United States CFA Institute Market Profile

Transcription

1 United States CFA Institute Market Profile Economic Outlook for We expect real GDP to contract by 2.4% in 2009 and rise by 1.8% in This assumes the US economy returns to growth in the 3 rd and 4 th quarters due to stimulative macro-economic policy and an end of destocking. With no further stimulus assumed, continued private-sector balance-sheet rebuilding, and monetary policy tightening, we expect US growth to fall in The private consumption outlook is subdued, even though the worst of the collapse is probably past we expect consumption to rise from the 3 rd quarter of In addition to the sharp drop in employment and poor wage outlook, households are being hit by tightening lending. The collapse of housing prices has also hurt consumer wealth, with household net financial and tangible assets down by 169% of annual disposable income (to 468%) between the 3 rd quarter of 2007 and the 1 st quarter of Weak borrowing, low assets and a sharp drop in confidence have led to an increase in household savings. Although household equity wealth has improved, a significant further increase in the savings rate is likely. The decline in residential investment is showing signs of abating. We now expect housing investment to start rising again, albeit at a subdued pace, and US house prices to find a firmer footing in Weaker domestic and foreign demand, increased uncertainty and tight credit conditions will lead to a hefty 19% decline in private non-residential investment in 2009, which will be gradually offset by the stimulus package. Net trade will make a contribution to growth of ~1%, mainly due to the steep slide in imports, but will detract ~0.4% from growth in 2010 as imports start to expand. Source: Economist Intelligence Unit September 1, 2009 Macroeconomic Summary GDP (in 2008 $USD): Real GDP Growth Rate %: $14.29 trillion (2008 est.) $14.11 trillion (2007) $13.83 trillion (2006) 1.3% (2008 est.) 2% (2007 est.) 2.8% (2006 est.) GDP Composition: Agriculture: 1.2% Industry: 19.2% Services: 79.6% (2008 est.) Population: 307,212,123 (July 2009 est.) Labor Force: million (includes unemployed) (2008 est.) Internet Users: 223 million (2008) Source: CIA World Factbook

2 Labor Force 2008 Labor Force by Economic Activity Figures in thousands Ag & Fishing 2,168 2% Public Admin, Ed & Health 38,165 26% Others 13,458 9% Real Estate 18,489 13% Manufacturing 15,904 11% Finance 7,279 5% Construction 10,974 8% Trade, Hotels, Restaurants 30,380 21% Mining & Utilities % Logistics & Telcom 6,501 4% Source: International Labor Organization, LABORSTA, ISIC Rev 3 Top Employers Top Employers: United States Members Bank of America 739 JP Morgan Chase & Co 678 Citigroup 650 Merrill Lynch 650 Wachovia 586 UBS 483 Morgan Stanley 474 Goldman Sachs 458 Wells Fargo 419 Mellon Financial 407 As self-reported by members as of March 2007

3 Member Trends United States: Total Members Compound Annual Growth Rate: 4% Numbers as of 1 July for each year Total Members Annual Growth Rate 6% 6% 6% 2% 0% Candidate Trends United States: Candidate Registrations FY05 FY06 FY07 FY08 FY09 FY05 FY06 FY07 FY08 FY09 New Level I Total Registrations New Level I Total Registrations FY05 FY06 FY07 FY08 FY09 FY05 FY06 FY07 FY08 FY09 Candidate Registrations Annual Growth Rate 4% 21% 27% -2% 1% 8% 23% 3%

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5 CFA Institute Member Demographic Profile Report Time run: 9/16/ :49:29 AM Country USA Total Members: 54,149 Total Charterholders: 47,576 Percentage of Total Members: 87.8% Total Completed Professional Profiles: 43,800 Percentage of Completed Professional Profiles: 80.9% Member Code Member Code Total Membership % Charterholders % AOAR - Retired Affiliate Member-No Society 1 0.0% 0 0.0% AOR - Regular Member-No Society % 0 0.0% AORR - Retired Regular Member-No Society % 0 0.0% CN - Charterholder-No Society 4, % 4, % CNR - Retired Charterholder-No Society 1, % 1, % CR - Charterholder-Society 39, % 39, % CRR - Retired Charterholder-Society 2, % 2, % SA - Affilate Member-Society 2, % 0 0.0% SAR - Retired Affiliate Member-Society % 0 0.0% SR - Regular Member-Society 3, % 0 0.0% SRR - Retired Regular Member-Society % 0 0.0% Total 54, % 47, % Gender Gender Total Membership % of Subtotal Charterholders % of Subtotal Male 44, % 39, % Female 9, % 8, % Subtotal / % of Total 54, % 47, % No Data % % Subtotal / % of Total % 6 0.0% Age Range Age Range Total Membership % of Subtotal Charterholders % of Subtotal % % , % 3, % , % 8, % , % 10, % , % 7, % , % 6, % , % 3, % , % 2, %

