Rabu, 02 April 2008

Chartered Financial Analyst (CFA)

Latar Belakang
Perkembangan yang pesat dari investasi dan keuangan di dunia membutuhkan suatu standar untuk investor dan pemilik perusahaan untuk merekrut profesional dalam bidang investasi dan keuangan. Chartered Financial Analyst (CFA®) adalah sertifikasi profesi paling terkemuka untuk profesional yang bekerja di bidang keuangan dan investasi. Di Amerika Serikat, memiliki sertifikasi profesi CFA merupakan pencapaian yang sangat tinggi karena material yang diujikan sangat dalam dan praktis dibandingkan dengan gelar lainnya.

Persyaratan CFA
CFA pertama kali diberikan pada tahun 1963. CFA didukung oleh CFA Institute yang memberikan gelar sertifikasi profesi ini untuk profesional di bidang investasi yang memenuhi kriteria sebagai berikut:
1. Profesi (profession)
Pemegang gelar sertifikasi CFA harus memiliki pengalaman profesional sekurang-kurangnya empat tahun dalam industri proses pengambilan keputusan di bidang investasi.
2. Pendidikan (education)
Secara berurutan menyelesaikan ujian Level I, Level II, dan Level III (masing-masing selama 6 jam).
3. Etika (ethics)
Pemegang gelar sertifikasi CFA harus setuju dan terikat oleh kode etik yang atur oleh CFA Institute dan standar profesi yang dilaksanakan.

Keunggulan CFA
CFA merupakan gelar profesi dengan standar tertinggi untuk pengetahuan, integritas, dan profesionalisme di bidang investasi dan keuangan.
Dengan pengakuan dunia untuk kualifikasi kemampuan ini akan memberikan imbalan yang tinggi sebagai penghargaan dari level yang dalam untuk pengetahuan yang dimiliki oleh pemegang gelar ini di bidang pasar keuangan. Pemegang CFA memiliki kemampuan untuk menganalisa sekuritas, obligasi, derivatif, dan rasio laporan keuangan secara efektif.
Organisasi yang membutuhkan pemegang CFA adalah manajemen investasi, konsultan, bank, asuransi, pensiun, dan institusi keuangan lainnnya. Kebutuhan dari pemegang CFA sangat tinggi karena hanya ada kurang dari 60 orang di Indonesia yang memegang gelar profesi CFA. Di Indonesia, terdapat peningkatan perusahaan multinasional dan lokal yang membutuhkan calon pekerjanya yang memenuhi kualifikasi sebagai CFA.

Program CFA
n Dibagi menjadi 3 (tiga) tingkatan
n Setiap tingkat hanya boleh diambil setahun sekali, kecuali level 1 (pertengahan tahun) diselenggarakan 1 tahun dua kali (tengah dan akhir tahun)
n Pada setiap tingkat terdapat pelajaran Etika dan Standar Profesi

Materi CFA

Level 1
n Fokus pada perangkat dan konsep penilaian investasi (investment valuation) dan manajemen portofolio.
n Konsep dasar peraturan pasar modal dan Kode Etik.
n Semua soal ujian berbentuk multiple choice.

Level 2
n Fokus pada penilaian asset (investment valuation).
n Aplikasi dari perangkat dan konsep yang didapat dari level 1.
n Analisa instrumen ekuitas dan instrumen pendapatan tetap yang spesifik.
n Membandingkan alternatif investasi dan membuat rekomendasi investasi.
n Bentuk soal : item sets.

Level 3
n Fokus pada manajemen portofolio.
n Aplikasi konsep yang dipelajari dari level 1 dan 2 yang berhubungan dengan proses manajemen portofolio.
n Bentuk soal : essays dan item sets.

