AUSTRIA AUSTRIA MARKET PROFILE FY2015 Market Profile

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1 MARKET PROFILE

2 CONTENTS MARKET DATA MEMBERS PROGRAMS > CFA PROGRAM > CIPM PROGRAM > CLARITAS PROGRAM

3 ECONOMIC OVERVIEW Austria, with its well developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany s. Its economy features a large service sector, a relatively sound industrial sector, and a small, but highly developed agricultural sector. Economic growth was anemic at less than 0.5% in 2013 and 2014, and; growth in 2015 is not expected to exceed 0.5%. Austria s 5.6% unemployment rate, while low by European standards, is at an historic high for Austria. Without extensive vocational training programs and generous early retirement, the unemployment rate would be even higher. Public finances have not stabilized even after a 2012 austerity package of expenditure cuts and new revenues. On the contrary, in 2014, the government created a bad bank for the troubled nationalized Hypo Alpe Adria bank, pushing the budget deficit up by 0.9% of GDP to 2.4% and public debt to 84.5% of the GDP. Although Austria s fiscal position compares favorably with other euro zone countries, it faces several external risks, such as Austrian banks continued exposure to Central and Eastern Europe, repercussions from the Hypo Alpe Adria bank collapse, political and economic uncertainties caused by the European sovereign debt crisis, the current crisis in Russia/Ukraine, the recent appreciation of the Swiss Franc, and political developments in Hungary. 3

4 MARKET DATA 8.5 POPULATION (MILLIONS) 95 WORLD POPULATION RANK $351 REAL GDP (US$ AT 2005 PRICES) ($BN) 0.3% GDP GROWTH $376 FORECASTED GDP (2020) ($BN) 42.9% POPULATION AGED $29,850 PERSONAL DISPOSABLE INCOME (PER HEAD) 29 NUMBER OF HH WITH NET WEALTH > US$1M ( 000) 139,100 FINANCIAL SERVICES EMPLOYMENT 570% FINANCIAL ASSETS AS A % OF GDP 0.6% SHARE OF WORLD GDP, AT MARKET EXCHANGE RATES $386.9 BILLION (46) GDP (PPP) AND GLOBAL RANK 3.8 LABOR FORCE (MILLIONS) 5.7% UNEMPLOYMENT RATE $678,291 TOTAL ASSETS ($MILLIONS) $83,522 TOTAL NET ASSETS OF MUTUAL FUNDS ($MILLIONS) 4.0/5 QUALITY OF FINANCIAL REGULATORY SYSTEM FINANCIAL MARKET AUTHORITY LOCAL REGULATOR

5 MARKET DATA TOP EMPLOYERS MEMBERS (2015) CFA PROGRAM CANDIDATES (FY2015) CIPM PROGRAM CANDIDATES (FY2015) CLARITAS PROGRAM CANDIDATES (MAY 2013 JUNE 2015) TOTAL FOOTPRINT RZB GROUP ERSTE GROUP BANK AG DELOITTE PRICEWATERHOUSECOOPERS UNICREDIT GROUP OESTERREICHISCHE NATIONALBANK (OENB) KPMG BAWAG PSK INVEST THE VOLKSBANK GROUP ERNST & YOUNG

6 MEMBERS MEMBERS EMEA 15,017 15,721 16,267 17,726 19,276 20,560 22,366 24,411 26,644 GLOBAL 92,746 95,825 96, , , , , , ,209 MEMBER GROWTH % 13% 14% 15% 6% 10% 9% 9% 10% EMEA 5% 3% 9% 9% 7% 9% 9% 9% 8% GLOBAL 3% 1% 5% 5% 5% 5% 5% 6% 5% CFA CHARTERHOLDERS EMEA 12,173 12,878 13,716 14,974 16,728 18,444 20,466 22,582 24,878 GLOBAL 79,837 82,601 84,702 89,243 94, , , , ,878 CHARTERHOLDER GROWTH % 18% 14% 15% 10% 12% 10% 9% 11% EMEA 6% 7% 9% 12% 10% 11% 10% 10% 10% GLOBAL 3% 3% 5% 6% 7% 7% 6% 7% 6% CHARTERS PENDING EMEA 2,804 3,255 3,708 3,880 4,272 4,890 GLOBAL 14,805 17,334 19,881 21,702 24,190 27,445 CHARTERS PENDING GROWTH % 26% 12% 0% 3% 1% EMEA 16% 14% 5% 10% 14% 12% GLOBAL 17% 15% 9% 11% 13% 13% CURRENT CHARTERS PENDING BY YEAR PASSED LEVEL 3 JUNE 2014 JUNE 2013 JUNE 2012 JUNE 2011 JUNE 2010 OR EARLIER EMEA 1, ,383 GLOBAL 7,454 4,689 3,730 2,746 8, LAPSED MEMBERS

