CFA Institute Opens Global Registration for Claritas® Investment Certificate

CFA Institute, the global association for investment professionals, launched the Claritas Investment Certificate yesterday at the 66^th CFA Institute Annual Conference (19-22 May in Singapore). The new education program provides a thorough understanding of how the investment industry works and represents a new international education and ethics standard across the financial services sector. Global registration for the Claritas Investment Certificate is now available on the CFA Institute website.

The Claritas certificate is accessible to a wide range of professionals working with investment decision makers in functions such as operations, administration, IT, HR, marketing, sales, compliance, and customer service. It is a self-study course which requires between 80 to 100 hours of study over a six month period and is made up of seven modules, covering the industry, tools, instruments, structure, controls, client methods, and ethics, culminating in a single self-scheduled, online exam at a proctored testing center. On successful completion of the examination, candidates will be awarded a certificate of knowledge.

CFA Institute developed the Claritas certificate in response to the financial crisis, and as part of a global call to action for industry participants to play their part in addressing the overall lack of trust in financial services. This follows feedback from industry leaders, government regulators, academics, and investors which revealed a need for an accessible, foundation-level program which gives a clear understanding of the investment industry and the professional responsibilities within it.  

The industry’s enthusiasm for the Claritas certificate has been confirmed through a pilot program, which launched in January 2013. Over 3,300 candidates from 70 companies in 50 countries served as pilot participants. Feedback from pilot participants also supports the need for the program: 84%of participating employers said they would recommend the program to other employees, and 85% of employees who took the course would recommend it to colleagues.

John Rogers, CFA, president and CEO of CFA Institute, officially opened public registrations from the 66^th CFA Institute Annual Conference in Singapore, and expressed his excitement about the initiative:

“We are pleased to announce the launch of the Claritas Investment Certificate. It has been two years in the making and it is fitting that we launch this new initiative in Asia, the birthplace of the concept. In recent years, financial institutions have suffered considerable reputational damage. We must work to raise the professional standards of all participants in this industry,and rebuild public trust,” said Rogers. “Education is at the heart of the CFA Institute mission and the new program allows us to broaden our programs to help people working across the financial services sector.”

John Bowman, CFA, managing director and co-lead of Education for CFA Institute confirmed the organization’s commitment to establishing a new global education benchmark:

“We have an obligation to be a proactive voice in both restoring trust and raising investment acumen across the industry,” said Bowman. “The Claritas certificate is a visible and tangible step for any company which wants to demonstrate an institutional commitment to ethics, offering employees a strong opportunity to develop their skills and competence in the industry.” 

 Timothy P. Selby, Alston + Bird LLP, commented:

“My interest in the Claritas program was the message conveyed by our participation. Specifically, as an industry provider of legal services specializing in the area of alternative investments, our participation afforded us the opportunity to demonstrate the profound commitment our firm has to understanding the nature and business of our clients. The exam and related study materials reinforced principles and concepts well known to me and my colleagues, and refined our knowledge in those related areas that we encounter on a less frequent basis.”

Tracy Medina Evarts, Head of Talent, Abu Dhabi Investment Authority (ADIA), commented:

“ADIA works in partnership with CFA Institute to deliver a foundation level educational program for our new UAE National graduates. The support from CFA Institute helps all our graduates have a fundamental understanding of the investment industry.”

Keith Marks, Partner and General Counsel, Ascendant Compliance Management, commented:

“The compliance profession has always been committed to fostering fair and ethical practices throughout the financial industry. Ascendant Compliance Management, Inc. participated in the Claritas Pilot Program because of the tremendous assistance Claritas will provide to compliance professionals in their work with investment executives. Ascendant Compliance Management appreciates the CFA Institute’s diligence in helping to bridge the gap and produce a better financial marketplace.” 

Terence Berry, ASISA Academy Principal, ASISA Academy, commented:

“The ASISA Academy has been delighted to partner with CFA Institute on piloting the Claritas Investment Certificate. We welcome initiatives by the CFA Institute intended to formalise the learning for long-established roles in industry that have previously been regarded as professional but until now not had an internationally recognised educational mechanism to formally achieve this. We look forward to taking this partnership from strength to strength as we serve the Southern African investment management community in learning.”