Materi CFA Level 1
n Ethical and Professional Standards: 10%
n Economics: 10%
n Quantitative Analysis: 10%
n Asset Valuation: 35%
Equity Investments – Securities Market
Equity Investments – Industry and Company Analysis
Fixed Income Investments
Derivative Investments
Alternative Investments
n Financial Statement Analyst: 20%
n Portfolio Management: 15%

Persiapan CFA Level 1
n Tiap tingkat CFA Program memerlukan 250 jam persiapan
n Pendaftar ujian akan mendapat Study Guide. Study Guide berisi daftar materi yang perlu dipelajari dan hasil yang diharapkan (learning outcomes) serta usulan persiapan ujian

Pendaftaran Ujian
1. Anda memerlukan CFA Exam Preparation and Enrollment Package. Silakan akses www.cfainstitute.org
2. Jawab semua pertanyaan di formulir pendaftaran
3. Isi cara pembayaran yang ingin anda lakukan yaitu bisa dengan bank draft atau kartu kredit. Tanda-tangani formulir pendaftaran
4. Sertakan kartu nama. Jangan di staples atau di isolasi di formulir
5. Foto copy formulir pendaftaran dan simpan sebagai dokumentasi anda
6. Kirim formulir, kartu nama dan bank draft ( bila anda membayar dengan bank draft ) ke alamat CFA Institute via pos tercatat. Dokumen tidak boleh dikirim via fax atau e-mail

Biaya Ujian

Level I
Sebelum 3 Oktober 2007
Biaya Registrasi (hanya untuk peserta yang mendaftar untuk pertama kali): USD 390
Biaya Pendaftaran (untuk seluruh peserta): USD 600
Biaya Total: USD 990
Sebelum 15 Februari 2008
Biaya Registrasi (hanya untuk peserta yang mendaftar untuk pertama kali): USD 390
Biaya Pendaftaran (untuk seluruh peserta): USD 688
Biaya Total: USD 1078
Sebelum 17 Maret 2008
Biaya Registrasi (hanya untuk peserta yang mendaftar untuk pertama kali): USD 465
Biaya Pendaftaran (untuk seluruh peserta): USD 930
Biaya Total: USD 1395
Peserta Level 1 yang mengulang hanya membayar biaya pendaftaran saja.

Level II
Biaya Registrasi Awal: tidak ada
Sebelum 3 Oktober 2007
Biaya Total: USD 600
Sebelum 15 Februari 2008
Biaya Total: USD 688
Sebelum 17 Maret 2008
Biaya Total: USD 930

Level III
Biaya Registrasi Awal: tidak ada
Sebelum 3 Oktober 2007
Biaya Total: USD 600
Sebelum 15 Februari 2008
Biaya Total: USD 688
Sebelum 17 Maret 2008
Biaya Total: USD 930
Keterangan:
Biaya tersebut dapat berubah sesuai kebijakan CFA Institute.
Silakan lihat www.cfainstitute.org untuk keterangan lebih jelas.

Biaya Keanggotaan
Biaya Keanggotaan: USD 225 / orang / tahun

Tingkat Kelulusan
Tahun 2005, tingkat kelulusan Program CFA sebagai berikut :
Level 1 = 35%
Level 2 = 56%
Level 3 = 55%

Training Persiapan Program CFA
Executive Development Program (EDP)
Universitas Bina Nusantara
Telp: (021) 720 2222 ext 8100
Hotline: (021) 720 3333
Fax: (021) 720 5555
Email. inquiry-jwc@binus.ac.id
Biaya Traning
CFA Level 1: Rp. 5.800.000,-
CFA Level 1 + Introduction to CFA: Rp. 6.200.000,-
CFA Level 2: Rp 5.000.000,-
CFA Level 3: Rp 4.800.000,-
Diskon 15% untuk BINUSIAN
Waktu Training
Hari Kerja: Senin, Rabu, Jumat Pukul 18.30 - 21.35 WIB
Akhir Pekan: Sabtu Pukul 08.45 - 17.35 WIB

Binainsan Konsulindo
Wisma Bumiputera Lt. 6
Jl. Jend. Sudirman Kav. 75, Jakarta
Telp: (021) 571 2336, 021 571 9436
Fax. 021 571 2347
Email. cs@binainsan.co.id
Biaya: Rp 4.500.000,-
Waktu Training:
Hari Kerja: Senin, Rabu, Jumat Pukul 18.30 - 21.00 WIB di Hotel Paragon
Akhir Pekan: Sabtu Pukul 08.30 - 17.00 WIB di Finansial Club

