Post on 26-May-2020
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2016 ANNUAL REPORT
My Fellow Members and Friends,
Thank you for your help in making the CFA Society of Alabama into a fantastic organization for
investment professionals in Alabama. During 2016 we added eleven new members and we
are now 190 members across Alabama. Employers in our area continue to recognize that the
CFA designation truly matters, and none is harder to obtain.
Members have helped us throughout the year to
schedule excellent speakers for our monthly luncheons,
with everything from political commentators to CEOs
of publicly traded companies, in addition to market
strategists. Our monthly luncheons continue to be
a great way to stay connected to the financial and
investment community, and for members and guests
to network and learn. Attendance on monthly lunches
was outstanding during 2016.
A special thanks to officers Will Aycock (Vice President), Stephen Daniels (Treasurer), Andy
Webb (Secretary), and board members (Guillermo Araoz, Courtenay Bloodworth, Adrian
Hughes, Zach Ivey, Adam Rogers, Kent Russell, Steve Smith and Rusty Yerkes) who have given
their time to support the society. I would also like to thank Kee Goostree who is our society’s
administrative assistant. She has done a fantastic job in organizing many of our events.
During 2016, the CFA Institute brand awareness campaign “A Difference That Matters” provided
support to our local society via advertising funding, allowing us to announce new members
and their achievement in obtaining the CFA charter. Further, the Institute has also funded
projects such as the creation of this report, and our local society has done an outstanding
job at leveraging the CFA Institute’s resources.
Thank you for 2016 and I look forward to another great year for the CFA Society of Alabama!
Sincerely,
C. Johan Grahs, CFA
President, CFA Society of Alabama
PRESIDENT’S LETTER
MISSION CFA Institute, formerly known as the Association
for Investment Management and Research (AIMR),
is a global community of investment professionals
working to build an investment management industry
where investors’ interests come first, financial
markets function at their best, and economies grow.
We advocate for financial market integrity and
develop and promote ethical and professional
standards, such as the Global Investment
Performance Standards (GIPS®) and the Asset
Manager Code of Professional Conduct ™, and our
members uphold our industry-leading Code of Ethics
and Standards of Professional Conduct.
ABOUT CFA INSTITUTE
The Chartered Financial Analyst (CFA) credential is the
most respected and recognized investment management
designation in the world. The curriculum covers academic
theory, current industry practice, and ethical and professional
standards to provide a strong foundation of advanced
investment analysis and real-world portfolio management skills.
A work experience requirement and an annual ethics statement
ensure career-long professional excellence by those who have
earned the CFA Charter. To find out more about the CFA Charter,
please visit www.cfainstitute.org/cfaprogram.
CFA Institute has more than
142,000 members in 159 countries,
with more than 125,000 CFA charterholders globally
GIPS® Standards championed locally
in more than 35 countries
2014 marked the first time in history that
the United States represented less than 50% of total charterholders
145 local societies worldwide – oldest member
society is CFA Society Chicago and
newest member society is CFA Society
Bangladesh (approved November 2015)
>1,100 firms adhere to the Asset
Manager Code of Professional Conduct
Professional standard of choice for
>31,000 investment firms worldwide
INSTITUTE STATISTICS
BECOMING A CHARTERHOLDER
Portfolio Manager 22%Research Analyst 15%Consultant 6%
Chief-level Executive 7%
Risk Manager 5%Corporate Finance Analyst 5%Relationship Manager 5%
Financial Advisor 5%
Other (includes occupations such as Investment Banking Analyst, Trader, Manager of Managers, Strategist, Broker, etc.)
