CFA SOCIETY

BANGLADESH
CAREER GUIDE
LET’S BUILD A
BETTER WORLD
FOR INVESTING.
LET’S MEASURE UP.
Let’s make the financial world as diverse as the one we live in.
Let’s put ethics at the heart of everything we do.
Let’s always put investors’ needs above our own.
Let’s deliver real value for the investment fees we charge.
Let’s create jobs, build bridges, ensure prosperity.

Let’s do our part. Let’s start today. Let’s measure up.

Get started at letsmeasureup.org

© 2018 CFA Institute. All rights reserved.

 CFA SOCIETY BANGLADESH

CFA SOCIETY BANGLADESH

CFA Society Bangladesh is the Bangladeshi
professional body for those engaged in investment
analysis and portfolio management in Bangladesh.

CFA Society Bangladesh was established in November Furthermore, CFA Society Bangladesh helps promote the
2015 under the name Bangladesh Society of Investment CFA® Program to potential candidates from the country’s
Professionals, and changed to its present name in 2017. It universities through university outreach programs and the
is a member society of CFA Institute, the global association CFA Institute Research Challenge. The society has arranged
of investment professionals that sets the standard for this competition locally twice, and the response from
excellence in the industry. Since the establishment university students was remarkable. Apart from this, the
of the society, it has created a strong buzz among society arranges exam strategy sessions and mock exam
investment professionals. Over the years, the society has sessions for the betterment of CFA Program candidates.
seen remarkable growth in its membership. CFA Society
Bangladesh currently has about 180 members, a number Various steps taken by the society have helped boost
which includes 87 CFA® charterholders. the number of candidates significantly. In 2018, the
number of candidates increased by about 30%. Typically,
The society’s primary focus is to provide a strong Bangladesh sees over 500 candidates in the CFA Program,
platform to its members to support a community that a good number of whom join the society as they complete
aims to achieve, foster, and maintain high standards CFA® Level I. Completion of CFA Level I is the minimum
of professional ability and practice in investment requirement of membership, and the society actively
analysis, portfolio management, and related disciplines encourages candidates who have achieved this level to
in Bangladesh. The society arranges member events and join the society.
networking opportunities that facilitate the creation and
exchange of ideas and information. CFA Society Bangladesh is now actively working to arrange
better-quality speakers for the continuing education
CFA Society Bangladesh has been very active in assisting sessions required of its members, and also to provide better
local regulators to set and maintain high professional networking opportunities. In 2017, the society retained all of
standards in the investment industry. This includes its members, and is confident it will be able to maintain this
supporting various stakeholders such as investors, membership level. The society is also expecting additional
economic reporters and regulators, and arranging several collaboration with the country’s regulators to improve the
programs to help these stakeholders increase their condition of the investment industry and to provide more
understanding of investment functions and techniques. support for stakeholders in the future.

CFA Society Bangladesh Career Guide 1

 INTRODUCTION
Chartered Financial Analyst® Charterholder:
A Career Guide
Although the investment industry in Bangladesh is at The society aims to achieve, foster, and maintain high
an early stage of development, it has a huge potential standards of professional ability for its members in the
to grow. A country of more than 160 million people, areas of investment analysis, portfolio management, and
Bangladesh is transitioning quickly to a middle-income related disciplines in Bangladesh.
country. The country has enormous economic potential,
and its investment industry is expected to grow rapidly in This Career Guide presents the professional experiences
the near future. I believe the investment industry will offer of 19 CFA charterholders who are either based in or
excellent career prospects to young professionals. connected with Bangladesh. Each of these stories tells
us how these professionals have used the knowledge
The CFA® charter is a global qualification, and it is rightly and training they obtained from the CFA Program over the
viewed as the “gold standard” designation for anyone course of their careers, highlighting the skills that our CFA
wishing to pursue a career in the investment industry. charterholders find important for success. I believe this
CFA Institute, of which CFA Society Bangladesh is guide will be helpful to young professionals who intend to
one of nearly 150 member societies, prepares future enter the investment industry.
professionals in the investment industry by setting the
highest standards of ethics, education, and professional I would like to thank our respected members who are
excellence through its educational programs. As a result, featured in this guide. I would also like to thank CFA
CFA charterholders are uniquely placed to pursue a career Institute for their help and support for the guide. I express
in the investment industry, whether they wish to work in my gratitude to all the volunteers, especially Asif Khan, CFA,
Bangladesh or in any of the global financial centres. whose enormous efforts made this Career Guide possible.

CFA Society Bangladesh, which was formed less than 3

years ago, plays an important role in promoting the CFA®
designation in the country, providing continuing education
and networking opportunities to its members and
contributing to the development of the financial service Shahidul Islam, CFA
industry and the investment management profession. President, CFA Society Bangladesh

“The CFA® charter is a global qualification, and it is rightly viewed as the

‘gold standard’ designation for anyone wishing to pursue a career in the
investment industry.”

