CFA Society Kansas City 2013-2014 Annual Report 2013-2014 Officers Mission The mission of the CFA Society Kansas City is to provide a regional forum for the discussion of investments, economics and finance and to promote high standards of expertise and ethical conduct among investment professionals. Vision President Scott Ward, CFA Draper and Kramer, Inc. • A Society that is widely recognized, well respected and highly valued by the investing public, academia and the investment community in our region • A Society that continues to enhance brand awareness of the Chartered Financial Analyst designation within and outside the investment industry • A Society whose members are actively committed to enhancing the value of Vice President Michael White, CFA Commerce Trust Company Treasurer John Indellicate II, CFA Scout Investments Secretary Matthew Montgomery, CFA FCI Advisors www.cfakc.org the organization through active engagement and willingly give of their time as volunteers • A Society whose membership is recognized for their commitment to ethics and professional excellence • A Society that fosters a culture of inclusion, diversity and respect among investment professionals Table of Contents 4 5 6 7 8 9 10 12 13 14 15 16 18 Message from the President Officers, Directors, Committees Past Presidents Vice President’s - Education Chair Update New Charterholders Treasurer’s Update Profit and Loss Report Balance Sheet 2013-2014 Program Review Technology Update Public Awareness Update CFA Institute Research Challenge Membership Stats Message from the President Scott J. Ward, CFA President, CFA Society Kansas City Dear Fellow KC CFA Society Members, Our society is thriving with over 450 members and consistently excellent programs and events. The board and volunteers work hard to deliver value to our membership through prudent planning and wise allocation of resources. Our society is positioned well for continued success in the future. We had a full calendar of engaging events this year: monthly speaker programs, the golf tournament, the research challenge, the mock exam, the new charterholders dinner and a couple of networking happy hours. Thanks to our annual golf tournament over the past several years, we were able to add $100,000 to an endowed scholarship at UMKC with $50K coming from our society and $50K being matched by a grant from the Bloch Family Foundation. The Research Challenge was another highlight this year. A team from Kansas City won the local and regional competition and went on to compete as one of the top three teams globally in Singapore. New initiatives this past year included: 1. 2. 3. 4. A new upgraded website and social media presence A Board Manual to help provide continuity and consistency A Newsletter to help communicate with our membership The Benjamin Korschot Scholarship Thank you to all the board members with whom I have had the pleasure of working through the years and especially our Executive Administrator, Julie Froneberger. Working with this group over the past many years has produced laughter and friendships and most importantly an outstanding CFA society of which I am proud to be a member. Thank you. 4 2013-2014 Officers, Directors and Committees Officers President Scott Ward, CFA Draper and Kramer, Inc Vice President Michael White, CFA Commerce Trust Company Treasurer John Indellicate II, CFA Scout Investments Secretary Matthew Montgomery, CFA FCI Advisors Past President Laurian Lytle, Ph.D, CFA University of Central Missouri Directors Director Michael Marks, CFA Commerce Trust Company Director George Hersh, CFA UMB Financial Director Kevin Jaegers, CFA Mutual Fund Store Director Peter Vrooman, CFA Wells Fargo Advisors Director Matt Johnson, CFA Kornitzer Capital Director Satu Stechschulte, CFA FCI Advisors Committees Program Committee Michael Marks, CFA George Hersh, CFA Peter Vrooman, CFA Research Challenge Committee Laurian Lytle, Ph.D, CFA, Chair Matthew Montgomery, CFA Peter Vrooman, CFA Membership Committee Matt Johnson, CFA Golf Fundraising Event Committee John Indellicate, CFA Matt Johnson, CFA Education Committee Michael White, CFA Public Awareness Committee Matthew