CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 9
134 N. LaSalle Street I Suite 1740 I Chicago, IL 60602 www.cfachicago.org TABLE OF CONTENTS
Mission/Vision Statements page 3
Chairman’s Report page 4
CFA Society Leadership – Executive Committee and Board of Directors page 5 Advisory Group Chairs page 6 Past Chairmen page 6 & 7 Leadership Council page 8 & 9
Society Award Recipients page 10
Activity Reports – Advisory Groups page 11-16
Advisory Group Volunteers page 17-21
CFA Institute Volunteers from CFA Chicago page 22
Scholarship Awards page 23 - 25
Other Annual Highlights page 26
Strategic Goals page 27
Anniversaries & Continuing Education Program Milestones page 28 & 29
Trends page 30 & 31
Financial Statements appendix
2 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 MISSION STATEMENT
The purpose of the CFA Society of Chicago is to meet the professional needs of its members: Chartered Financial Analyst designees and other investment professionals. CFA Chicago serves these needs by: - creating programs, disseminating information, and providing services of direct benefit to members; - promoting adherence to the highest ethical and professional standards; and - fostering a culture of inclusion, diversity, and respect among investment professionals.
VISION STATEMENT
As the world’s first investment analysts’ society, the CFA Society of Chicago strives to be the pre-eminent association of Chartered Financial Analysts and other investment professionals. The CFA Society of Chicago has long collaborated closely with allied groups linked by the CFA Institute (formerly AIMR).
The CFA Society of Chicago effectively, and with fiscal discipline, delivers quality programs and services fostering the development and application of technical skills and ethical practices within the profession and by the individual practitioner. The CFA Society of Chicago enables its members to serve as mutual sources of support directed at their attainment of the highest professional standards.
The talent and integrity of the CFA Society of Chicago’s members are recognized throughout the investment community. Their expertise and dedication are sought by both institutional and individual investors across the full range of economic and financial issues.
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 3 CHAIRMAN’S REPORT Our fiscal year, stretching from July of 2008 through June of 2009, encompassed a period of great upheaval for our industry and our profession. I could not be more proud of the way your society rose to the occasion. Led by our energetic and professional staff, utilizing our generous and talented volunteers, and supported by the investments we have made in infrastructure and programming, the past year was truly an opportunity to showcase the strengths of the CFA Society of Chicago in support of our members.
Growth in membership continued, as we ended the year with 3,750 members, including 85 student members. We laid the foundation for further growth by approving a new candidate class of membership for fiscal 2010 and beyond. More important than growth, however, is the extent to which we have served our members well. The total number of unique members served (that is, attending at least one event) rose to 1,570, or 42% of membership, a solid penetration given the functional and geographic diversity we represent. Most importantly, we provided six new career focused events free of charge to support members displaced by the wrenching changes in the environment.
We offered 53 live events in Fiscal 2009, running the gamut from our signature Annual Dinner through Career Management, Education and the purely Social. All were well attended, a dozen were sold out and many were offered exclusively to members. We set a new attendance record with the Jeremy Grantham luncheon and a speed record selling out the first complementary career counseling sessions. From your continued attendance and your detailed feedback, we know that the programs are of value. To further extend our reach and provide opportunities to our non-Loop members, we capitalized on prior investments in technology by growing the online CFA Community and Public Directory to nearly 500 members each.
Finally, we ensured the continued success of the CFA Society of Chicago by bringing together our staff, current and future officers in a Leadership Development session to nurture the next generation of outstanding volunteers. I am confident they will meet the challenges thrown their way in the years to come. The oldest and best CFA Society is in good hands.
Joe Knecht, CFA
4 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 CFA SOCIETY OF INCOMING CHICAGO OFFICERS & OFFICERS & DIRECTORS DIRECTORS 2008 I 9 2008 I 9
Chairman Director 2009 (3-year term) Joseph Knecht, CFA Haywood Kelly, CFA Harris myCFO Morningstar
Executive Vice President Director 2009 (3-year term) Joan Rockey, CFA Bradley Richard Leak, CFA Hadelrock Capital The Boeing Company Management LLC Director 2009 (3-year term) Daniela Mardarovici, CFA Judy Greffin, CFA Vice President - Christopher Vincent, CFA Vice President Member Director Operations/Treasurer William Blair & Co. Development/Secretary Leo Harmon, Jr., CFA Fiduciary Management Director 2010 (3-year term) Associates Stephanie Braming, CFA William Blair and Company Vice President Member Development/Secretary Director 2010 (3-year term) Daniela Mardarovici, CFA Keith Cardoza, CFA Harris Investment Brownson, Rehmus & Management, Inc. Foxworth, Inc.
Vice President Director 2010 (3-year term) Timothy Hurd Peter McCanna Academic Programs John Skjervem, CFA Director Director Branimir Petranovic, II, CFA Northern Trust UBS Global Asset Management Director 2011 (3-year term) Vice President Special Events Gautam Dhingra, CFA Judi Malter Rossetti, CFA High Pointe Capital FitchRatings Management LLC
Immediate Past Chairman Director 2011 (3-year term) Arch. King, CFA Jodie Gunzberg, CFA Northern Trust Company Marco Consulting John Simmons, CFA Gautam Dhingra, CFA Director 2009 (1-year term) Director 2011 (3-year term) Director Director Judy Greffin, CFA Thomas Marthaler, CFA Allstate Insurance Company Lehman Brothers Asset Management LLC Director 2009 (1-year term) Timothy Hurd Ex-Officio Dir./Leadership Madison Dearborn Partners Council Chair James Stirling, CFA Director 2009 (1-year term) UBS Peter McCanna Northwestern Memorial Ex-Officio Director/CEO/ Hospital President Jill Epstein, JD Jodie Gunzberg, CFA Thomas Marthaler, CFA Director 2009 (1-year term) CFA Society of Chicago Director Director John Simmons, CFA Nuveen HydePark As of June 30, 2009
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 5 ADVISORY CFA SOCIETY GROUP CHAIRS OF CHICAGO 2008 I 9 PAST CHAIRMEN Annual Dinner Education Raymond J. Sidney John H. Weedon Wally Fikri, CFA Co-Chair 1925-1926 1940-1941 William Blair & Company Joe Simpson, CFA Gresham Partners, LLC James Milton Coulter Raymond W. Duning Candidate Services 1926-1927 1941-1942 Jay Eisenhardt Finance UBS Global Asset Tony Scavuzzo, CFA Dudley Hall Jr. Alfred L. Burke Management MB Financial Bank 1927-1928 1941-1942
Career Management Job Placements Standish W. Robinson Evan V. Shierling Co-Chair Marcus Velasco, CFA 1928-1929 1942-1943 Indira Garapati Bank of America John P. Campbell Richard E. Weeks 1929-1930 1942-1943 Career Management Lunch Program Co-Chair Joanna McGinley, CFA R. M. Plaister Wm. E. Stiegelmeier Ryan McGloin, CFA Morningstar, Inc. 1930-1931 1943-1944 Commercial Tenant Recruitment Analysis, Inc. W. B. Prickitt Virgil R. Liptrap Jodi DiCenzo, CFA 1931-1932 1944-1945 Communications Gregory Gocek, CFA Social Harland H. Allen Earl Meyer Jeff Kernagis, CFA 1932-1933 1945-1946 Cultivating Female PowerShares Capital Ambition Management LLC Erwin W. Boehmler Albert Y. Bingham, CFA Co-Chair 1933-1934 1946-1947 Heather Brilliant, CFA Morningstar, Inc. W. Philip Moncreiff M. Dutton Morehouse, CFA As of June, 2009 1934-1935 1947-1948 Cultivating Female Ambition Henry K. Wilcox Richard H. Samuels, CFA Co-Chair 1935-1936 1948-1949 Jodie Gunzberg, CFA Marco Consulting James H. Clarke William D. Heer Jr., CFA 1936-1937 1949-1950 Education Co-Chair Corliss D. Anderson, CFA Glenn M. Trumbo Steven Dayon, CFA 1937-1938 1950-1951 Swapstream Arthur J. O’Hara John C. Ratcliffe 1938-1939 1951-1952
