Q. Let’s start with how CFA Society Bangladesh was established in the country, the story behind its inception and the driving forces?
CFA Institute is a prestigious global organization with members distributed across various cities worldwide. These members organize and form local societies, representing respective market. In Bangladesh, a significant milestone was reached when the number of CFA charter holders surpassed 50. Prior to achieving this threshold, Bangladeshi members were part of the CFA Society Singapore. Recognizing the opportunity to establish a dedicated society within Bangladesh, initiatives were taken in 2013 to form a local chapter. By 2015, these efforts culminated in the successful establishment of the CFA Society in Bangladesh, marking a significant recognition for local finance professionals.
Q. Can you walk us through some of the highlights and key activities that the society regularly organizes and how it is impacting the professional landscape of investment practitioners in Bangladesh?
The CFA Society plays a multifaceted role, beginning with raising awareness about what it means to be a Chartered Financial Analyst (CFA). The cornerstone of the CFA charter is ethical practice and business conduct, which forms a substantial part of the curriculum for charter holders. CFA Institute places the utmost importance on ethics, dedicating significant portions of the three-level curriculum to it. This focus ensures that whether our members are working in multinational corporations (MNCs) or advising businesses, they conduct themselves ethically, prioritizing the interests of asset owners above their own. Ethical behavior and practice are paramount for CFA charter holders.
In addition to promoting ethical standards, we also strive to contribute to the betterment of society through investment education and knowledge sharing. We organize educational programs for both our regular members, who are charter holders with at least three years of professional experience, and our associate members, who become eligible after passing Level One of the CFA exam. These programs, which range from three to five annually and are offered both in-person and virtual, feature various professionals to keep our members abreast of the latest market trends and developments.
Another key initiative is our university affiliation program, through which we collaborate with universities to explain the benefits of the CFA program. We also offer numerous scholarships, with the CFA Institute allocating over a crore in taka value of scholarships in our market annually. These scholarships support candidates from regulatory bodies like the Bangladesh Bank, which sends the highest number of candidates to the CFA program each year, the Securities and Exchange Commission and the Dhaka Stock Exchange, as well as individuals facing financial challenges.
Moreover, we annually host the CFA Institute Research Challenge, offering students from universities, a platform to research and present on select companies. The winning team is awarded with a prize money of 5 lakh Tk, encouraging excellence in financial research. We also organize learning sessions for journalists to deepen their understanding of the market and training programs, including mock exams for CFA candidates. Our efforts extend to recognizing the achievements of new charter holders through an award ceremony and regularly engaging with stakeholders to advocate for market-supportive policy changes.
Through these activities, we not only support our members’ professional development but also aim to have a positive impact on the broader financial industry and society.
Q. Shed some light on how CFA Society Bangladesh aligns with the mission and values of CFA Institute on a local scale?
In our efforts to enlighten students about our programs, we emphasize the global stature of the CFA certification. It’s a unique credential where candidates worldwide sit for the exam simultaneously, facing the same questions and evaluation criteria, regardless of their location. This uniformity extends across time zones, ensuring that a candidate in Bangladesh, India, or Pakistan undertakes the exam under identical conditions as their counterparts in the USA. This approach underscores the high credential of the CFA charter; it guarantees that charter holders are recognized and valued equally across the globe.
The CFA designation is often referred to as the ‘gold standard’ in investment management. Achieving this certification opens up a world of opportunities, allowing charter holders to pursue careers anywhere they choose. We’ve observed that over 50% of our charter holders work abroad, taking advantage of better opportunities outside our country. Although our local market is in a nascent stage compared to our economy, it holds the promise of growth in the future. The global acknowledgment of the CFA charter as a mark of excellence in finance and investment is a testament to its value, offering a passport to global career mobility for those who attain it.
Q. How does CFA Society Bangladesh stay updated on industry trends and support members in staying ahead of advancements in the investment industry?
CFA Institute boasts an extensive infrastructure dedicated to the continuous review and annual update of the curriculum. Every time there’s an update, members are required to familiarize themselves with the new material, earning credits for completed modules. This credit system is essential for both acquiring new memberships and renewing existing ones. Concurrently, we facilitate mechanisms for members to stay current with curriculum changes. Through our global passport program, members have the privilege to participate in seminars and webinars organized by CFA societies worldwide, such as Singapore, India or any other society. The pandemic period saw an increase in such programs, notably in areas like Islamic finance, with numerous webinars hosted by societies from Indonesia, Malaysia, Pakistan, and Bangladesh. These collaborative efforts aim to deepen our understanding of evolving financial markets and enrich our educational offerings. Environmental, Social, and Governance (ESG) represents a burgeoning field within our curriculum. While market activities in ESG are still developing, we leverage international seminars and webinars to enhance our knowledge and understanding.