Montgomery, CFA 5 Scholarship Committee Michael White, CFA Matthew Montgomery, CFA Laurian Lytle, CFA Peter Vrooman, CFA Past Presidents 6 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 Laurian Lytle, Ph.D, CFA Michael Fogarty, CFA Christopher M. Bouffard, CFA Jonathan L. Bauman, CFA K.C. Mathews, CFA Christie E. Cody, CFA Gilbert C. Scott, CFA Brian E. Perott, CFA Timothy G. Michel, CFA Jonathan B. Lewis Molly Ann Kerr, CFA James D. Wineland Gregory H. Bokach, CFA Heather P. Maynard John E. Sundeen, Jr. CFA John C. Korschot, CFA Cleo G. Simmonds Steven E. Pohle, CFA Robert F. Marchesi Robert D. Hunley Louise D. Rieke, CFA Robert G. Alley, CFA Mark E. Eveans, CFA Dennis Hudson 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1978 1977 1976 1975 1972 1971 1970 1969 1968 1966 1962 1961 1957 1955 Patrick Sterner, CFA Henry J. Herrman, CFA Robert N. Sawyer, CFA Russell E. Thompson Charles M. Duboc Grafton M. Potter, CFA Carter R. Harrison, Jr. CFA Thomas E. Weiford, CFA David U. Fitzcharles, CFA Charles E. Heath, CFA Bryant P. Barnes Richard P. Halverson, CFA Lowell J. Benson, CFA William M. Stillman Edward B. Weltner Larry L. Neal John M. Holliday William L. Atwood Charles A. Duboc Don S. Williams Ray B. Duboc Harry Wuerth Edward M. Cox William L. Embree Vice President - Education Chair Update 7 Michael White, CFA In fiscal year 2014, the CFA Society Kansas City continued its effort to promote the CFA designation via outreach to both universities and CFA candidates. It is through these efforts that we strive to raise awareness of and promote the CFA designation in the Kansas City community. Below are some of the highlights from the past fiscal year. In November, the Society congratulated our newest CFA Charterholders following a dinner in their honor held at Lidia’s Kansas City. CFA Exam Scholarships In December, we were pleased to award seven CFA Institute CFA Exam Access Scholarships. Entirely funded by the CFA Institute, these scholarships helped defray a portion of the cost of registering for the 2014 CFA Exams. David Colbert Zhao Gong Rukhsora Rakhmatova Benjamin Taylor John Coleman Salman Rahman Jared Stricklin In the spring of 2014, the Society again provided two opportunities for CFA Candidates to further prepare for the June 2014 CFA Exam. The Society provided access to the USC/CFALA CFA Exam Review Program, a live-streaming review course available online to candidates sitting for all three levels of the CFA Exam. Additionally, CFA Society Kansas City hosted a Mock Exam in May at the American Century Auditorium, providing candidates the opportunity to take part in a simulated exam environment, from registration upon arrival to a timed exam provided by either the Boston Securities Analysts Society or Kaplan Schweser. The answer key to the exam was provided for the purpose of self-grading, and participants also had the option of purchasing and taking home with them the exam and answer key for the exam they did not take live. CFA Society Kansas City again hosted a post-exam party at the Granfalloon on the Country Club Plaza immediately following the June 2014 CFA Exam. Food and drinks were provided, as the candidates networked and celebrated the completion of another CFA Exam. Late in fiscal year 2014, Jacob Boan, a student at UMKC, was named as the first recipient of the newly-established Benjamin C. Korschot Scholarship. Mr. Korschot, who passed away in 2010, played a significant role in the advancement of the investment industry on a local, national and global basis. His contributions include serving as Chair of the Board of Directors of the Financial Analysts Federation in 1978-79, and later serving as Chair of the Board of Governors of the Investment Company Institute from 1980-82. This $5,000 scholarship will be awarded annually and is open to any graduate or undergraduate student in the area of investments, in their third year of study or later. New Charterholders 8 New Charterholders CFA Society Kansas City congratulates its newest charterholders of 2013. You’ve worked for years toward this global achievement and it will set you apart in the financial industry for the rest of your career. As charterholders, you represent the highest standard of ethics, education, and professional excellence. You are now part of a team of leaders set to guide the financial industry to better serve society. 