Paul L. Morrison Continued on next page.> 1939-1940
6 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 CFA SOCIETY OF CHICAGO PAST CHAIRMEN CONTINUED
Continued from previous page.> J. Parker Hall III, CFA George H. Norton Jr., CFA James E. Depies, CFA Robert H. Harper, CFA 1952-1953 1966-1967 1980-1981 1994-1995
Philip C. Biggert C. Reed Parker, CFA Priscilla Perry, CFA Kenneth G. Shay, CFA 1953-1954 1967-1968 1981-1982 1995-1996
William B. Maas Thomas N. Mathers, CFA John C. Kirscher, CFA Larry Alan Lonis, CFA 1954-1955 1968-1969 1982-1983 1996-1997
William C. Norby, CFA Clair V. Felker John F. Richards, CFA Alexander B. Knowles, CFA 1955-1956 1969-1970 1983-1984 1997-1998
Stanford O. Ege Mary Petrie, CFA Alison A. Winter, CFA Michelle Adrienne Moreno, CFA 1956-1957 1970-1971 1984-1985 1998-1999
Russell J. Eddy Olin McReynolds Jr., CFA Frank E. Helsom, CFA John A. Edinger, CFA 1957-1958 1971-1972 1985-1986 1999-2000
Clarence E. Torrey Jr. J. Parker Hall, CFA Douglas K. Harman, CFA Fred Duda, CFA 1958-1959 1972-1973 1986-1987 2000-2001
Neil E. Heikes Brierly W. Anderson, CFA Michael L. McCowin, CFA James F. Whitney, CFA 1959-1960 1973-1974 1987-1988 2001-2002
Hartman L. Butler Jr. Richard M. Burridge, CFA Philip Edward Arnold, CFA Laura N. Stern, CFA 1960-1961 1974-1975 1988-1989 2002-2003
Lang Elliott H. Robert Powell, CFA James C. Goss, CFA Kevin J. Vandolder, CFA 1961-1962 1975-1976 1989-1990 2003-2004
William A. Stenson William A. Cornish Charles F. O’Connell, CFA Nicholas Ronalds, CFA 1962-1963 1976-1977 1990-1991 2004-2005
Robert E. Peckenpaugh, CFA Edward B. Dillmann, CFA Nathaniel B. Jones, CFA Mark C. Hutchinson, CFA 1963-1964 1977-1978 1991-1992 2005-2006
Richard C. Barbour, CFA F. Conrad Fischer, CFA Jon T. Ender, CFA Michael N. Lindh, CFA 1964-1965 1978-1979 1992-1993 2006-2007
William S. Gray III, CFA Henry G. Van der Eb Jr., CFA Nancy E. Sindelar, CFA Arch King, CFA 1965-1966 1979-1980 1993-1994 2007-2008
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 7 CFA SOCIETY OF 2008 I 9 LEADERSHIP CHICAGO LEADERSHIP COUNCIL MEMBERS COUNCIL
The Leadership Council provides former CFASC leaders Chair William C. Foote and current business executives the opportunity to James P. Stirling, CFA USG Corporation network, exchange ideas, and contribute to the UBS first-established U.S. investment analysts’ society. David W. Fox, Sr. Gary P. Brinson, CFA Northern Trust Company Membership is comprised of approximately 50 persons. GP Brinson Investments 5-10 members are former CFASC leaders and the rest of T. Bondurant French, CFA the Council members are current Chicago-area business William J. Brodsky Adams Street Partners, LLC leaders. Membership does not require dues or financial Chicago Board Options contributions to CFASC. Exchange Christopher B. Galvin Harrison Street Capital John A. Canning, Jr. Madison Dearborn Partners James C. Goss, CFA Barrington Research Duke Chapman Associates, Inc. ABN AMRO Corporation King Harris Michelle L. Collins Harris Holdings, Inc. Svoboda, Collins, LLC Mellody L. Hobson E. David Coolidge, III Ariel Capital Management, William Blair & Company, Inc. LLC Louis A. Holland James S. Crown Holland Capital Henry Crown & Company Management, LP
Jeffrey J. Diermeier, CFA Mark C. Hutchinson, CFA CFA Institute Citigroup Global Markets
Craig S. Donohue Donald P. Jacobs CME Group Kellogg School of Management Fred Duda, CFA Christian Borthers Richard M. Jaffee Investment Services, Inc Oil-Dri Corp. of America
John A. Edinger, CFA Edgar D. Jannotta Bank of America William Blair & Company, LLC W. James Farrell Illinois Tool Works, Inc. Continued on next page.>
8 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 2008 I 9 LEADERSHIP COUNCIL MEMBERS CONTINUED
Continued from Alan G. McNally Robert J. Stucker previous page.> Walgreen Company Vedder, Price, Kaufman & Kammholz, P.C. Dennis J. Keller William A. Mynatt, Jr. DeVry, Inc. Dovenmuehle Mortgage, Inc. Richard L. Thomas JPMorgan Chase & Company Arch King, CFA James J. O’Connor Kevin J. Vandolder, CFA Northern Trust Company Commonwealth Edison Ennis, Knupp & Associates Company Joseph Knecht, CFA Thomas J. Pritzker John R. Walter Harris myCFO Pritzker Organization AT & T Corporation
Robert D. Krebs J. Christopher Reyes James F. Whitney, CFA Burlington Northern Santa Fe Reyes Holdings, LLC Credit Suisse Family Wealth Corporation Management John W. Rogers, Jr. John S. Lillard Ariel Capital Management, William Wrigley, Jr. Wintrust Financial LLC William Wrigley, Jr. Company Corporation Nicholas Ronalds, CFA Paul G. Yovovich Michael N. Lindh, CFA RHO Financial Lake Capital Richards & Tierney Patrick G. Ryan As of July 7, 2009 Seymour N. Lotsoff, CFA Aon Corporation Lotsoff Capital Management John F. Sandner John W. Madigan Chicago Mercantile Exchange Tribune Company Michelle Seitz, CFA R. Eden Martin William Blair & Company, LLC The Commercial Club of Chicago Allan C. Sutherland Illinois Tool Works, Inc. John W. McCarter, Jr. T he Field Museum Harrison Steans River Plaza Two East Susan N. McDermott, CFA Stratford Advisory Group Laura N. Stern, CFA Prudential Retirement Andrew J. McKenna Schwarz Paper Company James P. Stirling, CFA UBS
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 9 SOCIETY AWARD RECIPIENTS
The CFA Society of Chicago (CFASC) makes it a priority to regularly celebrate the achievements of its talented members. Recognition is awarded for both career accomplishments and contributions as volunteers performing functions that benefit the membership.
Hortense Friedman, CFA, Award For Excellence: Hortense Friedman was a well-known member of the Chicago-area investment community. She was affiliated with the University of Chicago between Award Winner Frank Helsom, CFA 1922 and 1969, where she was involved with investments for the Endowment Fund and helped pioneer a number of new investing initiatives. Hortense, along with 11 others, was a found- ing member of what was formerly the Investment 2008 Analysts Society of Chicago, and she served on the first Board of Directors. She was a member of the AWARD WINNERS Institute of Chartered Financial Analysts and was Frank Helsom, CFA awarded the CFA designation in 1964 (Charter Number 354). Mr. Helsom is a former president (1985-1986) of the Society’s predecessor organization. He was active in various leadership The Hortense Friedman Award, named in her honor, capacities both as a local volunteer and with the Financial is presented at the CFA Chicago Annual Dinner by Analysts Federation that via merger evolved into CFA Institute. the Board of Directors to a member of the Chicago- area investment community who has demonstrated Mr. Helsom’s career affiliations included professional roles initiative, leadership, and a commitment to with Chicago Title & Trust, Citicorp, Templeton Portfolio professional excellence. In 2006, the Board decided Advisory (as Chairman & CIO) and Bessemer Trust Company to add a posthumous award as well. (President & CEO). He is currently retired.
Dutton Morehouse, CFA (posthumous award winner)
Mr. Morehouse was a former president (1947-48) of our Society, as well as of the Financial Analysts Federation (1954- 55) and the Institute of Chartered Financial Analysts (1965- 66). He also was the first Chairman (1956) of the Board of Regents that originated what has evolved into CFA Institute’s Financial Analysts Seminar.
Mr. Morehouse was also a prominent professional investor at Brown Brothers, Harriman, where he worked as an institutional portfolio manager and also as a business economist.
10 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 ADVISORY GROUP SUMMARIES
Annual Dinner
The Annual Dinner Advisory Group coordinates the Annual Dinner – CFA Chicago’s flagship event that honors our Society’s new CFA Charterholders. The Annual Dinner Advisory Group solicits corporate sponsorships from local investment firms and vendors utilizing a network of contacts and supports Society staff in obtaining commitments from past sponsors. The Group also provides suggestions on potential speakers to the incoming board Chairman and helps shape the strategic direction of the event with suggestions to the board and Society staff.
