Chartered Financial Analyst
The Chartered Financial Analyst Program is a professional credential offered internationally by the American-based CFA Institute to investment and financial professionals. The program covers a broad range of topics relating to investment management, financial analysis, quantitative analysis, fixed income and derivatives, provides a generalist knowledge of other areas of finance. A candidate who completes the program and meets other professional requirements is awarded the "CFA charter" and becomes a "CFA charterholder"; as of October 2018, there are 150,000 charterholders around the world in more than 165 countries. Successful candidates take an average of four years to earn their CFA charter. Only around 9% of candidates have consecutively passed all three levels in the past decade; the top employers of CFA Charterholders globally include JP Morgan, UBS, Morgan Stanley, Royal Bank of Canada, BlackRock and Goldman Sachs. Notable CFA Charterholders include billionaires Bill H. Gross, founder of PIMCO, Howard Marks, founder of Oaktree Capital Management.
The predecessor of CFA Institute, the Financial Analysts Federation, was established in 1947 as a service organization for investment professionals. The earliest CFA charterholders were "grandfathered" in through work experience only; the series of three exams was established along with requirements to being a practitioner for several years to qualify to take the exams. In 1990, in the hopes of boosting the credential's public profile, the CFA Institute merged with the FAF and the Institute of Chartered Financial Analysts; the CFA program began in the United States but has become international with many people becoming charterholders across Europe and Australia. By 2003 fewer than half the candidates in the CFA program were based in the United States and Canada, with most of the other candidates based in Asia or Europe; the number of charterholders in India and China had increased by 25% and 53% from 2005-06. To become a CFA charterholder, candidates must satisfy the following requirements: Pass all three levels of the CFA Program Have four years of qualified work experience.
However, individual level exams may be taken prior to satisfying this requirement. The basic requirements for participation in the CFA Program include holding a university degree or being in the final year of a university degree program, or having four years of qualified, professional work experience in an investment decision-making process. To obtain the charter, however, a candidate must have completed a university degree and four years of qualified, professional work experience, in addition to passing the three exams that test the candidate's knowledge of the academic portion of the CFA program. However, an accredited degree may not be a requirement. Candidates take one exam per year over three years. Fees as of December 2009 for each exam range from $710 to $955, depending on the date on which the candidate registers to take the exam, plus an additional $400 to $480 for program enrollment for new members. Level II and III pass rates apply to candidates that must have passed the prior level.
All three exams are administered on paper on a single day. The Level II and III exams are administered once a year the first weekend of June; each exam consists of two three-hour sessions. Level I has 240 independent, multiple-choice questions—all information required to answer the question is contained in the question. Level II has 120 multiple-choice questions, organized as 20 six-question item sets, each set having its own vignette of facts. To answer each question, the candidate must refer to the vignette as there is insufficient information in the question stem. Level III consists of a session of constructive response, essay-type questions, a session of 10 six-question item sets as in the Level II exam. On the multiple-choice/item set sections, there is no penalty for wrong answers. For the test, only two models of calculator are allowed, the Texas Instruments BA II Plus. Candidates who have taken the exam receive a score report, intended to be unspecific: there is no overall score for the test, only a Pass/Fail result, a range within which his or her performance for each topic area falls: less than or equal to 50%, 51%-70%, above 70%.
Failing candidates are informed of their decile rank within the body of failing candidates. The passing grade for the exams had been defined as 70% of the top percentage of exam papers until 1989; the Board of Governors reviews the results of the standard setting process and input from independent psychometricians. Standard setting is a process; the CFA exam uses the modified Angoff method, a used approac
CFA Institute is a global association of investment professionals. The organization offers the Chartered Financial Analyst designation, the Certificate in Investment Performance Measurement designation, the Investment Foundations Certificate, it provides continuing education conferences, seminars and publications to allow members and other participants to stay current on developments in the investment industry. CFA Institute oversees the CFA Institute Research Challenge for university students and the Research Foundation of CFA Institute. CFA Institute offices are located in New York City, Hong Kong and Charlottesville, Virginia, USA. In 1947, four financial analyst societies—Boston, New York, Philadelphia—cooperated for the purpose of promoting the exchange of ideas and supporting the welfare of their profession. In 1962, some of these financial analysts created the Chartered Financial Analyst designation and established a code of conduct. In 1963, the profession was formalized when 284 candidates sat for the first CFA exam and 268 CFA charters were awarded.