2013 New Charterholders: Laura Boyer, CFA Bradley Di Teresi, CFA Brett Grady, CFA Kirk Hatfield, CFA Kelly Jernigan, CFA Thomas Kubick, CFA John Rabroker, CFA Nicholas Stark, CFA Daniel Trgovich, CFA Jack Wheeler, CFA Ryan Cope, CFA Brandon Gillett, CFA Dan Gruemmer, CFA Nicholas Holmes, CFA Casey Johnson, CFA Ramzi Lakkis, CFA Samuel Romersberger, CFA David Streeter, CFA William Weeks, CFA Jordon Cranston, CFA Andrew Good, CFA Jason Harris, CFA David Holzman, CFA Sean Ketcherside, CFA Tilak Mandal, CFA Jeffrey Smith, CFA Zachary Swalley, CFA Nicholas Weis, CFA Treasurer Update John Indellicate II, CFA The CFA Society Kansas City maintained its strong balance sheet during 2013-2014. Reserves continue to be in excess of two years operating budget, which gave the board confidence to maintain roughly the same level of spending as the prior year, despite recognizing some headwinds to the revenue line. Revenues of $109,088 were 23% lower than last year. Membership dues were down 22%, in part because a large portion of members pulled forward their renewals into the previous fiscal year. Golf revenue was also lower, falling 34%. Again, this was due to a tough comparison, as the previous fiscal year reported above average revenue due to several 2012 sponsors making their cash payments after the June 30th fiscal year end. Billing and collections efforts for the golf event have improved dramatically, resulting in a tighter correlation between the calendar year and fiscal year cash receipts. Expenses fell 4% to $96,955. Relative to the budget approved by the board early in the fiscal year, programming expense was lower than budget mainly due to the ability of the programming committee to find high quality speakers without the need to pay speaker fees. The Research Challenge also came in under budget, as the winning team had fewer team members, requiring fewer per person expenses. Overall operating income fell 71% to $12,132 as the lower revenue flowed through the income statement. This was well within the board’s expectations, which had made the strategic decision to continue spending to maximize value to the members, rather than continue to build reserves on the balance sheet. The Board took action during the year to work down the funds on the balance sheet designated for scholarships, which had built over several years of successful golf tournaments. As such, the board approved a $50,000 contribution to endow a scholarship at UMKC’s Bloch School of Business, taking advantage of a generous matching program that was being offered. Total assets and equity on the balance sheet dropped as a result, driven entirely by the assets designated for scholarships. Undesignated assets rose because of the positive operating income. The balance sheet and profit & loss statement are presented on the following pages. 9 CFA Society Kansas City Profit and Loss July 2013 - June 2014 Income CEP Continuing Education Programs CFA Institute CFA Institute Operational Funding CFA Institute Research Challenge Total CFA Institute Interest Income UMB interest Total Interest Income Job Postings Membership Dues SO - Society Outreach SO Mock Exam Total SO - Society Outreach SP - Social Programs SP Golf Players SP Golf Sponsors Total SP - Social Programs Total 4,746.48 $ $ $ 318.43 318.43 1,200.00 36,030.00 1,295.73 1,295.73 3,150.00 $ 45,750.00 $ 48,900.00 Total Income $ 119,672.54 Gross Profit $ 119,672.54 Expenses Administration Expenses ADMIN Bank & CC Fees ADMIN Board Meeting Expenses ADMIN Management Fee ADMIN Other Administrative ADMIN Postage & Delivery ADMIN Professional Services ADMIN Software License Fees ADMIN Telecommunications Total Administration Expenses 1,397.25 2,213.73 14,140.00 207.90 883.30 1,285.00 461.52 369.40 $ 20,958.10 CEP Expenses CEP Food/Beverage CEP Miscellaneous CEP Promotional CEP Speaker Fees Total CEP Expenses 10 22,681.90 4,500.00 27,181.90 13,124.53 1,441.02 1,010.19 1,502.80 $ 17,078.54 CFA Society