jordan and visit the ancient city of Petra. CFA Jordan has kindly made the arrangements, and their sponsors have generously offered to cover the costs.

Petra has recently been named one of the world’s new seven wonders. It is without doubt Jordan’s most valuable treasure and greatest tourist attraction. This unique city was carved into the sheer rock face by the Nabataeans, an industrious Arab people who settled in the area more than 2,000 years ago. The city soon became an important junction for the silk, spice, and other trade routes that linked China, India, and southern Arabia with Egypt, Syria, Greece, and Rome.

The entrance to the city is through the Siq, a narrow gorge over 1 kilometre in length, which is flanked on either side by soaring cliffs. The colours and formations of the rocks are dazzling. As you reach the end of the Siq, you catch your first glimpse of Al-Khazneh (Treasury), which featured prominently in the film Indiana Jones and the Last Crusade.

For more information on the meeting or the excursion to Petra, please contact EMEA Society Relations Representative Cortney McCoy at [email protected].

The valley of Wadi Rum

The Monastery at Petra

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february 2008

society focusA Message from CFA JordanBy Sami Nabulsi, CFA, President of CFA Jordan

As President of CFA Jordan, Sami Nabulsi is well equipped to describe the development and growth of his society in the context of Jordan’s economic development.

“One of the first Arab CFA Institute societies established, CFA Jordan’s mission is to set a higher standard for the Jordanian investment community. From its inception in 2002 until the end of 2006, CFA Jordan was dormant and relatively unknown within the Jordanian community. There was little change in the number of members and charterholders and little awareness of the importance of the CFA charter.

challenge was to secure the necessary funding for all these planned events and activities. We decided to solicit sponsorship, not just for each event, but for the whole year.

“But how do you convince companies to give you money when they have not even heard of you? The answer was to secure a well-known investment company as the platinum sponsor, which acted as a lure

Like the nation of Jordan itself, host society CFA Jordan has experienced rapid growth in both society membership and new candidates.

“In November 2006, a new board formed, and we were determined to raise the profile of both the CFA charter and the society by setting ourselves the following objectives:

• Run a series of high-profile events to raise awareness of the CFA Program and CFA Jordan• Advertise in leading monthly magazines and daily newspapers• Reach out to regulators and plan workshops• Reach out to employers and educate them• Reach out to university students and inform them and motivate them by offering scholarships to distinguished students• Establish a permanent office and staffed representative• Create a state-of-the-art website

“At first, these milestones seemed overwhelming for a small soci-ety such as CFA Jordan, which had few members, limited funding, a short track record, and busy board members. The obvious first

to other sponsors at different levels. In total, CFA Jordan was able to raise more than US$50,000 in funding, which was quite a leap for a small society with an original bank balance of less than US$3,000! The money was then used to create several high-profile events and run a successful advertising campaign.

“Later in the year, another sponsor donated space for CFA Jordan within its luxurious offices. We now have an office manager, who takes care of the everyday work of the society, and a media agency that is commissioned to develop a unique website for CFA Jordan. We also succeeded in reaching out to hundreds of eager students through several road shows to major universities. Finally, we engaged with numerous regulatory bodies over the past year and introduced them to the CFA Institute Code of Ethics in January.

“Despite the numerous challenges facing a small society such as CFA Jordan, perseverance and innovation turned them into achievements. We view this as just the beginning!”

“How do you convince companies to give you money when they have not even heard of you?”

INSIGHTOn 6 November 2007, the EMEA’s largest member society, the UK society, opened a new chapter in its history. Following the society’s first-ever Charter Award Ceremony, Colin McLean, FSIP, handed over chairmanship to Joe Biernat, CFA, and announced that the membership had voted to change the society’s name to CFA Society of the UK (abbreviated to CFA UK) from UKSIP.

The name change was proposed in order to enhance the society’s standing and to better identify its association with CFA Institute.

A New Era for the UKJoe Biernat, CFA

It followed an extended period of consultation with members, including an e-mail survey. More than 2,000 members responded to the on-line survey, with just fewer than 90 percent indicating that they would support a name change. The Board concluded that it would be in the interest of all members to change the society’s name.


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In addition to its name change, CFA UK established some challenging long-term objectives involving member participation and satisfaction, employer engagement, volunteerism, and revenue growth.

