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Exam-Related Disciplinary Actions


The following disciplinary notices relate to improper conduct by candidates while taking the CFA examination. In each case, the sanction, voiding of examination results, and publication of the notice were administered in accordance with the CFA Institute Rules of Procedure for Proceedings Related to Professional Conduct ("Rules of Procedure".

By signing the Candidate Pledge, every candidate acknowledges that a violation of the rules and regulations of the CFA Program will result in CFA Institute voiding examination results and may lead to suspension or termination of candidacy in the CFA Program.

Writing Past Time Called

Use of Scratch Paper

Unauthorized Calculator

Opening Question Booklet before Start of Exam

Possession of Study Materials

Use of Electronic Devices

Assistance during Examination

Failure to Cooperate

Writing Past Time Called

By signing the Candidate Pledge, every candidate certifies they will follow all rules of the CFA Program. Candidates were advised through several communications, including the examination admission ticket, CFA Institute website, and the oral statement read prior to the commencement of the exam, of the requirement to stop writing immediately when instructed to do so.

Notwithstanding this requirement, sixty-three Level I candidates, eight Level II candidates, and five Level III candidates continued to write their examinations after time was called. The CFA Institute Professional Conduct Program investigated these cases and found that each candidate engaged in the conduct and thereby violated the CFA Program Examination Rules and Regulations and Standards of Professional Conduct. Seventy-one of the candidates accepted the sanction of Private Censure and Voiding of Examination Results. Five of the Level I candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panel imposed the sanction of Private Censure and Voiding of Examination Results on four candidates. A Hearing Panel imposed the sanction of Public Censure and Voiding of Examination Results on Jean-Francois Mercier.

Use of Scratch Paper

Candidates may not use scratch paper during the examination. Scratch paper includes writing paper, the examination ticket, calculator keystroke card, desk top, or any other surface.

Despite this requirement, three Level I candidates used their examination ticket as scratch paper during the examination. The CFA Institute Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct, thereby violating the CFA Program Examination Rules and Regulations. One candidate accepted the sanction of Private Censure and Voiding of Examination Results. One candidate, Jokei Ban, accepted the sanction of One Year Suspension from Participation in the CFA Program and Voiding of Examination Results; and one candidate, Daniel Otter, accepted the sanction of Two Year Suspension from Participation in the CFA Program (the candidate did not have examination results to void).

Unauthorized Calculator

Only the following two calculator models are approved for use on the CFA examinations:

Hewlett Packard 12C (including the Hewlett Packard 12C Platinum)
Texas Instruments BAII Plus


Despite this policy requirement, thirteen Level I candidates and one Level III candidate presented to the examination and used an unauthorized calculator. The Professional Conduct Program investigated these matters and found that the candidates' calculators were unauthorized and thereby violated the CFA Program Examination Rules and Regulations. Twelve candidates accepted the sanction of Private Censure and Voiding of Examination Results. Two candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panel imposed the sanction of Private Censure and Voiding of Examination Results on both candidates.

Opening Question Booklet before Start of Exam

Six Level I candidates and One Level II candidate opened the examination book prior to commencement of the examination. The CFA Institute Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct and thereby violated the CFA Program Rules and Regulations and Standards of Professional Conduct. The seven candidates accepted the disciplinary sanction of Private Censure and Voiding of Examination Results.

Possession of Study Materials

All candidates were advised that possession of any information related to the Candidate Body of Knowledge was prohibited at the test center.

Notwithstanding this prohibition, one Level II candidate maintained information related to the Candidate Body of Knowledge during the examination. The Professional Conduct Program investigated the matter and found that while there was no evidence the candidate used the information, possession of the material/information violated the CFA Program Examination Rules and Regulations and Standards of Professional Conduct. The candidate accepted a Private Censure and Voiding of Examination Results.

Use of Electronic Devices

All candidates were advised that possession and/or use of electronic devices, such as cell phones, pagers, and cameras were prohibited in the examination room.

Notwithstanding this prohibition, two Level II candidates possessed and used a cellular telephone during the examination. The Professional Conduct Program investigated the matters and found that the candidates engaged in the conduct and thereby violated the CFA Program Rules and Regulations and Standards of Professional Conduct. Both candidates accepted the sanction of Private Censure and Voiding of Examination Results.