Kansas City Profit and Loss 11 July 2013 - June 2014 Total CFA Institute Expense CFA Institute Research Challenge CFA ResCh Company Presentation CFA ResCh Finals Presentation CFA ResCh General Supplies CFA ResCh KickOff Event CFA ResCh Scholarship Awards CFA ResCh Travel Reg & Global Challenges Total CFA Institute Research Challenge Total CFA Institute Expense 1,032.33 2,341.65 87.37 900.14 8,260.00 934.06 $ 13,555.55 $ 13,555.55 SD - Society Development SD Miscellaneous SD Promotion SD Society Outreach SD Travel Total SD - Society Development 142.00 6,001.77 7,626.32 5,602.23 $ 19,372.32 SP - Social Programs SP Golf SP Happy Hours SP Promotion Total SP - Social Programs Unapplied Cash Bill Payment Expense $ $ 2,823.07 5,130.61 202.84 8,156.52 3,368.05 Total Expenses $ 75,752.98 Net Operating Income $ 43,919.56 Other Expenses Specific Scholarship Awards Total Other Expenses 50,000.00 $ 50,000.00 Net Other Income $ 50,000.00 Net Income $ 6,080.44 CFA Society Kansas City Balance Sheet 12 As of June 30, 2014 ASSETS Current Assets Bank Accounts CHECKING ACCOUNTS Commerce 1924 Total CHECKING ACCOUNTS UMB CD 1.05% 41650 UMB CD 3 91650 UMB CD CC 91650 Total Bank Accounts Total Current Assets Total Assets Liabilities and Equity Liabilities Current Liabilities Credit Cards UMB Visa Total Credit Cards Total Current Liabilities Total Liabilities Equity Appropriated FB - Scholarships Un-Appropriated Fund Balance Net Income Total Equity Total Liabilities and Equity Total 123,356.66 $ 123,356.66 81,844.97 70,518.42 10,231.93 $ 285,951.98 $ 285,951.98 $ 285,951.98 $ $ $ 200.00 200.00 200.00 200.00 65,490.00 226,342.42 -6,080.44 $ 285,751.98 $ 285,951.98 2013 - 2014 Program Review 13 January 24, 2013 Why Evil HFT Isn’t Bad for Investors, Just Investment Managers Harold Bradley March 11, 2013 Energy Gone Wild: Our Quest for Energy Independence Kevin Birzer April 18, 2013 Why Economics Can’t Explain the Modern World Deirdre McCloskey May 15, 2013 Investment Forum Gary Cloud, Mark Eveans, James Moffett September 25, 2013 Federal Reserve Event Esther George October 3, 2013 Global Growth in the Next Decade James Little November 1, 2013 The Current Financial Situation in Washington Kevin Yoder January 30, 2014 Making Money in Fixed Income Craig Blessing, Brian Musielak March 12, 2014 Creativity in the Investment Process Tom Brakke April 2, 2014 Comprehensive Approach to Private Wealth Management Stephen Horan Technology Update Kevin Jaeger, CFA Quite a bit of progress was made in the technology committee’s first year on the board. Social media accounts were established and are now in routine maintenance, which ultimately provides another method for communication with society members and awareness among CFA candidates. In addition, we were excited to launch a new website during the year, bringing a number of benefits to our members and board. The new site offers a good deal of flexibility for content management and event registration, is more user friendly in terms of navigation and layout, better integrates with our social media platforms and provides easy storage and access to board materials. Goals over the coming year will be to create archives or live streams of society events, more focus on photography and exploring additional ways to leverage our social media platforms. twitter.com/CFAKC facebook.com/CFASocietyKansasCity linkedin.com/groups/ CFA-Society-Kansas-City-3968385 www.cfakc.org 14 Public Awareness Update Matthew Montgomery, CFA Over the past year, the CFA Society of Kansas City has pursued and benefited from a number of opportunities to publicly promote our institute and our mission. First and foremost, the success of the University of Missouri-Kansas City team making it to the finals of the CFA Institute Research Challenge provided us with a wonderful opportunity to raise public awareness of our initiatives through local outlets. Our local media, including the Kansas City Star, picked up on the success of the team and ran an article on the competition. Over the past several years, this investment challenge has proven helpful in raising public awareness of the society and our mission not only among college