“Two years ago, the Board realised that it needed to make a change in improving its relationship with members and also the relationship with CFA Institute. We needed to become a more member- oriented, professional body, delivering a clear value proposition,

responding to feedback, and making better use of technology,” says McLean.

Will Goodhart, chief executive of CFA UK, commented: “The society’s name change will help employers and other in-dustry participants to identify our purpose and position more immediately. However, our mission hasn’t changed. We’re still determined to lead the development of the

investment profession through the promotion of the highest ethical standards and we continue to look forward to providing our members with the educational, advocacy, and professional development services that they require.”

CFA UK has already successfully achieved some of its goals, such as:

• The launch of a new quarterly edition of Professional Investor as well as an improved society website • The introduction of regular e-newsletters • A realignment of the society’s committees, which created new special interest groups • The publication of a career guide • An initiative to increase the use of surveys and other consultation methods to guide advocacy • Relationship development with other large CFA societies • The establishment of an advisory council as a part of a joint project with the EMEA office of CFA Institute.

advocacyCharles Cronin, CFA, on CFA Institute Centre for Financial Market Integrity, EMEA

Last October, I joined the CFA Institute Centre for Financial Market Integrity as head of the EMEA region. For me, this is the most challenging and rewarding task that I have ever undertaken, and I am determined to make a difference. The CFA Institute Centre’s mission is both comprehensive and frank: To promote fair and open markets and advocate for investor protection and high professional standards.

I have worked as a market professional for more than 20 years, covering most of the sub-sectors in the business. Over the course of my career, I have served as buy-side analyst, fund manager, pension trustee, investor relations manager, institutional broker, and sell-side analyst at some of the leading firms in the industry. I first learned about CFA Institute in 2003 after submitting a response to the UK Financial Services Authority’s consultation on conflicts of interest between sell-side analysts and corporate finance. It became clear to me that this was the only organisation that could stand up for what was right and proper in a business that had lost its way. Hence, when I got the invitation to work for the CFA Institute Centre, I leapt at the opportunity.

CFA Institute is a global organisation and, as such, it is important to have strong regional representation in our advocacy efforts. I represent the EMEA region, and my colleague, Lee Kha Loon, CFA, represents the Asia Pacific region. My goal is to put an EMEA stamp on the work of the CFA Institute Centre.

I will achieve this by responding to various consultations, particularly from regulators and significant stakeholder groups, and by offering informed comment to the financial debates in which the CFA Institute Centre has a stake. My brief also includes society outreach, and subject to funds, I wish to meet with as many of the region’s societies as possible. These meetings will give me the opportunity to present to your membership on topics of interest, offer ethics training seminars, meet with your regulators, and provide support where I can. However, my team is small, and I can’t cover everything. To that end, you, as society leaders, can help me by identifying the key opinion formers in your markets—senior regulators, interested politicians, and leaders of financial trade associations—and, where possible, build relationships with them. We can engage their interest only by adding substance to a debate that falls within our area of interest. Prior to meeting with potential contacts, I suggest you take a look at the official positions of the CFA Institute Centre (www.cfainstitute.org/centre.) or contact me for more information. Good luck to you all, and I hope to meet you in the near future.

OUTLOOK

Will Goodhart

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february 2008

CFA Institute Centre:Out and About

Bob Luck, CFA, Director and Member & Society Liaison for the CFA Institute Centre for Financial Market Integrity, recently traveled to five societies across northern Europe to award CFA charters to the new charterholders and to conduct ethics educational sessions for local members.

In Luxembourg, 40 CFA Institute members and candidates attended a two-hour refresher program on the Code and Standards. The case-based program engaged participants in active discussion about applying the Standards of Practice to their daily work. In Helsinki, Luck participated in a panel discussion on hedge funds and presented the principles of the Asset Manager Code of Conduct to more than 60 attendees. In Stockholm, Luck was joined by Charles Cronin, CFA. Together they presented a 90-minute, case-based refresher on the Code and Standards for members and candidates.

In Amsterdam, Luck delivered a presentation on fiduciary investment management, which is an increasingly popular approach to pension fund management in the Netherlands. The focus was the role of charterholders as fiduciaries and the Pension Trustee Code of Conduct, which is being developed by the CFA Institute Centre. Luck’s last stop was Copenhagen, where he met with CFA Denmark board members to discuss their approach to advocacy.