Volunteers contributed to another successful Annual Dinner in 2008 and toward plans for the future. The Group Sandy Boyce and Annual Dinner Chair Wally Fikri, CFA measured the success of the program based upon member satisfaction, quality of the speaker & venue, and financial Candidate Services success. The Candidate Services Advisory Group supports candidates Volunteers continued to bring in new sponsors and fresh during their qualification efforts towards the CFA designation. ideas lending to the strategic direction of the event. This It administers the Candidates Services section of the Society was especially important given our growing society and website, conducts exam scholarship programs, coordinates volatile times. study groups, and assists with the June post-CFA exam party, the Study Group Kick-Off parties, and any new Candidate Annual highlights included: Membership related events. The group also brainstorms ways to engage the new Candidate Member class to become more • Attendance of close to 600 investment professionals active within the Society. • 44 corporate sponsors • 200 new CFA Charterholders were recognized Annual highlights included: • Charles Wheelan, Author - “Naked Economics: Undressing the Dismal Science”; Senior Lecturer – University of • 4 candidates were awarded the Kimberly Paige Memorial Chicago Harris School of Public Policy; and Yahoo! Scholarship and 12 candidates were awarded CFA Institute Columnist - “The Naked Economist,” presented the scholarships for the 2008-2009 exam cycle keynote address • 120 candidates signed up for study groups for the December 08 Level 1 exam (up from 81 in the December 07 exam) and 205 candidates did the same for the June 09 Chairman Joe exam (up from 169 in the June 08 exam) Knecht and • Study Group Kick-Off parties on August 19, 2008 and Speaker Dr. February 12, 2009 drew record attendance as forums for Charles Wheelan candidates to meet peers and CFA Charterholders for with exam-related discussions Naked Economics • The Post-Exam parties, co-sponsored by Stalla, allowed candidates to unwind (and get free neck massages) after a long day of testing
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 11 ADVISORY GROUP SUMMARIES
Communications Maura J. Murrihy, CFA, hosts a The Communications Advisory Group informs key internal and roundtable on external audiences about CFA Society of Chicago (CFASC) Investment and its members. It publishes The Efficient Frontier quarterly Advisors and newsletter and the Annual Report. It builds public awareness Consultants. via relationships with the media. It supports CFASC’s marketing/member satisfaction efforts. Finally, it cooperates Career Management with CFA Institute on brand building and advocacy.
The Career Management Advisory Group focuses on Annual highlights included: planning and conducting programs that assist members with enhancing and managing their careers and developing • NEWSLETTER: Added to circulation uptrend while their professional skills. Events are held after-hours or via maintaining high levels of member satisfaction as reflected the online CFA Community and cover a broad range of in yearly survey topics including resume writing, networking, industry • ANNUAL REPORT: Fielded inquiries from other CFA Societies roundtables, industry trends, and salary negotiation. on our publication serving as a model for their parallel Annual highlights included: summations to members • ORGANIZATIONAL SUPPORT: Assisted CFA Institute with • Organized a record eight events during the year, content needs for CFA Magazine by arranging for local including the popular Industry Roundtable series members to be featured in articles on the investment featuring tables hosted by industry leaders, and the profession Society’s first-ever HR panel featuring recruiters from • MEMBER RELATIONS: Enabled connections between government agencies members by making regular contributions to the new • Initiated a Cyber Chat series, hosting three events via the online CFA Community online CFA Community, including a session with • MEDIA RELATIONS: Offered media education seminars to employment expert John Challenger regarding Job print/broadcast journalists featuring CFASC member Strategies, as well as sessions on Fixed Income and experts to present on topical subjects in finance Entrepreneurship • Held timely events such as career strategist sessions, an online networking panel, and a seminar from Business Intelligence Advisors to improve evaluation and strategic interview skills
Events are a very useful forum for money managers, consultants, “ plan sponsors and service providers. The Chicago Society has been a consistent high quality effort to raise the bar in our industry.
12 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 ADVISORY GROUP SUMMARIES
Cultivating Female Ambition Education
The C.F.A. - Cultivating Female Ambition - Advisory Group is The Education Advisory Group is focused on providing high an alliance of dedicated investment professionals, which quality educational seminars and events for the Society’s recognizes the importance of women’s contributions to CFA members and affiliates. Chicago, to the investment industry, and to the local community. C.F.A. sponsored programs range from Annual highlights included: presentations in investment topics by prominent women in the industry, small group discussions, co-sponsoring • September “Investing in Hedge Fund of Funds” event which opportunities consistent with our mission statement, and featured keynote speaker Roxanne Martino, President & social networking activities. CEO of Harris Alternatives L.L.C., followed by an expert panel • Fall “Fundamentals of Investing” program for beginning Annual highlights included: professionals offered over a six-week course • October afternoon program (co-hosted with the Private • Promoted networking and improved the industry visibility of Wealth Group) “Contemporary Financial Issues in women through three events: Succession and Estate Planning.” - Women’s Networking Night • The December and April “Financial Modeling Techniques - Women’s Leadership Breakfast Series: using Excel”, part of a semi-annual series of technical o Co-sponsored the Executives’ Club of Chicago Women’s workshops focused on topics in quantitative finance Leadership Breakfast Series: “Careers in Stages: • April 15th tax day event “Government Intervention: The Defining the Course.” Good, the Bad, and the Ugly,” with author and Bloomberg - “Clothes Make the Woman”: Presentation of columnist Amity Shales professional image and wellness • Continuing support for our volunteers with the Practitioner • Supported community involvement via charitable donations Demand Driven Academic Research Initiative (PDDARI), from event attendees. Two entities receiving these in-kind aimed at increasing academic/practitioner collaboration to donations were: Chicago Public Schools and Heartland’s develop cutting-edge investment research useful to our Bridge to Success Society and the investment profession • Promoted diversity within CFA Chicago’s efforts by proposing - 2 members-only Investment Exchange forums prominent women to feature in Society academic programs featuring in-depth discussion of Ariel • Advised other local CFA societies on the structure and Investments and on energy investments and benefit of a C.F.A. Advisory Group infrastructure companies with Joel Fingerman and Elizabeth Collins, respectively
Sandra Bishop, Anne Lundberg, Adrianne Limjoco, Stacy Letz, CFA, Kate McNamara and Tina Kobra enjoy networking with a view.
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 13 ADVISORY GROUP SUMMARIES
Job Placement Advisory Group
Attendees wait The Job Placements Advisory Group is responsible for for signed copies soliciting employers to post job notices on the CFA Chicago of “The Forgotten online job board. It develops innovative pricing structures Man.” and conducts extensive outreach to Chicago-area hiring professionals and hosts an annual Job Fair.
The 2008-2009 Year was a challenge for the Job Posting Advisory Group. Job postings on the CFA Chicago website were down in both for both ad hoc as well as annual sub- scribers. The year did have some successes. Finance Advisory Group Annual highlights included: The Finance Advisory Group supports the CFA Chicago CEO and Treasurer in managing the internal finances of the • CFA Chicago held its third annual CFA Chicago Job Fair: Society. The group provides expertise and assistance to - In addition to exhibits by 12 of Chicago’s top staff and the Board of Directors. investment firms, the event featured, for the first time, some representatives from 3 local universities with Annual highlights included: specialized Master’s degree programs. One of these schools underwrote part of the event • Reviewed and maintained CFASC asset allocation targets - This members-only event was attended by over 200 • Reviewed 08-09 CFASC budget and financial statements members. • Assisted CFASC in choosing a new 401(k) Plan, and • 16 Annual Subscribers continue to support the job board selected 401(k) Plan investment options for CFASC and post positions employees
Nearly 200 Charterholders and other investment professionals interacted during the job fair.
14 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 ADVISORY GROUP SUMMARIES
The policies coming out of Washington need to be analyzed “ relative to their impact on investments. Continuing to have speakers address these issues is critical.
Luncheon Program Recruitment
The Luncheon Program Advisory Group identifies a wide The Recruitment Advisory Group conducts outreach to array of potential topics to bring valuable content to our potential new members in the Chicago area, including membership, and secures prominent speakers, including students, to welcome them and to familiarize them with corporate executives, economists, asset managers, membership benefits and programs. The group also sponsors government officials, and nationally recognized academics. new members who do not otherwise have CFA Chicago Member feedback is reviewed to ensure that presentations member sponsors, and brainstorms new ideas on how to continue to meet the needs of Society members. recruit new members, increase retention among existing members, and enhance the Society’s volunteer’s experience Annual highlights included: by recognizing their contributions and developing their leadership potential. • 13 Distinguished Speakers drawing close to 2000 members: Carl Weinberg (High Frequency Economics), Annual highlights included: Craig Donahue (CME), Mary Ludgin (Heitman), Sid Jain (Keefe, Bruyette & Woods), Pat Dorsey (Morningstar), • Recruited 85 student members from 15 different Jeremy Grantham (GMO), James Bianco (Bianco Re universities search), Joe Kalish (Ned Davis Research), Don Powell • Approved 246 new members (including regular, affiliate, (FDIC), John Rogers (CFAI), John Bogle (Vanguard), Jason reinstated and student) Trennert (Strategas Research Partners) and Alex Pollack • 16 volunteers participated in 10 different student events (AEI) including resume clinics, career fairs, student organization • Two company presentations (Integrys Energy Group and meetings and other university events at DePaul University, Roche), complimentary for members Loyola University, NIU, UIC, University of Illinois, and University of Chicago • Greeted nearly 400 members via “Welcome Wagon” calls which remind them of the many benefits of membership and to invite them to upcoming events
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 15 ADVISORY GROUP SUMMARIES
Great to see Charterholders and Candidates in “ an informal setting.