students, but among the general public as well. We look forward to the future growth of the CFA Institute Research Challenge and the success of our local universities in that competition. Every November, the Society hosts a dinner to honor new charter holders and welcome them. This year, in addition to the charter holder’s dinner, we placed an announcement in the Kansas City Star Business Weekly, congratulating each of these new charter holders. We believe that this was an effective way to announce the accomplishment of each of our 2013 new members and generate awareness of the CFA program. The Society has also gained recognition through its support of the Kansas City Symphony. For the third straight year, we placed a half-page advertisement in the playbills distributed at all of the regularly scheduled performances of the Kansas City Symphony. We continue to receive a discounted rate for this advertisement. The board has received positive feedback from numerous members concerning the playbill advertisements, as many of our members have local clients who regularly attend the symphony. As a result of this positive feedback, we plan to continue this effort next year. CFA Society Kansas City Setting a higher standard for the Kansas City investment community 15 www.cfakc.org CFA Institute Research Challenge Update As industry professionals, there was a time in each of our lives when were just deciding to pursue a career in the investment industry. For most of us it was in our formative college days when we were trying to learn everything we could to give us the best shot of reaching our goals. For years, one of the leading interests of our local Kansas City Society has been to facilitate the education and development of bright young college students in our community who are just starting that path into the world of finance, similar to ours years ago. As the success of our Annual Golf Fundraising Event has grown, we have made an effort to use the excess funds generated from the event to provide scholarships to our local universities. Our goal, with the help of the universities, has been to identify bright, young, local candidates who have already decided to pursue a career in investment management. The ideal candidates are those who have already taken coursework in finance and investment management and plan to continue that focus on the graduate level, with the eventual goal of pursuing their CFA Charter and a career in our industry. In our efforts to find the best use for our society scholarship funds, we have researched endowment opportunities with several local universities. In 2007 we decided to endow an initial CFA Society Scholarship fund with the University of Missouri-Kansas City in the amount of $30,000. In 2009 we contributed an additional $5,000 to that fund. We have been pleased with our experience with the University over the years, and with the benefits to recipients. The funds have provided needed assistance to many eventual graduates of the Bloch School who ended up in the investment industry. In 2013, in an effort to find a home for additional scholarship funds, we learned of a matching program with the Bloch Business School, whereby any scholarship commitments made to the school would be matched by the Bloch Endowment. As we researched opportunities with other local universities, we found that this was very unique. Early this year we decided to make an additional commitment to our original scholarship with the school in the amount of $50,000, which was matched by the Bloch Endowment. This brought our total CFA Endowment principal to $135,000, making it the largest and most attractive scholarship for the best and brightest students majoring in investments and finance. The scholarship will now produce $6,075 available for annual distribution to a student in the Bloch Business School. The University has been a terrific partner in our efforts and they are very grateful for our generosity. According to the acting Dean, David Donnelly, “As the Bloch School continues its momentum toward becoming a nationally preeminent school of management by growing and adding innovative programs, doubling student