London’s CFA Institute Centre Team Is Growing

Vincent Papa, CFA, joined the CFA Institute Centre team in October 2007 as Senior Policy Analyst. Papa’s primary role will be to contribute to the process of incorporating investor considerations into the ongoing financial reporting enhancement being undertaken by the International Accounting Standards Board (IASB). He will also be responsible for researching, developing, and promoting the position of the CFA Institute Centre with the media, standards setters, regulators, and investor user groups. Papa most recently worked as an investment analyst with Observatory Capital in London, where he applied research analysis in the process of evaluating and recommending fixed-income securities. He has also worked as a management consultant for Accenture in Johannesburg, South Africa, and as a management consultant and auditor for KPMG in Johan-nesburg. Papa holds a master’s degree in finance from the London Business School, an MBA from the University of Witwatersrand in Johannesburg, and a B.S. in engineering from the University of Nairobi. He earned his CFA charter in 2006 and is a member of the CFA Society of the UK (CFA UK).

EDUCATIONJeff Diermeier, CFA, and David Begg, Principal of Tanaka Business School, Imperial College, London

There has been great progress with university partnerships in the region over the last year. We aim to recruit a global group of approximately 100 Program Partners from among the top business schools in the world. We now have 21 partners in 7 EMEA countries, with others in the pipeline.

For more information go to http://www.cfainstitute.org/cfaprog/ university/partners.html.

GLOBAL INVESTMENT RESEARCH CHALLENGE: The first regional final will take place on 17 April 2008 at Reuters in London. If you would like to be involved in next year’s challenge, please contact Emily Dunbar at [email protected].

Support for UniversitiesTo encourage more universities to incorporate the Candidate Body of Knowledge into their programs, CFA Institute has established a wealth of resources for interested universities. Not only will we send one copy of the CFA Program curriculum to universities, but we also offer sample course syllabi and best practices on our website http://www.cfainstitute.org/cfaprog/university/general_resources.html.

CFA Program Partners


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ED

UC

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UNIVERSITY PARTNERS:

Bocconi University (Milan, Italy)

ESSEC (Paris, France)

École des Hautes Études Commerciales (EDHEC) (Nice, France)

Hautes Études Commerciales (HEC) (Paris, France)

University of Reading (Reading, UK)

Imperial College (London, UK)

Lancaster University (Lancaster, UK)

London Business School (London, UK)

Lancaster University (Lancaster, UK)

University of Leicester (Leicester, UK)

University of Oxford (Oxford, UK)

So how can you help? CFA Institute knows that some societies have extensive relations with area universities already, and we’d like to know more. Are there any great successes that you would like to share with us or other societies? How can we best support your university outreach efforts? Contact Dennis McLeavy, dennis.mcleavey@ cfainstitute.org.

Executive EducationCFA Institute has an exciting executive education schedule planned for the coming year. Three of our successful seminars from last year will be offered: The Hedge Funds Program with London Business School; the Global Investors Workshop with INSEAD; and the International Wealth and Tax Planning Seminar with the Swiss Finance Institute.

The first annual Advances in Asset Allocation Seminar (with EDHEC Business School) takes place 17-19 March in London. This seminar will address the estimation issues and model the shortcomings of trying to optimize portfolio construction in a world that does not conform to the tenets of modern portfolio theory.

There are two new offerings this year. The Oxford Private Equity Program combines the rigor of one of the world’s great universities with insights from globally recognized practitioners and advisors to private equity investors. It will be held 16-19 June at the University of Oxford’s Saïd Business School. Further details at http://www.cfainstitute.org/memresources/conferences/emea.html.

New European ConferenceFinally, CFA Institute will hold its inaugural European Annual Conference in Amsterdam, in December 2008. Details to follow.