Assistance during Examination

Each candidate in the CFA Program attests through the Candidate Pledge that during the examination they will neither give nor receive assistance in taking the examination. Looking or glancing at another candidate's answer sheet or giving the appearance of looking or glancing at another candidate's answer sheet violates the CFA Program Examination Rules, the Code of Ethics, and the CFA Institute Standards of Professional Conduct.

Despite these requirements, twenty-two Level I candidates, one Level II candidate, and one Level III candidate were either observed looking and/or giving the appearance of looking at other candidates' examinations/answer sheets during the examination. The CFA Institute Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct, thereby violating the CFA Program Examination Rules and Regulations, Code of Ethics, and the Standards of Professional Conduct. Eleven candidates, Ankit Agrawal, Daniel Bezhanski, Man Shun Sze, Salem Tamini, Nikolay Zhukovsky, Haosen Liang, Hao Ning Huo, Sung Hei Chiu, Wai Hang Mak, Yechang Fang, and Wei Cheng accepted the public sanction of Five Year Suspension from Participation in the CFA Program and Voiding of Examination Results and one candidate, Jiali Jin, accepted the sanction of Permanent Suspension from Participation in the CFA Program and Voiding of Examination Results.

Ross Tuttelman, Ludmila Fedorchenko, Kien Kit Ho, Xiaoqiong Zhang, Evy Susanti, Rachmat Susanto, Dinesh Modi, and five Level I candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panel imposed the sanction of a Private Censure and Voiding of Examination Results on one candidate; a One Year Suspension from Participation in the CFA Program and Voiding of Examination Results on one candidate; a Two Year Suspension from Participation in the CFA Program and Voiding of Examination Results on three candidates; a Four Year Suspension from Participation in the CFA Program and Voiding of Examination Results on Mr. Tuttelman; a Five Year Suspension from Participation in the CFA Program and Voiding of Examination Results on Ms. Fedorchenko, Mr. Ho, Ms. Zhang, Ms. Susanti, and Mr. Susanto; and a Permanent Prohibition from Participation in the CFA Program and Voiding of Examination Results on Mr. Modi.

Failure to Cooperate

Three Level I candidates, Gintare Kavaliauskaite, Yi Zhang, Shi Zhou, and two Level II candidates, Xiao Liu, Lun Siu Ching, received a Summary Suspension from further participation in the CFA Program. The candidates violated the CFA Institute Bylaws which require candidates to submit information requested relating to professional conduct and activities.

Benefits

The CFA charter is the designation of excellence in the investment community.
If you’re looking for an educational challenge where you build a fundamental knowledge of investment principles that is relevant in every market around the world, then the CFA Program is right for you and your firm.

Benefits for You

Credibility: Clients and colleagues regard you with a presumption of expertise
Competitive advantage: Employers and clients want the experience that comes with the CFA charter
Connections: You’ll join a global network of more than 78,000 professionals
Recognition: You’ll earn a designation praised by employers and media

Find out about the types of positions that benefit from a CFA charter

Benefits for Your Firm

A cost-effective and efficient way to increase the knowledge and professionalism of your staff
A global program that tracks the needs of the industry and employers like you
A measure of job applicants' competence and integrity


Find out who hires charterholders


Who Hires CFA Charterholders?

Employers with the Largest Numbers of CFA Charterholders



ABN AMRO

Allianz AG

Bank of America Corporation

Barclays Group

BMO Financial Group

CIBC

Citigroup

Credit Suisse Group

Deutsche Bank

FMR Corporation

The Goldman Sachs Group, Inc.

HSBC

ING Groep N.V.

JPMorgan Chase & Co.

Lehman Brothers, Inc.

Mellon Financial Corporation

Merrill Lynch & Co., Inc.

Morgan Stanley

PricewaterhouseCoopers International Limited

RBC

Scotiabank Group

State Street

TD Bank Financial Group

UBS

Wachovia Corporation,etc

Exam-Related Disciplinary Actions

 

The following disciplinary notices relate to improper conduct by candidates while taking the CFA examination. In each case, the sanction, voiding of examination results, and publication of the notice were administered in accordance with the CFA Institute Rules of Procedure for Proceedings Related to Professional Conduct ("Rules of Procedure".

 

By signing the Candidate Pledge, every candidate acknowledges that a violation of the rules and regulations of the CFA Program will result in CFA Institute voiding examination results and may lead to suspension or termination of candidacy in the CFA Program.

