This coincides with the structure of the CIIA designation
that EFFAS participates in: The CIIA is
the only professional designation world-wide
with national, regional and global content.
This is of key importance not only for
European professionals, but for the professionals
from other continents, who must be able
to combine the latest international knowledge
with local expertise. The examinations
are available in a range of languages.
Integration of European markets requires training
that will take into account the diversity
of the different financial environments.
Europe might develop an integrated market,
but it is not uniform. Small and Medium
Enterprises (SME's) especially operate
in an environment which is still characterised
by national and regional structures.
The skills of investment professionals who are key
to the purely knowledge-based finance
industry therefore have to reflect the
local markets that they are active in.
Their high quality expertise generates
added value. Even more important, by eliminating
deficits in knowledge and skills, they
reduce risks that can cause enormous damage.
The CIIA is tailor-made to meet these demands and it
has made substantial progress in Europe.
Regardless of whether financial analysis or investment
research will be regulated as a core business
under the ISD or not, EFFAS considers
it necessary to subject analysts to training
requirements with proper examinations.
This is also the basis for the protection
of the professional title of financial
analyst. Training and examinations must
encompass training material which takes
into account global, regional and national
requirements for the areas covered by
a registered or accredited analyst.
Dr René Th. H. Willemsen
EFFAS representative in the ACIIA Council