Reims Management School (Reims, France)

University of Warwick (Coventry, UK)

University of Exeter (Exeter, UK)

University of Stirling (Stirling, Scotland, UK)

American University of Sharjah (Sharjah, United Arab Emirates)

University of Pretoria (Pretoria, South Africa)

University of Stellenbosch (Stellenbosch, South Africa)

RSM-Erasmus (Netherlands)

Trinity College (Dublin, Ireland)

University of Edinburgh (Edinburgh, UK)

2008 JUNE CFA PROGRAM SCHEDULE

March 2008 Online sample exams available

17 March 2008 Final deadline for new CFA Program enrollments and exam registrations to be received by CFA Institute

17 March 2008 Final deadline for disability accommodation requests and requests for religious alternative dates to be received by CFA Institute

17 March 2008 All test center change requests must be received by CFA Institute

Late April 2008 Exam admission tickets available online

7 June 2008 Exam date

8 June 2008 Exam date in Eastern Asia and Oceania

June-July 2008 Exams graded

Late July 2008 Exam results available online for Level I candidates

Late August 2008 Exam results available online for Level II and III candidates

Dennis McLeavey, CFA, is the new Head of Education, EMEA. He relocates to London on 1 May 2008.

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IF YOU WOULD LIKE MORE INFORMATIONon how to organise a strategic planning session for your society, or would like advice or support on any aspects of your society’s development, please contact me at [email protected] or +44 207 531 0761.

Whatever their size, all organisations need a strategic plan to be effective, as Sami Nabulsi, CFA, President of CFA Jordan, clearly demonstrates in his feature. Most EMEA societies are almost entirely reliant on busy volunteers, but effective strategic planning can help to identify how activities can be streamlined and where extra resources are required.

A strategic planning session can serve as a creative and energizing team-building activity that provides an opportunity for the board to review the society’s vision, identify opportunities, and prioritize the tasks likely to offer the greatest value to members. It is also a chance to acknowledge that volunteers cannot do everything and that some activities may have to be put on the back burner.

Strategic planning sessions are often more productive when led by a facilitator, which allows all board members to participate fully. CFA Institute has provided facilitators from among staff and society leaders for many societies’ strategic planning sessions around the world.

The Society Partnership Program initiative (SPPAG) has taken this process one step further by working intensively with 10 beta society boards. CFA Institute is helping these societies put their plans into action and works with them to meet their objectives. Results from this initiative, which concludes around the end of 2009, will help to inform how CFA Institute works with societies in the future.

Three society boards from EMEA West—Switzerland, Italy, and Austria—recently spent a full day devoted to strategic planning. Two of these societies, Switzerland and Italy, are part of the SPP. The third, Austria, led by Harald Holzer, CFA, invited Peter Varga, CFA, President of the neighbouring Hungarian Society, to join a session in Vienna facilitated by Ray DeAngelo, Director of the Member & Society Division of CFA Institute. Peter commented: “It was great to spend time with fellow society leaders in a relaxed atmosphere and to focus on long-term goals. I had an opportunity to look into the strategic planning process of a society of a similar size and with issues similar to ours and I hope our board will have time to get together to go though the same sort of exercise.”

“CFA Austria’s strategic planning session was very useful

in helping us to define our vision. But more importantly,

by agreeing on milestones and identifying our stakeholders,

we think we’re now on the way to actually achieving that vision.”Harald Holzer, CFAPresident of the Austrian CFA Society

society outreach

“We found the strategic planning session

challenging, but extremely useful. The

exercise allowed us to understand the

attitude, approach,

and structure

necessary to create a

successful long-term

plan for our society.”

Following the strategic planning session in Switzerland, Julien Froidevaux, CFA, President of the Swiss CFA Society, commented: “Bringing together longstanding and new board members for a strategic planning session was beneficial in that it helped us to determine what the Society’s future could be. Using the latest comprehensive results from a survey of our members, a historic perspective of our society, and input from other societies, we were able to put together a clear business plan. This plan will serve as a

foundation for the years ahead and allow the society to progress to the next stage—clearly benefiting our growing membership base. The discrete but dedicated support of CFA Institute was very effective.”

Barbara Valbuzzi, CFAPresident of the Italian CFA Society

European societies share their strategic planning experiences

Emily Dunbar


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IN MY ROLE at CFA Institute, I act as the media spokesperson and propagate media relations in the EMEA region. I am also working to build the profile of CFA Institute in the EMEA region, and I provide support to societies in the areas of marketing and public relations.

