CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected...
Transcript of CFA PROGRAM & CFA SOCIETY ISTANBUL · CFA Society Istanbul The CFA® Program is the most respected...
CFA PROGRAM amp CFA SOCIETY ISTANBUL
İlke Takımoğlu Homriş CFA
Executive Director
CFA Society Istanbul
To lead the investment profession globally by promoting the highest standards of ethics education and professional excellence for the
ultimate benefit of society
Educated ethical investment
professionals
Financial markets that reflect CFA
Institute beliefs
Global financial markets that serve the public interest
CFA Society Istanbul
A UNIQUE FORCE WITHIN THE INVESTMENT PROFESSION
bull A global not-for-profit organization
bull The worldrsquos largest association of investment professionals
bull Industry leader promoting the highest standards of ethics education and professional excellence
bull A vast global network of members societies and relationships with key financial organizations around the world
CFA Society Istanbul
The CFAreg CharterBuilding a Stronger Sustainable Investment Profession
CFA Society Istanbul
lsquoAmong the countless finance degrees around the world the Chartered Financial Analyst qualification
has become the gold standartrsquo Financial Times13 August 2010
CFA Society Istanbul
CFAreg CHARTER THE GOLD STANDARD
Graduate-level investment credential
More than 500 universities around the world incorporate the CFA curriculum into their degree programs
Held by around 200000 investment professionalsworking in more than 150countries
Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board
CFA Society Istanbul
The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world
200000+CHARTERHOLDERS
Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities
161CFAreg SOCIETIES
The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide
30000+FIRMS
Over 320000 registrations occur yearly for one of the three CFAreg Program exams
320000+REGISTRATIONS
copy 2018 CFA Institute All rights reserved
CFA Society Istanbul
MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession
More than 181000
members in over 160
countries161 member
societies
60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92
22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50
18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20
TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures
CFA Society Istanbul
LETrsquoS WATCH CFAreg PROGRAM
CFA Society Istanbul
WITH THE CFAreg CHARTER YOU
bull Gain a profession
bull Develop a comprehensive investment perspective
bull Gain fluency in practical investment analysis and management skills
bull Demonstrate a commitment to ethics and professional standards
bull Earn credibility with industry peers
bull Become part of a global community of top industry professionals
bull Gain the flexibility to work in any market
bull Are sought out by top industry employers
CFA Society Istanbul
WHAT CAN I DO WITH THE CFAreg CHARTER
Charterholder employment by title
0 2 4 6 8 10 12 14
Financial AdviserPlannerWealth Manager
Manager of Managers
Investment Strategist
Relationship ManagerAccount Manager
Risk AnalystManager
Corporate Financial Analyst
Portfolio Manager
Consultant
Trader
Research AnalystInvestment Analystor Quantitative Analyst
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
To lead the investment profession globally by promoting the highest standards of ethics education and professional excellence for the
ultimate benefit of society
Educated ethical investment
professionals
Financial markets that reflect CFA
Institute beliefs
Global financial markets that serve the public interest
CFA Society Istanbul
A UNIQUE FORCE WITHIN THE INVESTMENT PROFESSION
bull A global not-for-profit organization
bull The worldrsquos largest association of investment professionals
bull Industry leader promoting the highest standards of ethics education and professional excellence
bull A vast global network of members societies and relationships with key financial organizations around the world
CFA Society Istanbul
The CFAreg CharterBuilding a Stronger Sustainable Investment Profession
CFA Society Istanbul
lsquoAmong the countless finance degrees around the world the Chartered Financial Analyst qualification
has become the gold standartrsquo Financial Times13 August 2010
CFA Society Istanbul
CFAreg CHARTER THE GOLD STANDARD
Graduate-level investment credential
More than 500 universities around the world incorporate the CFA curriculum into their degree programs
Held by around 200000 investment professionalsworking in more than 150countries
Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board
CFA Society Istanbul
The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world
200000+CHARTERHOLDERS
Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities
161CFAreg SOCIETIES
The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide
30000+FIRMS
Over 320000 registrations occur yearly for one of the three CFAreg Program exams
320000+REGISTRATIONS
copy 2018 CFA Institute All rights reserved
CFA Society Istanbul
MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession
More than 181000
members in over 160
countries161 member
societies
60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92
