When you apply for CFA membership, you enter your work experiencedescriptions as part of your application.
Your work experience determines your eligibility for membershipand impacts whether you are recommended for affiliate membershipor regular membership.
To be recommended for regular membership you must have completedfour years (48 months) of qualifying work experience in activities that consistto a majority extent of:
· Evaluating or applying financial, economic, and/or statisticaldata as part of the investment decision-making process involving securities orsimilar investments, which includes, but is not limited to, publicly traded andprivately placed stocks, bonds, and mortgages and their derivatives;commodity-based derivatives and mutual funds; and other investment assets, suchas real estate and commodities, if these other investment assets are held aspart of a diversified, securities-oriented investment portfolio; or
· Supervising, directly or indirectly, persons who practice suchactivities; or
· Teaching such activities.
If you have not accrued 48 months of qualifying work experience,you may still apply for membership and will be considered for affiliatemembership status.
Entering your work experience as part of your application:
· Job titles are not sufficient; you must include specific detailsabout your job responsibilities.
· Once you submit your application, you cannot subsequently updatethe work experience attached to that application.
· Subsequent changes to your work experience will only be consideredwhen you withdraw your application and then reapply with the updatedinformation. To withdraw your application: Select "Manage My Membership" from the Account Home page and then select "Begin Withdrawal."
Work experience accrual criteria:
· May be accrued while you're in the CFA Program, after you'vepassed all three exam levels, or in previous positions.
· At least 50 percent of your work experience must be:
o Directly involved in the investmentdecision-making process
o Engaged in responsibilities and/or producing awork product that informs or adds value to that process
· Part-time positions do not qualify.
· Managing your own investments does not qualify.
Your work experience descriptions must demonstrate that at least50 percent of your time is related to the investment decision-making process.While you may use the descriptions below for guidance, you should describe yourdaily activities in your own words in as much detail as you can. Thedetails you provide about your work experience will help determine your eligibility formembership.
| Job Title | Not Acceptable | Acceptable |
| Actuary | Support annual actuarial valuation process. Benefit calculations. | I perform projections, cash flow analysis, and durational analysis of individual health insurance policies. These activities have a direct bearing on the investments chosen to back the reserves for these blocks of business. |
| Auditor | Review the internal control processes to ensure compliance with the requirements of the Sarbanes-Oxley Act and recommend process improvements. Perform non-SOX-related financial and operational audits on businesses to identify control and process weaknesses and recommend process improvements. | I performed financial statement audits of companies that carried significant assets and liabilities subject to fair value accounting. I assessed the reasonableness of the valuations and assumptions behind the valuations of those assets and liabilities. |
| Consultant | Management consulting for the financial services industry. | I am a management consultant to the financial services industry, working with risk management functions, assisting clients in developing and refining statistically based credit risk models covering a diverse range of portfolios. |
| Portfolio Manager | Rebalance portfolios; perform reporting. | Rebalance high-net-worth clients' portfolios by trading short-term assets and pooled funds. Analyze and evaluate client performance reports. |
| Quantitative Investment Analyst | My work is related to product design and quantitative analysis. | As a financial engineer in an asset management company, I am responsible for evaluating product development and using quantitative methods and tools to recommend asset allocations, construct portfolios, and perform derivative analysis. |
| Securities Underwriter | My company provides risk analysis and financial planning for customers. | Prepare financial models based on reviewed information; participate in the valuation and decision-making process; analyze fundamental and value acquisition targets for clients. |
Accountant Actuary Auditor Client service representative
Compliance analyst/officer Consultant Corporate chief financial officer Corporate finance analyst Derivatives analyst Economist Financial adviser Financial journalist/editor Institutional sales professional/business development (buy and sell side) Investment banking analyst Investment consultant Investment strategist | Investor relations Mutual fund sales Portfolio administrator Portfolio manager Private client investment adviser Product/software developer Professor/instructor Quantitative investment or risk analyst Real estate investment manager Regulator Relationship manager Securities trader Securities underwriter Security/investment analyst Supervisor of investment firm Valuator of closely held business Venture capital analyst |
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