7 MEMBER DEMOGRAPHICS EMEA GLOBAL AVERAGE AGE AVERAGE YEARS WITH THE CHARTER AVERAGE YEARS IN THE INDUSTRY JOB FUNCTION EMEA GLOBAL PORTFOLIO MANAGER 29% 25% 23% RESEARCH ANALYST 7% 13% 16% CHIEF LEVEL EXECUTIVE 7% 7% 7% CONSULTANT 7% 8% 7% RISK MANAGER 10% 6% 6% RELATIONSHIP MANAGER 4% 5% 5% FINANCIAL ADVISOR 5% 4% 5% CORPORATE FINANCIAL ANALYST 4% 5% 5% OTHER 27% 26% 25% MEMBERS PRIMARY ASSET BASE INSTITUTIONAL PRIVATE BOTH NOT APPLICABLE 49% 24% 42% 33% 40% 32% EMEA GLOBAL 10% 14% 19% 17% 11% 10% PRIMARY INVESTMENT PRACTICE EMEA GLOBAL EQUITIES 20% 32% 36% FIXED INCOME 32% 20% 19% PRIVATE EQUITY 6% 6% 5% DERIVATIVES 2% 5% 4% HEDGE FUNDS 1% 3% 3% REAL ESTATE 1% 2% 3% 7

8 MEMBERS CFA INSTITUTE MEMBERSHIP 7.1 VALUE OF CFA INSTITUTE MEMBERSHIP 8.5 VALUE OF THE CFA CHARTER 58% PAYING MEMBERSHIP DUES THEMSELVES TOP MEMBER PRIORITIES FOR CFA INSTITUTE ADVANCING ETHICS AND STANDARDS IN THE INDUSTRY 21% SHAPING A MORE TRUSTWORTHY FINANCIAL INDUSTRY 21% ENCOURAGING FIRMS TO EMPLOY CFA CHARTERHOLDERS 21% SOCIETY MEMBERSHIP 7.2 VALUE OF SOCIETY MEMBERSHIP 54% PAYING SOCIETY DUES THEMSELVES TOP MEMBER PRIORITIES FOR LOCAL SOCIETY CREATING A COMMUNITY OF INVESTMENT PROFESSIONALS 24% ADVANCING ETHICS AND STANDARDS IN THE INDUSTRY 21% INCREASING AWARENESS OF THE CFA CHARTER 21% TOP REASONS FOR NOT BELONGING TO A SOCIETY: NOT AVAILABLE 10% MEMBERS IN THE COUNTRY NOT BELONGING TO A SOCIETY

9 PROGRAMS CFA PROGRAM NEW LEVEL I CANDIDATES FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY EMEA 12,710 17,531 19,469 16,919 17,498 18,417 17,818 17,676 19,008 GLOBAL 61,320 77,892 84,772 75,120 82,565 87,002 82,501 80,716 89,281 NEW LEVEL I GROWTH % 9% 23% 20% 5% 11% 3% 14% 8% EMEA 38% 11% 13% 3% 5% 3% 1% 8% 2% GLOBAL 27% 9% 11% 10% 5% 5% 2% 11% 4% TOTAL CANDIDATES FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY EMEA 28,133 37,913 44,624 44,911 45,471 47,120 45,563 45,646 47,778 GLOBAL 140, , , , , , , , ,014 TOTAL CANDIDATE GROWTH % 2% 21% 4% 9% 11% 4% 8% 6% EMEA 35% 18% 1% 1% 4% 3% 0% 5% 1% GLOBAL 24% 15% 0% 5% 5% 3% 1% 7% 2% 9