In 2004, the Association for Investment Management and Research voted to change its name to the CFA Institute. Since 120,000 CFA Charters have been awarded. CFA Institute has more than 142,000 members in 150 countries and territories, 137 member societies in 60 countries; the largest of CFA Institute's member societies are: New York: Over 15,500 members Toronto: Over 7,500 members United Kingdom: Over 8,000 members Hong Kong: Over 5,000 members Boston: Over 5,000 members Chicago: Over 3,500 members San Francisco: Over 3,000 members Singapore: Over 2,500 members Los Angeles: Over 2,000 membersFlorida has the largest number of societies, followed by California and Ohio with five each. The oldest society, founded in 1925, is in Chicago; the newest society, admitted in August 2012, is in Nigeria. Chartered Financial Analyst Certificate in Investment Performance Measurement Official website About the CFA Institute and Charter
The Wall Street Journal
The Wall Street Journal is a U. S. business-focused, English-language international daily newspaper based in New York City. The Journal, along with its Asian and European editions, is published six days a week by Dow Jones & Company, a division of News Corp; the newspaper is published in online. The Journal has been printed continuously since its inception on July 8, 1889, by Charles Dow, Edward Jones, Charles Bergstresser; the Wall Street Journal is one of the largest newspapers in the United States by circulation, with a circulation of about 2.475 million copies as of June 2018, compared with USA Today's 1.7 million. The Journal publishes the luxury news and lifestyle magazine WSJ, launched as a quarterly but expanded to 12 issues as of 2014. An online version was launched in 1996, accessible only to subscribers since it began; the newspaper is notable for its award-winning news coverage, has won 37 Pulitzer Prizes. The editorial pages of the Journal are conservative in their position. The"Journal" editorial board has promoted fringe views on the science of climate change, acid rain, ozone depletion, as well as on the health harms of second-hand smoke and asbestos.
The first products of Dow Jones & Company, the publisher of the Journal, were brief news bulletins, nicknamed "flimsies", hand-delivered throughout the day to traders at the stock exchange in the early 1880s. They were aggregated in a printed daily summary called the Customers' Afternoon Letter. Reporters Charles Dow, Edward Jones, Charles Bergstresser converted this into The Wall Street Journal, published for the first time on July 8, 1889, began delivery of the Dow Jones News Service via telegraph. In 1896, The "Dow Jones Industrial Average" was launched, it was the first of several indices of bond prices on the New York Stock Exchange. In 1899, the Journal's Review & Outlook column, which still runs today, appeared for the first time written by Charles Dow. Journalist Clarence Barron purchased control of the company for US$130,000 in 1902. Barron and his predecessors were credited with creating an atmosphere of fearless, independent financial reporting—a novelty in the early days of business journalism.
In 1921, Barron's, the United States's premier financial weekly, was founded. Barron died in 1928, a year before Black Tuesday, the stock market crash that affected the Great Depression in the United States. Barron's descendants, the Bancroft family, would continue to control the company until 2007; the Journal took its modern shape and prominence in the 1940s, a time of industrial expansion for the United States and its financial institutions in New York. Bernard Kilgore was named managing editor of the paper in 1941, company CEO in 1945 compiling a 25-year career as the head of the Journal. Kilgore was the architect of the paper's iconic front-page design, with its "What's News" digest, its national distribution strategy, which brought the paper's circulation from 33,000 in 1941 to 1.1 million at the time of Kilgore's death in 1967. Under Kilgore, in 1947, the paper won its first Pulitzer Prize for William Henry Grimes's editorials. In 1967, Dow Jones Newswires began a major expansion outside of the United States that put journalists in every major financial center in Europe, Latin America and Africa.
In 1970, Dow Jones bought the Ottaway newspaper chain, which at the time comprised nine dailies and three Sunday newspapers. The name was changed to "Dow Jones Local Media Group".1971 to 1997 brought about a series of launches and joint ventures, including "Factiva", The Wall Street Journal Asia, The Wall Street Journal Europe, the WSJ.com website, Dow Jones Indexes, MarketWatch, "WSJ Weekend Edition". In 2007, News Corp. acquired Dow Jones. WSJ. A luxury lifestyle magazine, was launched in 2008. A complement to the print newspaper, The Wall Street Journal Online, was launched in 1996 and has allowed access only by subscription from the beginning. In 2003, Dow Jones began to integrate reporting of the Journal's print and online subscribers together in Audit Bureau of Circulations statements. In 2007, it was believed to be the largest paid-subscription news site on the Web, with 980,000 paid subscribers. Since online subscribership has fallen, due in part to rising subscription costs, was reported at 400,000 in March 2010.
In May 2008, an annual subscription to the online edition of The Wall Street Journal cost $119 for those who do not have subscriptions to the print edition. By June 2013, the monthly cost for a subscription to the online edition was $22.99, or $275.88 annually, excluding introductory offers. On November 30, 2004, Oasys Mobile and The Wall Street Journal released an app that would allow users to access content from the Wall Street Journal Online via their mobile phones. Many of The Wall Street Journal news stories are available through free online newspapers that subscribe to the Dow Jones syndicate. Pulitzer Prize–winning stories from 1995 are available free on the Pulitzer web site. In September 2005, the Journal launched a weekend edition, delivered to all subscribers, which marked a return to Saturday publication after a lapse of some 50 years; the move was designed in part to attract more consumer advertising. In 2005, the Journal reported a readership profile of about 60 percent top management, an average income of $191,000, an average household net worth of $2.1 million, an average age of 55.
