JUNE 2013CFA® PROGRAM CANDIDATE SURVEY REPORT
VALUE
WHICH BEST DESCRIBES YOUR PRIMARY MOTIVATION FOR REGISTERING FOR THE JUNE 2013 CFA EXAM?
of candidates think CFA Institute is implementing its mission effectively
Candidates rate the value of earning the charter very highly, with an average value rating of 8.9 out of 10.
37%Career advancement/development opportunities
21%Attain a higher level of knowledge
11%Improved chances of obtaining a job
10%Credibility of the CFA designation
7%To challenge myself
6%
To join a community of globally respected financial professionals
PERCENT OF CANDIDATES THAT THINK IT IS IMPORTANT FOR CFA INSTITUTE TO FOCUS ON THE FOLLOWING:
94% 94% 93% 92% 91% 87% 83%
ABOUT THE SURVEY
97%
Promoting awareness of the CFA Charter
Being a respected source of knowledge in investment markets
Championing ethical behavior in investment markets
Shaping a more trustworthy financial industry
Building an investment industry that serves the interests of investors and society
Raising standards of professional excellence in the industry
Creating a strong community of investment professionals
9%Other
The pre and post exam surveys were conducted among a random sample of half of the June 2013 CFA Program candidates. The pre-exam survey was open from 15—31 May and the post-exam survey from 20 June—8 July. 19,065 candidates responded to the pre-exam survey (26% response rate with a margin of error of ±0.7%) and 23,335 candidates responded to the post-exam survey (33% response rate with a margin of error of ±0.6%)
©2013 CFA InstituteQuestions or feedback?
1
EXAM PREPARATION
72%
60%
55%
81%
50%
83%
88%
82%
81%
84%
97%
96%
96%
96%
93%
90%
87%
78%
AVERAGE HOURS SPENT STUDYING FOR THE EXAM:
PERCENT THAT AGREE WITH THE FOLLOWING STATEMENTS ABOUT THE CFA PROGRAM CURRICULUM:
PERCENT OF CANDIDATES USING THE FOLLOWING TO PREPARE FOR THE EXAM:
PERCENT OF CANDIDATES USING THE RESOURCE WHO SAID IT PREPARED THEM WELL OR VERY WELL FOR THE EXAM:
PLEASE INDICATE THE PERCENTAGE OF YOUR TOTAL PREPARATION TIME SPENT DOING EACH OF THE FOLLOWING:
CFA Institute free mock exam
Non-CFA Institute study notes or other prep materials
Non-CFA Institute practice exams
CFA Program curriculum assigned readings: print and/or e-book
CFA Program curriculum end-of-reading problems
35% 86%Non-CFA Institute review courses/programs
35% 82%CFA Institute sample exam(s)
9% 81%Local study group
3% 82%Other
307TOTAL
325LEVEL III
315LEVEL II
285LEVEL I
Practicing retention of learning through end-of-reading
problems, and/or mock, sample or other practice exams
27%Learning the content by reading the curriculum or other content
44%
Learning the content by reviewing studying materials and notes
29%
It improved my understanding of important topics
It focuses on concepts important to my profession
The end-of-reading problems help to explain the concepts taught
The in-text examples help to explain the concepts taught
It effectively teaches the Learning Outcome Statements (LOS)
It is appropriate for self-study
It is appropriate for a generalist program
The number of end-of-reading problems is sufficient
Questions or [email protected]
2©2013 CFA Institute
WHAT IS YOUR MAIN REASON FOR CHOOSING NOT TO TAKE THE FREE CFA INSTITUTE MOCK EXAM? Asked only of those not taking the mock exam
WHAT IS YOUR MAIN REASON FOR CHOOSING NOT TO TAKE ANY OF THE CFA INSTITUTE SAMPLE EXAMS? Asked only of those not taking the sample exams
I did not have time
I was taking other practice exams
I did not know the mock exam was available for free
I did not know the mock exam existed
I did not think it would help me
Other
EXAM PREPARATION
49%
13%
7%
7%
3%
21%
I did not want to pay for the sample exams
I did not have time
I was taking other practice exams
I did not know the sample exams existed
I did not think they would help me
Other
36%
20%
7%
5%
3%
30%
YES, but not in the next exam window
9%
JUNE 2013 EXAM
IF YOU DO NOT PASS THE EXAM, WILL YOU RE-TAKE IT?
YES, the next time the exam is offered
COMPARED TO THE ESSAY QUESTIONS, THE ITEM SET QUESTIONS WERE:Level III candidates only
agree the exam questions were based on Learning Outcome Statements (LOS)
agree the exam fairly represented the CFA Institute-assigned curriculum
agree the exam questions covered subject matter of importance to investment professionals
?
59%
UNDECIDED26%
NO6%
17%MORE DIFFICULT
45%LESS DIFFICULT
38%EQUALLY AS DIFFICULT
COMPARED TO YOUR EXPECTATIONS, DID YOU FIND THE EXAM QUESTIONS TO BE:
30%MORE DIFFICULT
8%LESS DIFFICULT
62%EQUALLY AS DIFFICULT
92%
91%
90%
Questions or [email protected]
3©2013 CFA Institute
DIFFICULTY OF EXAM TOPIC AREAS:
QUANTITATIVE METHODS-CORPORATE FINANCE-
EQUITY INVESTMENTS-
-ECONOMICS
-FIXED INCOME
-ETHICAL & PROFESSIONAL STANDARDS
PORTFOLIO MANAGEMENT-ALTERNATIVE INVESTMENTS-
FINANCIAL REPORTING & ANALYSIS-69%65%
58%
54%60%
67% -DERIVATIVES71%
100% of candidates
rated as difficult or very difficult
0% of candidates rated as difficult or very difficult
JUNE 2013 EXAM
EMPLOYER AWARENESS/SUPPORT
BRAND AWARENESS
TOTAL
AMER APAC EMEA
HOW DID YOU FIRST HEAR ABOUT THE CFA PROGRAM? Only New Level I candidates were asked to respond to this question
PERCENT OF CANDIDATES THAT ARE SATISFIED WITH THE LEVEL OF AWARENESS OF CFA INSTITUTE/PROGRAM IN THEIR LOCAL INVESTMENT MARKET:
20%A professor/teacher
18%A colleague
16%A classmate
19%A friend
6%A manager or
supervisor
5%A family member
15%Other 69%
75% 69% 63%
Questions or [email protected]
4©2013 CFA Institute
TOTAL
AMER APAC EMEA
IS YOUR EMPLOYER AWARE OF THE CFA PROGRAM?Percentage of candidates (with an employer) saying "yes"
HOW DOES YOUR EMPLOYER CURRENTLY SUPPORT YOUR PARTICIPATION IN THE CFA PROGRAM?Percentage of those with an employer
86%
92% 81% 87%
Pays/reimburses for enrollment and/or
registration fee
Offers paid study leave
Offers bonus payment if I pass exam
Offers bonus payment if I earn the CFA charter
5%5%25%33%
EMPLOYMENT OUTLOOK
IN THE COMING 12 MONTHS, DO YOU EXPECT EMPLOYMENT OPPORTUNITIES FOR INVESTMENT PROFESSIONALS IN YOUR LOCAL MARKET TO INCREASE, DECREASE, OR STAY ABOUT THE SAME?
40%Increase
48%Stay about
the same
13%Decrease
TOTAL
35%Increase
57%Stay about
the same
8%Decrease
AMER
49%Increase
38%Stay about
the same
14%Decrease
APAC
31%Increase
51%Stay about
the same
18%Decrease
EMEA
Questions or [email protected]
5©2013 CFA Institute