2 CFA Society Bangladesh Career Guide

INTRODUCTION

3
 CONTENTS

PROFILES AND INDUSTRIES

1 EQUITY RESEARCH 8 5 REGULATORY AUTHORITIES 36

Ali Imam, CFA 10 Muhammad Moniruzzaman Miah, CFA 38
Ayaz Mahmud, CFA 12 Shah Naoaj, CFA 40
Kazi Monirul Islam, CFA 14
6 ACADEMIA 42
2 ASSET MANAGEMENT 16 Farhana Zahir, CFA 44
Mominul Hoque, CFA 18 Maria H. Sochi, CFA 46
Syed Adnan Huda, CFA 20 Md. Sajib Hossain, CFA 48

3 COMMERCIAL BANKING 22 7 OTHER INDUSTRIES 50

Asef A. Anis, CFA 24 Joel Iwashige, CFA 52
Md. Shaheen Iqbal, CFA 26 Md. Imran Shikdar, CFA 54
Saad Ikram Saffat, CFA 28 Ruhina Rahman, CFA 56
Sumaiya Jannat, CFA 58
4 INVESTMENT BANKING 30
Aniruddha Roy, CFA 32
Md. Rashiduzzaman, CFA 34

4 CFA Society Bangladesh Career Guide

 CONTENTS

ABOUT CFA INSTITUTE

HOW CAN CFA INSTITUTE HELP YOU? 62

CFA PROGRAM 64
CFA PROGRAM SCHOLARSHIPS 66
CAREER MANAGEMENT RESOURCES 67
CFA INSTITUTE WORLDWIDE 68
CONTACT INFORMATION

CFA Society Bangladesh Career Guide 5

 PROFILES AND INDUSTRIES
In this section, 19 CFA charterholders from 7 different professional sectors in
Bangladesh share their career stories; how they got started; the decisions
they made; and their jobs, responsibilities, challenges, and rewards, as well
as the essential skills that make them stand out as professionals.

1 EQUITY RESEARCH 8

2 ASSET MANAGEMENT 16

3 COMMERCIAL BANKING 22

4 INVESTMENT BANKING 30

5 REGULATORY AUTHORITIES 36

6 ACADEMIA 42

7 OTHER INDUSTRIES 50

6 CFA Society Bangladesh Career Guide

PROFILES AND INDUSTRIES
 EQUITY RESEARCH
Equity research is the task of analysing company financials, performing
ratio analysis, forecasting performance using knowledge of underlying
business drivers, applying appropriate valuation techniques to value the
company, and finally, communicating the findings effectively. To do their
job properly, equity analysts need knowledge of multiple disciplines,
including accounting, finance, and economics, as well as industry-
specific knowledge.

The concept of equity research is relatively new to Bangladesh compared to

other financial services such as banking and insurance. The capital market is
dominated by retail investors who had little need for professional investment
research in the market’s early days. The demand for research came from
foreign institutional investors in the equity market who began to look at
Bangladesh as an attractive investment destination.

Following the lead of Equity Partners Limited (presently BRAC EPL), other
brokerages such as City Brokerage Limited, LankaBangla Securities Limited,
and IDLC Securities Limited soon set up their own equity research teams. The
quality of research has also improved significantly over the years. With the
growth of the local asset management industry in Bangladesh, demand for
equity research has increased, and these days we are seeing demand for
quality equity research coming from local investors as well.

University students are getting acquainted with equity research by

participating in various competitions. CFA Society Bangladesh has
organised the CFA Institute Research Challenge for the last 2 years;
the challenge plays an important role in teaching the basics of equity
research to students.

Competition for equity research roles among graduates is very high,

and companies frequently mention CFA Program exam candidacy or
completion in their job descriptions.

8
1
CFA Society Bangladesh Career Guide
 EQUITY RESEARCH

PROFILES

Ali Imam, CFA Ayaz Mahmud, CFA

Chief Executive Officer, EDGE Asset Deputy Head of Research,
Management Company Limited BRAC EPL Stock Brokerage Limited