 

Writing Past Time Called

Use of Scratch Paper

Unauthorized Calculator

Opening Question Booklet before Start of Exam

 
Possession of Study Materials

Use of Electronic Devices

Assistance during Examination

Failure to Cooperate


 

Writing Past Time Called 
 

By signing the Candidate Pledge, every candidate certifies they will follow all rules of the CFA Program. Candidates were advised through several communications, including the examination admission ticket, CFA Institute website, and the oral statement read prior to the commencement of the exam, of the requirement to stop writing immediately when instructed to do so.

 

Notwithstanding this requirement, sixty-three Level I candidates, eight Level II candidates, and five Level III candidates continued to write their examinations after time was called. The CFA Institute Professional Conduct Program investigated these cases and found that each candidate engaged in the conduct and thereby violated the CFA Program Examination Rules and Regulations and Standards of Professional Conduct. Seventy-one of the candidates accepted the sanction of Private Censure and Voiding of Examination Results. Five of the Level I candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panel imposed the sanction of Private Censure and Voiding of Examination Results on four candidates. A Hearing Panel imposed the sanction of Public Censure and Voiding of Examination Results on Jean-Francois Mercier. 

 

Use of Scratch Paper
Top of page 

Candidates may not use scratch paper during the examination. Scratch paper includes writing paper, the examination ticket, calculator keystroke card, desk top, or any other surface.


Despite this requirement, three Level I candidates used their examination ticket as scratch paper during the examination. The CFA Institute Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct, thereby violating the CFA Program Examination Rules and Regulations. One candidate accepted the sanction of Private Censure and Voiding of Examination Results. One candidate, Jokei Ban, accepted the sanction of One Year Suspension from Participation in the CFA Program and Voiding of Examination Results; and one candidate, Daniel Otter, accepted the sanction of Two Year Suspension from Participation in the CFA Program (the candidate did not have examination results to void).     


Unauthorized Calculator
Top of page 
 

Only the following two calculator models are approved for use on the CFA examinations:

Hewlett Packard 12C (including the Hewlett Packard 12C Platinum)
Texas Instruments BAII Plus
 

Despite this policy requirement, thirteen Level I candidates and one Level III candidate presented to the examination and used an unauthorized calculator.  The Professional Conduct Program investigated these matters and found that the candidates' calculators were unauthorized and thereby violated the CFA Program Examination Rules and Regulations. Twelve candidates accepted the sanction of Private Censure and Voiding of Examination Results. Two candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panel imposed the sanction of Private Censure and Voiding of Examination Results on both candidates.

 

Opening Question Booklet before Start of Exam
Top of page 
 

Six Level I candidates and One Level II candidate opened the examination book prior to commencement of the examination. The CFA Institute Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct and thereby violated the CFA Program Rules and Regulations and Standards of Professional Conduct. The seven candidates accepted the disciplinary sanction of Private Censure and Voiding of Examination Results.     

 

Possession of Study Materials  Top of page 
 

All candidates were advised that possession of any information related to the Candidate Body of Knowledge was prohibited at the test center.

 

Notwithstanding this prohibition, one Level II candidate maintained information related to the Candidate Body of Knowledge during the examination. The Professional Conduct Program investigated the matter and found that while there was no evidence the candidate used the information, possession of the material/information violated the CFA Program Examination Rules and Regulations and Standards of Professional Conduct. The candidate accepted a Private Censure and Voiding of Examination Results. 

 

Use of Electronic Devices  Top of page 
 

All candidates were advised that possession and/or use of electronic devices, such as cell phones, pagers, and cameras were prohibited in the examination room.

 

Notwithstanding this prohibition, two Level II candidates possessed and used a cellular telephone during the examination. The Professional Conduct Program investigated the matters and found that the candidates engaged in the conduct and thereby violated the CFA Program Rules and Regulations and Standards of Professional Conduct. Both candidates accepted the sanction of Private Censure and Voiding of Examination Results.

 

Assistance during Examination  Top of page 
 

Each candidate in the CFA Program attests through the Candidate Pledge that during the examination they will neither give nor receive assistance in taking the examination. Looking or glancing at another candidate's answer sheet or giving the appearance of looking or glancing at another candidate's answer sheet violates the CFA Program Examination Rules, the Code of Ethics, and the CFA Institute Standards of Professional Conduct.

