Investment Professionals Who Pass Level II of the CFA Exams to Be Exempt from New Rule  

Media Contacts

Adriana Huerta
Fleishman-Hillard − Miami
+1 (305) 520-9029
adriana.huerta@fleishman.com


Sao Paulo , (None), Brazil, 20 July 2010
CFA Institute and the CFA Society of Brazil today welcomed the announcement that the new Rule 633 of Brazil’s Securities Commission, Comissão de Valores Mobiliários (CVM), exempts candidates who have passed the Level II Chartered Financial Analyst (CFA) exam from the requirements of taking the global content exams of the National Certificate of Professional Investment (CNPI), conferred by APIMEC. The new rule enters into effect on 1 October 2010 and is available in Portuguese here as a Word document.

“APIMEC considers the new CVM Rule 633 fair from the standpoint that Level II of the CFA program presents similarities such as the content required for the CG1 exam,” says Lucy Sousa, president of APIMEC.

This year, 139,000 current and aspiring investment professionals worldwide registered for the June 2010 CFA exams, and during CFA Institute’s 2010 fiscal year more than 200,000 candidates registered for the December and June exams combined (read more).

“We are proud to have collaborated with Comissão de Valores Mobiliários (CVM) and APIMEC during the public hearings for this new resolution. As the number of CFA candidates continues to increase in Brazil, this new resolution will be beneficial to help provide a solid standard of ethical investment practices in the country,” says Joel Kos, CFA, president of the CFA Society of Brazil. The society recently announced a partnership with ANBIMA to provide study programs to CFA exam candidates.

“We are very supportive of this new rule as it is an important recognition of the high standards for ethics, education, and professional excellence required from the more than 200,000 CFA candidates worldwide,” said Bob Johnson, CFA, senior managing director of CFA Institute. “We appreciate the efforts of the CFA Society of Brazil as they continue to lead the investment profession in Brazil by fostering the highest standards of ethics, education, and professional excellence.”

The number of investment and financial professionals seeking the CFA accreditation in Brazil continues to grow. In the last five years alone, the number of CFA Institute members in Brazil has increased from 165 to 353 members – the largest concentration in Latin America. In 2010, the number of CFA candidates in Brazil registered for the June exam increased by 17 percent. The CFA Society of Brazil currently has 321 members.

CFA Institute

CFA Institute is the global association for investment professionals. It administers the CFA and CIPM curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 100,000 members, who include the world’s 90,000 CFA charterholders, in 135 countries and territories, as well as 135 affiliated professional societies in 58 countries and territories. More information may be found at www.cfainstitute.org.

CFA Society of Brazil

The CFA Society of Brazil is an association of local investment professionals, including portfolio managers, security analysts, investment advisers, and other financial professionals. It promotes ethical and professional standards within the investment industry, encourages professional development through the CFA Program and continuing education, facilitates the exchange of information and opinions among people within the local investment community and beyond, and works to further the public's understanding of the CFA designation and investment industry. As a CFA Institute member society, the CFA Society of Brazil connects members to a global network of investment professionals. More information is available.

CFA Program

The CFA Program sets a globally recognized standard for developing the skills and standards, competence, and integrity of financial analysts, portfolio managers, and investment advisers worldwide. It is widely considered the investment profession’s most rigorous credentialing program and has been referred to as a “gold standard” by the Economist and Financial Times. Administered in English, the CFA curriculum is identical worldwide and is grounded in the practice of the investment profession and evolves with time. Through a process called “practice analysis,” a survey of investment professionals from around the world, CFA Institute is able to update the curriculum with knowledge, skills, and competencies that are relevant to the profession. Only one in five candidates who begins the rigorous program successfully completes it and goes on to become a CFA charterholder.

CFA Program Exams

The CFA Program consists of three exams that cover topics including Ethical and Professional Standards, Quantitative Methods, Economics, Financial Reporting and Analysis, Corporate Finance, Investment Tools, Asset Valuation, and Portfolio Management, Performance Measurement, and Wealth Planning. Each level imparts a particular skill set: Level I is focused on investment tools and the foundations of the investment management business, giving candidates the necessary knowledge and comprehension; Level II is focused on valuation of asset classes including equity investments, fixed income, derivatives, and alternative investments, emphasizing candidates’ ability in application and analysis; and Level III is focused on portfolio management, performance measurement, and wealth planning, requiring candidates to be competent in synthesis and evaluation while making investment decisions.