22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50
18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20
TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures
CFA Society Istanbul
LETrsquoS WATCH CFAreg PROGRAM
CFA Society Istanbul
WITH THE CFAreg CHARTER YOU
bull Gain a profession
bull Develop a comprehensive investment perspective
bull Gain fluency in practical investment analysis and management skills
bull Demonstrate a commitment to ethics and professional standards
bull Earn credibility with industry peers
bull Become part of a global community of top industry professionals
bull Gain the flexibility to work in any market
bull Are sought out by top industry employers
CFA Society Istanbul
WHAT CAN I DO WITH THE CFAreg CHARTER
Charterholder employment by title
0 2 4 6 8 10 12 14
Financial AdviserPlannerWealth Manager
Manager of Managers
Investment Strategist
Relationship ManagerAccount Manager
Risk AnalystManager
Corporate Financial Analyst
Portfolio Manager
Consultant
Trader
Research AnalystInvestment Analystor Quantitative Analyst
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
A UNIQUE FORCE WITHIN THE INVESTMENT PROFESSION
bull A global not-for-profit organization
bull The worldrsquos largest association of investment professionals
bull Industry leader promoting the highest standards of ethics education and professional excellence
bull A vast global network of members societies and relationships with key financial organizations around the world
CFA Society Istanbul
The CFAreg CharterBuilding a Stronger Sustainable Investment Profession
CFA Society Istanbul
lsquoAmong the countless finance degrees around the world the Chartered Financial Analyst qualification
has become the gold standartrsquo Financial Times13 August 2010
CFA Society Istanbul
CFAreg CHARTER THE GOLD STANDARD
Graduate-level investment credential
More than 500 universities around the world incorporate the CFA curriculum into their degree programs
Held by around 200000 investment professionalsworking in more than 150countries
Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board
CFA Society Istanbul
The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world
200000+CHARTERHOLDERS
Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities
161CFAreg SOCIETIES
The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide
30000+FIRMS
Over 320000 registrations occur yearly for one of the three CFAreg Program exams
320000+REGISTRATIONS
copy 2018 CFA Institute All rights reserved
CFA Society Istanbul
MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession
More than 181000
members in over 160
countries161 member
societies
60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92
22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50
18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20
TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures
CFA Society Istanbul
LETrsquoS WATCH CFAreg PROGRAM
CFA Society Istanbul
WITH THE CFAreg CHARTER YOU
bull Gain a profession
bull Develop a comprehensive investment perspective
bull Gain fluency in practical investment analysis and management skills
bull Demonstrate a commitment to ethics and professional standards
bull Earn credibility with industry peers
bull Become part of a global community of top industry professionals
bull Gain the flexibility to work in any market
bull Are sought out by top industry employers
CFA Society Istanbul
WHAT CAN I DO WITH THE CFAreg CHARTER
Charterholder employment by title
0 2 4 6 8 10 12 14
Financial AdviserPlannerWealth Manager
Manager of Managers
Investment Strategist
Relationship ManagerAccount Manager
Risk AnalystManager
Corporate Financial Analyst
Portfolio Manager
Consultant
Trader
Research AnalystInvestment Analystor Quantitative Analyst
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
The CFAreg CharterBuilding a Stronger Sustainable Investment Profession
CFA Society Istanbul
lsquoAmong the countless finance degrees around the world the Chartered Financial Analyst qualification
has become the gold standartrsquo Financial Times13 August 2010
CFA Society Istanbul
CFAreg CHARTER THE GOLD STANDARD
Graduate-level investment credential
More than 500 universities around the world incorporate the CFA curriculum into their degree programs
Held by around 200000 investment professionalsworking in more than 150countries
Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board
CFA Society Istanbul
The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world
200000+CHARTERHOLDERS
Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities
161CFAreg SOCIETIES
The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide
30000+FIRMS
Over 320000 registrations occur yearly for one of the three CFAreg Program exams
320000+REGISTRATIONS
copy 2018 CFA Institute All rights reserved
CFA Society Istanbul
MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession
More than 181000
members in over 160
countries161 member
societies
60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92
22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50
18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20
TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures
CFA Society Istanbul