6 Age Range Total Membership % of Subtotal Charterholders % of Subtotal , % 1, % > 65 1, % 1, % Subtotal / % of Total 50, % 45, % No Data 3, % 2, % Subtotal / % of Total 3, % 2, % Total 54,149 47,521 Educational Degrees Held Educational Degrees Held Total Membership % of Subtotal Charterholders % of Subtotal Bachelors or equivalent 24, % 21, % Masters or equivalent 19, % 17, % In Progress % % JD % % MBA 2, % 2, % MD 3 0.0% 2 0.0% Doctorate - PhD, EdD or equiv. 1, % 1, % Subtotal / % of Total 43, % 39, % Years in Industry What year did you start working in the investment industry? Years in Industry Total Membership % of Subtotal Charterholders % of Subtotal Not Applicable 1, % 1, % 5 years or less 3, % 2, % 6 to 10 years 9, % 8, % 11 to 15 years 10, % 9, % 16 to 20 years 6, % 6, % Over 20 years 12, % 10, % Subtotal / % of Total 43, % 38, % No Data 10, % 8, % Subtotal / % of Total 10, % 8, % Employment Status What is your current employment status? Employment Status Total Membership % of Subtotal Charterholders % of Subtotal Full-Time 38, % 34, % Part-Time % % Student % % Unemployed 2, % 2, % Retired 1, % 1, % Subtotal / % of Total 43, % 38, % No Data 10, % 8, % Subtotal / % of Total 10, % 8, % Assets Under Management If applicable, please select the level of your firm's Assets Under Management. AUM (in $USD) Total Membership % of Subtotal Charterholders % of Subtotal < 250 million 4, % 3, % 250 million < 1 billion 3, % 2, % 1 billion < 5 billion 4, % 3, % 5 billion < 20 billion 4, % 3, % 20 billion < 50 billion 2, % 2, % 50 billion < 250 billion 4, % 3, % > 250 billion 5, % 4, % N/A 11, % 9, % 1 Billion<5 Billion 1 0.0% 1 0.0% Subtotal / % of Total 39, % 35, %

7 AUM (in $USD) Total Membership % of Subtotal Charterholders % of Subtotal No Data 14, % 12, % Subtotal / % of Total 14, % 12, % Parent Assets Under Management If your investment business is owned by a larger firm, please also provide the Assets Under Management of your parent company. Parent AUM (in $USD) Total Membership % of Subtotal Charterholders % of Subtotal < 250 million % % 250 million < 1 billion % % 1 billion < 5 billion % % 5 billion < 20 billion % % 20 billion < 50 billion % % 50 billion < 250 billion 1, % 1, % > 250 billion 5, % 4, % N/A 21, % 19, % Subtotal / % of Total 30, % 27, % No Data 23, % 20, % Subtotal / % of Total 23, % 20, % Primary Asset Base If you are involved in asset management, which best describes the primary entity that most directly holds those assets? Primary Asset Base Total Membership % of Subtotal Charterholders % of Subtotal Institutional 13, % 12, % Private 8, % 7, % Both 4, % 3, % N/A 12, % 11, % Subtotal / % of Total 39, % 35, % No Data 14, % 12, % Subtotal / % of Total 14, % 12, % Institutional Asset Type Which of the following best describes the primary type of institutional entity that most directly holds those assets? Institutional Asset Type Total Membership % of Subtotal Charterholders % of Subtotal Bank/Investment Bank 2, % 1, % Endowment/Foundation 1, % 1, % External Corporations % % Government/Municipal Entity % % Hedge Fund 1, % 1, % Insurance Company 2, % 1, % Internal Corporate/Proprietary % % Mutual Fund/Investment Company 3, % 2, % Pension Fund 3, % 3, % Private Equity Fund % % Other 1, % 1, % HNW and institutional 1 0.0% 1 0.0% Institutional Portfolios 1 0.0% 1 0.0% Subtotal / % of Total 18, % 16, % No Data 36, % 31, % Subtotal / % of Total 36, % 31, % Average Account Value Please indicate the average account value for the private individuals that you personally advise. Average Account Value Total Membership % of Subtotal Charterholders % of Subtotal Less than US$1 million 3, % 2, % US$1 million to 5 million 4, % 3, % US$5 million to 10 million 1, % %

