Practice Analysis

 

The CFA Program curriculum is grounded in the practice of the investment profession. CFA Institute, through the oversight of the Educational Advisory Committee (EAC), regularly conducts a practice analysis survey of investment professionals around the world to determine the knowledge, skills, and abilities (competencies) that are relevant to the profession. The results of the practice analysis define the Global Body of Investment Knowledge (GBIK) (PDF) and the CFA Program Candidate Body of Knowledge (CBOK).

 

The GBIK is the comprehensive outline of knowledge that can be referenced by investment professionals at any stage of their career − novice through expert, generalist and/or specialist. The GBIK includes mainstream and frontier concepts based on research that has been, or is still being, debated and may encompass views well outside those of the mainstream.

 

The CFA Program CBOK is the core knowledge, skills, and abilities (competencies) that are generally accepted and applied by investment professionals. These competencies are used in practice in a generalist context and are expected to be demonstrated by a recently qualified CFA charterholder. The practice analysis process also determines how much emphasis each of the major topic areas receives on the CFA exams. To find out more about the history of practice analysis and curriculum development at CFA Institute read The CFA Program: Our Fifth Decade (PDF).

 

The Education Advisory Committee developed a four phase process for the global practice analysis:

 

• Phase I: A diverse mix of investment professionals review the existing GBIK and discuss suggested additions, deletions, and alterations. Topic domain moderators facilitate this discussion and, based on consensus, propose changes to the GBIK for further analysis by the EAC. View Phase I of the process (PDF).

  

• Phase II: Proposed changes are examined via mini-surveys, panel discussions, conference calls, and structured interviews. Panel discussions are held annually in each geographic region, Americas, EMEA, and Asia Pacific. View Phase II of the process (PDF).

  

• Phase III and IV: A broad survey is conducted, which allows members to evaluate proposed revisions and suggest additional changes for future consideration. The EAC incorporates the outputs from the various phases of the practice analysis and approves a new GBIK. The EAC determines if the results of the practice analysis also support changes to the CBOK. View Phase III and IV of the process (PDF).

 

The revised GBIK (PDF) serves as a guide to all CFA Institute lifelong learning activities including publications, conferences, and other continuing education programs.

 

CFA Institute also develops specialty bodies of knowledge for those members practicing in specialty areas such as private wealth management and investment performance measurement.The net result of this considerable effort is a collection of bodies of knowledge tailored to address the educational needs of the full spectrum of global investment professionals.

 

 

By design, the GBIK is a “living document” that will continually be revised to reflect an ever-changing financial market; join the discussion. In turn, the CBOK and CFA Program curriculum must also evolve in order ensure relevance to investment professionals. An overview of the evolution of the curriculum over the last decade can be found in The CFA Program Candidate Body of Knowledge™: The Past Decade, 2000−2010 (PDF).

 

Find out more about the history of practice analysis and curriculum development at CFA Institute (PDF).