10 PROGRAMS CFA PROGRAM DEMOGRAPHICS (FY2015) AVERAGE AGE EMEA GLOBAL NLI TOTAL AVERAGE YEARS IN THE INDUSTRY EMEA GLOBAL NLI TOTAL EMPLOYMENT STATUS: NLI EMEA GLOBAL EMPLOYED 72% 69% 58% STUDENT 23% 24% 32% UNEMPLOYED 5% 7% 9% RETIRED 0% 0% 0% EMPLOYMENT STATUS: TOTAL EMEA GLOBAL EMPLOYED 80% 79% 68% STUDENT 15% 15% 24% UNEMPLOYED 5% 6% 8% RETIRED 0% 0% 0% JOB FUNCTION: NLI EMEA GLOBAL RESEARCH ANALYST 8% 10% 12% ACCOUNTANT/AUDITOR 17% 15% 15% CORPORATE FINANCIAL ANALYST 4% 10% 9% CONSULTANT 10% 13% 10% RELATIONSHIP MANAGER 2% 7% 8% PORTFOLIO MANAGER 6% 5% 3% RISK MANAGER 21% 7% 5% FINANCIAL ADVISOR 4% 5% 6% OTHER 29% 29% 30% JOB FUNCTION: TOTAL EMEA GLOBAL RESEARCH ANALYST 7% 12% 15% ACCOUNTANT/AUDITOR 6% 13% 12% CORPORATE FINANCIAL ANALYST 7% 11% 9% CONSULTANT 13% 11% 9% RELATIONSHIP MANAGER 4% 6% 7% PORTFOLIO MANAGER 9% 7% 5% RISK MANAGER 16% 7% 6% FINANCIAL ADVISOR 9% 4% 6% OTHER 28% 29% 29%

11 CFA PROGRAM CANDIDATE SURVEY DATA PROGRAMS VALUE OF A CFA INSTITUTE MEMBERSHIP VALUE OF A SOCIETY MEMBERSHIP VALUE OF EARNING THE CFA CHARTER 55% 93% PAYING REGISTRATION FEES THEMSELVES EMPLOYED CANDIDATES WHOSE EMPLOYER IS AWARE OF THE CFA PROGRAM TOP MOTIVATIONS FOR REGISTERING CAREER ADVANCEMENT/DEVELOPMENT OPPORTUNITIES 39% INCREASED COMPETENCY WITH ADVANCED INVESTMENT ANALYSIS AND PORTFOLIO MANAGEMENT SKILLS TO GAIN PROFESSIONAL STATUS IN A GLOBAL COMMUNITY OF INVESTMENT MANAGEMENT PROFESSIONALS 24% 12% HOW CANDIDATES BECAME AWARE OF THE CFA PROGRAM A COLLEAGUE (NOT MANAGER/SUPERVISOR) 27% A FAMILY MEMBER 18% A PROFESSOR/TEACHER, A CLASSMATE, A FRIEND (NOT A COLLEAGUE), THE CFA INSTITUTE WEBSITE AND HUMAN RESOURCES OR LEARNING & DEVELOPMENT DEPARTMENT AT MY FIRM (TIE) 9% 11

12 PROGRAMS PROGRAM PARTNERS NONE UNIVERSITY RECOGNITION PROGRAM WEBSTER UNIVERSITY VIENNA CFA PROGRAM IN PERSON EXAM PREP PROVIDERS (EUROPE) BPP PROFESSIONAL EDUCATION CFBS CENTER FOR BUSINESS STUDIES FITCH LEARNING (WESTERN EUROPE) GLOBAL BANKING TRAINING KAPLAN FINANCIAL UNITED KINGDOM KAPLAN SCHWESER (CFA) QUARTIC TRAINING TOP FINANCE

13 CIPM PROGRAM NEW PRINCIPLES FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY EMEA GLOBAL NEW PRINCIPLES GROWTH % 0% 0% 100% 0% 100% 0% 50% 0% EMEA 78% 41% 16% 32% 40% 12% 52% 25% 9% GLOBAL 6% 29% 32% 13% 14% 11% 19% 24% 4% TOTAL CIPM CANDIDATES FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY EMEA GLOBAL 1,063 1,266 1,515 1,264 1,180 1,210 1,195 1,301 1,473 PROGRAMS TOTAL CIPM CANDIDATE GROWTH % -100% 0% 0% 0% 100% 150% 80% 0% EMEA 63% 45% 9% 7% 24% 1% 17% 21% 10% GLOBAL 19% 20% 17% 7% 3% 1% 9% 13% 3% CIPM CERTIFICANTS EMEA GLOBAL ,124 1,292 1,349 CIPM CERTIFICANT GROWTH CLARITAS PROGRAM 100% 0% 50% 0% 0% 67% 0% 120% EMEA 56% 26% 24% 37% 25% 18% 7% 22% GLOBAL 46% 30% 24% 25% 16% 15% 4% 17% EMEA GLOBAL ADMINISTRATIONS SINCE GLOBAL LAUNCH 0 1,414 5,190 CERTIFICATE HOLDERS 1 1,635 6,165 13