Working with investment professionals

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1 Working with investment professionals UKSIP is a member society of

2 UKSIP - its four defining characteristics Professional excellence in its core activities These activities are: Support and promotion of the CFA designation Support for the ASIP designation Responsibility for the Investment Management Certificate examination and IMC designation Provision of a professional development programme Integrity UKSIP is committed to the promotion of high standards of professional conduct through the adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct and Advocacy. The Society also supports other industry standard-setting initiatives such as the Global Investment Performance Standards (GIPS) and the move towards International Financial Reporting Standards. Internationalism UKSIP is a leading society in the CFA Institute s global network and influences thinking on the evolution of the CFA examinations and other CFA Institute activities, notably those of its European Advocacy Committee. Membership involvement UKSIP is a volunteer-led organisation, and relies on its members to contribute their time to support its operations and strategic direction. A strong volunteer effort is therefore a key ingredient of the Society s progress, and UKSIP is committed to delivering services and products to its growing and diverse membership.

3 The professional standing of UKSIP and CFA Institute members CFA Institute and the CFA designation The CFA Institute is an international, not-for-profit organisation of investment practitioners and academics. Its mission is to sustain high standards of ethical and professional conduct among its members, and to extend those standards throughout the investment community. The Institute develops and administers examinations for the Chartered Financial Analyst (CFA) designation, offers its members continuing professional development programmes, publishes literature such as the Financial Analysts Journal for the investment practitioner, and provides the service organisation for around 100 societies worldwide. Membership of UKSIP and the CFA Institute - whether as a CFA charterholder or otherwise - represents a commitment by an individual to professional excellence. All members of UKSIP and the CFA Institute must undertake annually to comply with the CFA Institute Code of Ethics and Standards of Professional Conduct. The CFA charter is awarded to investment professionals who have passed three comprehensive and rigorous examinations and have at least three years of professional investment experience. The CFA designation, recognised by employers and clients alike, is rapidly becoming the standard for investment professionalism worldwide. Of the 67,279 candidates who took the CFA exams in May 2003 over 50% were from outside North America, continuing a marked trend of increasing international participation in recent years. Currently there are over 2,000 CFA charterholders in the UK, and in May 2004 over 4,000 candidates sat the three levels of the CFA examination in the UK. CFA Candidate Support Programme The Society provides an extensive range of services to help candidates prepare for the CFA examinations, including the following: Review Courses Full time courses for all three exam levels, with experienced CFA charterholder instructors Long Courses Evening courses for Levels I and II held over a period of 16 weeks Practice Exams An opportunity for candidates to answer practice papers under exam conditions Scholarships A small number of scholarships, covering the full CFA registration fee, are available to UKSIP Candidate Members for each of the three levels Study Groups Self help groups which meet regularly to review their progress towards the CFA exams Revision Clinics Experienced volunteer instructors lead evening revision classes for Levels I, II and III CFA Readings Free access to reference copies of CFA readings The ASIP/FSIP designations The ASIP designation is also a mark of professional excellence held by current UKSIP members who were formerly Associates of IIMR and those who completed the former Associate Examination after August The Fellowship designation (FSIP) is awarded to members of UKSIP who have made a major contribution to the work of the Society or the UK investment management profession. The IMC designation This may be used by fully paid-up UKSIP members who have succeeded at the IMC examination. The designation indicates that an individual has not only succeeded at the entry level examination of choice for those managing and advising on investments, but has also chosen to become an UKSIP member as a commitment to ongoing professionalism and further career development. Full details of these and other activities in the programme are available on the UKSIP website

4 Services and support for members The Society provides the following services, some of which are available to non-members: Full and half-day seminars on a wide variety of investment topics Discussions, debates and workshops on issues of interest Publication of the Professional Investor journal Publication of the widely used Definition of Headline Earnings A new venue for meetings and seminars - the Weaver Suite - within our premises in the City of London, which is available for hire to members An active Scottish branch An internet-based job service A website containing information about the Society s activities and a specialist bookshop An annual reception and annual dinner, a golf tournament and other networking events Membership The Society currently has five categories of members: Regular, Affiliate, Candidate, IMC and Companion. Regular and Affiliate members are also members of the CFA Institute. Requirements for membership are as follows: Regular Members Hold a bachelor s degree from an accredited academic institution or have equivalent education or work experience Have attained one or more of the following: - be a CFA Charterholder - be a former IIMR Fellow or Associate, qualified by examination - passed Level I of the CFA exam or such other appropriate examination as approved by the CFA Institute Board of Governors and have three years of acceptable professional work experience - passed the CFA Institute self-administered Standards of Professional Practice examination and have six years of acceptable professional work experience - be engaged in acceptable professional work at the time of application Agree to adhere to (and sign) annually the Member s Agreement and Professional Conduct Statement, and any additional documentation requested by the CFA Institute Affiliates Have undertaken one or more years of acceptable professional work experience Adhere to and sign the Member s Agreement and Professional Conduct Statement, and any additional documentation required by the CFA Institute Candidates Have enrolled for the CFA programme IMC Members Have passed the full Investment Management Certificate (IMC) examination or have passed either of the two units, which make up the IMC, and have passed or been exempted from a qualification recognised as equivalent to the other unit. Any UKSIP member who satisfies these criteria may use the designatory letters IMC, provided their membership remains fully paid up Companions Former Associates and Fellows of IIMR, and those who have completed the Association Examination after August 2000, may apply to become Companion Members

5 UKSIP: its role and origins The main purpose of the Society is to foster and maintain high standards of professional ability and practice in investment analysis, portfolio management and related disciplines. Its membership of individual investment professionals is growing and exceeds 4,500. The Society was created on 1 August 2000 from the merger of two bodies, the Institute of Investment Management and Research, which was formed in 1955 as the Society of Investment Analysts, and the London Society of Investment Professionals, which was established in 1996 as the CFA Institute member society. UKSIP is one of the largest member societies of the CFA Institute. UKSIP s governance The Society has an elected Board of fourteen Regular Members, and a small administrative staff headed by a Chief Executive. The Board is supported by a number of committees, as shown below, and participation in the work of most of these committees is open to members of all categories. Several Board and committee members also serve on CFA Institute committees. Executive - oversees the day to day running of the Society, and advises the Board on policy Membership - advises the Board on membership issues, including social events Examinations and Education Committee, including CFA Support Committee - advises the Board on education issues Professional Development - organises daytime seminars and evening discussions Fellowship - vets applications for fellowships Communications - is responsible for public relations, website and other communications Accounting Advocacy - comments on proposed legislation on accounting issues as they affect the investment profession Bond - keeps abreast of developments in the fixed income markets, and comments on proposed legislation Regulation Advocacy - comments on regulatory consultative documents, with emphasis on the implications for the individual member

6 The UK Society of Investment Professionals 4th Floor, 90 Basinghall Street, London EC2V 5AY Tel Fax