CFA Institute launches new global examination program

68 organizations sign up to pilot phase for the new Claritas Investment Certificate

January 09, 2013 4:37 IST | India Infoline News Service
CFA Institute, the global association for investment professionals and administrator of the CFA Program, today announced the launch of the Claritas™ Investment Certificate (“Claritas”). This new international education standard for the financial services industry will open for global registrations in May 2013.

Claritas is aimed at the broad range of people in the financial services industry who work alongside those in investment roles. Currently 68 organizations and over 3000 candidates are taking part in a pilot program. These organizations are supporting the development of the industry focused program and include asset managers, financial institutions, media and consulting groups. Participants are also globally diverse, with candidates taking part from a variety of countries including Australia, Canada, China, Denmark, Germany, Hong Kong, India, Ireland, Pakistan, South Africa, South Korea, Singapore, Switzerland, UAE, UK, Uruguay and USA. The first pilot exams are scheduled for late March.

At a time when the on-going financial crisis has undermined trust in financial services and left a vacuum which organizations, academics and regulators have struggled to address, CFA Institute firmly believes that there is a clear need for those who work in the industry to take visible action to restore its integrity and reputation. According to the
CFA Institute Global Market Sentiment Survey 2013, investors agree that to restore integrity in the global capital markets, change must come from within. More than 65 per cent of respondents indicated that a lack of ethical culture within financial firms has been the biggest contributor to the decline in confidence.
CFA Institute is launching Claritas, in part, to help address this trust and integrity issue. It will provide a foundational level of education aimed at increasing levels of knowledge and understanding of the investment industry for the many professional disciplines within financial services, including consultancy, compliance, marketing and sales, legal, HR, IT and operations. Based on feedback from CFA Institute members and input from top financial leaders, regulators and academics from around the world, the new program is made up of seven self-study modules covering the industry, ethics, tools, instruments, structure, controls and client needs. Those completing the certificate will emerge with a clear understanding of the investment industry and their professional responsibilities within it.

John Rogers, CFA, President and CEO, CFA Institute, said: “Building and maintaining trust in the financial services industry is at the heart of our mission at CFA Institute, and the Claritas Investment Certificate was born out of our firm belief that clarity and knowledge will help achieve this. Claritas will enable those working across financial services to become more effective, knowledgeable and responsible professionals. This will benefit their employers, colleagues and society as a whole, as well as help support their own career development.”

John Bowman, CFA, Head, Claritas Investment Certificate, CFA Institute, said: “Claritas represents a vital opportunity for the industry to raise standards across the board and lay the foundation to a better educated and informed workforce at all levels, regardless of their role. I am delighted with the program that we have developed in partnership with the industry and the warm reception we have received from our numerous and diverse pilot partners. I believe all candidates will find it stimulating and motivational, and employers will certainly benefit from the introduction of this global standard.”

Alok Sethi, a member of the board of Franklin Templeton International Services India Private Limited at pilot participant firm Franklin Templeton Investments, commented: “Claritas presents a huge opportunity to raise standards of excellence across the world of financial services – not only for the candidates themselves, but for our company and the industry. CFA Institute is bringing this to market in a timely manner as the industry seeks to find global solutions to help earn trust. We are proud to be one of the first participants in this vital new program.”

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