I look forward to working with each of you over the course of the year and urge you to contact me with any questions or concerns. Please e-mail me at [email protected] or contact me by phone at +44.20.7531.0755

EMEA Media Activity Survey

In November 2007, regional societies participated in the first EMEA Society Media Activity Survey. The online survey was the first step in our ongoing strategy to build resources and support for societies in the region. The survey was completed by 21 out of the 32 societies in the region.

Survey results were discussed during the first Regional Society Conference call in December 2007. The call helped to prioritise and develop ideas that might assist EMEA societies build their media and public awareness activities.

Response Total % of Total Respondents %

1 Least Important 1 5%

2 6 29%

3 4 19%

4 4 19%

5 Most Important 6 28%

Total Respondents: 21

How much importance do you place on media relations in your society relative to other society initiatives?


Less than 5 hours 15 72%

5 to less than 10 hours 3 14%

10 to less than 20 hours 3 14%

More than 20 hours 0 0%


How much time (hours) does your society allocate to media relations in a typical month?


Yes 3 15%

No 14 70%

In the midst of creating a media plan

3 15%


Do you have a media plan for seeking media coverage?


Daily 0 0%

Once a week 1 5%

Once a month 5 26%

Twice a year 2 11%

Randomly 11 58%

Never 0 0%


Which of the following best describes how often you or other society officers personally contact journalists for your society?

PUBLIC AWARENESS

CONNEXIONS

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february 2008

The following objectives were outlined:

• EMEA office will produce a template of how to run a training seminar for financial journalists by 1 March 2008.

• EMEA office is to pilot the development and distribution of some sample educational articles for repurposing and placement in local media. Pilot examples will be distributed by 1 March 2008.

• EMEA office will research sourcing media lists for societies to help broaden their distribution of news releases and contact with journalists. The office will provide an update to societies by 1 March 2008.

• A quarterly regional public awareness conference call will be arranged. The date for the next call is 14 March 2008.


Less than US$1,000 4 21%

US$1,000 to less than US$3,000

7 36%

US$3,000 to less than US$5,000

2 11%

More than US$5,000 6 32%


How much did your society spend on media relations activities in FY2006/7?

Although I would not claim that the Belgian Society has all the answers when it comes to recruiting volunteers, there are some approaches that have worked for us. Our experience is that the best time to actively engage people, whether they are candidates or practitioners, is during the membership process.

A brief review of a candidate or practitioner’s CV, competencies, and objectives at a society event is a good way to align his or her goals with the society’s volunteer resource requirements. This process can be even more focused when the individual is being upgraded from affiliate to regular membership and while their work experience is being verified to ensure they are eligible to receive their charter. The Belgian CFA Society’s membership committee finds it is much

easier to support an applicant if the society has had some type of volunteer contact with him/her.

This competency matching process is usually quite a natural one. The Belgian experience is that candidates and practitioners almost always know where they want to go. It is the society’s job to match their needs and desires with the proper volunteer role. For example:

A business analyst who wants to move into a credit analyst position at a bank can get involved in media outreach for the society, increasing market knowledge as he or she prepares for the move.

A bank employee who wants to move into consulting upon completion of his CFA charter and who is beginning the business development phase of his career can inform his new employer about the process and merits of the CFA designation.

A financial analyst who wants to attain qualified work experience after completing Level III of the CFA Program can get assistance during the membership process to achieve this via the Programming Chair responsibilities.

These are just a few examples of how a society can work with volunteers to improve awareness during the membership process. It takes time and outreach, but the rewards are real for the CFA designation and the society. Society members need the courage to take the time to get to know people and to establish how the society can involve them while simultaneously helping them to reach their objectives.

Susan Weed, CFA, President of the Belgian CFA Society, shares her views on the best way to engage volunteers.

FIVE TOP TIPS TO INCREASE VOLUNTEERISM IN YOUR SOCIETY

• Think about why people volunteer and what’s in it for them.• Appoint a Volunteer Chair. • Write role descriptions for your volunteers with an indication of the time commitment required.• Publish volunteer case studies and testimonials on your website and in printed materials.• Recognise volunteers at an event, reward them with gifts, and send letters of thanks to their employers.

SHARINGBEST PRACTICE

focus on volunteerism

Documents

february 2008 CONNEXIONS · CONNEXIONS february 2008 - 11 - Our region, EMEA East, consists of societies in countries with a limited capital markets history. Almost all our markets