LETrsquoS WATCH CFAreg PROGRAM
CFA Society Istanbul
WITH THE CFAreg CHARTER YOU
bull Gain a profession
bull Develop a comprehensive investment perspective
bull Gain fluency in practical investment analysis and management skills
bull Demonstrate a commitment to ethics and professional standards
bull Earn credibility with industry peers
bull Become part of a global community of top industry professionals
bull Gain the flexibility to work in any market
bull Are sought out by top industry employers
CFA Society Istanbul
WHAT CAN I DO WITH THE CFAreg CHARTER
Charterholder employment by title
0 2 4 6 8 10 12 14
Financial AdviserPlannerWealth Manager
Manager of Managers
Investment Strategist
Relationship ManagerAccount Manager
Risk AnalystManager
Corporate Financial Analyst
Portfolio Manager
Consultant
Trader
Research AnalystInvestment Analystor Quantitative Analyst
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
lsquoAmong the countless finance degrees around the world the Chartered Financial Analyst qualification
has become the gold standartrsquo Financial Times13 August 2010
CFA Society Istanbul
CFAreg CHARTER THE GOLD STANDARD
Graduate-level investment credential
More than 500 universities around the world incorporate the CFA curriculum into their degree programs
Held by around 200000 investment professionalsworking in more than 150countries
Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board
CFA Society Istanbul
The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world
200000+CHARTERHOLDERS
Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities
161CFAreg SOCIETIES
The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide
30000+FIRMS
Over 320000 registrations occur yearly for one of the three CFAreg Program exams
320000+REGISTRATIONS
copy 2018 CFA Institute All rights reserved
CFA Society Istanbul
MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession
More than 181000
members in over 160
countries161 member
societies
60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92
22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50
18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20
TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures
CFA Society Istanbul
LETrsquoS WATCH CFAreg PROGRAM
CFA Society Istanbul
WITH THE CFAreg CHARTER YOU
bull Gain a profession
bull Develop a comprehensive investment perspective
bull Gain fluency in practical investment analysis and management skills
bull Demonstrate a commitment to ethics and professional standards
bull Earn credibility with industry peers
bull Become part of a global community of top industry professionals
bull Gain the flexibility to work in any market
bull Are sought out by top industry employers
CFA Society Istanbul
WHAT CAN I DO WITH THE CFAreg CHARTER
Charterholder employment by title
0 2 4 6 8 10 12 14
Financial AdviserPlannerWealth Manager
Manager of Managers
Investment Strategist
Relationship ManagerAccount Manager
Risk AnalystManager
Corporate Financial Analyst
Portfolio Manager
Consultant
Trader
Research AnalystInvestment Analystor Quantitative Analyst
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CFAreg CHARTER THE GOLD STANDARD
Graduate-level investment credential
More than 500 universities around the world incorporate the CFA curriculum into their degree programs
Held by around 200000 investment professionalsworking in more than 150countries
Recognized by 60 regulators in more than 40 markets as a proxyfor meeting certain licensing requirementsincluding Turkeyrsquos Capital Markets Board
CFA Society Istanbul
The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world
200000+CHARTERHOLDERS
Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities
161CFAreg SOCIETIES
The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide
30000+FIRMS
Over 320000 registrations occur yearly for one of the three CFAreg Program exams
320000+REGISTRATIONS
copy 2018 CFA Institute All rights reserved
CFA Society Istanbul
MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession
More than 181000
members in over 160
countries161 member
societies
60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92
22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50
18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20
TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures
CFA Society Istanbul
LETrsquoS WATCH CFAreg PROGRAM
CFA Society Istanbul
WITH THE CFAreg CHARTER YOU
bull Gain a profession
bull Develop a comprehensive investment perspective
bull Gain fluency in practical investment analysis and management skills
bull Demonstrate a commitment to ethics and professional standards
bull Earn credibility with industry peers
bull Become part of a global community of top industry professionals
bull Gain the flexibility to work in any market
bull Are sought out by top industry employers
CFA Society Istanbul
WHAT CAN I DO WITH THE CFAreg CHARTER
Charterholder employment by title
0 2 4 6 8 10 12 14
Financial AdviserPlannerWealth Manager
Manager of Managers
Investment Strategist
Relationship ManagerAccount Manager
Risk AnalystManager
Corporate Financial Analyst
Portfolio Manager
Consultant
Trader
Research AnalystInvestment Analystor Quantitative Analyst
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
