For those that know about the Chartered Financial Analyst (CFA) qualification, they know that it is one of the most gruelling professional qualifications around the financial space there is. At the same time however, it is globally known as one of the most rewarding both financially and intellectually.
Therefore when the team at Financial Insight received an invitation to the CFA South Africa inaugural speaker event at the prestigious Protea Hotel Lusaka Tower on the 4th of June, the team knew that it was a must attend event.
Arranged in collaboration with Zambian charter holders represented by, Austin Chijikwa CFA ( Head of Investment Banking – Zanaco), the event was graced by the presence of the CFA South Society President Nerina Visser. This was the first time a society president was visiting the Zambian CFA community adding to what turned out to be a profoundly insightful and interesting event.
Themed “Africa in the New Global Order”, the event could not have been better timed given recent geopolitical events and as the CFA Institute is pushing to increase awareness of the CFA program and charter. Notable guest speaker Ronak Gopaldas (Signal Risk) gave an enlightening presentation on the geopolitical state of the world economy and what it means for Africa. The Ted-X speaker’s spot light presentation easily delivered discourse that resonated with the audience. He brought a balanced view on Africa’s financial and economic risks and opportunities considering current geopolitical risks such as trade wars, increasing nationalist policy and the rise of eastern countries like China.
Few people will know that the CFA qualification spread across Africa is largely dominated in South Africa which has over 80% of fully qualified analysts. The rest of the pie is spread almost evenly across a few other African countries (Zambia included). The reason why many locals may have not heard of or have had minimal access to a local CFA institute is because Zambia is only half way there in terms of fully qualified CFA to reach the threshold that would permit Zambia to have its own charter. Full Charter accreditation requires a minimum of 50 members in the affiliate country. Zambia is getting there.
Society President Nerina Visser also briefed the event on activities that the CFA Institute and Society are undertaking to increase awareness and relevance of the program and charter through it’s ‘Measure Up’ campaign. The CFA South Africa Society which has members in five countries within the region is still largely dominated by South African members which has over 80% of fully qualified analysts. The rest of the pie is spread almost evenly across a few other African countries (Zambia included). This partly explains the absence of a local society as Zambia with only 16 fully qualified charter holders does not yet meet 50 charter holder required for Zambia to have its own Society. However, Zambia is slowly getting there with a large number of candidates attempting to complete the program.
The society president, acknowledged that more needed to be done in terms of getting awareness around the programme in order to achieve the penetration they desire across Africa. Hence why roadshows such as this one which delivered relevant content for investment professionals as well a platform to network and exchange ideas become a very important vehicle to drive the message home.
The Chartered Financial Analyst (CFA) Program is a professional credential offered internationally by the American-based CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to investment and financial professionals, according to the CFA website. Demographics presented during the presentation indicate that the program does attract a fairly large number of young professionals in their 30s with job prospects with some of the elite consultancy firms.
Following the presentation, it was clear the institute desires to grow its numbers and rightly so. Ronak’s presentation was a perfect way for the institute to bring a practical application of why the CFA qualification has become more important than ever. With concerns of the ethical dilemma that often get presented when leadership considers options for growth, the CFA qualification provides that voice of ethical consciousness that is desperately needed to drive developmental agendas in Zambia and the world.
However, the institute does have a few hurdles to cross. One that was acknowledged was the importance of accreditation. During Q & A, one participant raised the question of how addressing accreditation was being handled to which the institute responded by showcasing how they had embedded outreach to regulators as part of the penetration strategy. This is supported by the institute’s current mission which states “To lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.”