 

Despite these requirements, twenty-two Level I candidates, one Level II candidate, and one Level III candidate were either observed looking and/or giving the appearance of looking at other candidates' examinations/answer sheets during the examination. The CFA Institute Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct, thereby violating the CFA Program Examination Rules and Regulations, Code of Ethics, and the Standards of Professional Conduct. Eleven candidates, Ankit Agrawal, Daniel Bezhanski, Man Shun Sze, Salem Tamini, Nikolay Zhukovsky, Haosen Liang, Hao Ning Huo, Sung Hei Chiu, Wai Hang Mak, Yechang Fang, and Wei Cheng accepted the public sanction of Five Year Suspension from Participation in the CFA Program and Voiding of Examination Results and one candidate, Jiali Jin, accepted the sanction of Permanent Suspension from Participation in the CFA Program and Voiding of Examination Results. 

 

Ross Tuttelman, Ludmila Fedorchenko, Kien Kit Ho, Xiaoqiong Zhang, Evy Susanti, Rachmat Susanto, Dinesh Modi, and five Level I candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panel imposed the sanction of a Private Censure and Voiding of Examination Results on one candidate; a One Year Suspension from Participation in the CFA Program and Voiding of Examination Results on one candidate; a Two Year Suspension from Participation in the CFA Program and Voiding of Examination Results on three candidates; a Four Year Suspension from Participation in the CFA Program and Voiding of Examination Results on Mr. Tuttelman; a Five Year Suspension from Participation in the CFA Program and Voiding of Examination Results on Ms. Fedorchenko, Mr. Ho, Ms. Zhang, Ms. Susanti, and Mr. Susanto; and a Permanent Prohibition from Participation in the CFA Program and Voiding of Examination Results on Mr. Modi.

 

Failure to Cooperate  Top of page 
 

Three Level I candidates, Gintare Kavaliauskaite, Yi Zhang, Shi Zhou, and two Level II candidates, Xiao Liu, Lun Siu Ching, received a Summary Suspension from further participation in the CFA Program. The candidates violated the CFA Institute Bylaws which require candidates to submit information requested relating to professional conduct and activities.

FOR INFO ON DISCIPLINARY STATISTICS
Professional Conduct Cases Involving the CFA Exam Administration Process
2001 – June 2008.CLICK BELOW

Honda accord 2008 is called - evil spirit

DISCIPLINARY STATISTICS
2000-2008
Professional Conduct Cases Involving “Industry Conduct

CFA Institute Announces John D. Rogers, CFA, Past INVESCO Institutional CEO, As New President and CEO

Charlottesville, Va., January 5, 2009 – The CFA Institute Board of Governors announced today that John D. Rogers, CFA will be the global association’s new president and CEO. Rogers’ term begins immediately. He succeeds Jeff Diermeier, CFA who served since January 2005.



CFA Institute is the global association of investment professionals, with 100,000 members in 133 countries. It administers the gold-standard credentialing program for the investment industry and the Chartered Financial Analyst (CFA) Program, and with its CFA Institute Centre for Financial Market Integrity, the organization promotes high ethical standards and investor protection through professional codes of conduct, guidance, and outreach.



“On behalf of the entire Board, I thank Jeff Diermeier for his enormous contribution and for his years of service to CFA Institute and the industry,” said Brian Singer, CFA, chairman of the CFA Institute Board of Governors. “After conducting an extensive global search, the Board of Governors believes it has chosen an excellent leader in John Rogers, who will guide CFA Institute during a period of growth and globalization. I am excited and look forward to working with an individual of John’s global reach to advance the CFA Institute mission in the coming years.”



Rogers brings to CFA Institute more than two decades of global experience as an investment practitioner and executive in the Asia Pacific region. Most recently, he capped a successful career by returning to the United States as president and CEO of INVESCO Institutional, with worldwide responsibilities for this part of the firm’s business.



“As I traveled around the world during my 23-year career, I saw visible signs of growing awareness and appreciation for the CFA designation and the professional development and advocacy work of CFA Institute,” said Rogers. “This, coupled with tremendous industry globalization and technology advancement, has presented CFA Institute with many opportunities and challenges. I look forward to working with the Board of Governors, my new colleagues, our 136 societies, and our members.”



