ACCOUNTING graduates can now pursue other options aside from auditing company books. This was made possible by the introduction of the Chartered Financial Analyst (CFA) Institute Research Challenge, an annual global competition that provides university students with hands-on mentoring and intensive training on financial analysis.
Mark Rome Race, currently the assistant vice president and equities sales head of RCBC Securities; Carlos Yu Jr., analyst of Philippine Equity Partners, and Choerleen Bianca Solema, research analyst, Development Bank of the Philippines-Daiwa Capital Markets Philippines Inc. agreed that they have benefited a lot when they joined the competition.
Race, a BS Accountancy graduate of the University of the Philippines, belonged to the first batch of Filipino students who joined the CFA competition overseas in 2008. After winning the local competition, Race and his teammates competed in the regional level and placed second.
“The regional event was fun. It was the first time for the Philippines to join. We didn’t really know what would happen. It was fun. I met a lot of people. I met my first client in the competition,” Race said in a recent interview with the BusinessMirror.
Solema and her group became the second group from UP to represent the Philippines, this time in 2010. She described it was a “whirlwind experience starting from the local, regional and the global level.” It was a great experience for Solema as their team bagged first place.
When it was their turn to represent the Philippines, Yu, a magna cum laude graduate of UP Diliman, said there was a pressure on their team because expectations were higher after Solema’s team won the championship.
The winner from each local competition advances to one of three regional competitions hosted by the CFA Institute in the Americas, Asia Pacific, Europe, the Middle East and Africa region. Each regional winner then goes on to compete in a global final.
Although the competition is tough, participants said the stint is rewarding for their career. “I think it’s really one of the internationally recognized designations. I think if you are the Charter, one would have confidence in your research product. Then, the CFA Society and CFA Institute have this code of ethics that each member applicant must embody. So, there’s confidence in the product,” Yu said. “The reason why I took the CFA exam is the elite status of its Charter holders in the Philippines. Even undergraduate students are taking the level one examination.”
Having an accounting background complemented by a solid foundation in finance, Yu said. It gives them an advantage over finance graduates because the latter don’t have knowledge in accounting. Without an accounting background, he said finance people will have difficulties in analyzing a financial statement
Race said the entry of the CFA competition has boosted the business administration program of UP.
“After introducing the competition, there was suddenly an awareness. For me, I now realize there’s a need for us in this industry. I would like to think it that way. There’s an option for us,” he said.
“Now, it is not just auditing and joining companies like PNG. I would encourage everyone to go to CFA, especially those who want to go to finance. Not just only the exams, but the connections you get. It’s global. Moreover, it is a fact that the CFA in the Philippines is very active in popularizing CFA to the students,” Race added.