Laboratorium Akuntansi Fakultas Ekonomi Universitas Indonesia
Gedung Departemen Akuntansi Lantai I
Depok - Jawa Barat - Indonesia 16424
Telp : (021) 78849170 / 78886407
021 78886407 / 78849169
Biaya Training CFA Level 1: Rp. 6.300.000,-
Lokasi Training: Kampus FE UI Salemba
Waktu Training: Hari Sabtu pukul 08.30 - 17.00 WIB,


Daftar Bacaan Persiapan Program CFA
1. Standards of Practice Handbook, 9th ed. (CFA Institute 2005)
2. Quantitative Methods For Investment Analysis, 2nd ed. Defusco, Dennis W, McLeavey, Pinto & Runkle (CFA Institute, 2004)
3. Economic: Private and Public Choice, 10th ed, James D. Gwartney, Richard L. Stroup, Russel S. Sobel and David A. Macpherson (South-Western, 2003)
4. Fundamentals of Financial Management, 8th ed, Eugene F. Brigham and Joel F. Houston (Dryden, 1998)
5. International Investment, 5th ed, Bruno Solnik and Dennis McLeavey (Addison Wesley, 2004)
6. The Analysis and Use of Financial Statements, 3rd ed, Gerald I. White, C. Sondhi, and Dov Fried (Willey, 2003)
7. Investment Analysis and Portfolio Management, 7th ed, Frank K. Reilly and Keith C. Brown (south-Western, 2003)
8. Fixed Income Analysis for the CFA® Program, 2nd Frank J. Fabozzi (Frank J. Fabozzi Associates, 2004)
9. Analysis of Derivatives for the CFA® Program, Don Chance (AIMR, 2003)

Contoh Soal CFA Level 1

Ethical and Professional Standards
Mike Stelogg, CFA, is a partner and analyst with Donndale Capital, an investment banking firm. He has been asked to serve on the board of directors for a publicly held bank, which Donndale has represented as underwriter in the past. Several of Donndale’s clients own positions in the bank’s stock. What is Stelogg’s obligation to his clients should he accept the board position? Stelogg may:
A. accept the position and has no obligation to inform his clients of the board position, unless Donndale does another offering for the bank.
B. not accept the board position as long as he is a partner with Donndale Capital.
C. accept the position as long as the discloses the fact to clients and prospects, when giving investment advice regarding the bank.
D. accept the position as long as the discloses the fact to those clients that currently hold the stock.
Answer : C
Standard VI(A). Members shall disclose to their clients and prospects all matters that could impair the member’s ability to make objective recommendations.

Quantitative Methods
Jon Pelker plans to retire in six years and will require $950,000. Today, Pelker will deposit $100,000 into an interest bearing account and will set aside an additional $100,000 at the end of each of the next six years. What percentage return must Pelker earn to achieve his goal of $950,000 for his retirement? If Pelker were to invest his money at the beginning of each of the next six years, would his investments require a higher or lower return to meet his goal than investing at the end of the period?
Percentage Return Beginning Period
A. 8% higher
B. 10% lower
C. 8% lower
D. 10% higher
Answer : B
-100,000 = PV; 6 = N; -100,000 = PMT; 950,000 = FV; CPT → I/Y = 10%. The annuity due will require a lower rate of return to generate Pelker’s goal.


Economics
According to the crowding-out effect, which of the following statements is FALSE? The sale of government bonds used to finance excess government spending will:
A. raise the real interest rate.
B. raise the nominal interest rate.
C. reduce private investment spending.
D. increase the profitability of corporate investment projects.
Answer : D
It would decrease, not increase, the profitability of corporate investment projects.