Alison Naylor, learning and development partner, Aviva Investors, commented:

“In Claritas we saw the opportunity to increase the financial knowledge of some of our non-investment staff. The course was piloted with employees from the UK, Dubai and Luxembourg across a spectrum of roles including human resources, operations, and the legal and finance departments. So far, we have seen an enhanced level of industry knowledge and an increase in awareness of the work taking place across various functions.”

Christopher J. Ailman, Chief Investment Officer, CalSTRS, commented:

“I commend the CFA institute for once again raising the bar of knowledge in the investment industry. Investment accountants, marketing, client servicing personnel, and anyone else involved in the investment industry should aspire to earn the Claritas certificate. CalSTRS is honored to have been selected to participate in the pilot program. As an education-focused fund we appreciated teaming with the CFA Institute to advance the level of learning available to our investment-industry colleagues.”

Joe Dear, Chief Investment Officer, CalPERS, commented:

“Talent management is a key strategic objective for CalPERS. Training programs, like the Claritas Investment Certificate, help strengthen the investment decision making and control processes, and improve quality, efficiency and accountability. Following the success of the Claritas pilot at CalPERS, we intend to continue the program as part of our ‘financial fundamentals’ training.”

Dr. Viswanathan Vedpuriswar, Director, Learning & Development, Cognizant Academy, commented:

“For a long time now, we have been looking for a global certificate program in financial services which is comprehensive and can also be completed within a short period of time. The overall design and content of the Claritas program met our broad objectives, and that is why we readily agreed to pilot the program within our organization. Our experience so far has been very satisfying and we are confident that after going through the Claritas certificate process, our associates will have the depth of knowledge and confidence to serve our banking clients more effectively."

Claudia Franceschetti, director, Head AM Core Project Management from Credit Suisse, commented

“We are very pleased to be one of the first companies to participate in this exciting and important new program from CFA Institute. Our employees who participated in the pilot program have already reported a better understanding of their roles and responsibilities within the industry and we firmly believe that this improved understanding will lead to a more efficient, productive and collaborative workforce."

Gerard Carney, Global Head of Financial and Professional Services, FleishmanHillard, commented:

“FleishmanHillard is proud to be the first communication agency to participate in the Claritas Investment Certificate, which we believe will establish a global educational standard for those of us who work with investment professionals. Our employees around the world have a seat at the table with the brightest minds in the financial services industry, and the Claritas program will strengthen and enhance their knowledge and help us to deliver higher quality counsel to our clients.  We look forward to making the Claritas Investment Certificate an integral part of our firm’s professional development offerings.”

Alok Sethi, President, Franklin Templeton Services, LLC, commented:

“We are thrilled to be one of the first companies to participate in this exciting and important new program from CFA Institute. Our employees who participated in the pilot program have already reported a better understanding of their roles and responsibilities within the industry, and we firmly believe that this improved understanding will lead to a more efficient, productive and collaborative workforce.”

Geoffrey Ng, CFA, Executive Director and CEO, Hong Leong Asset Management Berhad, commented:

"Increasing complexities and demands seen in today's investment management industry compels us at Hong Leong Asset Management Berhad to ensure that our staff at all levels from the front to back office are sufficiently equipped to perform at the highest of their abilities. The Claritas Investment Certificate offers the fundamental knowledge for our team to advance collectively toward achieving the objectives of our clients, firm and stakeholders."

Raymond Tang, Chairman, Malaysian Association of Asset Managers, commented:

"We are pleased with the CFA Institute launch of Claritas, a program that will recognize the practice standards of staff who provide support in the investment decision making process, and we encourage employers to enrol their staff as well as employees to participate in this very worthwhile study and certification program."

Hamed Ali, Acting Chief Executive, NASDAQ Dubai, commented:

“As a leader in promoting financial education in the region, NASDAQ Dubai was delighted to support this important initiative by CFA Institute by putting forward 11 of its staff to take the Claritas Investment Certificate exam. Adoption of the certificate as an industry standard will help to foster high technical and ethical standards in the financial services sector.”

Martin Schnauss, global category lead for product, finance and risk education, UBS, commented:

"We are delighted to be one of the first companies to participate in this exciting and important new program from CFA Institute. Our employees who participated in the pilot program have already reported a better understanding of their roles and responsibilities within the industry, and we firmly believe that this improved understanding will lead to a more efficient, productive and collaborative workforce.”