Kazi Monirul Islam, CFA

Head of Research,
IDLC Securities Limited

CFA Society Bangladesh Career Guide 9

 EQUITY RESEARCH

Graduated with a Bachelor of Business Administration from

the Department of Finance, University of Dhaka

Financial Analyst, Credit Rating Agency of Bangladesh

Investment Banking Analyst, Eastern Bank Limited

Earned CFA charter in 2011

Investment Analyst, BRAC EPL Stock Brokerage

Career Path

Investment Analyst, IFC—International Finance Corporation

Head of Research, BRAC EPL Stock Brokerage Limited

Chief Executive Officer, EDGE Asset Management

Company Limited

10 CFA Society Bangladesh Career Guide

 EQUITY RESEARCH

Ali Imam, CFA

Chief Executive Officer, EDGE Asset Management Company Limited

I was a very average student in the get into the industry. Later, the knowledge
Bachelor of Business Administration and credentials associated with being a
program under the finance department CFA candidate/charterholder kept helping
of Dhaka University until I discovered me immensely as I progressed in my career,
how interesting the whole discipline of from a Credit Rating Analyst to an Investment
investment management is. This happened Banking Analyst to the Research Director
in a third-year course taught by a CFA in the country’s largest equity research
charterholder, Professor Mujibul Kabir, group—and finally, to set up my own
CFA. The professor brought the real world asset management company. Being a CFA
of investments into his class, and by charterholder definitely helped to win clients’
the end of that semester, I knew what and regulators’ trust, and helped me achieve
I passionately wanted to pursue in my better capital allocation and investment
career as a business graduate—which was performance. The local CFA® Society is a great
very important. platform for professional networking and
knowledge exchange.
I looked up “CFA” on the internet to figure out
why my professor was putting this acronym It was important for me to be able to
after his name and was amazed by the work full time alongside pursuing a
value proposition of the CFA Program. I was postgraduate education after completing my
fully convinced that the body of knowledge undergraduate studies, so the CFA Program
would help me to become a competent was a great fit. Affordability was important,
financial analyst. I also realised that the too—a scholarship supported me a lot. I
program would help me to differentiate would definitely recommend the CFA Program
myself in a competitive job market. It indeed to any aspiring investment professional,
worked; my interviewers in a credit rating current or future; I don’t think there is a better
company valued advancements in the CFA professional development program.
Program very much, and I got a chance to

“Being a CFA charterholder definitely helped to win

clients’ and regulators’ trust, and helped me achieve
better capital allocation and investment performance.”

CFA Society Bangladesh Career Guide 11

 EQUITY RESEARCH

Completed a Master of Business Administration at the

Institute of Business Administration, University of Dhaka

Management Trainee, IDLC Finance Limited

Career Path

Research Analyst, IDLC Securities Limited

Fund Manager, VIPB Asset Management Limited

Earned CFA charter in 2017

Deputy Head of Research, BRAC EPL Stock Brokerage

12 CFA Society Bangladesh Career Guide

 EQUITY RESEARCH

Ayaz Mahmud, CFA

Deputy Head of Research, BRAC EPL Stock Brokerage Limited

I am currently the Deputy Head of step, we enrolled in the CFA Program, although
Research in BRAC EPL Stock Brokerage, the seemingly abysmal pass rates were
one of the leading prime brokerage firms intimidating! We started digging deeper
in Bangladesh, specialising in facilitating and got more interested in the curriculum.
trading by foreign investors. I lead a team of I talked to some of my acquaintances in
6 equity analysts who cover 20 blue-chip the investment management field and was
companies in Bangladesh. encouraged by the career options a CFA
designation could potentially unlock, both
I started my journey in the capital market as at home and abroad. Thus, my CFA Program
a Research Analyst in IDLC Securities and journey began in 2011.
was exposed to a range of sectors: textile,
telecommunication, footwear, fast-moving CFA Society Bangladesh has given me a
consumer goods, and bank and nonbank platform where I can meet professionals in the
financial institutions, to name a few. Prior to industry regularly, share ideas, and discuss
my current position, I worked at VIPB Asset various developments. I never thought I could
Management Company Limited as a Fund meet the CEOs, CFOs, and leading economists
Manager. of the country regularly, but thanks to CFA
Society Bangladesh, I can get to know their
I completed my Bachelor of Business thoughts and views often. This is a great
Administration at BRAC University in 2011 and privilege—one that helps me to better shape my
was awarded the Vice Chancellor’s Gold Medal understanding and point of view.
for achieving the highest cumulative grade-
point average in my department. I completed In Bangladesh we often encounter nonpublic
my Master of Business Administration at the information in the course of our work. I once
Institute of Business Administration, University worked on financial due diligence for a merger
of Dhaka, securing my place among the top 3 and acquisition, and stood to profit from
in my class. In 2017, I earned my CFA charter the knowledge. However, my CFA education
and have been an active member of CFA helped me navigate the issue and maintain
Society Bangladesh since then. my integrity and professionalism. If I had to
pick the top 3 traits required to succeed in
While I was a third-year student in BRAC the investment management industry, I would
University, my finance teacher introduced suggest integrity, professionalism, and the
me to the CFA Program. At that time, I had habit of forming your own opinion based on
familiarised myself with stock market thorough research.
investments with the objective of enhancing
my understanding of finance. My brush My CFA charter is the highest achievement in
with actual investment decision-making— my career. Participation in the CFA Program
especially the excitement surrounding helped me gain credibility in my profession, as
it—prompted me, along with a few friends, the designation is a symbol of my commitment
to strive for a career in the investment towards ethical practice and professionalism.
management industry. As a logical next

“My CFA charter is the highest achievement in my

career. Participation in the CFA Program helped me
gain credibility in my profession, as the designation is
a symbol of my commitment toward ethical practice
and professionalism.”

CFA Society Bangladesh Career Guide 13

 EQUITY RESEARCH

Graduated with a degree in finance from the University

of Dhaka

Analyst, Asian Tiger Capital Partners Investments Limited

Associate, Asian Tiger Capital Partners Investment Limited

Assistant Vice President, Asian Tiger Capital Partners

Career Path

Asset Management Limited

Senior Analyst/Head of Investment, IL Capital Limited

Head of Research, IDLC Securities Limited

Earned CFA charter in 2014

14 CFA Society Bangladesh Career Guide

 EQUITY RESEARCH

Kazi Monirul Islam, CFA

Head of Research, IDLC Securities Limited

During my time in university, I developed The major breakthrough in my career took