Social
The Social Advisory Group’s mission is to organize relaxing, entertaining, and networking-oriented events in a variety of different environments that will appeal to our diverse group of members. Social events include group outings to sporting events, happy hours, dine-arounds, and themed events such as cooking classes, wine tastings, boat excursion, museum outings, etc.
Annual highlights included:
• Continued staging popular favorites such as the 4th annual golf outing at Medinah, Chicago White Sox game, Dan Martino, Zachary T. Rosenstock, Dimple Limaye, and and several Dine-arounds (informal gatherings of up to Laura C. Moran at Oktoberfest. 20 members at hip restaurants) • Initiated some new events such as: “Taste of Asia” cooking class, “Oktoberfest” beer tasting, Chicago architecture river boat cruise, and Chicago Blackhawks game • Supported a co-ed softball team, which played in a Chicago Sport and Social Club league this spring
Culinary-enthusiasts-by-night met at Cambium Furniture & Kitchens for a private asian-inspired cooking class.
16 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 HONORED VOLUNTEERS 2008 I 9
Annual Dinner Communications Lunch Programs Doug Jackman, CFA Treasa Moran Gordon Scott, CFA
Candidate Services Education Recruitment Liza Ezrol Curran, CFA Alex Rabinovich, CFA John Pascente, CFA
Career Management Finance Social Howard Cohen, CFA Chris Peifer, CFA Kim Appapillai
Cultivating Female Ambition Job Placements Cindy McLaughlin Melanie Angers
Honored Volunteers: Back Row: Gordon Scott, CFA, John Pascente, CFA, Doug Jackman, CFA, Howard Cohen, CFA, Kim Appapillai Front Row: Alex Rabinovich, CFA, Chris Peifer, CFA, Cindy McLaughlin, Melanie Angers
By volunteering at CFA Chicago, with the opportunities and “ support it provides, our activists can continue to lead the way for the profession.
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 17 ADVISORY GROUP VOLUNTEERS Note: Bolded names were honorary volunteers at the 2009 New Member/Volunteer Recognition Party
Annual Dinner Career Management Career Management Advisory Group Advisory Group Continued Advisory Group Continued Walid M. Fikri, CFA - Chair Adam W. Polacek, CFA Paul M. D’Ouville, CFA Judith Malter Rossetti, CFA - Alan C. Zhang, CFA Peter C. Wahlstrom, CFA VP - Special Events Andrew K. Mose Randall James Malecki Abhishek Mukhopadhyay Archibald E. King, CFA Rebecca Anne Cook, CFA Abrar M. Sait Brandon Lee Palm, CFA Richard Joseph Tauber, CFA Adam C Daman Carla Norfleet Taylor, CFA Roger E. Lumpp, III, CFA Alexander Olaru, CFA Charles Yeager Scott A. Hanson, CFA Andres Romero Candidate Services Chair Cheryl Sulima, CFA Stephanie Grieser Braming, Archibald E. King, CFA Chi Man Wong CFA Barbara T. Limanowka, CFA Jay Eisenhardt addresses Christopher Bruce Baker, CFA Stephen E. Sudhoff, CFA Brian Michael Weber December exam Dan Colban Steven P. Eschbach, CFA Chi Man Wong candidates. Daniela Stoichitoiu Timothy G. Solberg, CFA Craig Daniel Waslin, CFA Dhvani D. Shah, CFA Toireasa H. Moran David Ian Wales, CFA Dominik Moulliet, CFA Xin Shen Candidate Services Douglas M. Jackman, CFA Edwin H. Watkins, CFA Yogesh Narayanan Sun- Advisory Group Continued Faiyaz A. Hashmi Faiyaz A. Hashmi daram, CFA Chris M. Campbell Gregory Brian Gleason, CFA Florence M. Mwaura Dariusz Dziurdzik James Allyn Franke, CFA Gail Cecelia Scully, CFA Communication David Chiang, CFA James Paul Krawczyk Gary Stephen Fletcher, Jr. Advisory Group David R. Decoste, CFA Jeffrey L. Houston, CFA Haohua Tang Gregory G. Gocek, CFA - Chair Geoffrey S. Shaver Jeffrey W. Kernagis, CFA Heeralal Choudhary Leo Harmon, Jr., CFA - VP – John Simmons, CFA Haohua Tang Howard S. Cohen, CFA Operations/Treasurer Huanyun Li, CFA Jon B. Wildermuth, Jr., CFA Jaimi Elizabeth Goodfriend, Abhishek Mukhopadhyay Indira Garapati Joseph Mihm Podbielski, CFA CFA Alan M. Meder, CFA Jiasheng Wu Joseph Raymond Knecht, CFA James Allyn Franke, CFA Archibald E. King, CFA Jim Wen Huang, CFA Judith L. DiCenzo, CFA James Kent Daley, CFA Charles Yeager Joel W. Brown, CFA Kerry Patricia Jordan, CFA James L. Glueck, Jr., CFA Cynthia Ann McLaughlin Jonathan Jacob Miles, CFA Kwun Sum Owen Lau, CFA Jana N. Prodanova Dominik Moulliet, CFA Joseph H. Grandis, CFA Luke S. Stifflear, CFA Jane E. Belcher, CFA Lisa Curran, CFA Matthew R Neal, CFA Jesse A. Levine, CFA Madhuri Gidugu Phuc Peter Nguyen, CFA Jiasheng Wu Matthew R Neal, CFA Samuel E. Miller, CFA Jonathan Jacob Miles, CFA Michael Aloys Bartlett, CFA Sandford C. Boyce Jonathan West Greer, CFA Nestor Wozny Scott A. Hanson, CFA Joseph M. Paszkiewicz, CFA Pallavi V Jain Sergei M. Khamdiev, CFA Kerry Patricia Jordan, CFA Peter M. Yi, CFA Stephen Moy, CFA Kyle M. Daly Ryan J. Whitmore, CFA Timothy C. Holt, CFA Leanne Bradley, CFA Sabrina Paola Gracias, CFA Lee T. Hayes, CFA Samuel E. Miller, CFA Leo Harmon, Jr., CFA Shelley Lin Candidate Services M. Patrick Quinn, CFA Sunilkumar Boregowda Advisory Group Marvin E. Goodwin, II, CFA Jay Scott Eisenhardt - Chair Mary J. Roupp Daniela Mardarovici, CFA - Career Management Matt Matthew Alexander, CFA VP – Member Development/ Advisory Group Melanie A. Angers Secretary Indira Garapati - Co-Chair Michael Cumming, CFA Abhishek Mukhopadhyay Ryan Patrick McGloin, CFA - Michael H. Johns, CFA Andres Romero Michael Patrick Heneghan, Co-Chair CEO Mike Walsh of Archibald E. King, CFA Judith Malter Rossetti, CFA - CFA Carson J. Boneck, CFA VP - Special Events Min Ye Leverage Software de- Charles Yeager Abhay Munot Miranda Y. Yu, CFA scribes the many features Cheryl Hua, CFA Abhishek Mukhopadhyay Nestor Wozny of the CFA Community. Chi Man Wong Abrar M. Sait Omar Camara
