Claritas will complement CFA Institute’s existing CFA Program which awards the Chartered Financial Analyst (CFA) designation. However it will not focus on investment professionals. It will instead target a much broader range of employees working in the financial services industry outside of investment roles.
Currently 68 organizations and over 3000 candidates from 17 countries around the world including the UAE as well as Australia, China, Germany, Singapore, the UK and the USA, amongst others, are taking part in a pilot program. The first pilot exams are scheduled for late March. On completion of the pilot project Claritas will open for global registrations in May 2013.
At a time when the on-going financial crisis has undermined trust in financial services and left a vacuum which organizations, academics and regulators have struggled to address, CFA Institute firmly believes that there is a clear need for those who work in the industry to take visible action to restore its integrity and reputation. According to the CFA Institute Global Market Sentiment Survey 2013, investors agree that to restore integrity in the global capital markets, change must come from within. More than 65 per cent of respondents indicated that a lack of ethical culture within financial firms has been the biggest contributor to the decline in confidence.
CFA Institute is launching Claritas, in part, to help address this trust and integrity issue. It will provide a foundational level of education aimed at increasing levels of knowledge and understanding of the investment industry for the many professional disciplines within financial services, including consultancy, compliance, marketing and sales, legal, HR, IT and operations. Based on feedback from CFA Institute members and input from top financial leaders, regulators and academics from around the world, the new program is made up of seven self-study modules covering the industry, ethics, tools, instruments, structure, controls and client needs. Those completing the certificate will emerge with a clear understanding of the investment industry and their professional responsibilities within it.
“Building and maintaining trust in the financial services industry is at the heart of our mission at CFA Institute, and the Claritas Investment Certificate was born out of our firm belief that clarity and knowledge will help achieve this. Claritas will enable those working across financial services to become more effective, knowledgeable and responsible professionals. This will benefit their employers, colleagues and society as a whole, as well as help support their own career development,” John Rogers, CFA, President and CEO, CFA Institute, said.
“The global financial crisis has created significant demand for greater transparency in the financial services sector, driven by improved education and ethics. As countries in the Middle East look to move from frontier to emerging markets, there is a real need to implement global best practice. Whilst the CFA charter remains the gold standard for investment professionals, our focus for Claritas is to become the industry benchmark for a broader range of people who work in the financial services sector in this region,” Nitin Mehta, CFA, managing director for Europe, Middle East and Africa, CFA Institute, said.