As the fallout from controversial complex financial products continue, the mood in the industry is one of simplification and caution. According to Ashvin Vibhakar, managing director, Chartered Financial Analyst (CFA) Institute, Asia-Pacific Operations, a more regulated financial landscape has highlighted the demand for professionals who value ethics ahead of personal gain.
"For financial markets to function properly there has to be trust, this is why the highest level of professional ethical standards is one of the main pillars of the CFA qualification. If an individual is committed and passionate about the industry, we recommend they go for the CFA programming," Vibhakar said.
Ethics, client-centric best practices and a commitment to relevant continuing education are crucial requirements for the success of the finance industry and the hallmark of the CFA qualification. He said the framework of the CFA charter encouraged holders to apply knowledge and skills to make sure clients objectives and long-term goals were met.
The self-study CFA curriculum requires investment professionals to build a working knowledge of investment principles across core areas. These range from portfolio management and asset valuation to investment tools and quantitative analysis. The programme is a post-graduate course rather than a "basic" introduction to the field of financial analysis. The CFA qualification is awarded to financial professionals who have completed a comprehensive course of study including three sequential exams administered once annually. There are more than 4,300 charter holders in Hong Kong.
Vibhakar said as a global organisation that awarded the CFA, the CFA Institute led the investment industry by setting the highest standards of ethics and professional excellence and vigorously advocating fair and transparent processes. He said anyone considering studying for the CFA designation should be under no illusion the programme was easy. However, the benefits could attractively compensate the efforts required to complete the three-part programme. Employment opportunities are wide ranging in banking, insurance, the corporate sector, companies dealing in finance and investment advisers.
"To pass the exams, candidates have to be extremely disciplined and set aside the necessary time to complete each section of rigorous examination," Vibhakar said. On average, Hong Kong participants take four years to complete the programme. "As an institute, we try to work with employers and help them understand that candidates need time to study and this will benefit the organisation in the long run."
He said the CFA charter was a mark of achievement and a dedication to the continuing pursuit of knowledge, experience, and ethical principles that made charter holders competitive. "The charter also opens doors to greater job possibilities and career advancement," Vibhakar said. "Recent events in the financial markets have seen a sharp increase in the importance of professional qualifications for financial services staff."
"We are increasing seeing employers in their job announcements talking about CFA preferred or looking for candidates that are on their way to completing their CFA. Employers are also looking for qualifications that underline trust, professional capabilities and a client-first commitment to the industry."
