La Maestría en Finanzas de la Universidad de San Andrés, primer CFA Educational Partner en América Latina

American University of Sharjah, University of Exeter, Macquarie University, University of Richmond, University of San Andres Recognized As CFA Program Partner Institutions

Universities to Offer Degree Programs Based on Candidate Body of Knowledge™

(Read more about the CFA Program Partner Initiative)

Charlottesville , Va. , June 1, 2006 — CFA Institute today announced that five prestigious universities are CFA Program Partners and will offer degree programs that cover at least 70 percent of the Candidate Body of Knowledge, the CFA Institute Ethical and Professional Standards, and other requirements.

“ CFA Program Partner institutions recognize that the best way to educate their students for careers in the investment industry is with our Candidate Body of Knowledge,” said Bob Johnson, CFA, Ph.D., managing director of the CFA and CGIPS Programs Division. “Students in degree programs at these universities will study concepts and principles that have been identified by investment industry leaders worldwide as essential to global practice. By mastering these fundamentals of the CFA Program, students will be well on their way to earning the highly valued CFA charter.”

Recognition as a CFA Program Partner signals to potential students, employers, and the marketplace that the university curriculum is closely tied to professional practice and is well-suited to preparing students to sit for the CFA examinations.

The CFA Program sets a standard for developing the skills, standards, competence, and integrity of financial analysts, portfolio managers, investment advisers, and other investment professionals worldwide. It is widely considered the investment profession’s most rigorous credentialing program. Administered in English, the CFA curriculum and examinations are identical worldwide. Fewer than one in five candidates who begin the program successfully complete it and go on to earn the coveted CFA charter, the “gold standard” for investment professionals.

The five new CFA Program Partners are:

• American University of Sharjah, Sharjah, UAE (B.S. in Finance) — Students from throughout the Middle East and beyond enroll in this undergraduate program, the first CFA Program Partner in the region. The program curriculum provides students with a foundation in finance and exposure to the nature and functioning of financial markets. Building upon this foundation, students may expand their knowledge by electing courses in banking, international finance, portfolio management, and other areas.

• University of Exeter, Exeter, U.K. (M.Sc. in Financial Analysis and Fund Management) — This 12-month program provides substantial professional rewards and requires dedicated full-time study to complete. Composed of a research dissertation and eight modules, which directly relate to the Candidate Body of Knowledge, the program is geared toward those wanting to learn fundamental and advanced theory in investment analysis, and secure their professional status with the CFA charter. Registration fees for all CFA examinations are included in the program’s tuition.

• Macquarie University, Sydney, Australia (Applied Finance Centre, Master in Applied Finance) — The Macquarie Masters in Applied Finance program, the largest of its kind in the world, is offered to approximately 900 students. It offers students the opportunity to enhance their skills and employment prospects in each of the main areas of finance, including investment management, institutional banking, corporate finance, treasury and financial risk management. All teaching faculty combine both high level academic qualifications and many years of senior experience in the area in which they teach, thus ensuring students are exposed to both relevant theory and the kind of practical applications that employers value.

• University of Richmond, Richmond, Va., USA (B.S. in Business with a Concentration in Finance, CFA Track) — The University of Richmond was the first institution to integrate the Candidate Body of Knowledge into the curriculum of a degree program. Its CFA Track, links to a student managed investment fund (SMIF), CFA seminar series, Junior Analyst Society, and mentoring program provide students with the broad base of knowledge and relevant experience that have helped them to achieve outstanding pass rates on the Level I CFA exam. In its listing of best undergraduate business programs, BusinessWeek recently ranked the school number 25 in the United States.

• Universidad de San Andres, Buenos Aires, Argentina (Master in Finance) — This one-year program offers specializations in capital markets and corporate finance, and prepares students for highly skilled jobs in the finance industry. Twelve courses and a thesis are required to complete the program. Seminars are provided to students in areas such as alternative investments and ethics. Universidad de San Andres is the first CFA Program Partner in Latin America.

The partnership initiative was launched 4 April 2006 with the announcement of Saïd Business School at the University of Oxford as the inaugural CFA Program Partner. Bocconi University (Milan, Italy), Boston University (Boston, Mass., USA), Concordia University (Montreal, Quebec, Canada), Hong Kong University of Science and Technology (Hong Kong), and Marquette University (Milwaukee, Wis., USA) were named CFA Program Partners 27 April 2006.