an interest in equity research and portfolio place when I joined IDLC Securities Limited,
management. In those days, the CFA a leading brokerage firm in Bangladesh, as
designation was in its infancy in Bangladesh Head of Research. IDLC had long been a
and its application and potential were prominent name in the country’s financial
often misunderstood or underestimated. sector, and its brokerage arm wanted to
Even many finance professionals thought establish a strong presence in sell-side
that Bangladesh was far from ready to research. I was tasked to form and develop
accommodate CFA charterholders, as a research team that could complement the
there was hardly any place to apply their IDLC brand, which represents excellence and
sophisticated knowledge and skills. The CFA high standards—both in performance and
Program was often passed over, as many in ethical practice. My education from the
finance graduates enrolled in professional CFA Program about ethics and professional
accountancy programs to ensure a safe and standards was crucial during this time to
stable career. I might have become one of establish the team’s culture and distinguish
them if I hadn’t had a dream—I wanted to be a IDLC from the rest of the market. I believe I
CFA charterholder. have been largely successful, as our team
has evolved into one of the most highly
After obtaining a degree in finance from the regarded research teams in the country, with
University of Dhaka, I started my career at a solid research infrastructure.
Asian Tiger Capital Partners Investments
Limited as an Analyst. That was when I met Throughout my journey, the CFA Program has
the early adopters of the CFA Program in equipped me with the necessary skill set,
Bangladesh—a handful of brilliant minds ethical mindset, confidence, and recognition.
who nurtured the same passion I did. They As a CFA charterholder, I now have a voice
inspired me to enroll in the program. While my in the investment community that includes
studies progressed, I cycled through different employers, clients, colleagues, competitors,
roles in the company—a Sell-Side Analyst, an and regulators. But my best takeaway during
Investment Banking Associate, and finally, a all these years is that earning the CFA charter
Buy-Side Analyst in the asset management is not the end of your journey; rather, it sets
arm. I rose to Assistant Vice President, then you on a path where you continuously learn
moved to a newly formed merchant bank as a new things and challenge your limits. And
Senior Investment Analyst. During my 2 years probably that’s how you earn excellence.
of tenure, I led the investment team of the
company and managed its proprietary fund.
I also contributed significant time to initial-
stage work of the company’s formation.

“My best takeaway during all these years is that earning

the CFA charter is not the end of your journey; rather, it
sets you on a path where you continuously learn new
things and challenge your limits. And probably that’s how
you earn excellence.”

CFA Society Bangladesh Career Guide 15

 ASSET MANAGEMENT
The asset management industry in Bangladesh is on the verge of
tremendous growth. Rising awareness among investors is augmenting the
demand for investment products such as mutual funds and alternative
investment funds.

The industry has long been dominated by Investment Corporation of

Bangladesh, a government-owned institution. The majority of private-
sector asset managers have begun operations in last 10 years or so.
Currently, there are about 36 registered mutual fund management firms
in Bangladesh, though many of them are not yet active. In 2015, the
Bangladesh Securities and Exchange Commission (BSEC) formulated rules
for managing alternative investment funds that invest in private equity,
venture capital, and other relatively illiquid asset classes. BSEC has already
issued licenses to 12 companies to manage alternative investment funds.

Asset management companies manage investment funds and investment

accounts for their clients. Asset management companies need CFA
charterholders as research analysts, investment managers, and risk
management professionals. A good number of leading asset management
firms in Bangladesh employ CFA charterholders or candidates in various
roles. The asset management industry in Bangladesh values the CFA
designation very highly, and the requirement of a CFA charter is often seen
in job advertisements. As the industry grows and gains sophistication, the
demand for CFA charterholders will increase.

Typically, young professionals begin their career as Research Analysts

in asset management companies. As they gain experience, they climb
the career ladder and hold positions such as Investment Manager and
Chief Investment Officer. Those aspiring to work in asset management
firms should have strong analytical, quantitative, and reasoning skills.
Very sound knowledge in all the areas covered by the CFA curriculum is
crucial for success in this industry. Detailed knowledge of the economy
and different industries is also important, and a commitment to ethics and

2
professional standard is essential.

16 CFA Society Bangladesh Career Guide

 ASSET MANAGEMENT

PROFILES

Mominul Hoque, CFA Syed Adnan Huda, CFA

Chief Investment Officer, Vice President, UCB Capital
Universal Financial Solutions Limited Management Limited