In 2007, the Journal launched a worldwide expansion of its website to include major foreign-language editions. The p
Colorado Springs, Colorado
Colorado Springs is a home rule municipality, the largest city by area in Colorado as well as the county seat and the most populous municipality of El Paso County, United States. Colorado Springs is located in the east central portion of the state, it is situated on Fountain Creek and is located 60 miles south of the Colorado State Capitol in Denver. At 6,035 feet the city stands over 1 mile above sea level, though some areas of the city are higher and lower. Colorado Springs is situated near the base of Pikes Peak, which rises 14,115 feet above sea level on the eastern edge of the Southern Rocky Mountains; the city is home to 24 national governing bodies of sport, including the United States Olympic Committee, the United States Olympic Training Center, USA Hockey. The city had an estimated population of 465,101 in 2016, a metro population of 712,000, ranking as the second most populous city in the state of Colorado, behind Denver, the 42nd most populous city in the United States; the Colorado Springs, CO Metropolitan Statistical Area had an estimated population of 712,327 in 2016.
The city is included in the Front Range Urban Corridor, an oblong region of urban population along the Front Range of the Rocky Mountains in Colorado and Wyoming following the path of Interstate 25 in both states. The city covers 194.9 square miles. In 2018, Colorado Springs received several accolades: U. S. News named Colorado Springs the number one most desirable place to live in the United States, number two on their list of the 125 Best Places to Live in the USA; the Metropolitan Policy Program at Brookings found that Colorado Springs was the fastest growing city for Millennials. Thumbtack's annual Small Business Friendliness Survey found Colorado Springs to be the number four most business friendly city in the country; the Ute and Cheyenne peoples were the first recorded inhabiting the area which would become Colorado Springs. Part of the territory included in the United States' 1803 Louisiana Purchase, the current city area was designated part of the 1854 Kansas Territory. In 1859, after the first local settlement was established, it became part of the Jefferson Territory on October 24 and of El Paso County on November 28.
Colorado City at the Front Range confluence of Fountain and Camp creeks was "formally organized on August 13, 1859" during the Pike's Peak Gold Rush. It served as the capital of the Colorado Territory from November 5, 1861, until August 14, 1862, when the capital was moved to Denver. In 1871 the Colorado Springs Company laid out the towns of La Font and Fountain Colony and downstream of Colorado City. Within a year, Fountain Colony would be renamed "Colorado Springs", was incorporated; the El Paso County seat shifted from Colorado City in 1873 to the Town of Colorado Springs. On December 1, 1880, Colorado Springs expanded northward with two annexations; the second period of annexations was during 1889–90, included Seavey's Addition, West Colorado Springs, East End, another North End addition. In 1891 the Broadmoor Land Company built the Broadmoor suburb, which included the Broadmoor Casino, by December 12, 1895, the city had "four Mining Exchanges and 275 mining brokers." By 1898, the city was designated into quadrants by the north-south Cascade Avenue and the east-west Washington/Pike's Peak avenues.
From 1899 to 1901 Tesla Experimental Station operated on Knob Hill, aircraft flights to the Broadmoor's neighboring fields began in 1919. Alexander Airport north of the city opened in 1925, in 1927 the original Colorado Springs Municipal Airport land was purchased east of the city. In World War II the United States Army Air Forces leased land adjacent to the municipal airfield, naming it "Peterson Field" in December 1942; this was only one of several military presences around Colorado Springs during the war. In November 1950, Ent Air Force Base was selected as the Cold War headquarters for Air Defense Command; the former WWII Army Air Base, Peterson Field, inactivated at the end of the war, was re-opened in 1951 as a U. S. Air Force base; the 1950s through 1970s saw a continued expansion of the military presence in the area, with the establishment of NORAD's headquarters in the city, as well as the ADCOM headquarters. Between 1965 and 1968, the University of Colorado Colorado Springs, Pikes Peak Community College and Colorado Technical University were established in or near the city.
In 1977 most of the former Ent AFB became a US Olympic training center. The Libertarian Party was founded within the city in the 1970s. On October 1, 1981, the Broadmoor Addition, Cheyenne Canon, Ivywild and Stratton Meadows were annexed after the Colorado Supreme Court "overturned a district court decision that voided the annexation". Further annexations expanding the city include the Nielson Addition and Vineyard Commerce Park Annexation in September 2008; the city lies in a high desert with the Southern Rocky Mountains to the west, the Palmer Divide to the north, high plains further east, high desert lands to the south when leaving Fountain and approaching Pueblo. According to the United States Census Bureau, the city has a total area of 194.6 square miles, of which 194.6 square miles is land and 0.35 square miles, or 0.19%, is water. Colorado Springs has many features of a modern urban area, such as parks, bike trails, urban open-area spaces. However, it is not exempt from problems that plague cities that experience tremendous growth, such as overcrowded roads and highways, crime and government budget issues.
Many of the problems are indirec