"Given the current challenging state of affairs in the capital markets, this is a particularly important time for CFA Institute to continue its strong stand for a professional ethic,” said past president and CEO Jeffrey Diermeier, CFA. “John's belief in that ethic and his considerable practitioner and executive experience will provide a wonderful complement to an already strong executive team."



Rogers began his career in investment management at Citibank, N.A. in 1985. Starting as a portfolio manager, John held positions of increasing responsibility at CIGNA, before moving to INVESCO in 1997 where among other positions, he served as president and chief investment officer of INVESCO Asset Management Ltd., Japan and CEO and co-CIO of INVESCO Global Asset Management (N.A.), ultimately leading divisions of up to 2,500 individuals. After leaving INVESCO in 2007, Rogers founded Jade River Capital Management.



Rogers is on the advisory board of Goizueta Business School at Emory University, serves on the finance and endowment committees of the Woodruff Arts Center in Atlanta and is chairman of the finance committee of the Atlanta Symphony. He is a trustee of International Student Conferences, an organization that runs student conferences in Japan and Korea, is a trustee of the Medici Foundation which is working to create a community in Atlanta’s former Municipal Building, and is active in the Rotary Club. Rogers earned a BA in history from Yale University and an MA in East Asian Studies at Stanford. He earned his CFA charter in 1992.



“We believe John's global practitioner perspective on the investment management industry and his exceptional leadership abilities afford the potential to leverage CFA Institute resources for the benefit of our organization and the investment community worldwide,” added Singer.



About 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 100,000 members, who include the world’s 86,700 CFA charterholders, in 133 countries and territories, as well as 136 affiliated professional societies in 57 countries and territories

lowee231
pls,read the attached file.Cheers

CFA Institute Announces John D. Rogers, CFA, Past INVESCO Institutional CEO, As New President and CEO



Charlottesville, Va., January 5, 2009 – The CFA Institute Board of Governors announced today that John D. Rogers, CFA will be the global association’s new president and CEO. Rogers’ term begins immediately. He succeeds Jeff Diermeier, CFA who served since January 2005.



CFA Institute is the global association of investment professionals, with 100,000 members in 133 countries. It administers the gold-standard credentialing program for the investment industry and the Chartered Financial Analyst (CFA) Program, and with its CFA Institute Centre for Financial Market Integrity, the organization promotes high ethical standards and investor protection through professional codes of conduct, guidance, and outreach.



“On behalf of the entire Board, I thank Jeff Diermeier for his enormous contribution and for his years of service to CFA Institute and the industry,” said Brian Singer, CFA, chairman of the CFA Institute Board of Governors. “After conducting an extensive global search, the Board of Governors believes it has chosen an excellent leader in John Rogers, who will guide CFA Institute during a period of growth and globalization. I am excited and look forward to working with an individual of John’s global reach to advance the CFA Institute mission in the coming years.”



Rogers brings to CFA Institute more than two decades of global experience as an investment practitioner and executive in the Asia Pacific region. Most recently, he capped a successful career by returning to the United States as president and CEO of INVESCO Institutional, with worldwide responsibilities for this part of the firm’s business.



“As I traveled around the world during my 23-year career, I saw visible signs of growing awareness and appreciation for the CFA designation and the professional development and advocacy work of CFA Institute,” said Rogers. “This, coupled with tremendous industry globalization and technology advancement, has presented CFA Institute with many opportunities and challenges. I look forward to working with the Board of Governors, my new colleagues, our 136 societies, and our members.”



"Given the current challenging state of affairs in the capital markets, this is a particularly important time for CFA Institute to continue its strong stand for a professional ethic,” said past president and CEO Jeffrey Diermeier, CFA. “John's belief in that ethic and his considerable practitioner and executive experience will provide a wonderful complement to an already strong executive team."



Rogers began his career in investment management at Citibank, N.A. in 1985. Starting as a portfolio manager, John held positions of increasing responsibility at CIGNA, before moving to INVESCO in 1997 where among other positions, he served as president and chief investment officer of INVESCO Asset Management Ltd., Japan and CEO and co-CIO of INVESCO Global Asset Management (N.A.), ultimately leading divisions of up to 2,500 individuals. After leaving INVESCO in 2007, Rogers founded Jade River Capital Management.