The CFAreg Program is the most respected and recognized investment designation in the industry held by more than 200000 CFAreg charterholdersaround the world
200000+CHARTERHOLDERS
Over 70 of CFA Institute charterholders belong to one of the 151 local CFAreg Societiesacross the globe creating both global and local influence and opportunities
161CFAreg SOCIETIES
The CFAreg charter is the gold standard in the industry with charterholders working in over 30000 investment firmsworldwide
30000+FIRMS
Over 320000 registrations occur yearly for one of the three CFAreg Program exams
320000+REGISTRATIONS
copy 2018 CFA Institute All rights reserved
CFA Society Istanbul
MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession
More than 181000
members in over 160
countries161 member
societies
60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92
22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50
18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20
TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures
CFA Society Istanbul
LETrsquoS WATCH CFAreg PROGRAM
CFA Society Istanbul
WITH THE CFAreg CHARTER YOU
bull Gain a profession
bull Develop a comprehensive investment perspective
bull Gain fluency in practical investment analysis and management skills
bull Demonstrate a commitment to ethics and professional standards
bull Earn credibility with industry peers
bull Become part of a global community of top industry professionals
bull Gain the flexibility to work in any market
bull Are sought out by top industry employers
CFA Society Istanbul
WHAT CAN I DO WITH THE CFAreg CHARTER
Charterholder employment by title
0 2 4 6 8 10 12 14
Financial AdviserPlannerWealth Manager
Manager of Managers
Investment Strategist
Relationship ManagerAccount Manager
Risk AnalystManager
Corporate Financial Analyst
Portfolio Manager
Consultant
Trader
Research AnalystInvestment Analystor Quantitative Analyst
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
MEMBERSHIP CANDIDATES amp SOCIETIESOur large global network of members and relationships with key financial organizations around the world provides global connectivity and a medium through which to engage on key industry issues and to positively affect the investment profession
More than 181000
members in over 160
countries161 member
societies
60AMERICASMembers 104616CFAreg Program Registrations 86281Societies 92
22EMEAMembers 41068CFAreg Program Registrations 62339Societies 50
18ASIA PACIFICMembers 104616CFAreg Program Registrations 199975Societies 20
TURKEYMembers 350CFAreg Program Registrations 1200CFA Society Istanbul current FigFY2019 CFA Institute Figures
CFA Society Istanbul
LETrsquoS WATCH CFAreg PROGRAM
CFA Society Istanbul
WITH THE CFAreg CHARTER YOU
bull Gain a profession
bull Develop a comprehensive investment perspective
bull Gain fluency in practical investment analysis and management skills
bull Demonstrate a commitment to ethics and professional standards
bull Earn credibility with industry peers
bull Become part of a global community of top industry professionals
bull Gain the flexibility to work in any market
bull Are sought out by top industry employers
CFA Society Istanbul
WHAT CAN I DO WITH THE CFAreg CHARTER
Charterholder employment by title
0 2 4 6 8 10 12 14
Financial AdviserPlannerWealth Manager
Manager of Managers
Investment Strategist
Relationship ManagerAccount Manager
Risk AnalystManager
Corporate Financial Analyst
Portfolio Manager
Consultant
Trader
Research AnalystInvestment Analystor Quantitative Analyst
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
LETrsquoS WATCH CFAreg PROGRAM
CFA Society Istanbul
WITH THE CFAreg CHARTER YOU
bull Gain a profession
bull Develop a comprehensive investment perspective
bull Gain fluency in practical investment analysis and management skills
bull Demonstrate a commitment to ethics and professional standards
bull Earn credibility with industry peers
bull Become part of a global community of top industry professionals
bull Gain the flexibility to work in any market
bull Are sought out by top industry employers
CFA Society Istanbul
WHAT CAN I DO WITH THE CFAreg CHARTER
Charterholder employment by title
0 2 4 6 8 10 12 14
Financial AdviserPlannerWealth Manager
Manager of Managers
Investment Strategist
Relationship ManagerAccount Manager
Risk AnalystManager
Corporate Financial Analyst
Portfolio Manager
Consultant
Trader
Research AnalystInvestment Analystor Quantitative Analyst
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
WITH THE CFAreg CHARTER YOU
bull Gain a profession
bull Develop a comprehensive investment perspective
bull Gain fluency in practical investment analysis and management skills
bull Demonstrate a commitment to ethics and professional standards
bull Earn credibility with industry peers
bull Become part of a global community of top industry professionals
bull Gain the flexibility to work in any market
bull Are sought out by top industry employers
CFA Society Istanbul
WHAT CAN I DO WITH THE CFAreg CHARTER
Charterholder employment by title
0 2 4 6 8 10 12 14
Financial AdviserPlannerWealth Manager
Manager of Managers
Investment Strategist
Relationship ManagerAccount Manager
Risk AnalystManager
Corporate Financial Analyst