Q. In what ways does CFA Society Bangladesh contribute to the ethical standards of the investment industry and engage with the broader business community?
To attain and maintain the status of a CFA charter holder, mastering ethical practices is paramount. This necessitates a deep understanding of the nuanced distinctions within ethical conduct. Our commitment to ethics is not just annual; it’s an ongoing process, integral to our membership renewal protocol. Ethical behavior is the cornerstone of our profession, and failure to adhere to these standards results in the forfeiture of the right to use the CFA charter designation. Our society wields considerable influence, creating a community where ethical lapses are not merely personal failures but risk alienation from the group. This dynamic mirrors the principle seen in microfinance, where an individual’s actions can affect their standing within the community, thus emphasizing the collective responsibility towards ethical conduct. Our society’s emphasis on ethical practices not only guides our members but also places them at the forefront of the industry in terms of performance and integrity. We actively foster this culture through regular programs and reminders, highlighting the importance of ethics in shaping the professional conduct and decision-making of our members.
Q. With time, the CFA charter is gaining popularity. Can you elaborate on the role of CFA Society Bangladesh in assisting students with exam preparation and ensuring their success?
We actively engage with universities through regular programs and affiliations, aiming to bridge the gap between academic curricula and the global standards set by CFA program. Often, university courses may not fully align with international benchmarks, leaving graduates seeking additional credentials. Achieving Level 1 in the CFA program can significantly clarify any uncertainties or basic knowledge deficiencies in the area of finance, accounting or economics.
My own journey underscores the inclusivity and accessibility of the CFA curriculum. With a background in mechanical engineering and an MBA with a finance major, I found myself contemplating further enhancement of my skills. The CFA curriculum stood out for its comprehensiveness, practicality, and ease of understanding. I was drawn to the curriculum’s ability to make complex concepts accessible, requiring no external assistance for comprehension. Its practical modules are designed for independent study, allowing for mastery over a range of subjects including accounting and finance.
What makes this curriculum exceptional is its simplicity and logical progression, which guides learners from basic concepts to more advanced topics seamlessly. This approach not only enriches knowledge but also builds a strong foundation in finance and related fields. We highly recommend completing Level 1 to anyone looking to fill gaps in their finance education. It provides a solid basis from which individuals can make informed decisions about their career paths, whether they wish to specialize further or explore diverse sectors within finance.
Q. As a not-for-profit organization, how does CFA Society Bangladesh ensure the success and growth of its initiatives?
The foundation of our society’s success lies in the unwavering commitment from both the CFA Institute and our members. Financially, we are significantly supported by the CFA Institute, which not only sponsors initiatives like the CFA Research Challenge and scholarships but also provides annual funding. This financial backing enables us to organize valuable programs for our stakeholders and partner with universities and others.
Equally crucial is the dedication of our members. Without their active engagement and commitment, our goals would remain unattainable. Our members are not only knowledgeable but also industry leaders across various sectors, generously sharing their expertise on a voluntary basis. This spirit of volunteerism is what fuels our society. Our motivation stems from the desire to contribute meaningfully to the society and the financial market at large. Seeing the positive impact of our efforts on the market and in the professional development of our members and stakeholders is our greatest reward. This collective drive and support system form the cornerstone of our society, enabling us to make significant strides in promoting ethical practices, education, and professional excellence within the finance industry.
Q. Being the President of CFA Society Bangladesh, how do you envision the role of the society in shaping the future of the investment profession in the country?
Our society is dedicated to becoming a cornerstone of knowledge in the finance sector. With a robust knowledge base at our disposal, we aim to play a pivotal role in advocacy for policy making, assisting policymakers in creating frameworks that benefit the market. We actively offer insights on various policy issues to regulators and stakeholders, embodying our vision to be instrumental in shaping sound financial policies. Our goal is to enrich and foster a thriving market environment, underpinning our commitment to market support.
On a personal level, my aspiration is to cultivate a dynamic and engaged community within our society, one that is characterized by a fervent zeal and the right mindset to uplift the collective. Through the contributions of each member, we strive to demonstrate our capacity to significantly advance the market and enhance societal knowledge. My role is to spearhead this initiative, and recognition in this capacity by the market would affirm my contributions and fulfill my professional purpose.