Rogers is on the advisory board of Goizueta Business School at Emory University, serves on the finance and endowment committees of the Woodruff Arts Center in Atlanta and is chairman of the finance committee of the Atlanta Symphony. He is a trustee of International Student Conferences, an organization that runs student conferences in Japan and Korea, is a trustee of the Medici Foundation which is working to create a community in Atlanta’s former Municipal Building, and is active in the Rotary Club. Rogers earned a BA in history from Yale University and an MA in East Asian Studies at Stanford. He earned his CFA charter in 1992.



“We believe John's global practitioner perspective on the investment management industry and his exceptional leadership abilities afford the potential to leverage CFA Institute resources for the benefit of our organization and the investment community worldwide

One of the best and, ironically, one of the worst things about working in the investment industry is that we must be highly aware of everything going on in the world around us. Today, that means being subjected to a great deal of bad news, which affects us just as much as it affects everyone else. In this issue, we look beyond the current crisis to emphasize articles that address important topics for the time when the current crisis is just a bad memory. To that end, one of the first items on the agenda will be to resume the quest for attractive portfolio diversification opportunities. In “The Role of U.S. Infrastructure in Investment Portfolios,” authors Newell and Peng point out that U.S. infrastructure is an underdeveloped asset class that offers attractive returns while providing diversification opportunities relative to real estate and REIT investments. When the economy improves, a few investors may decide to reapply leverage despite all that has been learned about its risks. A comparatively new investment vehicle, leveraged exchange-traded funds (ETFs), appears to offer those investors the opportunity to do so. But in “Leveraged ETFs: A Risky Double That Doesn’t Multiply by Two,” Trainor and Baryla point out that although the volatility of leveraged ETFs reflects the full multiplier (typically two), long-term returns are likely to be significantly less than the multiplier.

An article by Anna Scherbina offers information that may provide a new early warning of problems within a company. In “Suppressed Negative Information and Future Underperformance,” the author demonstrates that a decline in analyst coverage will likely translate into subsequent negative earnings surprises. A similar source of superior information can be found in “Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts.” In this article, authors Bae, Stulz, and Tan explain that the earnings forecasts of local analysts are more precise than those of more distant analysts.

One challenge for an active manager is to recognize when doing nothing may be the right decision. In “The Selection and Termination of Investment Management Firms by Plan Sponsors,” Goyal and Wahal show that the performance of newly hired managers is statistically indistinguishable from the performance of the managers they replace. In a similar article by Welch and Goyal, “A Comprehensive Look at the Empirical Performance of Equity Premium Prediction,” the authors show that no linear equity premium model offers a reliable aide to investment strategy and that investors would be better off simply assuming that the equity premium will reflect its long-term average.

Sovereign wealth funds have experienced staggering growth, driven in part by the surge in demand for commodities. In “Sovereign Wealth Funds, Private Equity Funds, and Financial Markets,” author Sethi discusses the positive and negative implications this rapid growth can have on global financial markets. Finally, the illiquidity of corporate bonds has long been a limitation on the usefulness of the asset class. In “Latent Liquidity: A New Measure of Liquidity, with an Application to Corporate Bonds,” authors Mahanti, Nashikkar, Subrahmanyam, Chacko, and Mallik describe their new liquidity measure, latent liquidity, which they argue demonstrates the ability to predict the price effect of trading illiquid securities.

This issue of CFA Digest also contains summaries of three articles from a recent issue of the Financial Analysts Journal.

We wish to express our gratitude to all of our abstractors for their fine work in preparing all the summaries in this issue of CFA Digest. In addition, we want to thank Deborah Kidd, CFA, for her outstanding efforts in preparing this issue’s Items of Interest.

With this first issue of 2009, we renew our commitment to be your “go to” resource for your continuing educational needs. If you have suggestions for how we can be helpful in this regard, please contact us.

u r wellcome

@WYT
Guy,where have u been?