18 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 Cultivating Female Education Advisory Group Education Advisory Group Ambition Continued Theresa D. Mozzocci, CFA Continued Alison Heisner Joseph Charles Simpson, CFA James Robert Ellis, CFA Amy L. Barenberg - Co-Chair James W. Butler, Jr., CFA Archibald E. King, CFA Steven J. Dayon, CFA - Co- Janet Marie Wilson Bonnie L. Goldsborough, CFA Chair Jeffrey P. Nevins, CFA Chaw-Mei Emily Li, CFA Branimir Christopher Petra- Joel Davidson Hirsh, CFA John Cheryl Sulima, CFA novic, II, CFA - VP - Academic F. Osborne, CFA Chi Man Wong Programs Jonathan Jacob Miles, CFA Christiane Marie Engel, CFA Aaron M. Roberts, CFA Jonathan West Greer, CFA Members and friends Cynthia Ann McLaughlin Abhishek Mukhopadhyay Joseph D. V. Vu, CFA Dhvani D. Shah, CFA Alexander N. Rabinovich, Joseph W. Liedtke, CFA improve their swing at the Dianna Lea Di Iorio, CFA CFA Kanchana R. Suresh, CFA golf clinic hosted by the CFA Eliza Gordecka Cumberland, Amit Dugar, CFA Kay Kamin Society of Chicago’s CFA Andrew Lee Finks, CFA Kevin Glenn Waspi, CFA Gail Cecelia Scully, CFA Archibald E. King, CFA Kevin M. Burke, CFA Cultivating Female Ambition Geetha Nagaraj, CFA Arnold T. Davis, CFA Krishna M. Soma, CFA (C.F.A.) Advisory Group. Hong Cheng Basili George Alukos, CPA Kyle M. Daly Hongjie Estella Chu, CFA Brandon Lee Palm, CFA Lee T. Hayes, CFA Jennifer L. Childe, CFA Carol A.F. McGillivray, CFA Lester Chan Communication Jennifer Lynn McCord, CFA Charles Yeager Liang Xin, CFA Advisory Group Continued Judith Malter Rossetti, CFA Cheryl Hua, CFA Mark James Wisniewski, CFA Donald D. Duncan, CFA Julie A. Pully, CFA D. Matthew Thompson, CFA Matthew R Neal, CFA Eric C. Ause, CFA Kathleen A. Graham Daniel Robert Rudewicz Michael C. Wolcott, CFA Faiyaz A. Hashmi Kathleen Connolly Pease, CFA Darrin Paul DeCosta, CFA Michael D. Bafia, CFA Haohua Tang Katrina Winiecki Dee, CFA David Chiang, CFA Michael Joseph Rybak, CFA Jeffrey S. Sirkin, CFA Kerry Patricia Jordan, CFA David Lewis Frank, CFA Michael N. Lindh, CFA Joseph H. Grandis, CFA Krista B. McLeod, CFA Dominik Moulliet, CFA Michelle Greco Froeschle, Kerry Patricia Jordan, CFA Laura N. Stern, CFA Gary Stephen Fletcher, Jr. CFA Kevin Glenn Waspi, CFA Lisa B. Tang, CFA Haohua Tang Miranda Y. Yu, CFA Lucas Grzegorz Litwiniuk, CFA Lisa Curran, CFA Harold Michael Janecek, III, III Mustafa Mirza Baig, CFA Mark F. Toledo, CFA Lorraine L. Holland Haywood B. Kelly, CFA Nadia Ann Papagiannis, CFA Matt Matthew Alexander, CFA Madhuri Gidugu Hong Cheng Nathan S. Mendes, CFA Michael N. Lindh, CFA Margaret Bertelsen Hampton, Howard S. Cohen, CFA Nicholas Bennett Parrish, CFA Michael Patrick Heneghan, CFA CFA Hyung Jin Lim Nikhil K. Majithia, CFA Michael Scott Falk, CFA Mary J. Roupp Jaimi Elizabeth Goodfriend, Oliver Rawley Thomas Michele Gambera, CFA Maura J. Murrihy, CFA CFA Pallavi V. Jain Mustafa Mirza Baig, CFA Michelle Adrienne Moreno, Paul M. D’Ouville, CFA Nestor Wozny CFA Peter B. Cook, CFA Pallavi V. Jain Michelle Greco Froeschle, Peter C. Wahlstrom, CFA Peter C. Wahlstrom, CFA CFA Rajkumar K. Rathi, CFA Robert Louis Cohen, CFA Min Ye Richard Alan Huber Toireasa H. Moran Miranda Y. Yu, CFA Robert Gyorgy, CFA Nancy B. Prial, CFA Robert J. Atra, CFA Nikki T. Tanner Robert Lee Kick Cultivating Female Pallavi V. Jain Robert Todd Simpson, CFA Ambition Rebecca Anne Cook, CFA Educational panel: Ronald J. Ewing, CFA Heather Elizabeth Brilliant, CFA Rebecca Gerchenson Government Intervention: Sabrina Paola Gracias, CFA - Co-Chair Rhonda L. Hopps, CFA The Good, the Bad and the Scott Howell Bryant, CFA Jodie Melissa Gunzberg, CFA - Sabrina Paola Gracias, CFA Sergei M. Khamdiev, CFA Ugly, included panelists: Co-Chair Shelley Lin Shalini Sharma, CFA Daniela Mardarovici, CFA - Tom Thobald, Matt Warren, VP – Member Development/ and Brian Wesbury. Continued on next page.> Secretary
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 19 ADVISORY GROUP VOLUNTEERS Note: Bolded names were honorary volunteers at the 2009 New Member/Volunteer Recognition Party
Continued from previous Job Placements Job Placements page.> Advisory Group Continued Advisory Group Continued Education Advisory Group Douglas Edward Harrell Ralph N. Cram, CFA Continued Gary L. Knapp, CFA Rebecca Anne Cook, CFA Stephen James Riley, CFA Gregory M. Witt, CFA Richard Joseph Tauber, CFA Sunilkumar Boregowda Haohua Tang Robert Lee Kick Tomoko Nakazawa Hasmita S. Shahani, CFA Scott A. Hanson, CFA Matsuyama Huanyun Li, CFA Shane B. Hoover, CFA Wayne A. Thorp, CFA Indira Garapati Shane P. Goss, CFA William Louis Florida, CFA James J. Boudreault, CFA Shelley Lin Xinxin Wang, CFA Terry Freedy from BIA James P. Stirling, CFA Sorin Dan answers questions on the James Paul Krawczyk Steve E. Reaven interviewing process from Jana N. Prodanova Thomas J. Bartley Finance Committee Jane E. Belcher, CFA Timothy G. Solberg, CFA Jane Belcher, CFA and Anthony R. Scavuzzo, CFA - Jason G. Napoli Veena Jagannath, CFA Chair Howard Cohen, CFA. Jason Matthew Carver, CFA Xin Shen Leo Harmon, Jr., CFA - VP – Jesse A. Levine, CFA Operations/Treasurer John D. Cooper, Jr. Luncheon Programs Abhishek Mukhopadhyay Finance Committee Jonathan West Greer, CFA Advisory Group Alan C. Zhang, CFA Continued Karen L. Caldwell Joanna B. McGinley, CFA - Andres Romero Mustafa Mirza Baig, CFA Kathleen A. Graham Chair Andrew Lee Finks, CFA Pallavi V. Jain Kerry Patricia Jordan, CFA Branimir Christopher Petra- Archibald E. King, CFA Peter B. Cook, CFA Kevin Woloszyk novic, II, CFA - VP - Academic Bradley A. Meeks Peter C. Wahlstrom, CFA Lars Levi Luedeman, CFA Programs Charles Yeager Phuc Peter Nguyen, CFA M. Patrick Quinn, CFA Abhay Munot Christopher W. Peifer, CFA Radu Fega Matthew R Neal, CFA Abhishek Mukhopadhyay David Brian Johnson, CFA Randall J. Wostratzky Maulik Niren Nagri Adam C. Daman Donald A. Powell Rebecca Anne Cook, CFA Melanie A. Angers Alan C. Zhang, CFA Evan Myles Goad, CFA Roger E. Lumpp, III, CFA Michael Godfrey Welch, CFA Anthony C. Wai, CFA Faiyaz A. Hashmi Sarah L. Hemmer, CFA Michael H. Johns, CFA Archibald E. King, CFA Haohua Tang Stephen E. Sudhoff, CFA Michael N. Lindh, CFA Bradley Richard Leak, CFA Hong Cheng Te-Chang Tsai Min Ye Brady P. O’Connell, CFA James J. Boudreault, CFA Timothy Warren Dittmer, CFA Nestor Wozny Carol A.F. McGillivray, CFA James Kent Daley, CFA Xin Shen Omar Camara Cheryl Hua, CFA James L. Glueck, Jr., CFA Yiping Yu, CFA Patrick William Galley, CFA Christopher J. Mier, CFA Jane E. Belcher, CFA Peter C. Wahlstrom, CFA Christopher John DeMonte, Jesse A. Levine, CFA Phillip M. Kain, CFA CFA Jiasheng Wu Job Placements Phuc Peter Nguyen, CFA Christopher L. Sikorski, CFA Joan K. Rockey, CFA Advisory Group Radoslav Valentinov Stoichev, Jonathan West Greer, CFA Marcus A. Velasco, CFA - CFA Continued on next page.> Jorge Fung Chair Joseph Raymond Knecht, CFA Leo Harmon, Jr., CFA - Karl A. D’Cunha VP – Operations/Treasurer Kay Kamin Abhay Munot Kerry Patricia Jordan, CFA Abhishek Mukhopadhyay Lawrence S. Witt, CFA Archibald E. King, CFA Lester Chan Barbara T. Limanowka, CFA M. Patrick Quinn, CFA Chi Man Wong Mark L. Sansoterra, CFA Christopher W. Peifer, CFA Mary J. Roupp D. Brooke Gottshall, CFA Michael H. Johns, CFA Dan Colban Michael N. Lindh, CFA Daniela Stoichitoiu Michael Patrick Heneghan, David C. Hess, CFA CFA David Chiang, CFA Second Annual Industry roundtable is a full house.
