CFA Institute, celebrated 50 years of the Chartered Financial Analyst programme by hosting a joint opening ceremony with the Bahrain Bourse (BHB) on Tuesday.
Joining over 20 other cities including London, New York, Hong Kong, Mumbai and Singapore, Bahrain will be part of a series of events happening in major financial centres around the world, representing the greatest number of stock exchanges to be opened or closed by one organization in a single day.
The ceremonies set the stage for this weekend, when more than 149,000 registered candidates from 168 countries will take the Level I, II and III CFA exams on June 2 and 3. This includes an estimated 3570 candidates from the Middle East who will be taking exams in Bahrain as well as in Abu Dhabi, Dubai, Kuwait, Doha and Beirut.
The events usher in a year of celebration for CFA Institute, which offered the first CFA examination in June 1963. In celebration it has unveiled a new logo which symbolizes the global community of investment professionals centered on a core of ethical best practice.
The CFA charter sets the standard for investment practice and is a globally recognized benchmark for ethics in the profession. Following the first exam, 268 investment professionals were awarded the CFA charter. Nearly 50 years later, there are more than 110,000 charter holders in 139 countries and territories – representing the highest professional standards and competencies in the global investment community.
Speaking at the event in Bahrain, Khalil Nooruddin, President of CFA Bahrain, the local association, thanked his hosts at the Bahrain Bourse and added: “Bahrain is taking its place alongside the world’s major financial centres in helping to celebrate the 50th anniversary of the CFA Program.
“Today reflects not just what CFA Institute has achieved over the last half century but also the important role it is taking in working alongside governments, regulators, exchanges and business in helping to grow and develop international best practice. As the global economy continues to grow and mature, the current financial crisis has reconfirmed the importance of ethics, education and good corporate governance in the financial markets.”
“We are pleased to host this event at the Bourse. We do support to the activities of CFA institute and we do appreciate their role in providing highly qualified professionals who will contribute to Bahrain’s position as a leading financial center in the region and bringing CFA Institute’s 50 years of experience to our local market,” Speaking at the event, Fouad Rashid Director of the Bourse said.
“We thank them for their dedication and wish everyone concerned the very best for their continued good work.”
“There is no better way to celebrate the success and international impact of the CFA Program than with a global event of this magnitude,” John D. Rogers, CFA, president and CEO of CFA Institute, said.
“The CFA Program has grown tremendously since the very first exam, expanding to more than 100,000 charter holders who practice the highest level of professional and ethical standards.
The financial industry has faced many challenges since the inception of the programme, and I’m proud of the impact CFA Institute continues to have on ethics, education and excellence in the profession.”
In addition to opening the Bahrain Bourse, CFA Institute and its member societies is hosting ceremonies in the following locations Amman Stock Exchange (ASE); Amsterdam Stock Exchange (AEX); Bombay Stock Exchange (BSE); Brussels Stock Exchange (BSE); Bucharest Stock Exchange (BVB); Budapest Stock Exchange (BSE); Bulgaria Stock Exchange (BUL); Hong Kong Stock Exchange (HKEX); Kuwait Stock Exchange (KSE); London Stock Exchange (LSE); Mauritius Stock Exchange (SEM); Mexican Stock Exchange (BMV); Moscow Stock Exchange (MICEX); Nairobi Securities Exchange (NSE); DFM and NASDAQ Dubai Stock Exchanges; New York Stock Exchange (NYSE); New Zealand Exchange (NZX); NYSE Euronext Paris; Philippine Stock Exchange (PSE); Prague Stock Exchange (PSE); Singapore Exchange (SGX) and Toronto Stock Exchange (TSX).
The original CFA Program focused on equity security analysts in a U.S. setting and emphasized ethical and professional standards.
Today, the programme represents a global context, and covers topics such as fixed-income analysis, alternative and derivative investments and portfolio management. CFA Institute traces its roots to the establishment of the Financial Analysts Federation in 1947, following the call for a financial analyst certification by industry giant Benjamin Graham in 1942. FAF leaders created the Institute of Chartered Financial Analysts in 1959 to administer the CFA Program, and the two organizations merged in 1990 to form what is now CFA Institute.