Portfolio Manager
Consultant
Trader
Research AnalystInvestment Analystor Quantitative Analyst
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
WHAT CAN I DO WITH THE CFAreg CHARTER
Charterholder employment by title
0 2 4 6 8 10 12 14
Financial AdviserPlannerWealth Manager
Manager of Managers
Investment Strategist
Relationship ManagerAccount Manager
Risk AnalystManager
Corporate Financial Analyst
Portfolio Manager
Consultant
Trader
Research AnalystInvestment Analystor Quantitative Analyst
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
0 5 10 15 20 25
Accounting Firm
Sovereign Wealth Fund
Private Wealth Management FirmFamily OfficeTrusts
Central Bank
UniversityEducationalInstitution
Governmentor Regulator
Brokerage
Consulting Firm
Investment Bank
Others
Asset ManagementInvestment Firm
Commercial Bank
MEMBERS WORK FORhellip
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
A RICH HISTORY
1ST EXAM 1963
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul 14
224052244881
270152
319189
354275 348595
686
813
908
1024
1146
1326
0
200
400
600
800
1000
1200
1400
0
50000
100000
150000
200000
250000
300000
350000
400000
2015 2016 2017 2018 2019 2020
CANDIDATE EXAM REGISTRATIONS
Global Turkey
DEMAND FOR THE CFA reg CHARTER
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
THE EXAM DIGITAL TRANSITION
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
Bachelorrsquos degree or in final year of
bachelorrsquosLevel I II III Exams
4 years work experience
CFAreg Charter
THE CFA reg EQUATION
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
WHAT YOU LEARN AS A CFAreg CHARTERHOLDER
bull Investment (equity and fixed income) analysis
bull Portfolio management
bull Wealth planning
bull Economic theory
bull Alternatives and derivatives
bull Performance measurement amp evaluation
bull Risk management
bull Financial reporting
bull Quantitative methods
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
119810119813119808reg 119810119815119808119825119827119812119825 = ETHICS
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CODE OF ETHICSI will
Act with integrity competence diligence respect and in an ethical manner with the public clients prospective clients employers employees colleagues in the investment profession and other participants in the global capital markets
Place the integrity of the investment profession and the interests of clients above my own personal interests
Use reasonable care and exercise independent professional judgment when conducting investment analysis making investment recommendations taking investment actions and engaging in other professional activities
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on ourselves and the profession
Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Maintain and improve my professional competence and strive to maintain and improve the competence of other investment professionals
Adhere to this code of ethics
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
THREE LEVELS OF CFAreg PROGRAM EXAMS
Level I
49
29
15 Ethics 7
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting amp AnalysisCorporate Finance
Level II
30-5535-70
10-15 Ethics
7
Asset ClassesEquity InvestmentFixed IncomeDerivativesAlternative Investment
Level III
22-65
10-15 Ethics
40-55
Portfolio Management ampWealth Planning
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
LEVEL FORMAT GRADING PROCESSTYPICAL NUMBER
of QUESTİONS
Level IJune ndash December
Level IIJune Only
Level IIIJune Only
Multiple Choice
Item Sets cases mdash 6 related multiple choice
questions
ConstructedResponse
(essay) Item Sets
Machine graded Extensive sampling
Machine gradedExtensive sampling
Item Sets mdash Machine graded extensive
samplingConstructed Response
Graded by teams of charterholders
240 Questions (120 in am and 120 in pm)
20 Item Sets(10 in am and
10 in pm)
Variable number of constructed
response questions
CFAreg EXAM
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
For all levels there is an exam of 6 hours
Level WhenPass rates
(2008-2017)Format Number of questions
Level 1 Twice a year (Dec amp June) 40 Multiple choice1 Morning session 120 questions2 Afternoon session 120 questions
Level2 Once a year İn June 44Item set (For every item set 6 mutliple choice)
1 Morning session 10 item set question2 Afternoon session 10 item set questions
Level 3 Once a year In June 52 Item set and essay type1 Morning session Constructive response
(essay type) questions (8-12)2 Afternoon session 10 item set questions
CFAreg EXAM
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
ENROLLMENT DETAILS ndash December 2020 EXAM
Early Registration Standard Registration Late Registration
Deadline 25 March 2020 19 August 2020 9 September 2020
Fee $700 $1000 $1450
One off enrollment fee $450 (only payable once)
The exam registration fee covers the cost ofbull The eBook (contains the complete curriculum you need to study)bull An interactive study planner to guide and track your exam preparationbull Topic-based practice testsbull Mock examsbull A mobile study app with access to everything listed above
Level 1 exam is also offered in December
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CFAreg EXAM FEES
Total cost depending on early or late registration is between $2550-4800