20 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 Continued from previous Recruitment Social Events page.> Advisory Group Advisory Group Luncheon Programs Continued Continued Advisory Group Continued Huanyun Li, CFA Dianna Lea Di Iorio, CFA Daniel A. Nicholas, CFA James Edwin St. Aubin, CFA Eric Wesley Bruce, CFA Daniel R. Kastholm, CFA Jeffrey Turner Faiyaz A. Hashmi David B. Myszkowski, CFA Jeritt M. Bushaw, CFA James Allyn Franke, CFA David E. Watkins, CFA John Paul Pascente, CFA James L. Glueck, Jr., CFA David E. Weiss, CFA John William Schmitt, CFA Jeffrey Turner David Ian Wales, CFA Jonathan West Greer, CFA John William Schmitt, CFA David Lewis Frank, CFA Joseph Mihm Podbielski, CFA Jonathan West Greer, CFA Dominik Moulliet, CFA Kevin Glenn Waspi, CFA Jorge Fung Douglas Arthur Peterson, U of I reps promote MSF Lauren Kelly Kurz Joseph Mihm Podbielski, CFA CFA Madhuri Gidugu Justin J. Dygert, CFA program. Eric J. Welt, CFA Matthew R. Neal, CFA Karl A. D’Cunha Gary Stephen Fletcher, Jr. Michael Anthony Nicolas, CFA Kimberly Appapillai Gordon C. Scott, CFA Michael Patrick Heneghan, Kyle M. Daly Gregory Brian Gleason, CFA Luncheon Programs CFA Lawrence S. Witt, CFA Haohua Tang Advisory Group Continued Nestor Wozny Mark E. Bojanowski, CFA Howard S. Cohen, CFA Sabrina Paola Gracias, CFA Philip A. Kroger, CFA Matthew Galas Jack A. Ablin, CFA Sami N. Kamhawi, CFA Richard Jeffrey Kemmling Matthew R. Neal, CFA James Allyn Franke, CFA Scot Kunkel, CFA Roger E. Lumpp, III, CFA Michael H. Johns, CFA James Kent Daley, CFA Scott A. Hanson, CFA Rong Wang, CFA Michael J. Harrison James P. Stirling, CFA Shelley Lin Sean M. Casey, CFA Michael Patrick Heneghan, James Robert Ellis, CFA Steven D. Franklin, CFA Shawn N. Radtke, CFA CFA James W. Butler, Jr., CFA Steven P. Eschbach, CFA Sorin Dan Peter C. Wahlstrom, CFA Jeffrey Moster, CFA Sumit Lalit Desai, CFA Steven P. Eschbach, CFA Raymond K. Mau, CFA Jeffrey P. Nevins, CFA Ted Andrews, CFA Sunilkumar Boregowda Richard Joseph Tauber, CFA Jennifer L. Childe, CFA Travis S. Pascavis, CFA Te-Chang Tsai Robert J. Hrabak, CFA Jiasheng Wu William Louis Florida, CFA Xin Shen Robert V. Obarski, CFA John William Schmitt, CFA Ying Timmermann, CFA Scott A. Hanson, CFA Joseph Mihm Podbielski, Shane B. Hoover, CFA CFA Social Events Shane P. Goss, CFA Justin David Sheperd, CFA Recruitment Advisory Group Shelley Lin Karl A. D’Cunha Advisory Group Jeffrey W. Kernagis, CFA - Steven Dale Nunley, CFA Kay Kamin Judith L. DiCenzo, CFA - Chair Chair Steven P. Eschbach, CFA Kevin J. Vandolder, CFA Daniela Mardarovici, CFA - Judith Malter Rossetti, CFA - Thomas J. Bartley Lisa A. Radomski, CFA VP – Member Development/ VP - Special Events Mark Bryce Seaman, CFA Secretary Abhay Munot Matthew Galas Abhay Munot Abhay Shah As of June 30, 2009 Matthew R. Neal, CFA Abhishek Mukhopadhyay Abhishek Mukhopadhyay Michael H. Johns, CFA Alyssa Berit Cheatham, CFA Abrar M. Sait Michelle E. RhodesBrown, Andres Romero Adan Galvan CFA Andrew D. Gagle Andres Romero Mohammad S. Iqubal, CFA Archibald E. King, CFA Anthony C. Wai, CFA Muzammil Waheed, CFA Brian Francis Antenucci Archibald E. King, CFA Peng Chen, CFA Charles Yeager Barbara T. Limanowka, CFA Peter B. Cook, CFA Christopher E. Goebel, CFA Benjamin N. Alpert, CFA Phuc Peter Nguyen, CFA Dariusz Dziurdzik Bradley A. Meeks Ricardo Luis G. Hilado, CFA Derek S. Casteel, CFA Brandon Lee Palm, CFA Robert T. Conrardy, CFA Eliza Gordecka Cumberland, Charles Yeager Robert Todd Simpson, CFA CFA Christopher Ramesh Members line up to board Ronald Joseph Bukovac, CFA Francis B. Bakalar, CFA Lakumb, CFA the Wendella boat cruise. Ronit M. Walny Haohua Tang Darrin Paul DeCosta, CFA
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 21 CFA INSTITUTE VOLUNTEERS FROM CFA CHICAGO
CFA Institute—a global, not-for-profit professional Gary Brinson, CFA Brian Singer, CFA association—administers the Chartered Financial Financial Analysts Journal Board of Governors Analyst® (CFA®) and Certificate in Investment Advisory Council Performance Measurement (CIPM®) curricula and Peter Stein, CFA examination programs worldwide. It publishes Gautam Dhingra, CFA Financial Analysts Seminar research, conducts professional development Financial Analysts Seminar Board of Regents programs, and sets voluntary, ethics-based professional Board of Regents and performance reporting standards for the Joseph Vu, CFA investment industry. CFA Institute is affiliated with Gregory Gocek, CFA CFA Digest Abstractor, 136 professional CFA member societies in 57 Hearing Panel Pool Financial Analysts Journal countries/territories and operates CFA China, a Abstractor member service initiative in Beijing and Shanghai. Thomas Hillman, CFA XBRL James Ware, CFA The mission of the CFA Institute is to lead the Financial Analysts Seminar investment profession globally by setting the highest Mark Hutchinson, CFA Board of Regents standards of ethics, education, and professional Hearing Panel Pool excellence. Anthony Wilkens, CFA Paul Kaplan Disciplinary Review Research Foundation Committee As stated in the CFA Institute 2009 Annual Report Review Board
As of June, 2009 Spencer Klein, CFA CFA Digest Abstractor, Financial Analysts Journal Abstractor
Alan Meder, CFA Board of Governors
Frank Reilly, CFA Education Advisory Committee, Research Foundation
Thomas Richards, CFA Research Foundation
Larry Siegel Education Advisory Committee
22CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008CFA I SOCIETY2009 OF CHICAGO ANNUAL REPORT 2008 I 200922 KIMBERLY PAIGE MEMORIAL STUDY SCHOLARSHIP
The Kimberly Paige Memorial Study Scholarship, sponsored The CFA Society of Chicago awarded 4 Study by CFA Chicago, is awarded to deserving CFASC members Scholarships for the December 2008 and June 2009 (current CFA program enrollees) based on need and high exams. professional/academic achievement. Covering one enhanced Stalla System course in the candidate’s preferred Kimberly Paige Memorial Study format, its value is approximately $1490. Scholarship (sponsored by CFA Chicago) Winners: Kimberly Paige worked for CFA Institute from 2001 until her untimely death in 2007, at the age of 28. Ms. Paige Melanie Angers (Level 2): graduated from University of Virginia (a recipient of a full Melanie is a Manager of Operations & Technology for academic merit scholarship) and immediately began her Deloitte & Touche, LLP. She holds an M.B.A. from the employment with the CFA Institute Centre for Financial University of Chicago and an M.S. from the University of Market Integrity. In 2005, Kimberly became the Society Wisconsin. Melanie is an Affiliate member of CFASC and Relations Representative for the 16-society Midwest region an active volunteer for the Career Management and Job and began her relationship with CFA Chicago leaders and Placements Advisory Groups with the Society. staff. Her responsibilities included providing CFA Chicago with services to heighten awareness and utilization of Lester Chan (Level 1): resources available from CFA Institute. Kimberly was a true Lester is pursuing a B.A. honors program in Mathematical advocate for our members and candidates, as well as a Methods in Social Sciences and Economics from constant source of support. Northwestern University and has been admitted at Kellogg for an undergraduate certificate in Financial Economics. With the blessing of Kimberly’s family, the CFA Chicago Lester is a Student-Member of the CFA Society of Chicago. Board of Directors formally changed the name of our existing Study Scholarship to honor Kimberly’s commitment Cindy McLaughlin (Level 2): to excellence. Cindy holds an M.B.A. in Finance with distinction from DePaul University, and a B.A. in Mathematics and Computer Science from Chadron State College. She is an experienced fundamental equity investor and financial model developer. Cindy is an Affiliate member of CFASC and an active volunteer for the Communications and C.F.A. – Cultivating Female Ambition Advisory Groups with the Society.
Abhay Munot (Level 3): Abhay is an Affiliate member of CFASC, as well as an active volunteer for the Luncheon Programs Advisory Group with the Society. He has over five years of investment experience in global equity and fixed-income markets in both India and the U.S. and holds a Masters of Computer Information Science from Cleveland State University.