CFA Society Bangladesh Career Guide 17

 ASSET MANAGEMENT

Graduated with a major in finance from the School of

Business at Independent University, Bangladesh

Investment Analyst, Alliance Capital Asset

Management Company

Fund Manager, Alliance Capital Asset Management Company

Chief Investment Officer, Impress Capital Limited

Career Path

Earned CFA charter in 2014

Assistant General Manager and Head of Research and

Policy, Chittagong Stock Exchange Limited

Chief Investment Officer, Universal Financial

Solutions Limited

18 CFA Society Bangladesh Career Guide

 ASSET MANAGEMENT

Mominul Hoque, CFA

Chief Investment Officer, Universal Financial Solutions Limited

I graduated from the School of Business at at around 5,500 index points in October
Independent University, Bangladesh, with 2011, which represented a 38% correction
a major in finance. My investment career from 8,900 only a year before. My pursuit
started in 2010 as an Investment Analyst of the CFA charter helped me immensely to
with an asset management company stand out from the herd.
(AMC) domiciled in Bangladesh. I was then
successively promoted to Fund Manager As a CFA charterholder, I advise newcomers
for a managed fund with assets under wanting to build their careers in finance
management (AUM) of US$8 million. Following and investment to pursue the CFA charter.
that, I took the role of Chief Investment I believe the CFA Program has some unique
Officer (CIO) of Impress Capital Limited, an traits compared to other professional degrees
AMC and a concern of Impress Group. My role in the finance and investment sector.
was to make the overall investment decisions
and generate business leads. Other than quantitative skills, 2 essential
attributes for a fund manager are qualitative
My career shifted when I joined the Chittagong judgement and patience, to ensure you can
Stock Exchange (CSE) as Head of Research deal with a market like ours where efficiency
and Policy to participate directly in capital and depth are low.
market product development and market
reforms. CSE is 1 of 2 financial hubs of the Some quantitative models will not fit in our
country, alongside the Dhaka Stock Exchange. market, because our market traits do not align
I was involved in introducing new products with the core assumptions of the theories.
and in advocating some regulation in line with Because of these inefficiencies, some of our
global best practices. Currently, I hold the role fund managers are generating alphas on a
of CIO of Universal Financial Solutions Limited, steady basis. But to know this you have to learn
which is mandated to manage mutual funds, and accumulate knowledge on a consistent
with AUM of US$45 million. basis, and learn what not to apply. The CFA
Program not only teaches finance theories
I was very lucky to observe both trough and but also discusses the limitations of their
peak periods of our capital market within applicability in detail. The word “consistent”
a short period of time. At the beginning of is a very strong term to emphasise when
my career, I saw investors investing in junk investing in the stock market.
stocks with immense confidence. Within a
few months, I saw the opposite behaviour as The attributes of a good fund manager are
investors suddenly became overly cautious to have a good analytical mind, to capitalise
and avoided the market, even if some stocks on the charm of compounding, to have a
were hovering well below their intrinsic disciplined process, to be agile so as to learn
value at a deep discount. The market stood new skills, and to have a controlled nerve.

“Learn what not to apply. The CFA Program not only

teaches finance theories but also discusses the
limitations of their applicability in detail.”

CFA Society Bangladesh Career Guide 19

 ASSET MANAGEMENT

Graduated with a degree in economics from City

University of New York, United States

Investment Analyst, Prime Finance Asset Management

Company Limited

Earned CFA charter in 2013

Fund Manager, Prime Finance Asset Management

Company Limited
Career Path

Head of Research, Prime Bank Investment Limited

Head of Portfolio Management Department, BRAC EPL

Investments Limited

Vice President, UCB Capital Management Limited

20 CFA Society Bangladesh Career Guide

 ASSET MANAGEMENT

Syed Adnan Huda, CFA

Vice President, UCB Capital Management Limited

With an inclination for numbers, my a three-basket approach of basic value,

undergraduate years led me to gravitate consistent earners, and emerging franchise.
toward finance. I enhanced my facility with Portfolio management is a rigorous task that
numbers and knowledge of current economic requires continuous position changes in a
issues when I completed my graduate degree carefully constructed and disciplined manner.
in economics from the City University of New
York. Given that I was studying in a city that Obtaining the CFA charter has been
hosted the financial capital—Wall Street—and monumental in my career path. It gave
close to the time when the US housing bubble me a global competitive edge when I was
burst, it felt natural for me to deepen my hired to work from home with a Georgia-
knowledge of the workings of the financial based financial planner, Minerva Planning
market. This is when I began to contemplate Group, to conduct portfolio rebalancing,
pursuing the CFA qualification. fund selection, and strategic/tactical
allocation decisions. The CFA journey was a
My first job was in small start-up asset deeply rewarding experience for which I am
management company (AMC) in Bangladesh grateful; I am grateful, too, for the network
as their very first employee in the position of of professionals that I have connected with,
an Investment Analyst. My core responsibility both locally and globally.
was equity research and product design for
the newly formed AMC. The company gradually I am a very strong advocate of the CFA
grew and we launched the first private-sector Program. Working and experiencing financial
open-ended mutual fund in Bangladesh in markets from the perspective of a developing
2010. Once I passed my CFA Program exams country such as Bangladesh reminds me
in successive sittings and earned the CFA that there is much room for improvement in
charter, I was promoted to Fund Manager for this profession and industry. I feel there is
assets under management of US$10 million. an immense need for young professionals
Afterward, I moved to Prime Bank Investment to groom themselves, to gain a deep
Limited to be its Head of Research; I managed understanding of financial markets through
its proprietary portfolio and provided research structured training, and to emphasize ethical
support for clients. judgment in order to make more informed
decisions. Pursuing and completing the CFA
With almost a decade of experience in Program entails all of the above—and more.
the Bangladesh market, I am currently the
Head of Portfolio Management at BRAC Recognised globally, the CFA charter
EPL Investments. I use a combination of opens up a wealth of new opportunities
technical and fundamental analyses along in the financial world. The program equips
with macroeconomic variables to form the you with book-based knowledge but also
capital market view. I actively manage funds includes real-world application that can help
using a bottom-up approach to buy promising you navigate the investment landscape.
companies with sound business fundamentals Challenge yourself through hard work,
at a discount to their intrinsic value. Portfolio dedication, and persistence. Go earn that
allocation and diversification is done via much-coveted CFA charter!