US$ Early registration Standard registration Late registration
Number of months to the exam 85 months 4 months 3 months
Program registration fee 450 450 450
Level 1 exam fee 700 1000 1450
Level 2 exam fee 700 1000 1450
Level 3 exam fee 700 1000 1450
Total cost (US$) 2550 3450 4800
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
WAIVERSFrom Brazil to South Africa amp Vietnam to the UK our credentialing programs are formally recognized by
regulators amp certification programs in 40 countries amp territories This global recognition reflects the breadth
and depth of our program curricula as well as our leadership in ethics education
Waivers and Exemptions
from UniversitiesIf yoursquore considering a graduate degree
in banking investment or financial
services and you are enrolled in or
have completed the CFA Program you
may be eligible for a waiver of the
GMAT entrance exam or some
university courses
An example
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
SCHOLARSHIPS
ACCESS SCHOLARSHIPS
SCHWESER - CFA SOCIETY ISTANBUL
SCHOLARSHIP
Access scholarships provide needs-based
scholarship opportunities for those unable to afford the full
price of the CFAreg Program
enrolment and registration fees
AWARENESS SCHOLARSHIPS
Awareness scholarships are offered to key influencers in the media academic and financial communities such as collegeuniversity faculty college students affiliated with Universities in theCFAreg University Affilation Programregulatory agencies and media organization employees around the world
There is also a Women in Investment Management Scholarship just for women
The awarded Candidates will choose one of the below scholarship products
A ndash Schweser Notes Pack and SchweserPro Qbank (online version + a one time download)
B ndash 16-Week Online Class wWorkbook and Class Archives
C ndash Schwesers Final Review Pack
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
HOW CAN FIRMS SUPPORT THE CFAreg PROGRAM
1 Pay the exam fee
2 Pay the membership fee
3 Be a sponsor for local society events
4 Allow CFA-program ambassador(s) to announce society events in the
firm
5 Allow candidates to use the office for study groups after work give
paid study days maybe even a week
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
SAMPLE EXAM QUESTIONS
Level 1
Level 2
Level 3
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
TIPS and MYTHS
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
TOP 10 EXAM TIPS
Start early create a schedule and prepare for about 300 hours
Study the Learning Outcome Statements (LOS)
Practice using end-of-reading question mock exams and sample exams
Make sure rest the day before exam
Show up on exam day and answer all questions
Listen carefully to announcements and pre-exam day communications
Watch your time and pace yourself
Stay calm
Get the ethics right
Tell your friends and family about your commitment to the CFAreg program
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
TOP 10 EXAM MYTHS NOT TRUE
The question writers look at what prep courses are saying and test the opposite
The question writer is trying to trick me
Questions that nearly everyone got right are thrown out
Questions that nearly everyone got wrong are thrown out
You must finish the program within a certain time frame so you must take the exams in consecutive sittings
A month is plenty of time to study
I do not need to read the assigned curriculum ndash I already do this stuff at work
A friendrsquos prep notes from three years ago are good enough
CFA Institute has a targeted pass rate
The minimum pass score is 70
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
lsquorsquoThe CFA designation helpedopen a lot of recruiting doorsthat otherwise would havestayed shut Itrsquos akin tohaving an internationaldegreersquorsquo
Timo Schmid CFAWesfarmersAustralia
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
Established in 2003
350 members
270 CFA charterholders
Outreach activities Universities Employers Regulatory
Conferences amp Events
Jobline amp Internships
Istanbul December Test Center
Whatsapp groups for candidates
Newsletters
CFA Societies Passport Program
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CONFERENCES amp EVENTS
JOBLINE
RESEARCH CHALLENGE
MAKROPANEL
INVESTORS FIRST
WOMEN IN FINANCE
CHARTER AWARD CEREMONY
PENSIONS
NETWORKING
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
16 OCTOBER TURKEY INVESTMENT CONFERENCE
2019 CFA INSTITUTE EMEASOCIETY LEADERSHIP CONFERENCE
in İstanbul on 17-19 October
2020 CEE Women in Investment Management
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
10TH MACRO PANEL DECEMBER 2019
Panelists Prof Dr Selva Demiralp Prof Dr Ufuk Akccediliğit Dr Murat Uumlccediler
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
WOMEN IN FINANCE PANEL
MARCH 4 2020
İlke Homriş CFA CFA Society Istanbul
Alper Alkan CFA CFA Society Istanbul
Ebru Dildar Edin Garanti BBVA
Banuhan Yuumlruumlkoğlu Akiş GYO
Esra Genccediltuumlrk Oumlzyeğin University
Şebnem Uumlnluuml UumlnluumlampCo
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CHARTERHOLDERS IN TURKEY
TOP 5 EMPLOYERS TOP 5 JOB FUNCTIONS
0 5 10 15 20
ING BANK
GARANTI
AK GRUBU
YKB
İŞ GRUBU
of employees
Job Function
Research Analyst 12