8 Average Account Value Total Membership % of Subtotal Charterholders % of Subtotal US$10 million to 50 million % % US$50 million to 100 million % % More than US$100 million % % Not Applicable 3, % 2, % Subtotal / % of Total 13, % 11, % No Data 40, % 36, % Subtotal / % of Total 40, % 36, % Primary Investment Practice If applicable, which of the following best describes the primary type of investments you work with? Investment Practice Total Membership % of Subtotal Charterholders % of Subtotal Commodities % % Derivatives 1, % % Equities 15, % 13, % Fixed Income 8, % 7, % Foreign Currency % % Hedge Funds 1, % 1, % Indexed % % Private Equity 1, % 1, % Real Estate % % Structured Products % % Venture Capital % % Other 1, % 1, % Not Applicable 6, % 6, % Subtotal / % of Total 39, % 34, % No Data 14, % 12, % Subtotal / % of Total 14, % 12, % Investment Practice (select all) If applicable, select all types of investments you work with. Investment Practice Total Membership % of Subtotal Charterholders % of Subtotal Commodities 6, % 5, % Derivatives 9, % 8, % Equities 21, % 18, % Fixed Income 20, % 18, % Foreign Currency 5, % 4, % Hedge Funds 7, % 6, % Indexed 6, % 5, % Private Equity 6, % 6, % Real Estate 7, % 6, % Structured Products 6, % 5, % Venture Capital 3, % 2, % Other 3, % 2, % Not Applicable 6, % 5, % Subtotal / % of Total 37, % 33, % Buy Side - Sell Side Which of the following BEST describes your professional responsibilities: Buy Side - Sell Side Total Membership % of Subtotal Charterholders % of Subtotal Buy Side 21, % 19, % Sell Side 4, % 3, % Buy Side / Sell Side 2, % 1, % Neither 11, % 9, % Investment Oversight 1 0.0% 1 0.0% Subtotal / % of Total 39, % 35, % No Data 14, % 12, % Subtotal / % of Total 14, % 12, %

9 Buy Side - Sell Side Total Membership % of Subtotal Charterholders % of Subtotal Occupation Which of the following BEST describes your primary job function or responsibility? Occupation Total Membership % of Subtotal Charterholders % of Subtotal Accountant/Auditor % % Broker % % Chief Executive 2, % 2, % Consultant 2, % 2, % Corporate Financial Analyst 1, % 1, % Financial Advisor 2, % 1, % Investment Banking Analyst 1, % % Manager of Managers 1, % 1, % Portfolio Manager 10, % 9, % Private Banker % % Relationship Manager 1, % 1, % Research Analyst 7, % 6, % Risk Manager 1, % 1, % Strategist % % Trader 1, % 1, % Other 2, % 1, % Subtotal / % of Total 37, % 33, % No Data 16, % 14, % Subtotal / % of Total 16, % 14, % Topics of Interest Please indicate the topics in which you are interested. Areas of Interest Total Membership % of Subtotal Charterholders % of Subtotal Alternative Investments 16, % 14, % Behavioral Finance 18, % 16, % Corporate Finance 12, % 11, % Derivatives 13, % 11, % Economics 22, % 20, % Equity Investments 25, % 22, % Ethical/Professional Standards 9, % 8, % Financial Reporting/Analysis 12, % 11, % Financial Statement Analysis 1, % 1, % Firm Management 8, % 7, % Fixed Income 2, % 1, % Fixed Income Investments 18, % 16, % None of the Above 2, % 2, % Performance Measurement 8, % 7, % Performance Measurement & Eval 1, % % Portfolio Management 25, % 22, % Private Wealth Management 13, % 11, % Quantitative Methods 13, % 11, % Risk Management 15, % 13, % Standards/Ethics/Regulations 1, % % Subtotal / % of Total 41, % 36, % Additional Designations Other Designations Total Membership % of Subtotal Charterholders % of Subtotal ACCA % % CAIA % % CFP 1, % 1, % CFS % % CIA (US) % % CIC 1 0.0% 1 0.0%

10 Other Designations Total Membership % of Subtotal Charterholders % of Subtotal CIIA 4 0.1% 4 0.1% CIMA 1 0.0% 1 0.0% CLU % % CMA (Japan) % % CMT % % CPA 3, % 3, % CPA-PFS % % CQF % % CTFA % % ChFC % % FCSI (Canada) % % FMA 1 0.0% 1 0.0% FRM % % FSA % % LUTCF 4 0.1% 3 0.0% PRM % % Subtotal / % of Total 6, % 6, % Counts by Preferred Country Preferred Country Total Membership % of Subtotal Charterholders % of Subtotal USA 54, % 47, % Subtotal / % of Total 54, % 47, % U.S. State State Total Membership % of Subtotal Charterholders % of Subtotal AA 1 0.0% 1 0.0% AK % % AL % % AR % % AZ % % CA 6, % 5, % CO % % CT 2, % 2, % DC % % DE % % FL 1, % 1, % GA 1, % 1, % HI % % IA % % ID % % IL 3, % 3, % IN % % KS % % KY % % LA % % MA 4, % 4, % MD 1, % 1, % ME % % MI % % MN 1, % 1, % MO % % MS % % MT % % NC 1, % % ND % % NE % % NH % % NJ 3, % 3, %

11 State Total Membership % of Subtotal Charterholders % of Subtotal NM % % NV % % NY 8, % 7, % OH 1, % 1, % OK % % OR % % PA 2, % 1, % PR 1 0.0% 0 0.0% RI % % SC % % SD % % TN % % TX 2, % 2, % UT % % VA 1, % 1, % VT % % WA 1, % % WI % % WV % % WY % % Subtotal / % of Total 54, % 47, % No Data % % Subtotal / % of Total % % Canadian Province Province Total Membership % of Subtotal Charterholders % of Subtotal No Data 54, % 47, % Subtotal / % of Total 54, % 47, %