In a message dated 8/11/2006 3:10:26 A.M. Central Daylight Time,
[log in to unmask] writes:
Ample evidence is available that China is reaching the level of
advanced services-based economy from the statistics available with
the CFA Institute.
Last year the number of mainland Chinese holding the prized
Chartered Financial Analyst designation nearly doubled, reaching
465. Although this is a tiny proportion of the 70,000 charter-
holders worldwide, mainland China accounts for 8,000 of the 116,000
candidates in the CFA program. In 1995, it accounted for two out of
more than 20,000.
The story is the same in India. Today there are 5,000 Indian CFA
candidates, up from 18 in 1995. As in China the number keeps on
rising.
The proportion of CFA candidates based in the US has fallen from two-
thirds to one-third over the past decade. In a few years it is
likely the US will have fewer candidates than Asia. Bob Johnson, a
managing director at the CFA Institute, says: "What drives growth of
the CFA charter is what drives India and China in other parts of the
economy – Thomas Friedman's idea that the world is flat. The
financial world certainly is flat and has become a very small place.
It is becoming more interdependent, not independent."
For example, the number of financial analysts working in India has
risen from 300 in 2002 to 5,700 today, according to Niket Patankar,
co-founder of Adventity, which provides research to investment
banks.
This has prompted angst among professionals in rich countries, who
see their jobs being relocated to low-cost countries such as India.
But Indian professionals face a struggle to match the credentials of
westerners who enjoyed a privileged education at the world's top
universities. The CFA helps them compete on a level playing field.
The rewards in China and India are huge. Even in the US, a survey
last year by Russell Reynolds, the head-hunters, found investment
professionals with the CFA charter earned 54 percent more than those
without it. The CFA charter is a global passport and a great
equalizer.
India established its role in the CFA Institute last year with the
foundation of the Indian Association of Investment Professionals –
one of dozens of affiliated societies worldwide.
Bob Johnson defines the market penetration as the number of charter
holders as a proportion of the jobs for which the charter would be a
credential. He estimates it at 25 per cent for the US but less than
2 per cent for China and India. This suggests the phenomenal growth
of the CFA program will remain one of India's and China's impressive
statistics for many years.
Subrata Mukherjee
Moderator
http://www.indiashines.net
http://groups.yahoo.com/group/indiashines/
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