“I feel there is an immense need for young professionals to

groom themselves, to gain a deep understanding of financial
markets through structured training, and to emphasize ethical
judgment in order to make more informed decisions. Pursuing and
completing the CFA Program entails all of the above—and more.”

CFA Society Bangladesh Career Guide 21

 COMMERCIAL BANKING
Commercial banking involves financial intermediation (accepting deposits,
offering checking services; issuing business, personal and mortgage loans
of different types), treasury operations (foreign exchange and liquidity
management), risk management and other support functions.

Currently, 57 banks are in operation in Bangladesh—40 private commercial

banks, 9 foreign commercial banks, 6 state-owned commercial banks
and 2 specialised banks. The industry is very fragmented, with the top 5
banks having market share of 30.8% and the top 10 banks having share of
44.3%. Outstanding banking loans in the system totaled US$101 billion as of
December 2017, which accounted for around 38% of GDP.

Commercial banking has been one of the key areas of employment for CFA
charterholders in Bangladesh. A large number of CFA charterholders are
employed in foreign banks such as HSBC Bank plc and Standard Chartered
Bangladesh, as well as in locally owned private commercial banks. In terms
of job roles, CFA charterholders tend to assume roles in Treasury and Credit
Risk Analysis. Both of these functions require analytical skills and technical
knowledge, which the CFA curriculum provides. However, it is not uncommon
to find CFA charterholders in other roles such as front office relationship
management.

At present, banking products are relatively plain in nature. As the economy

grows and evolves, and banking becomes more sophisticated, the need for
professionals with a broad knowledge base will grow. We are also seeing the
adoption of technology in banking that will allow banks to gradually move
away from a conventional brick-and-mortar distribution model to digital
distribution—greatly expanding the need for professionals in this field.

22
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CFA Society Bangladesh Career Guide
 COMMERCIAL BANKING

PROFILES

Asef A. Anis, CFA Md. Shaheen Iqbal, CFA

Manager, Wholesale Credit and Head of Treasury and Financial
Market Risk, HSBC Institutions, BRAC Bank Limited

Saad Ikram Saffat, CFA

Assistant Vice President, Corporate
FX Dealer, Citibank, NA, Bangladesh

CFA Society Bangladesh Career Guide 23

 COMMERCIAL BANKING

Graduated with a Bachelor of Business Administration in

Finance from North South University

Assocate, Credit Services, HSBC Bank plc

Career Path

Officer, Credit Services, HSBC Bank plc

Credit Services Manager, HSBC Bank plc

Earned CFA charter in 2014

Manager, Wholesale Credit and Market Risk, HSBC Bank plc

24 CFA Society Bangladesh Career Guide

 COMMERCIAL BANKING

Asef A. Anis, CFA

Manager, Wholesale Credit and Market Risk, HSBC Bank plc

Since my school days, I have had a knack more clarity in my job. My next break came at
for numbers. Being a student of business, the beginning of 2017, when I made a vertical
this was accentuated when I started taking move to the Wholesale Credit and Market Risk
finance courses during my undergraduate function within HSBC as Manager, the role I
studies, which led me to complete my am currently in.
bachelor degree majoring in finance and
accounting with a minor in economics. At present, my job requires me to
recommend/approve wholesale credit
After graduating from North South University and market risk–related proposals within
with my bachelor degree, I joined HSBC as an designated limits, improve the quality of
associate in the Credit Services department the bank’s credit portfolio through insightful
in 2010. It was a great opportunity for me to analysis of credit risk, and enable the
gain an understanding of the different types organisation to capitalise on potential
of products the bank offered to corporate business opportunities in a time-critical
clients, and my role also required me to sift environment. Ensuring that a thorough
through volumes of credit approvals. financial analysis has been conducted and
that safeguards have been implemented
When I initially heard about the CFA to adequately protect the bank from credit,
qualification from my first line manager, market, and default risks lie at the core of
it caught my attention. I learned more my role. The CFA qualification has given
about the CFA Program and its reputation me confidence by equipping me with the
by browsing the internet and by speaking necessary skills to perform my duties in an
to existing CFA charterholders and senior efficient manner.
professionals, both within and outside
of my organisation. I soon realised that Apart from the obvious knowledge gained, I
earning a CFA charter would not only found that obtaining the CFA charter improves
broaden my knowledge in financial analysis one’s self-confidence and the CFA Program is
but would also give me a competitive edge widely accepted as the leading qualification
in the industry by differentiating me from in finance. The recognition and respect
everyone else. I decided to enroll in the CFA earned globally cannot be overestimated,
Program immediately and earned the CFA which I realised after I was conferred the
charter in 2014. right to use the CFA designation. Having said
that, I would urge my peers and aspiring
The CFA Program curriculum was a perfect professionals to always act ethically and
complement to my previous studies, with honor to uphold the integrity of this
and because I was working within credit prestigious qualification and of the financial
operations at that time, it aided me in gaining industry as a whole.