Consultant 9
Portfolio Manager 9
Trader 9
Corporate Financial
Analyst
7
Society Membership Demographics
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CFAreg SOCIETIES PASSPORT PROGRAM
Benefits
Enhanced member value through opportunities to extend global
networking and access to global professional development
opportunities
Promotion of CFA Institute Continuing Education credits
Increased promotion of the societyrsquos brand to other members
and markets
CFA Society Austria CFA Society Belgium CFA Society Czech
Republic CFA Society Denmark CFA Society Egypt CFA Society Finland CFA Society France CFA Society Germany CFA Society Ireland CFA Society Istanbul CFA Society Italy CFA Society Kuwait
CFA Society Liechtenstein
CFA Society Luxembourg CFA Society Mauritius CFA Society Netherlands CFA Society Poland CFA Society Qatar CFA Society Romania CFA Society South Africa CFA Society Spain CFA Society Sweden CFA Society Switzerland
Most EMEA Societies
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CFAreg EXAM PREP COURSESPREP COURSES February ndash April amp Sept ndash Nov
CFA Level1 amp Level2 prep courses organized by our society in collaboration with Koc University in February ndash April 2019
10 CFA Charterholders teach 10 week course to 40 candidates There is room for expanding this further to Level3
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
26 February 2019Development Finance in Emerging Markets by CFA charterholders at
IFC Istanbul office
SPEAKER EVENTS from CFA SOCIETY ISTANBUL
25 April 2019Structure of the Board of Directors
Independent Member Selection for Board of Directors Board Member fees and Legal
Framework Panel
2 May 2019Turkish Wealth Fund CEO
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
25 July 2019C-Chat E
Yılmaz Arısoy 2 October 2019C-Chat
Cheryl Einhorn
8 October 2019C-Chat
Goumlnenccedil Guumlrkaynak
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
12 September 2019Investment Professional of the Future
Bob Stammers CFA 19 December 2019Oumlvuumll Sezer
26 December 2019Oumlzguumlr Kaya CFA
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
OUTREACH ACTIVITIES
University Affiliation Program (Bilkent Boğaziccedili Koccedil Sabancı İstanbul University ODTUuml Bilgi TED)
Recognized institutions must embed at least 70 of the CBOK including the CFA Institute Code of Ethics and
Standards of Professional Conduct into their curricula Students in these degree programs are exposed to the
topics covered in the CFAreg Program which helps enhance their preparation for sitting for the CFAreg Program
exams Recognized universities are not expected to contribute to CFA Institutersquos other strategic objectives The
University Recognition Program is intended to be a solely curriculum-based relationship
Investment Research Challenge (IRC) ndash every year
Ethics Challenge ndash planned
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
UNIVERSITY OUTREACH
HACETTEPE UNIVERSITY April 11
TURKISH-GERMAN UNIVERSITY March 12YILDIZ TEKNIK UNIVERSITY April 15
BILKENT UNIVERSITY December 27
KOC UNIVERSITY March 23
BOGAZICI UNIVERSITY December 10
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
DOKUZ EYLUL UNIVERSITY March 21
IZMIR ECONOMY UNIVERSITY March 21
TOBB UNIVERSITY May 14
BILGI UNIVERSITY December 18
ISTANBUL TECHNICAL UNIVERSITY February 21
ISTANBUL COMMERCE UNIVERSITY February 24
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CFA INSTITUTE RESEARCH CHALLENGE TURKEY KICKOFF MEETING
NOVEMBER 7 2019
On 7 Nov 2019 16 universities (17 teams) attended 2020 IRC kick-off meeting
2020 IRC Turkey Kickoff meeting was held in İşKuleleri thanks to İş Portfoumlyrsquos sponsorship
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
RESEARCH CHALLENGE 2020 LOCAL FINAL
LETrsquoS WATCH
HIGHLIGHTS FROM THE
CHALLENGE
WINNER TEAMrsquoS SPEECH
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
2019 CHARTER AWARD CEREMONY amp NETWORKING EVENT
New CFAs December 2019 ndash joined by Alex King CFA
Letrsquos watch
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
REGULATORY OUTREACH
Banking RegulatoryampSupervisory Agency Istanbul Turkish Treasury Ankara
Central Bank of Turkey AnkaraCapital Markets Board AnkaraCapital Markets Board Istanbul
Turkish Court of Accounts Ankara
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
EMPLOYER OUTREACH
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
Thank you for listeningAny questions
Learn more at wwwcfainstituteorg
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
MORE INFORMATION
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CFAreg Level 1 Main Subjects amp Reading Materials (2018)
R6 Time Value of Money
R7 Discounted Cash Flow Applications
R8 Statistical Concepts and Market Returns
R9 Probability Concepts
R10 Common Probability Distributions
R11 Sampling and Estimation
R12 Hypothesis Testing
R13 Technical Analysis
Quantitative Methods
R14 Topics in Demand and Supply Analysis
R15 The Firm and Market Structures
R16 Aggregate Output Prices and Economic Growth
R17 Understanding Business Cycles
R18 Monetary and Fiscal Policy
R19 International Trade and Capital Flows
R20 Currency Exchange Rates
Economics
R21 Financial Statement Analysis An Introduction