30%
TOP OCCUPATIONS OF MEMBERS GLOBALLY
Investment ToolsQuantitative MethodsEconomicsFinancial Reporting and AnalysisCorporate Finance
Level I Level II Level III
Asset ClassesEquity InvestmentsFixed IncomeDerivativesAlternative Investments
Portfolio Management and Wealth Planningwww.cfainstitute.org/cfaprogram
CFA PROGRAM CANDIDATE BODY OF KNOWLEDGE (CBOK)Knowledge/Comprehension > Application/Analysis > Synthesis/Evaluation
ETHICSETHICSETHICS
Originally started as a subchapter of the Atlanta Society of Finance and Investment
Professionals, the CFA Society of Alabama became an independent society in
August of 1987. As a statewide organization, the Society operates with the goals of
creating a community of investment professionals in Alabama, advancing ethics and
standards in the industry, and increasing awareness of the CFA Charter. Through the
end of 2016, the Society has hosted a total of 295 events and has become one of the
most prominent and respected finance-related organizations in the state. Membership
is open to CFA charterholders and candidates enrolled in the CFA Program who are
actively pursuing the Chartered Financial Analyst designation.
ABOUT US
HISTORY
OFFICERS BOARD OF DIRECTORS
Guillermo Araoz, CFA
Courtenay Bloodworth, CFA
Adrian Hughes, CFA
Zach Ivey, CFA
Kent Russell, CFA
Stephen Smith, CFA
Rusty Yerkes, CFA
Adam Rogers, CFA (Immediate Past President)Johan Grahs, CFA (President)
William Aycock, CFA (Vice President)
Stephen Daniels, CFA (Treasurer)
Andy Webb, CFA (Secretary)
Officers and Board Members (left-to-right): Johan Grahs, Andy Webb, Adam Rogers, Rusty Yerkes, Stephen Smith, Kent Russell, Guillermo Araoz, Courtenay Bloodworth, Adrian Hughes, Stephen Daniels, and Will Aycock.
MEMBERSHIP STATISTICS
+3.8% YoYmembership growth
190 active members
Over 90% being charterholders
1) Birmingham
2) Montgomery
3) Mobile
Top 3 cities represented:
Consultant
Charles S. Northen III, CFA
John H. Goff, Jr., CFA
Winfield Maxwell Baird, CFA
James G. Tatum, CFA
Valjean B. Brookshaw, Jr., CFA
Pedro Verdu, CFA
Carter E. Anthony, CFA
Brian B. Sullivan, CFA
Gary T. Partridge, CFA
Luther L. McDougal IV, CFA
John von Eschenbach, CFA
Rhonda E. Hoggle, CFA
Norman Darden III, CFA
James Lockwood Savage, CFA
Gary T. Partridge, CFA
Thomas R. Gale, CFA
John Preston Boston, CFA
Johnny R. Givens, Jr., CFA
Gary T. Partridge, CFA
Michael Thomas Lytle, CFA
Zachary Paul Turnage, CFA
John P. Maloney, CFA
Timothy E. Parker, CFA
Adrian A. Hughes, CFA
Kevin W. Gamble, CFA
Kenton L. Russell, CFA
Stephen Smith, CFA
Zach Ivey, CFA
Courtenay Bloodworth, CFA
Adam Rogers, CFA
PAST PRESIDENTS1987-1988
1988-1989
1989-1990
1990-1991
1991-1992
1992-1993
1993-1994
1994-1995
1995-1996
1996-1997
1997-1998
1998-1999
1999-2000
2000-2001
2001-2002
2002-2003
2003-2004
2004
2004-2005
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015
2015-2016
Top 10 employers represented
Years in industry
Top 5 job functions
Portfolio Manager
1) Regions Financial
2) Protective Life
3) Retirement Systems of Alabama
4) Highland Associates
5) Vulcan Value Partners, BBVA Compass
7) Welch Hornsby, Harbert Management
9) Leavell Investment Management, Stifel, Nicolaus & Co., Synovus Financial
Research Analyst
Financial Advisor
Chief-level Executive
+20 years11-20 years
0 10 20 YEARS
Note: 3.3% not provided.
0-10 years
40%
15%
8% 8%6%
31
11
10
9
7
5
5
27% 29.8%39.9%
In addition to hosted events, our Society
makes a concerted effort to have repre-
sentatives at the CFA Institute Annual
Conference. This flagship conference
rotates continents each year and is one
of the investment industry’s largest and
longest running educational gatherings
of investment professionals, attract-
ing as many as 1,800 delegates from 70
countries in prior years. Speakers include
top economists, legendary investors,
bestselling investment authors, and
governmental and regulatory leaders who
share insights on today’s most critical
investment issues, examine market
trends, uncover new investment oppor-
tunities, and deliver practical investment
advice. The 2016 conference was held in
Montreal, Canada and was attended by
Adam Rogers, CFA of Retirement Systems
of Alabama, Gary Partridge, CFA of
Regions Financial, and Steve Smith, CFA
of Noesis Capital Management.