“The recognition and respect earned globally cannot be

overestimated, which I realised after I was conferred the
right to use the CFA designation. I would urge my peers
and aspiring professionals to always act ethically and
with honor to uphold the integrity of this prestigious
qualification and of the financial industry as a whole.”

CFA Society Bangladesh Career Guide 25

 COMMERCIAL BANKING

Completed the Master of Business Administration at the

Institute of Business Administration, University of Dhaka

Executive, Technical Services and Development Cell,

BEXIMCO Textiles and Apparel Division

Officer, International Division, Dutch Bangla Bank Limited

Manager, Asset Liability Management, BRAC Bank Limited

Career Path

Head, Asset Liability Management and Banking Institutions,

BRAC Bank Limited

Head, Treasury and Financial Institutions, BRAC Bank Limited

Earned CFA charter in 2017

26 CFA Society Bangladesh Career Guide

 COMMERCIAL BANKING

Md. Shaheen Iqbal, CFA

Head of Treasury and Financial Institutions, BRAC Bank Limited

At the onset of my higher studies, I opted for materials from CFA Institute upon registration.
a degree in mechanical engineering from a The material was very well written, and that
leading engineering college. Later, aspiring was a motivating factor. It really created the
to have a firm understanding in business interest to complete the CFA Program, as I
administration alongside my engineering was eager to read the books and grasp the
background, I decided to pursue a Master ideas of accounting, finance, economics,
of Business Administration from the most and investment analysis. The CFA Program
well-reputed local university, the Institute allowed me to strengthen my knowledge
of Business Administration (IBA), University base in decision-making and has greatly
of Dhaka. Straight out of the IBA, I started helped me guide my team.
my career at a manufacturing company
where I hoped I could put my engineering After failing in my first attempt at the CFA®
and business acumen to use. But I found Level III exam, I decided not to reapply
something was amiss and not suited to immediately. Instead, I took the time to
my career objective. Following the advice read the books and thoroughly grasp the
of a few of my alumni, I joined a local bank. knowledge and ideas in them. After 5 years,
Although my career and business acumen I finally convinced myself to sit the exam for
flourished, I still felt the need to enrich my a second time. Seeing the value that various
understanding of accounting, finance, and stakeholders placed in the CFA designation
investment decision-making. and the pride of achieving this designation
played an important role in this decision.
One of my colleagues advised me to join
the CFA Program. I registered immediately I really feel proud to be a member of this
but was not able sit for an exam because of large community and am glad to have the
personal reasons. After a few years, I again opportunity to be updated on the trends and
registered for the exam. It was more helpful events of the investment community.
this time, as I received printed reading

“The CFA Program allowed me to strengthen my

knowledge base in decision-making and has greatly
helped me guide my team.”

CFA Society Bangladesh Career Guide 27

 COMMERCIAL BANKING

Graduated with a Bachelor of Business Administration

degree from the Institute of Business Administration,
University of Dhaka

Management Associate, Citibank, NA, Bangladesh

Career Path

Corporate FX Dealer (Global Markets team), Citibank,

NA, Bangladesh

Earned CFA charter in 2016

Promoted to Assistant Vice President in 2018

28 CFA Society Bangladesh Career Guide

 COMMERCIAL BANKING

Saad Ikram Saffat, CFA

Assistant Vice President, Corporate FX Dealer,
Citibank, NA, Bangladesh

From the very onset of my undergraduate The CFA Program has been immensely helpful
days, I had my eyes set on the finance in my professional development. It has
industry. After graduating as salutatorian honed my technical knowledge of derivative
in the Bachelor of Business Administration instruments, with which I have been able to
program from the Institute of Business structure hedging solutions for some of the
Administration, University of Dhaka, I joined country’s largest infrastructure and merger
Citibank, NA, Bangladesh, in 2012 in its flagship deals; this has helped me excel in my current
Management Associate program. I rotated role as a corporate FX dealer. Earning the CFA
through roles in multiple business functions charter has also helped me build credibility
in Citibank, with exposure to global markets, within my organisation. Being a passionate
relationship coverage, finance, trade solutions, follower of global finance and economic
and legal and compliance. In 2014, I joined development trends, I have been able to
the Global Markets team as a Corporate FX build a reputation as the “go-to guy” in my
Dealer, where my primary role is to originate organisation whenever anyone needs an
and execute sales of foreign exchange (FX) update on macroeconomic developments.
and derivatives solutions for a portfolio of
global and local corporates as well as foreign In my job, I need to collaborate extensively
portfolio investors. across regions to implement business ideas
and pitch proposals to clients. I have had the
As I have always aspired to be a finance opportunity to work for a month in the Mumbai
professional, I felt the CFA Program would dealing room, and I was also part of the
provide me with the required skill set Asia-Pacific Management Associate Cross-
to perform in this industry. In August Franchise training program in Malaysia. Having
2013, I started my journey to become a conversations with clients and colleagues
CFA charterholder by registering for the from across the globe, I feel that the CFA
CFA® Level I exam. Despite learning about qualification has placed me on an equal
how difficult it can be to manage the footing with global financial professionals in
CFA Program curriculum while holding a terms of product knowledge, which has been
demanding full-time job, I decided to take up instrumental in building my self-confidence.
the challenge. My secret to cracking the CFA
exams was pure hard work and discipline. I can proudly say that pursuing the CFA
For all 3 levels, I started my preparations charter has broadened my horizons and
early, and set daily, weekly, and monthly thought process. It has also been a true
goals, which allowed me sufficient time for eye-opener for me in terms of work ethic
multiple revisions as well as practice exams. and professionalism. I would absolutely
I earned the CFA charter in 2016—this is recommend the CFA Program to aspiring
one of the highlights of my career and I am investment and finance professionals, as I
particularly proud of having cleared all 3 believe the CFA Program opens the door to a
levels on my first attempt. world of opportunities.