R22 Financial Reporting Mechanics
R23 Financial Reporting Standards
R24 Understanding Income Statetements
R25 Understanding Balance Sheets
R26 Understanding Cash Flow Statements
R27 Financial Analysis Techniques
R28 Inventories
R29 Long Lived Assets
R30 Income Taxes
R31 Non-Current (Long term) Liabilities
R32 Financial Reporting Quality
R33 Financial Statement Analysis Applications
Financial Reporting and Analysis
R34 Corporate Governance and ESG An Introduction
R35 Capital Budgeting
R36 Cost of Capital
R37 Measures of Leverage
R38 Working Capital Management
Corporate Finance
R50 Fixed Income Securities- Defining Elements
R51 Fixed-Income Markets Issuance Trading and Funding
R52 Introduction to Fixed-Income Valuation
R53 Introduction to Asset-Backed Securities
R54 Understanding Fixed-Income Risk and Return
R55 Fundamentals of Credit Analysis
Fixed Income
R39 Portfolio Management An Overview
R40 Risk Management An Introduction
R41 Portfolio Risk and Return Part 1
R42 Portfolio Risk and Return Part 2
R43 Basics of Portfolio Planning and Construction
Portfolio Management
R56 Derivative Markets and Instruments
R57 Basics of Derivative Pricing and Valuation
Derivatives
R58 Introduction to Alternative Investments
Alternative Investments
R44 Market Organisation and Structure
R45 Security Market Indexes
R46 Market Efficiency
R47 Overview of Equity Securities
R48 Introduction to Industry and Company Analysis
R49 Equity Valuation Concepts and Basic Tools
Equity
R1-R5 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CFAreg Level 2
R9 Correlation and Regression
R10 Multiple Regression and Issues in Regression Analysis
R11 Time Series Analysis
R12Excerpt from Probabilistic Approaches Scenario Analysis
Decision Trees and Simulations
Quantitative Methods
R13Currency Exchange Rates- Understanding Equilibrium
Value
R14 Econonic Growth and the Investment Decision
R15 Economics of Regulation
Economics
R16 Intercorporporate Investments
R17Employee Compenstation Post- Employment and Share
Based
R18 Multinational Operations
R19 Evaluating Quality of Financial Reports
R20 Integration of Financial Analysis Techniques
Financial Reporting and Analysis
R21 Capital Budgeting
R22 Capital Structure
R23 Dividends and Share Purchases Analysis
R24 Corporote Performance Governance and Business Ethics
R25 Corporate Governance
R26 MampA
Corporate Finance
R35 Term Structure of Interest Rates
R36 The Arbirtage Free Valuation Framework
R37Valuation and Analysis Bonds with Embedded
Options
R38 Credit Analysis Models
R39 Credit Default Swaps
Fixed Income
R47 The Portfolio Management Process
R48 An Intro to Multifactor Models
R49 Measuring and Managing Market Risk
R50 Economics and Investment Markets
R51 Analysis of Active Portfolio Management
R52 Algorithmic Trading and High-Frequency Trading
Portfolio ManagementR40 Pricing and Valuation of Forward Commitments
R41 Valuation of Contingent Claims
R42 Derivatives Strategies
Derivatives
R43 Private Real Estate Investmenst
R44 Publicly Traded Real Estate Securities
R45 Private Equity Valuation
R46Commodities and Commodity Derivatives
An Introduction
Alternative Investments
R27 Equity Valuation Application and Process
R28 Return Concepts
R29 Industry and Company Analysis
R30 Discounted Dividend Valuation
R31 Cash Flow Valuation
R32Market-Based Valuation Price and Enterprise
Value Multiples
R33 Residual Income Valuation
R34 Private Company Valuation
Equity Valuation
Main Subjects amp Reading Materials (2018)
R1-R9 Ethics and Professional Standards
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)
CFA Society Istanbul
CFAreg Level 3
R5 The Behaviorial Finance Perspective
R6 The Behaviorial Biases of Individuals
R7 Behaviorial Finance and Investment Processes
Behaviorial Finance
R8 Managing Individual Investor Portfolios
R9 Taxes and Private Wealth Management in a Global Context
R10 Estate Planning in a Global Context
R11 Concentrated Single Asset Positions
R12 Risk Management for Individuals
Private Wealth Management
R16 Intro to Asset Allocation
R17 Principles of Asset Allocation
R18 Asset Allocation with Real World Constraints
R19 Currency Management An Introduction
R20 Market Indexes and Benchmarks
Asset Allocation and Related Decisions in Portfolio Management
R13 Managing Institutional Investors Portfolios
R14 Capital Market Expectations
R15 Equity Market Valuation
Portfolio Management forInstitutional Investors
R27 Risk Management
R28Risk Management Applications of Forward and Futures
Strategies
R29 Risk Management Applications of Option Strategies
R30 Risk Management Applications of Swap Strategies
Risk Management
R25 Equity Portfolio Management
Equity Portfolio Management
R31 Execution of Portfolio Decisions
R32 Monitoring and Rebalancing
Trading Monitoring and RebalancingR21 Intro to Fixed Income Portfolio Management
R22 Liability Driven and Index-Based Strategies
R23 Yield Curve Strategies
R24 Credit Strategies
Fixed Income Portfolio Management
R26 Alternative Investments Portfolio Management
Alternative Investments Portfolio Management
R33 Evaluating Portfolio Performance
Performance Evaluation
R34 Overview of the GIPS
Global Investment PerformanceStandarts
R1-R4 Ethics and Professional Standards and Applications
Main Subjects amp Reading Materials (2018)