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 23 CFA EXAM SCHOLARSHIPS
On behalf of CFA Institute, the CFA Society of Chicago had Kevin Boyle (Level 1): the pleasure of awarding a total of 14 Exam Scholarships Kevin has nearly 10 years of investment experience, including from a pool of 100 applicants (award covers all but $220 of positions at Citadel Solutions, Logos Trading DBA (hedge fund) exam registration fees, as well as the CFA program curriculum and Zurich Scudder Kemper Investments. He holds a materials) for the December 2008 and the June 2009 exams. Bachelors degree in Finance and Accounting from DePaul CFA Institute provided 10 exam scholarships and CFA Chicago University. subsidized an additional 4 exam scholarships.
Hong Cheng (Level 3): The CFA Institute Exam Scholarship Hong is a Student-Member of CFASC working towards a Winners: Masters degree from the Kellsdadt Graduate School of Business at DePaul University with a concentration in Finance. Melanie Angers (Level 2): Hong also holds a Bachelors degree in Economics from the Melanie is a Manager of Operations & Technology for Deloitte Renmin (People) University of China. & Touche, LLP. She holds an M.B.A. from the University of Chicago and an M.S. from the University of Wisconsin. Melanie is an Affiliate member of CFASC and an active Indira Garapati (Level 3): volunteer for the Career Management and Job Placements Indira is an experienced Equity Analyst with a concentration in Advisory Groups with the Society. fundamental research and valuation. She holds an M.B.A. in Finance and Marketing from the University of Chicago’s Graduate School of Business, as well as a Masters in Gani Becket (Level 1): Computer Science from North Carolina State University, and Gani is pursuing an M.S. in Finance at the University of a Bachelors of Technology, Computer Science and Systems Illinois at Urbana-Champaign and holds a B.A. in Engineering from Andhra University, College of Engineering in Economics from the Kazakhstani Institute of Management in India. Indira is currently one of the Co-Chairs for the Career Almaty, Kazahstan. Management Advisory Group at CFASC, where she is an Affiliate member.
Michelle Bernardi (Level 1): Michelle is a Risk Management Consultant at Control Yuhong Gu (Level 1): Solutions International and holds an M.B.A. in Finance from Yuhong is a Student-Member of CFASC and is working towards the University of Illinois at Urbana-Champaign, as well as a a Masters in Psychology from the University of Illinois at B.S. in Accounting from the University of Indonesia. Urbana-Champaign. Yuhong also holds a Masters in Statistics from UIC, as well as a Bachelors degree in Information & Electronic Engineering from Zhejiang University & The Chinese University of Hong Kong. Yuhong is currently a Strategic Resource Intern with State Farm Insurance Company.
Continued on next page.>
24CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008CFA I SOCIETY2009 OF CHICAGO ANNUAL REPORT 2008 I 200924 CFA EXAM SCHOLARSHIPS CONTINUED
Continued from previous page.> Kevin Schoonmaker (Level 2): Keith is a technical professional with 16 years of business Robert Herget (Level 2): experience including equity research, sales, product Robert is a Financial Advisor with Citigroup/Smith Barney in development and international consulting roles. He is their Retail Brokerage department and holds a B.A. in currently an Equity Analyst at Morningstar covering land Economics from the University of Illinois at Urbana-Champaign. transportation stocks, and he holds an M.B.A. from the Robert is a Regular member of CFASC. Kellogg School of Management at Northwestern University with concentrations in Finance and Marketing, as well as a B.S. in Chemistry from Wheaton College. Shruti Khatri (Level 1): Shruti holds an M.B.A. with a concentration in Finance from Pune University in India and a Bachelors degree in Commerce Thomas Weidaw (Level 1): with a focus on Costing and Tax Law Procedures and Practice Thomas is a Senior Associate at PricewaterhouseCoopers, LLP. from Symbiosis College in India. Shruti is also certified in He is presently pursuing his M.B.A. at the University of Financial Markets by the National Stock Exchange of India Chicago and holds a B.B.A. in Accounting and French from (NSE) and is working towards a certification for Securities Ohio University. Markets from the NSE as well.
James Liu (Level 1): James is pursuing his M.B.A. at the University of Chicago and holds a B.A. in Cognitive Science and Linguistics from the University of California, Berkeley.
Patrick McGough (Level 1): Patrick is a Senior Project Engineer at Honeywell International, Inc. He is currently pursuing an M.B.A. at the University of Chicago and holds a B.S. in Industrial Enterprise and Systems Engineering from the University of Illinois at Urbana- Champaign.
Jeff Myers (Level 1): Jeff is a Consultant at RW Haggarty, Inc. in their Securities Expert Witness Department. He is currently pursuing a graduate degree in Financial Mathematics at the University of Chicago, and he holds a B.A. in Economics and Mathematics from Carthage College. Jeff is also a Student-Member of CFASC.
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 25 OTHER ANNUAL future, these volunteers will be prepared to succeed HIGHLIGHTS them in leadership positions. • Chairman Joe Knecht and CEO Jill Epstein hosted the first-ever Past Directors lunch, with 9 former leaders Department of State recruiter representing 3 decades of Society history participating. speaks with attendees about • The number of volunteers jumped to 328 from 271 last career opportunities. year, due to a steady push to recruit new activists. Staff is also dedicated to providing members with meaningful volunteer opportunities.
Technology
There were several hardware and software upgrades. Response to the Financial Crisis • The CFA Chicago job posting board was fully automated in the summer of 2008. This custom website feature is 2008-2009 proved to be a challenging year for the self-service for employers, allowing quick job postings. membership. CFA Chicago responded rapidly to • The “Chat Room” functionality of the CFA Community was deteriorating market conditions. activated enabling hosted chats. More than 100 members participated in 3 Chat Rooms. • 6 career events were held at no charge to members • The Board approved a major IT infrastructure upgrade for offering job search tools and industry information: the CFA Chicago office. career strategist sessions; a government recruiter panel; an online networking presentation, as well as cyber chats on entrepreneurs, job strategies, and industry Programs insights in fixed income • Universities were invited to participate in the annual CFA Chicago set a new record for events with 53 live career fair to provide members with alternative job programs, up from 51 in 2007-2008 and 47 in 2006-2007. opportunities. The University of Illinois was both an The CFA Community and Online Public Directory provide exhibitor and underwriter for the event. opportunities for increased member involvement, • The Society co-sponsored highly-regarded Chicago particularly for suburbanites not living or working in Chicago. Council of Global Affairs events on the financial crisis.
Miscellaneous Outreach Efforts For the first time, CFA Institute provided each Society with The Society planned to reap long-term benefits from the funding based on size of membership. In exchange for year’s outreach activities. meeting minimum service standards, CFA Chicago received funds applied to projects enhancing the member • The first invitation-only “Leadership Development experience. Examples included: Workshop” was held in May, 2009, with 38 participants hand-picked for their leadership potential by Advisory • Complimentary career events, Group Chairs and staff. Attendee feedback was • Complimentary luncheon featuring new CEO of extremely positive. A template is now available to CFA Institue, re-create this session for future cohorts of potential • Leadership Development training, leaders. The 38 volunteers will continue to be engaged • Volunteer recognition party, with the Society via invitation-only follow-up events and • Annual report design/printing, their own private Group on the CFA Community. As • Candidate brochure printing, and current leaders step down from their positions in the • Job fairs.
26CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008CFA I 2009SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 200926 STATEMENT OF CURRENT STRATEGIC GOALS The following strategic initiatives were implemented in 2008-2009:
External Outreach
Outreach/external relations was institutionalized via the creation of a Board Committee for External Relations chaired by the current Chairman of the Board. This committee would determine the annual focus and definition of “external relations” (i.e. emphasis on universities or media or employers or government or some combination) and would lead the effort. In addition to Board members, the Chairs of the related Advisory Groups (Communication, Recruitment, Job Placements) would be involved.
The 2008-2009 External Outreach Committee focused Volunteers exchange ideas at the leadership on endowments/foundations in Chicago and had several development training session. meetings with Chief Investment Officers at such firms.
Member Growth Volunteer Development
A Candidate class of local membership was created. A Volunteer Development Committee determined the Details were determined by the Member Growth Society would host an invitation-only leadership Committee with the full membership approving the development training session geared for upcoming enabling bylaw amendment in June, 2008. This new class Society leaders. 51 volunteers were invited to of membership was created to begin with the 2009-2010 participate with the group slated to receive ongoing fiscal year. The class is limited to Level II and III candidates training as encouragement to stay engaged. A “class with 370 slots available for 2008-2009. reunion” was scheduled for January, 2010.
Executive Succession Contingency Plan
An Executive Succession Plan was implemented to uphold the Board’s fiduciary responsibility. CEO Jill Epstein worked with a Committee to develop an Emergency Succession Plan (short term) and Succession Contingency Plan (long term).