EVENTSEach year, the CFA Society of Alabama strives
to deliver a diverse line-up of high caliber
speakers and local networking events. In
2016, the Society hosted 10 events, including:
eight monthly luncheons, a CFA Night at the
Barons baseball game, and the Annual Forecast
Dinner at the Barber Motorsports Museum.
The Society also co-hosted a Birmingham
Financial Alliance Summer Social, where other
participating member organizations included:
Alabama Planned Giving Council, Alabama Plan
Sponsor Council, Alabama Society of Certified
Public Accountants, Estate Planning Council of
Birmingham, Financial Planning Association®
of North Alabama, and Alabama Association for
Financial Professionals.
MONTHLY LUNCHEONS
ANNUAL CONFERENCE
Luncheons are held at The
Harbert Center in downtown
Birmingham. The 2016 line-up
of speakers included analysts,
political strategists, economists,
and fund managers.
Nigel Emmet of JP Morgan speaks at The Harbert Center.
Dr. Adam Parker, keynote speaker of 2016 Annual Forecast Dinner, with Immediate Past President Adam Rogers.
Lindsey Piegza, Chief Economist of Stifel Nicolaus addresses the society.
ANNUAL FORECAST DINNERThe Annual Forecast Dinner is the signature
event of the Society. For the fifth consecutive
year, the 2016 dinner was held at the Barber
Motorsports Museum, a truly unique venue
that is home to the world’s largest motorcycle
collection. The keynote speaker was Dr. Adam
Parker, U.S. Equity Strategist and Director of
Quantitative Research at Morgan Stanley. Past
speakers have included: Jim Rogers, legendary
investor and founder of the Quantum Fund,
Tobias Levkovich of Citigroup, Jason Trennert
of Strategas Research, and Ed Hyman of
Evercore ISI.
Andy Webb, Will Wykle, Lauren Bates, Scott Sealock, and Jason Copeland, all of Highland Associates.
Dr. Adam Parker, U.S. Equity
Strategist and Director of
Quantitative Research at Morgan
Stanley delivers keynote address
at 2016 Annual Forecast Dinner.
CFA INSTITUTE RESEARCH CHALLENGE Once again, we were proud to co-sponsor the Southern Classic round of the CFA Institute Research
Challenge. The Southern Classic is a local level of the CFA Institute Research Challenge, a global
competition presented by CFA Institute with more than 4,000 students from 865 universities around
the world participating. In order to promote best practices in equity research and company analysis,
student participants in the challenge research, analyze, and report on a company as if they are
practicing analysts. Kaplan Schweser and FactSet sponsored the challenge globally. The Southern
Classic was sponsored by RidgeWorth Investments and presented by the Atlanta Society of Finance
and Investment Professionals (ASFIP) and the CFA Societies of Alabama and South Carolina.
During this round, 12 teams of three to five students from the area’s leading universities and business
schools competed for a place in the regional final in Atlanta. A team representing The University of
Georgia won this year’s competition and advanced to the Final Four of the Global Institute Research
Challenge in Chicago. Also competing were teams from: Auburn University, College of Charleston,
Clemson University, Emory University, Furman University, Georgia State University, Georgia Institute of
Technology, Mercer University, Mercer University – Atlanta, University of Alabama, and Wofford College.
STUDENT ENGAGEMENTThe CFA Society of Alabama, with support from
CFA Institute, provides financial assistance for CFA
candidates through the CFA Access Scholarship
program. This program provides support for eight
students each exam cycle by reducing the CFA
Program enrollment fee for qualifying applicants.
Additionally, our Society supports students at
Auburn University, Samford University, and The
University of Alabama, all of which participate in
CFA Institute’s University Recognition Program.
More than 300 universities around the world have incorporated the CFA Program Candidate Body of Knowledge into their own academic programs.
A Member of the CFA Institute Global Network of Societies