What Every Level 1 Candidate Should Know[font=Lucida Sans Unicode][/font]!
Free Introduction to the CFA® Level 1 Exam
Schweser Level 1 Manager and Professor, Dr. Doug Van Eaton CFA, has prepared a video of just over an hour describing the Level 1 CFA Exam in detail and offers valuable information on how to prepare for it. Questions answered in the free video presentation include:
• How can you tell what will be on the exam?
• Where can I get copies of old exams?
• What topics are covered?
• What are the topic weights for the exam?
• How much studying will I need to do?
• How do I get started?
• What are past pass rates?
• What type of questions (how many) should I expect?
• How important are calculations and formulas?
• What is a passing score?
• How does Kaplan Schweser help candidates prepare for the exam?
• What can I take to the exam?
Dr. Van Eaton was a broker for Dean Witter for 6 years and taught in the Business Schools of the University of Washington, University of North Texas, and Texas Christian University. He has been the Level 1 Professor at Kaplan Schweser for 4 years and has 15 years of experience teaching CFA Candidates at all levels. His insights and knowledge of the Level 1 curriculum and exam are unparallele

Pls open the attached file for the introduction.

Hi guys,historical pass rates illustrate the extremely challenges nature of the CFA exams.In order to pass you need a great deal of dedication,determination,and perseverance.
Schweser study solutions can provide you with the study tools and motivation you need to succeed

THEY WANT YOU TO PASS.THE FIRST TIME!
The average pass rate for the CFA exam is 45%.So,follow these principles
(1)Quickly focus on critical concepts in the CFA curriculum.
- Learn from condensed naratives of each assigned reading
- Solidify your knowledge with end-of-topic questions.
(2)Bridge the gab between learning the curriculum and being test-ready
-Review Schweser Learning Outcome Statements(LOS) summaries
-Work through thousands of practice questions
-Create custom quizzes/exams
(3)Develop and perfect your exam-taking strategy with six full-lenght exams.
-Sharpen your testing skills
-Ensure best possible exam results
-Experience taking a full-lenght exam.

BE CONFIDENT.BE PREPARED.YOU WILL DEFINATELY PASS.


(CFA 2009)get 2009 schweser studynotes,video,Qbank,TI calculator and Audio.
Call 08039307507 or 08028236788 or princesedorf@yahoo.com

For historical pass rates of the CFA exams please visit www.cfainstitute.org/cfaprog/pdf/candidate_results.pdf

Hi guys,historical pass rates illustrate the extremely challenges nature of the CFA exams.In order to pass you need a great deal of dedication,determination,and perseverance.
Schweser study solutions can provide you with the study tools and motivation you need to succeed

THEY WANT YOU TO PASS.THE FIRST TIME!
The average pass rate for the CFA exam is 45%.So,follow these principles
(1)Quickly focus on critical concepts in the CFA curriculum.
- Learn from condensed naratives of each assigned reading
- Solidify your knowledge with end-of-topic questions.
(2)Bridge the gab between learning the curriculum and being test-ready
-Review Schweser Learning Outcome Statements(LOS) summaries
-Work through thousands of practice questions
-Create custom quizzes/exams
(3)Develop and perfect your exam-taking strategy with six full-lenght exams.
-Sharpen your testing skills
-Ensure best possible exam results
-Experience taking a full-lenght exam.

BE CONFIDENT.BE PREPARED.YOU WILL DEFINATELY PASS.


(CFA 2009)get 2009 schweser studynotes,video,Qbank,TI calculator and Audio.
Call 08039307507 or 08028236788 or princesedorf@yahoo.com

For historical pass rates of the CFA exams please visit www.cfainstitute.org/cfaprog/pdf/candidate_results.pdf

(CFA 2009)get 2009 schweser material,video,Qbank,TI calculator and Audio.
Call Tokunbo Bakare 08039307507

Basically,to pass CFA depends on ur personal effort.No tutorial centre can quarantee ur success in CFA exam.All u need to do is to get the necessary materials and start the preparation on time.Most  people passed  without going for any tutorials.However,u can book for 2009 schweser materials,Qbank,TI calculator,Audio and video for June 2009.please call 08039307507

Olatokunbo Bakare
Operation Accountant
Rainoil Limited
Lagos

i can offer PMS for 61.70 u can 08028236788

@laplace
U can contact Tokunbo for TI Calculator.Also get CFA Video copied to ur Laptop.08039307507

pls call Bakare 08039307507 for Schweser Materials.video,Qbank,.MP3,Texas Instrument for CFA exam and also Training

congrats,  lowee,candyclips and others

CONGRATULATIONS!!!!!!!!!!!!!!!!!!!!!! Luice, I am so happy for you.i am still expecting other guys to call me.

