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Results of NFMA Survey on Certification and Related Matters

Results of NFMA Survey on Certification and Related Matters . Presented at NFMA’s Twenty-third Annual Conference NFMA Certification Committee Loews Santa Monica Beach Hotel Santa Monica, California May 2006. Question 1.

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Results of NFMA Survey on Certification and Related Matters

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  1. Results of NFMA Survey on Certification and Related Matters Presented at NFMA’s Twenty-third Annual Conference NFMA Certification Committee Loews Santa Monica Beach Hotel Santa Monica, California May 2006

  2. Question 1 • How long have you been a municipal bond analyst or otherwise been employed in the municipal bond market? • Less than three years • Three to five years • Five to ten years • More than ten years

  3. Question 1 • How long have you been a municipal bond analyst or otherwise been employed in the municipal bond market? • Less than three years - 4.3% • Three to five years - 7.0% • Five to ten years - 19.5% • More than ten years - 69.2%

  4. Question 2 • How long have you been a member of the NFMA? • Less than three years • Three to five years • Five to ten years • More than ten years

  5. Question 2 • How long have you been a member of the NFMA? • Less than three years - 14.9% • Three to five years - 13.2% • Five to ten years - 24.8% • More than ten years - 47.0%

  6. Question 3 • Of which constituent society are you a member? • Boston (BMAF) • California (CSMA) • Chicago (CMAS) • Minnesota (MSMA) • New York (MAGNY) • Southern (SMFS) • No Society (Affiliated)

  7. Question 3 • Of which constituent society are you a member? • Boston (BMAF) - 17.5% • California (CSMA) - 14.8% • Chicago (CMAS) - 14.3% • Minnesota (MSMA) - 8.5% • New York (MAGNY) - 30.9% • Southern (SMFS) - 11.7% • No Society (Affiliated) - 2.2%

  8. Question 4 • In what sector of the industry are you employed? • Bond insurer • Broker-dealer • Commercial bank • Consultant or financial adviser • Mutual fund • Buy-side other than mutual fund • Rating agency • Other

  9. Question 4 • In what sector of the industry are you employed? • Bond insurer - 10.7% • Broker-dealer - 11.8% • Commercial bank - 2.1% • Consultant or financial adviser - 3.2% • Mutual fund - 33.2% • Buy-side other than mutual fund - 26.1% • Rating agency - 12.9%

  10. Question 5 • Should NFMA discuss with the CFA Institute a greater role for municipal bonds on the CFA exam?

  11. Question 5 • Should NFMA discuss with the CFA Institute a greater role for municipal bonds on the CFA exam? • YES - 64.5% • NO - 35.5% • Level of importance among those voting “YES” - 3 out of 6

  12. Question 6 • Should NFMA study the idea of a formal course of study by which municipal analysts can learn about a different subject area, e.g. health care or project finance?

  13. Question 6 • Should NFMA study the idea of a formal course of study by which municipal analysts can learn about a different subject area, e.g. health care or project finance? • YES - 76.5% • NO - 23.5% • Level of Importance - 3 out of 6

  14. Question 7 • Should NFMA study the idea of a formal course of study (as in Question 6) and allow analysts to gain certification, via an exam, that they are knowledgeable about that subject area?

  15. Question 7 • Should NFMA study the idea of a formal course of study (as in Question 6) and allow analysts to gain certification, via an exam, that they are knowledgeable about that subject area? • YES - 42.7% • NO - 57.3% • Level of Importance - 2 out of 6

  16. Question 8 • Without a formal course of study on a given sector of the market, should NFMA consider the idea of an exam only on one or more of those sectors?

  17. Question 8 • Without a formal course of study on a given sector of the market, should NFMA consider the idea of an exam only on one or more of those sectors? • YES - 31.2% • NO - 68.8% • Level of Importance - 2 out of 6

  18. Question 9 • Should NFMA consider a program by which municipal analysts could receive credit for continuing their professional education via conferences or seminars?

  19. Question 9 • Should NFMA consider a program by which municipal analysts could receive credit for continuing their professional education via conferences or seminars? • YES - 62.5% • NO - 37.5% • Level of Importance - 3 out of 6

  20. Question 10 • Should NFMA consider an exam similar in scope to the CFA exam except that it would consist of only one test - as opposed to three for the CFA - and would focus exclusively on the tax-exempt market?

  21. Question 10 • Should NFMA consider an exam similar in scope to the CFA exam except that it would consist of only one test - as opposed to three for the CFA - and would focus exclusively on the tax-exempt market? • YES - 39.7% • NO - 60.3% • Level of Importance - 1 out of 6

  22. Question 11 • Please specify any other licenses or credentials that you have earned:

  23. Question 11 • Please specify any other licenses or credentials that you have earned: • CFA - 25.5% • CPA - 2.5% • Series 7 - 36.8% • Series 63 - 29.0% • Series 24 or Series 55 - 6.2%

  24. Comments and Next Steps

  25. Please contact any member of the Certification Committee if you have comments or questions: Greg Clark, Chairman - gregory_clark@hvbamericas.comGreg Aikman - Chuck Emrich - Howie Mischel - Doug Nelson - Brian Tournier -

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