enrollment and hiring the best faculty, attracting the best and brightest students to Bloch is imperative for our success. The generosity of donors like the CFA Society makes it possible for us to do so, and we continue to seek community partners in building this initiative.” Our Society is now focusing on the establishment of a second scholarship in the name of one of the early leaders of our local society, Mr. Ben Korschot. Mr. Korschot, who passed away in 2010, was fundamental in the growth of our society and in the investment community in Kansas City. Our plan is to establish a scholarship in his name, in the annual amount of $5,000, open to any graduate or undergraduate student in the area of investments, in their third year or later. We are still finalizing the details of this scholarship but will certainly provide more details in the near future. 2013-2014 Winning Team University of Missouri-Kansas City 16 Derek Bembry, Jacob Boan, Jerod Stricklin, and Faculty Advisor, John Clark, PhD, CFA 2013 - 2014 Volunteers CFA Institute Resarch Challenge Mentors Justin Brown, CFA American Century Investments Lois Cox, CFA Kansas State University Foundation Peter Grieg, CFA FCI Advisors, Inc. Chris Harrington, CFA Boyer and Corporon Wealth George Hersh, CFA UMB Sean Ketscherside, CFA Derek Smashey, CFA Scout Investments Zach Swartz, CFA BKD Wealth Advisors LLC Gary Cloud CFA FCI Advisors, Inc. Susan Escher, CFA Symphony Financial Group Mike Hackmann, CFA Carter Harrison, CFA FCI Advisors, Inc. Jeff Hoernemann, CFA Scout Investments Matthew Norris, CFA Waddell & Reed Scott Stephenson, CFA Commerce Bank Graders Gary Anderson, CFA Scout Investments Timm Bechter, CFA John Indellicate, CFA Scout Investments Matthew Montgomery, CFA FCI Advisors, Inc. Todd Sanders, CFA Elarco Management Company Zach Swartz, CFA BKD Wealth Advisors LLC Mark Weber, CFA Scout Investments Deborah Barnhart, CFA Douglas County Bank Paul Franzen, CFA Commerce Bank Michael Marks, CFA Commerce Bank Jeff Otto, CFA American Century Investments Marc Scott, CFA American Century Investments Peter Vrooman, CFA Wells Fargo Advisors Adam West, CFA Nuance Investments Judges Paul Cox, CFA FCI Advisors, Inc. Angel Lupercio, CFA Scout Investments Michael Orndorff, CFA American Century Investments Phil Sanders, CFA Waddell & Reed Larry Valencia, CFA UMB Michael Fogarty, CFA Scout Investments Don McArthur, CFA Commerce Bank James Reed, CFA Scout Investments Satu Stechschulte, CFA FCI Advisors, Inc. Gregory Woodhams, CFA American Century Investments Volunteers Jonathan Baumann, CFA American Century Investments Chris Bouffard, CFA The Mutual Fund Store Julian Buegers Kevin Jaegers, CFA The Mutual Fund Store Todd LaRose, CFA Sean O’Neill John Pecis Thad Sieracki Nicholas Stark, CFA American Century Investments Mock Exam Aaron Deuser, CFA Exemplar Wealth Mgmt Sam Romersberger, CFA Vantage Investment Partners Nick at Commerce Commerce Bank 17 Membership Stats Total Active Members in Society: Total Completed Professional Profiles: Percentage of Completed Professional Profiles: Total Unaffiliated Members in Society Area: Total Active Members in Society Region: 476 467 98.10% 93 0 Charterholder Charterholder Charterholder Non-Charterholder Active Members 420 56 % of Total 88.20% 11.80% Unaffiliated Members 90 3 % of Total 96.80% 3.20% Active Members 52 424 476 % of Subtotal 10.90% 89.10% 100.00% Unaffiliated Members 15 78 93 % of Subtotal 16.10% 83.90% 100.00% Active Members 25 61 93 71 58 70 36 27 18 459 17 17 % of Subtotal 5.40% 13.30% 20.30% 15.50% 12.60% 15.30% 7.80% 5.90% 3.90% 96.40% 100.00% 3.60% Unaffiliated Members 0 6 9 19 17 14 14 7 4 90 3 3 % of Subtotal 0.00% 6.70% 10.00% 21.10% 18.90% 15.60% 15.60% 7.80% 4.40% 96.80% 100.00% 3.20% Gender Gender Female Male Subtotal / % of Total Age Range Age Range 26 - 30 31 - 35 36 - 40 41 - 45 46 - 50 51 - 55 56 - 60 61 - 65 > 65 Subtotal / % of Total No Data Subtotal / % of Total 18 Membership Stats Educational Degrees Held Degree Bachelors or equivalent Masters or equivalent MBA Doctorate - PhD, EdD or equiv. JD Subtotal / % of Total Active Members 275 162 63 8 7 418 % of Subtotal 65.80% 38.80% 15.10% 1.90% 