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 27 ANNIVERSARIES CONTINUING EDUCATION PROGRAM MILESTONES Member Name Anniversary Member Name Milestone James A. Corrigan, CFA 40th Gary P. Brinson, CFA 20 th Isaac S. Goldman, CFA 40 Gregory J. Forsythe, CFA 15 th Alfred F. Kugel, CFA 40 Carl D. Lindokken, CFA 15 th Roger W. Spencer, CFA 40 John D. Quackenbush, CFA 15 Kathleen M. Adamec, CFA 30th Pascal M. Romano, CFA 15 Brian A. Berris, CFA 30th Joseph D. V. Vu, CFA 15 th Mark B. Burka, CFA 30 Richard P. Bail, CFA 10 th Edward J. Calkins, CFA 30 William A. Barouski, CFA 10 th Michael A. Conway, CFA 30 Michael T. Carbery, CFA 10 th Alvin W. Marley, CFA 30 Donald D. Duncan, CFA 10 th Milton L. Meigs, CFA 30 John A. Edinger, CFA 10 th Barry M. Mendel, CFA 30 John S. Fitzpatrick, CFA 10 th Robert C. Moore, CFA 30 Edmund H. Grant, CFA 10 th Frank Joseph Rachwalski, Jr., CFA 30 David R. Hall, CFA 10 th John F. Scholz, CFA 30 Richard A. Hegwood, CFA 10 th Gregg Thompson Summerville, CFA 30 Nathaniel B. Jones, CFA 10 th Roger C. Weissenberg, CFA 30 John V. McLaughlin, CFA 10 th Lawson Ewing Whitesides, Jr., CFA 30 Gary F. Ollmann, CFA 10 Karl H. Albensoeder, CFA 20th John Simmons, CFA 10 Todd J. Barre, CFA 20th Todd J. Youngberg, CFA 10 th Lisa K. Davenport, CFA 20 Jack A. Ablin, CFA 5 th Robert H. Dearborn, CFA 20 Eric F. Achepohl, CFA 5 th Craig B. Dickson, CFA 20 Michael Alexenko, CFA 5 th Bradley C. Drake, CFA 20 Alvin L. All, CFA 5 th Van A. Dukeman, CFA 20 Fred B. Baechle, CFA 5 th Eugene D. Funk, IV, CFA 20 Todd J. Barre, CFA 5 th J. Thomas Futrell, CFA 20 Jeremy Matthew Baskin, CFA 5 th David V. Goacher, CFA 20 Keith J. Beaudoin, CFA 5 th Jeffrey M. Gordon, CFA 20 Douglas W. Bennington, CFA 5 th Philip L. Hildebrandt, CFA 20 Gery T. Blackburn, CFA 5 th Jackson L. Hockley, CFA 20 Carson J. Boneck, CFA 5 th Bruce W. Kaser, CFA 20 James J. Boudreault, CFA 5 th Carol A. Levenson, CFA 20 Patrick C. Bourbon D’Ingrande, CFA 5 th Chaw-Mei Emily Li, CFA 20 Kevin N. Broglio, CFA 5 th Patrick C. Lynch, CFA 20 Eric W. Bruce, CFA 5 th Willard C. McNitt, III, CFA 20 Ed M. Bruere, CFA 5 th Nathan I. Partain, CFA 20 Robert B. Butler, CFA 5 th Lloyd J. Spicer, CFA 20 Sabrina L. Carollo, CFA 5 th Wayne C. Stevens, CFA 20 Peter M. Christie, CFA 5 th Frances Elizabeth Tuite, CFA 20 Hongjie Estella Chu, CFA 5 th Raymond J. Urban, CFA 20 Joseph W. Cornell, CFA 5 David A. Walsh, CFA 20th John J. Zielinski, CFA 20th continued on next page.>
28CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008CFA I 2009SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 200928 Continued from previous page.> Member Name Milestone Liesl K. McDonald, CFA 5 Member Name Milestone Prateek Mehrotra, CFA 5 Thomas J. Cosgrove, CFA 5 Gregory A. Meyer 5 Stephen J. Cousins, CFA 5 Gregory T. Mino, CFA 5 William G. Drobny, CFA 5 Brian C. Moulton, CFA 5 Bruce A. Ebel, CFA 5 Karen D. Neal, CFA 5 Nancy A. Ellefson, CFA 5 Frank M. Novosel, CFA 5 Craig G. Ellinger, CFA 5 Gregory Jon Olsen, CFA 5 Richard O. Excell III, CFA 5 Robert C. Osborne, CFA 5 David C. Faircloth, CFA 5 Paul C. Perry, CFA 5 David B. Field, CFA 5 Margaret S. Pothast, CFA 5 Kristine L. Ford, CFA 5 Frank J. Rachwalski Jr., CFA 5 William D. Forsyth III, CFA 5 Lisa A. Radomski, CFA 5 Steven F. Freed, CFA 5 Douglas R. Rees, CFA 5 Flannie Fu, CFA 5 Linda M. Ruegsegger, CFA 5 Martin E. Gallagher, CFA 5 John K. Russell, CFA 5 Patrick W. Galley, CFA 5 Timothy A. Sargent, CFA 5 Michele Gambera, CFA 5 Manas R. Satapathy, CFA 5 Lawrence D. Gillum, CFA 5 Henry W. Schacht, CFA 5 C. Chris Gleason, CFA 5 Uwe Schillhorn, CFA 5 H. Tom Griffith, CFA 5 Gerald L. Schulze, CFA 5 Frank J. Haggerty Jr., CFA 5 Gordon C. Scott, CFA 5 Cadmus M. Hicks Jr., CFA 5 Joseph C. Simpson, CFA 5 Vincent T. Hitchcock, CFA 5 John D. Skjervem, CFA 5 Ronald J. Hottovy Jr., CFA 5 Randle L. Smith, CFA 5 Jeffrey L. Houston, CFA 5 Steven A. Stein 5 William D. James, CFA 5 John P. Swift, CFA 5 Phillip M. Kain, CFA 5 Stephanie E. Szymanski, CFA 5 Evan S. Katz, CFA 5 Lisa B. Tang, CFA 5 Thomas E. Kirkenmeier, CFA 5 Raymond G. Tiedeman, CFA 5 Thomas A. Kmiotek, CFA 5 Steven John Tonhaiser, CFA 5 Gary L. Knapp, CFA 5 Jennifer K. Tretheway, CFA 5 Joseph R. Kostelc, CFA 5 Emmanouil Tsimouris, CFA 5 Jeff J. Kramer, CFA 5 Raymond J. Urban, CFA 5 James A. Krillenberger, CFA 5 Dominick J. Vetrano, CFA 5 Allen B. Kuhlman, CFA 5 Craig S. Volk, CFA 5 Yegneswaran Kumar, CFA 5 Ujwal N. Walke 5 Daniel C. LeVine, CFA 5 James F. Ward, CFA 5 John C. Leonard, CFA 5 David E. Ware, CFA 5 Michael J. Mangan, CFA 5 Mark E. Warner, CFA 5 Stanley F. Martinez, CFA 5 Kevin G. Waspi, CFA 5 Chris D. Maxwell, CFA 5 David W. Webb, CFA 5 Stuart A. McCrary, CFA 5 Gregory A. White, CFA 5
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 29 TRENDS
TotalTotal AnnualAnnual Revenues Revenues (000's) (000’s) TotalTotal Annual Annual Expenses Expenses (000's) (000’s)
$1,200 $1,115 $997 $1,004 $1,003 $954 $967 $1,000 $886 $1,000 $808 $821 $722 $800 $800 $656 $604 $568 $565 $600 $600 $400 $400
$200 $200
$0 $0 2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009
TotalTotal CFASC CFASC Members Members AnnualAnnual MembershipMembership Fee Fee
4,000 3,658 3,750 3,534 $150 $150 $150 $150 $150 $150 $150 3,226 2,995 $150 2,796 3,000 2,623
$100 2,000
1,000 $50
0 $0 2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009 Total Attendance at Events Total Attendance at Events MemberMember Attendance Attendance - One Event- One Event
1,800 7,000 6,034 1,503 1,576 5,472 1,453 6,000 5,095 1,500 1,265 4,389 1,151 5,000 4,009 1,200 4,000 3,252 919 900 3,000 2,000 600
1,000 300
0 0 2004 2005 2006 2007 2008 2009 2004 2005 2006 2007 2008 2009
30 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 TRENDS
Total Jobs Posted on CFASC Website TotalOnly membersJobs Postedhave access onto jobs CFASC postings
500 406
400 344
277 300 250
169 200 111
100
0 2004 2005 2006 2007 2008 2009
Investment Allocation at June 30, 2009
$219,429 $226,610 35% 36%
$183,289 29%
Bond Market Index Fund International Stock Index Fund Stock Market Index Fund
Investments Bond Market Index Fund $226,610 International Stock Index Fund $183,289 Stock Market Index Fund $219,429
Source: Notes to Financial Statements.
CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 2009 31 CFA SOCIETY OF CHICAGO ANNUAL REPORT 2008 I 9 134 N. LaSalle Street I Suite 1740 I Chicago, IL 60602 www.cfachicago.org