Ignacio Azpiroz, CFA, Chief Investment Officer, Unión Capital AFAP S.A., commented:

“Offering development opportunities to our staff at Unión Capital is very important for our organization. Our colleagues who participated in the pilot program for the Claritas Investment Certificate recognized the importance of building a globally consistent basic understanding on financial principles that give them the skills and tools to make investment decisions for themselves and on behalf of the clients we serve. As our industry continues to grow in Latin America, education programs like the Claritas certificate will become very critical in shaping the future of the finance sector worldwide.”

Dean A. Junkans, CFA, Chief Investment Officer, Wells Fargo Private Bank, commented:

“We were excited to be part of the pilot programme for the Claritas Investment Certificate, and are very pleased with the results we’ve already seen. As an employer committed to training and development, it is important for us to be ahead of the curve and investing in innovative initiatives like the Claritas program for the benefit of our team members and customers.”

Nathan Palmer, CFA, Vice President, Wilshire Fund Management, commented:

“We were very excited to participate in this new program from CFA Institute and to support its social mission of a more knowledgeable and ethical industry. As a company which already offers the CFA Program to employees in investment roles, we felt this was a great opportunity to extend the education platform to a broader group of staff.”

Whereas the Claritas certificate program is designed to reach everyone in the investment industry who helpsenable investment decision making – from client services to operations, compliance and legal, from human resources to sales and marketing – the CFA Program is intended for those who are directly involved in the investment decision-making process.

The CFA Program is a globally recognized, graduate level curriculum that provides a strong foundation of real-world investment analysis and portfolio management skills along with the practical knowledge you need in today’s investment industry. It also emphasizes the highest ethical and professional standards.

Follow us on Twitter @Claritas for news about the Claritas Investment Certificate from @CFAInstitute.

Open to all. The Claritas Investment Certificate is for all professional disciplines in the financial services industry outside of investment roles. From client services to compliance; from human resources to IT and operations; from marketing and sales to legal. It is designed for the many different people in the financial services industry who are not directly involved in analysing or making investment decisions. Participants do not need to meet any education or experience requirements to study for the Claritas certificate.

With the Claritas Investment Certificate, learners can study online in their own time. In around 100 hours of study over an expected 3 to 6 month period, they should gain a clear understanding of all the essentials, including: ethics and regulation, structure of the industry, the various asset classes and client needs. Registration is open to corporates and individuals and available in English worldwide. The name is taken from the Latin for clarity, and everything about the Claritas certificate - from online support to the look and feel - has been designed to be as clear as possible for participants.

The 66^th CFA Institute Annual Conference will take place in Singapore 19-22 May 2013. The Annual Conference is one of the investment industry’s largest and longest running educational gatherings of investment professionals.

Pilot partner participants: Here is a list of the companies and organisations who have agreed to be named as participants: 

• AFAP SURA SA
• Abu Dhabi Investment Authority
• Allianz Global Investors
• Alston + Bird
• Ascendant Compliance Management
• Ashland Partners
• ASISA Academy
• Aviva Investors
• BBC
• BlackRock
• BNY Mellon
• British Airways Pension Investment Management
• BT Investment Management Ltd
• California Public Employees’ Retirement System (CalPERS)
• California State Teachers' Retirement System (CalSTRS)
• Calvert Investments, Inc.
• Central Depository Company of Pakistan Limited
• Cognizant
• Credit Suisse
• Dubai Financial Market
• FleishmanHillard
• Franklin Templeton Investments
• Hong Leong Asset Management Berhad
• Income Research + Management
• Legal & General Investment Management
• MacKay Shields LLC
• Malaysian Association of Asset Managers
• Massachusetts Pension Reserve Investment Management Board
• Morningstar, Inc.
• NASDAQ Dubai
• New York Hedge Fund Roundtable
• New York Life's Investments Group
• Nordea Wealth Management
• Old Mutual Investment Group South Africa
• Professional Association for Investment Communications Resources (PAICR)
• Perpetual
• Schroders
• State Administration of Foreign Exchange (China)
• T. Rowe Price
• UBS
• Unión Capital AFAP S.A.
• University of Montevideo
• Wells Fargo & Company
• William Blair & Company
• Wilshire Associates