“Job candidates with both advanced degrees and professional certification are more in demand than ever,” said Bob McLean, CFA, Ph.D., director of university relations at CFA Institute. “Students trained in their academic studies to the Candidate Body of Knowledge have a strong foundation for preparing for the CFA examinations. This is a great benefit to advance and succeed in the financial industry’s competitive job market.”

“The School of Business and Management is honored to be part of the CFA Partner Program,” said R. Malcolm Richards, Ph.D., dean of the American University of Sharjah School of Business and Management. “The CFA designation is highly valued in this region of the world not only due to its currency and relevancy to the investment profession but also due to the fact that the program of study upholds candidates and charterholders to the highest standards of ethics and professional conduct. As a result of this partnership, we will be able to better prepare our students to earn this prestigious designation, and to pursue successful careers in the investment industry.

"We welcome the opportunity to team up with CFA Institute as a CFA Program Partner,” said Ian Tonks, Ph.D., director of Xfi Centre for Finance and Investment, University of Exeter. “We have been working with CFA Institute for a number of years, designing and delivering an MSc in Financial Analysis and Fund Management. This masters program admits high quality applicants from around the world, and is based around Levels I and II of the CFA Program, enabling students to study for both a masters degree and part of the CFA qualification at the same time. We look forward to many fruitful years of cooperation between Xfi and CFA Institute."

Phil Dolan, Ph.D., director of the Macquarie Applied Finance Centre, said "We are delighted to become a CFA Program Partner and to be the first Partner in Australia. The CFA charter is widely regarded as the most rigorous of professional finance qualifications, and is recognized globally as the pre-eminent professional program for those working in the investment industry. Students will now be able to combine in a highly efficient manner the study necessary to attain both a well regarded academic qualification and the investment world's foremost professional certification."

John Earl, CFA, Ph.D., chair of the finance department and director of the CFA seminars at the University of Richmond, described the school’s unique department offerings as a combined effort starting in the early 1990s. “The curriculum helps students learn how to do finance as well as learn about finance,” he said. “The combination of the CFA track with our Student Managerial Investment Fund (SMIF) has dramatically improved our ability to place graduates with investment banks, especially on Wall Street.”

“It is an honor being the first university in Latin America to become a CFA Program Partner," said Alejandro E. Loizaga, CFA, professor and academic coordinator of the Master in Finance at Universidad de San Andrés. "I have no doubt our students will benefit from this relationship. Integrating the Candidate Body of Knowledge into our Master of Finance has demonstrated excellent results during the past four years. Students have the opportunity to complete their strong academic experience with a comprehensive curriculum grounded in the practice of the investment profession. We look forward to deepening our relationship with CFA Institute, and to continue educating students in ethical matters relating to the investment profession.”

The initiative offers students at CFA Program Partner institutions access to CFA Institute textbooks, journals, Webcasts, and other educational resources. Students will also benefit from professional development events held in conjunction with CFA Institute member societies, the local membership bodies for CFA Institute candidates, charterholders, and members.

More than 84,000 candidates from 145 countries are scheduled to sit for one of three levels of the Chartered Financial Analyst® (CFA®) examination administered by CFA Institute on June 3 (June 4 for Eastern Asia and Oceania.)

CFA Institute recently announced that a record number of candidates — 116,190 in 163 countries — enrolled for the December 2005 and June 2006 Chartered Financial Analyst^® (CFA^®) exams. CFA Institute membership levels have also reached a record high, with 81,454 members in 126 countries.

CFA Institute: CFA Institute is the global, non-profit professional association that administers the Chartered Financial Analyst^® (CFA^®) curriculum and examination program 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 82,000 members in 126 countries and territories, including the world’s 68,000 CFA charterholders, as well as 134 affiliated professional societies in 55 countries and territories. CFA Institute is headquartered in the USA in Charlottesville, Virginia, with regional headquarters in London, Hong Kong, and New York. More information may be found at www.cfainstitute.org. (Bloomberg users can find CFA Institute at 497458Z).