1.70% 87.80% Unaffiliated Members 40 47 9 5 1 86 % of Subtotal 46.50% 54.70% 10.50% 5.80% 1.20% 92.50% Active Members 9 11 84 83 85 196 468 8 8 % of Subtotal 1.90% 2.40% 17.90% 17.70% 18.20% 41.90% 98.30% 100.00% 1.70% Unaffiliated Members 4 0 8 11 17 50 90 3 3 % of Subtotal 4.40% 0.00% 8.90% 12.20% 18.90% 55.60% 96.80% 100.00% 3.20% % of Subtotal 94.00% 1.10% 0.20% 2.10% 2.60% 98.10% 100.00% 1.90% Unaffiliated Members 82 1 0 2 5 90 3 3 93 % of Subtotal 91.10% 1.10% 0.00% 2.20% 5.60% 96.80% 100.00% 3.20% Total Active Members 439 5 1 10 12 467 9 9 476 Primary Asset Base Institutional Private Both N/A Subtotal / % of Total No Data Subtotal / % of Total Total Active Members 105 141 111 87 444 32 32 476 % of Subtotal 23.60% 31.80% 25.00% 19.60% 93.30% 100.00% 6.70% Unaffiliated Members 22 24 16 21 83 10 10 93 Years in Industry Years in Industry Not Applicable 5 years or less 6 to 10 years 11 to 15 years 16 to 20 years Over 20 years Subtotal / % of Total No Data Subtotal / % of Total Employment Status Employment Status Full-Time Part-Time Student Unemployed Retired Subtotal / % of Total No Data Subtotal / % of Total Primary Asset Base 19 % of Subtotal 26.50% 28.90% 19.30% 25.30% 89.20% 100.00% 10.80% Membership Stats Assets Under Management AUM (in $USD) < 250 million 250 million < 1 billion 1 billion < 5 billion 5 billion < 20 billion 20 billion < 50 billion 50 billion < 250 billion > 250 billion N/A Prefer not to answer Subtotal / % of Total No Data Subtotal / % of Total Active Members 37 36 63 78 29 99 9 74 17 442 34 34 % of Subtotal 8.40% 8.10% 14.30% 17.60% 6.60% 22.40% 2.00% 16.70% 3.80% 92.90% 100.00% 7.10% Unaffiliated Members 17 10 12 11 2 3 3 19 6 83 10 10 % of Subtotal 20.50% 12.00% 14.50% 13.30% 2.40% 3.60% 3.60% 22.90% 7.20% 89.20% 100.00% 10.80% % of Subtotal 0.60% 0.30% 2.20% 5.90% 5.90% 4.50% 3.90% 72.30% 4.50% 75.20% 100.00% 24.80% Unaffiliated Members 0 1 2 3 3 5 4 40 5 63 30 30 93 % of Subtotal 0.00% 1.60% 3.20% 4.80% 4.80% 7.90% 6.30% 63.50% 7.90% 67.70% 100.00% 32.30% Parent Assets Under Management Parent AUM (in $USD) < 250 million 250 million < 1 billion 1 billion < 5 billion 5 billion < 20 billion 20 billion < 50 billion 50 billion < 250 billion > 250 billion N/A Prefer not to answer Subtotal / % of Total No Data Subtotal / % of Total Total 20 Active Members 2 1 8 21 21 16 14 259 16 358 118 118 476 Membership Stats Institutional Asset Type Institutional Asset Type Bank/Investment Bank Endowment/Foundation External Corporations Government/Municipal Entity Hedge Fund Insurance Company Internal Corporate/Proprietary Mutual Fund/ Investment Company Pension Fund Other Subtotal / % of Total No Data Subtotal / % of Total Total Active Members 21 20 11 6 3 19 2 79 % of Subtotal 9.70% 9.30% 5.10% 2.80% 1.40% 8.80% 0.90% 36.60% Unaffiliated Members 8 4 1 3 0 5 1 9 % of Subtotal 21.10% 10.50% 2.60% 7.90% 0.00% 13.20% 2.60% 23.70% 28 27 216 260 260 476 13.00% 12.50% 45.40% 100.00% 54.60% 3 4 38 55 55 93 7.90% 10.50% 40.90% 100.00% 59.10% Average Account Value Average Account Value Less than US $1 million US $1 million to $5 million US $5 million to $10 million US $10 million to $50 million US $50 million to $100 million More than US $100 million Not Applicable Subtotal / % of Total No Data Subtotal / % of Total Total Active Members 62 76 14 6 2 5 93 258 218 218 476 % of Subtotal 24.00% 29.50% 5.40% 2.30% 0.80% 1.90% 36.00% 54.20% 100.00% 45.80% Unaffiliated Members 14 11 1 0 1 0 13 40 53 53 93 % of Subtotal 35.00% 27.50% 2.50% 0.00% 2.50% 0.00% 32.50% 43.00% 100.00% 57.00% % of Subtotal 66.20% 6.50% 5.40% 21.80% 93.30% 100.00% 6.70% Unaffiliated Members 47 6 8 22 83 10 10 93 % of Subtotal 56.60% 7.20% 9.60% 26.50% 89.20% 100.00% 10.80% Buy Side - Sell Side Buy Side - Sell Side Buy Side Sell Side Buy Side / Sell Side Neither Subtotal / % of Total No Data Subtotal / % of Total 21 Active Members 294 29 24 97 444 32 32 Total 476 Membership Stats Primary Investment Practice Investment Practice Commodities Derivatives Equities Fixed Income Foreign Currency Hedge Funds Indexed Private Equity Real Estate Structured Products Venture Capital Other Not Applicable Subtotal / % of Total No Data Subtotal / % of Total Total Active Members 1 3 256 68 1 2 2 14 9 4 1 23 59 443 33 33 476 % of Subtotal 0.20% 0.70% 57.80% 15.30% 0.20% 0.50% 0.50% 3.20% 2.00% 0.90% 0.20% 5.20% 13.30% 93.10% 100.00% 6.90% Unaffiliated Members 0 0 30 21 0 1 0 2 2 0 0 5 22 83 10 10 93 % of Subtotal 0.00% 0.00% 36.10% 25.30% 0.00% 1.20% 0.00% 2.40% 2.40% 0.00% 0.00% 6.00% 26.50% 89.20% 100.00% 10.80% % of Subtotal 24.50% 31.00% 77.70% 65.50% 14.90% 17.40% 24.70% 23.60% 27.80% 18.30% 10.00% 15.10% 21.20% 94.30% Unaffiliated Members 22 31 53 54 12 19 18 18 21 14 9 11 29 86 93 % of Subtotal 25.60% 36.00% 61.60% 62.80% 14.00% 22.10% 20.90% 20.90% 24.40% 16.30% 10.50% 12.80% 33.70% 92.50% Investment Practice Investment Practice Commodities Derivatives Equities Fixed Income Foreign Currency Hedge Funds Indexed Private Equity Real Estate Structured Products Venture Capital Other Not Applicable Subtotal / % of Total Total 22 Active Members 110 139 349 294 67 78 111 106 125 82 45 68 95 449 476 Membership Stats Occupation Occupation Active Members Accountant/Auditor 2 Broker 4 Chief Executive 31 Consultant 16 Corporate Financial Analyst 15 Financial Advisor 24 Investment Banking Analyst 8 Manager of Managers 10 Portfolio Manager 175 Relationship Manager 19 Research Analyst 73 Risk Manager 4 Strategist 12 Trader 9 Other 23 Subtotal / % of Total 425 No Data 51 Subtotal / % of Total 51 Total 476 % of Subtotal 0.50% 0.90% 7.30% 3.80% 3.50% 5.60% 1.90% 2.40% 41.20% 4.50% 17.20% 0.90% 2.80% 2.10% 5.40% 89.30% 100.00% 10.70% Unaffiliated Members 1 1 11 2 4 7 0 2 25 0 12 2 4 0 8 79 14 14 93 % of Subtotal 1.30% 1.30% 13.90% 2.50% 5.10% 8.90% 0.00% 2.50% 31.60% 0.00% 15.20% 2.50% 5.10% 0.00% 10.10% 84.90% 100.00% 15.10% Active Members 193 239 158 150 299 349 191 243 138 % of Subtotal 42.30% 52.40% 34.60% 32.90% 65.60% 76.50% 41.90% 53.30% 30.30% Unaffiliated Members 33 42 30 27 52 52 37 44 21 % of Subtotal 37.50% 47.70% 34.10% 30.70% 59.10% 59.10% 42.00% 50.00% 23.90% 29 131 6.40% 28.70% 10 21 11.40% 23.90% 334 154 136 190 126 73.20% 33.80% 29.80% 41.70% 27.60% 59 25 27 30 21 67.00% 28.40% 30.70% 34.10% 23.90% 456 476 95.80% 88 93 94.60% Topics of Interest 23 Areas of Interest Alternative Investments Behavioral Finance Corporate Finance Derivatives Economics Equity Investments Financial Statement Analysis Fixed Income Leadership, Management, and Communication Skills None of the Above Performance Measurement and Evaluation Portfolio Management Private Wealth Management Quantitative Methods Risk Management Standards, Ethics, and Regulations (SER) Subtotal / % of Total Total Membership Stats Additional Designations Other Designations ACCA ASA - Accredited Senior Appraisers ASA - Assocate of the Society of Actuaries CAIA CCM (US) CFM (US) CFP CIA (US) CIC CIMA CLU CMA (US) CMT CPA CPA (Austrailia) CPA - PFS CTFA CTP (US) ChFC FRM FSA PRM Subtotal / % of Total Active Members 1 4 Total % of Subtotal 1.20% 4.90% Unaffiliated Members 0 0 % of Subtotal 0.00% 0.00% 2 2.50% 0 0.00% 5 4 1 17 2 2 1 4 3 1 36 2 1 1 4 4 5 2 0 81 468 6.20% 4.90% 1.20% 21.00% 2.50% 2.50% 1.20% 4.90% 3.70% 1.20% 44.40% 2.50% 1.20% 1.20% 4.90% 4.90% 6.20% 2.50% 0.00% 17.30% 2 0 1 8 0 0 0 0 1 1 13 0 0 0 0 2 4 3 1 28 92 7.10% 0.00% 3.60% 28.60% 0.00% 0.00% 0.00% 0.00% 3.60% 3.60% 46.40% 0.00% 0.00% 0.00% 0.00% 7.10% 14.30% 10.70% 3.60% 30.40% % of Subtotal 0.20% 0.20% 99.60% 100.00% Unaffiliated Members 0 0 93 93 93 % of Subtotal 0.00% 0.00% 100.00% 100.00% Counts by Preferred Country Preferred Country Canada Korea USA Subtotal / % of Total Total 24 Active Members 1 1 474 476 476 Membership Stats U.S. State State AZ CA CO IA IL IN KS MO NY OK TX Subtotal / % of Total Total Active Members 1 1 3 0 2 1 274 186 1 1 4 474 474 % of Subtotal 0.20% 0.20% 0.60% 0.00% 0.40% 0.20% 57.80% 39.20% 0.20% 0.20% 0.80% 100.00% Unaffiliated Members 0 0 0 1 0 0 63 29 0 0 0 93 93 % of Subtotal 0.00% 0.00% 0.00% 1.10% 0.00% 0.00% 67.70% 31.20% 0.00% 0.00% 0.00% 100.00% % of Subtotal 100.00% 100.00% Unaffiliated Members 0 0 0 % of Subtotal 0 0 Canadian Province Province NS Subtotal / % of Total Total 25 Active Members 1 1 1 CFA Society Kansas City www.cfakc.org
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