Hi everybody in the house.i am so sorry for not responding to some questions ontime.It is due to the nature of my work.For the guy that asked for the mode of payment.It is better u make the payment via your own mastercards.I got my mastercard through GTB.The initial payment i made to open the mastercard domiciliary account  was $130. $30 was for administrative charge while $100 for the minimum balance i was asked to have in my account.Please,don't forget to instruct GTB to  increase your daily transaction above $650.Otherwise,your daily transforaction will be limited to $650 per day,which will affect your payment for CFA exam that is above $650.Preferably,make it open ended.
        For the registration of LIFA,please go to www.the-ira.org  and re-register with your eligibility number.However,u can mail LIFA via their contat infomation  on their homepage.

For those writing CFA December 2008 exam,Please start your preparation ontime.CFA is very easily to pass if and only if u dedicate your time to it,It not difficult but volumnous.
   For discussion about CFA,i can talk to a friend that is CFA charter to talk to you all.Just let me know when u are ready.

For December CFA exam 2008,preferably go to Dubai.

     Obviously, u will offend so many people in preparing for CFA exam. e.g your girlfriend,boyfriend,some close friend that don't understand the value of CFA,and most likely your parent and God if u are not careful.So,plan your time verywell so as not to offend anybody.God bless u all.I still remain BAKARE OLATOKUNBO.

Texas instrument (BA II PLUS PROFESSIONAL FOR CFA EXAM) Advanced Financial,Professional Edition for calculating Net present Value(NPV),Modified Internal Rate of Return(MIRR).Payback Period(PB),Modified Duration,Time Value of money,Loan Payment,Amortization,NPV & IRR.Cash flows
Ideal for use in -Finance,Accounting,Economics,Banking,Real Estate,Sales,Statistics,Ivestment,Marketing and Business Management.
Added features:
-performs cash-flows analysis for up to 32 uneven cash flows with up to 4-digit frequensies;computes NPV,NFV & IRR
-Quickly solves time-Value-of-money calculations such as annuities,Mortgages,leases,savings,and more
-Generates amortization schedules
-Daily accruals with days-between-date calculation
-Choose from2 day-count methods(actula/actual or 30/360)to calculate bonds price or yield to maturity or to call
-6 monthts for calculating depreciation,book value,and remaning depreciable amount:SL,SLF,SYD,DB,DBF,DB with SL cross-over
-List-based one-and two-variable statistics with four regression options:linear.logarithmic,exposential and power
-Also compute break-even calculations,interest conversions ,delta%,profit and loss
-Math functions include trigonometric calculations,natural logarithms,and power
-10 users memories.FOR FURTHER INFO,CALL BAKARE TOKUNBO on 080393075075 or bakaresrainoil@yahoo.co.uk

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BA II Plus Professional


Advanced financial calculator from Texas Instruments.






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Detailed Description


The BA II PLUS PROFESSIONAL features even more time-saving calculations to make short work of complex equations. It's ideal for finance, accounting, economics, investment, statistics, and other business classes, as well as on the Chartered Financial Analyst (CFA®) exam.

In addition to standard capabilities such as time-value-of-money, accrued interest, amortization, cost-sell-margin, and depreciation, the BA II PLUS PROFESSIONAL also includes:

Net Future Value (NFV)
Modified Internal Rate of Return (MIRR)
Modified Duration
Payback
Discount Payback
The BA II PLUS PROFESSIONAL has a highly professional look and feel, with a rugged, brushed metal exterior; improved display; high-quality, firm-touch keypad; black protective case; and no-slide rubber feet.

For Instant delivery today or further enquiry please call:TOKUNBO BAKARE 08039307507

SCHWESER CFA (LEVEL 1) 2008 LECTURE VIDEO,AUDIO & QBANK NOW AVAILABLE @ A DEEP DISCOUNT!!!!!!!!!!!!!!.CALL TOKUNBO BAKARE ON 08039307507

cfa

@lament
U have already passed by His Grace.Pls,come home.

yaa,LIFA sends materials like CFA but in PDF.Preferably,i will advice u to go for CFA because of its global recognition

any shortlisted candidate in the house?

Has anyone been shortlisted for Shell graduate training?Please,lets discuss and see how to go about it.

@Lizysuccess
pls,start ur reading now

erotic