Financial Statement Analysis
Which of the following statements about last-in, first-out (LIFO) versus first-in, first-out (FIFO) effects is FALSE? In periods of rising prices and stable or increasing inventory quantities, FIFO, compared to LIFO, result in:
A. lower cash flows, more taxes paid out.
B. higher net income, higher taxes paid out.
C. lower working capital, lower cost of goods sold.
D. lower cost of goods sold, higher inventory balances.
Answer : C
In periods of rising prices and stable or increasing inventory quantities, FIFO, compared to LIFO, result in higher working capital.

Corporate Finance
An analyst determines that a company has a return on equity of 16 percent and pays 40 percent of its earnings in dividends. If the firm last paid a $1.50 dividend and the stock is selling for $40, what is the required rate of return on the stock?
A. 6.4%.
B. 9.6%.
C. 10.2%.
D. 13.7%.
Answer : D
g = ( 1 – payout)(ROE) = (1 – 0.40)(16%) = 9.6%.
P0 = $1.50(1.096) + 0.096 = 13.7%.
$40

Securities Market
Which of the following statements about types of orders and market makers is FALSE?
A. Market orders are orders to buy or sell at the best price available
B. Limit orders are orders to buy or sell at or away from the market price
C. A short sale is the sale of stock an investor does not own with the intent of buying it back later at a lower price
D. A stop buy order is typically used to protect a short position in a security and is placed below the current market price
Answer : D
A stop buy order is a conditional market order by which an investor directs the purchase of a stock if it rises to a certain price. Stop buys are placed above the current market price. Limit orders can have market price as the limit used when lack of liquidity is a concern.

Equity Investments
An analyst wants to determine a country risk premium for use in estimating the required return for foreign stocks. Which of the following risks would the analyst be least likely to include in the country risk premium?
A. Default risk.
B. Political risk.
C. Business risk.
D. Liquidity risk.
Answer : A
The risk premium will be a function of business risk, financial risk, liquidity risk, exchange rate risk, and country (political risk). Stocks do not involve default risk.

Fixed Income Investments
Which of the following statements about different types of bonds is FALSE?
A. Municipal bonds are traded primarily on the New York Stock Exchange.
B. Unlimited tax general obligation bonds are backed by the full faith and credit of the issuer’s entire taxing power.
C. Government-sponsored enterprises issues securities directly in the marketplace, but federally-related institutions generally do not.
D. Government agency issues of federally-related institutions are typically backed by the full faith and credit of the U.S. government.
Answer : A
Municipal bonds are traded in the over-the-counter market supported by municipal bond dealers across the country.

Derivative Investments
Which of the following best describes an option that gives the owner the right to sell 100 shares of stock only on the expiration date three months from now at a strike price of $35 (the current stock price is $25)?
This option is called on:
A. in-the-money American put option
B. in-the-money European put option
C. out-of-the-money European call option
D. out-of-the-money American call option
Answer : B
European options can only be exercised at expiration. A put option gives the owner the right to sell the underlying asset. Put options are in-the-money when the strike price is above the underlying asset price. In this case, the option is in-the-money by $35 - $25 = $10.

Alternative Investments
Which of the following statements is TRUE? When compared to closed-end funds, ETFs:
A. have lower expense ratios and smaller deviations from net asset value
B. offer in-kind redemptions but less diversification
C. have lower bid-ask spreads and are easier to sell short
D. have greater diversification and less currency risk
Answer : A
ETFs are passively managed, which keeps fund expenses low, and the ability of authorized participants to create shares or receive in-kind distributions of shares reduces possible deviations from NAV.

Portfolio Management
The risk-free rate is 5 percent and the expected market risk premium is 10 percent. A portfolio manager is projecting a return of 20 percent on a portfolio with a beta of 1.5. After adjusting for risk, this portfolio is expected to:
A. equal the market’s performance.
B. outperform the market.
C. under perform the market.
D. be less risky than the market.
Answer : A
Based on the CAPM, the portfolio should earn:
E(R) = 0.05 + 1.5(0.10) = 20%. On a risk-adjusted basis, this portfolio lies on the security market line (SML) and thus is earning the proper risk-adjusted rate of return.

Kamis, 06 Maret 2008