“Having conversations with clients and colleagues from

across the globe, I feel that the CFA qualification has
placed me on an equal footing with global financial
professionals in terms of product knowledge, which has
been instrumental in building my self-confidence.”

CFA Society Bangladesh Career Guide 29

 INVESTMENT BANKING
Investing banking as currently practiced in Bangladesh comprises equity
capital market, debt capital market and corporate advisory functions.

Equity capital market function concentrates on (1) raising capital from the
public market—in the form of an initial public offering (IPO) or repeat public
offering (RPO)—or from private participants (seed, venture capital, or private
equity funding can be raised from institutional investors; also, a company
can raise funding prior to an IPO from high-net-worth individuals or from
institutions); (2) underwriting the risk of undersubscription of an IPO; and
(3) principal investment in the equity market, where investment banks
(popularly called merchant banks) invest from their own book. The latter is
the key function of most of the investment banks in Bangladesh.

Debt capital market operation involves raising debt from public markets
(listed bonds) or from private market participants (such as banks, nonbank
financial institutions, and insurance companies) through private debt
instruments (such as syndicated loans, bonds, commercial notes, or
commercial papers) and structured products such as preference shares.
Typically, a structured finance team within a commercial banking outfit
undertakes debt capital market–related activities.

Corporate advisory services involve performing equity valuations and/or

conducting feasibility studies, offering various consulting services (balance
sheet restructuring, corporate restructuring), or facilitating mergers and
acquisitions—which has seen an uptick in activity in recent times.

In Bangladesh, a number of CFA charterholders hold leadership positions

in various investment banks, including the Managing Directorship in the
leading investment bank. In addition, numerous CFA Society Bangladesh
members and CFA Program candidates are working in this industry. Given the
strong economic growth and rapid expansion of capital market activities in
Bangladesh, investment banking jobs are expected to post strong growth.
A prospective candidate requires solid financial knowledge and a detailed

4
understanding of the products, along with a host of other skills such as
financial modeling, negotiation, and interpersonal communication. Earning
the CFA charter can increase one’s prospects as an entrant in the industry or
enhance career prospects of an industry incumbent.

30 CFA Society Bangladesh Career Guide

 INVESTMENT BANKING

PROFILES

Aniruddha Roy, CFA Md. Rashiduzzaman, CFA

Assistant Vice President, Manager, Investment Banking,
NDB Capital Limited IDLC Investments Limited

CFA Society Bangladesh Career Guide 31

 INVESTMENT BANKING

Graduated with a Bachelor of Laws from the University of London

Completed a Master of Laws in Corporate Finance Law at the

University of Westminster
Career Path

Investment Analyst, Prime Finance Asset Management Co. Limited

Associate, Private Equity, Brummer & Partners AB

Assistant Vice President, NDB Capital Limited

Earned CFA charter in 2017

32 CFA Society Bangladesh Career Guide

 INVESTMENT BANKING

Aniruddha Roy, CFA

Assistant Vice President, NDB Capital Limited

Finance really attracted me because of its The CFA Program offers a comprehensive
overarching influence on all worldly affairs. package of learning outcomes that could
Whether it is making personal investment be coalesced for a much better decision-
decisions or the broader aspects of making endeavor. The standardized body of
institutional asset management or knowledge being tested across the globe as
corporate finance, knowledge of finance is well as the distance learning facilities were
paramount. The quantifiable properties and also factors that played into my decision to
notions of finance help decision-making embark on the program.
across almost every aspect of life. Finance
lubricates businesses and projects, Pursuing the grueling CFA Program afforded
devises incentive mechanisms, and me a comprehensive understanding of the
explains behaviors as well as supplies the different aspects of finance, including the
rationale behind laws and regulations. It is often gray areas of ethical importance. It
dynamic and adaptive, and largely makes was also quite a symbiotic phenomenon—
sense of the world and its affairs. the learning outcomes of the CFA Program
were often transferable to workplace
Originally coming from a law background, I problem-solving exercises, while at the
sought to have a solid foundation in finance. same time the workplace experiences
My Master of Laws in Corporate Finance Law illuminated the quintessential learning
gave me some exposure to financial issues. outcomes of the CFA Program. In this
But at some point I felt that the standalone way, overall learning became ingrained
knowledge of the laws of corporate and the work experience turned robust.
finance was somewhat precarious. It was The designation has also added to my
challenging for me to appreciate the finer confidence when dealing with people
details of business decision-making, and I and issues. It also evokes confidence of
often found it impossible to relate decisions employers and clients in my capabilities to
and implications with the relevant laws. offer appropriate solutions.

“It was quite a symbiotic phenomenon—the learning

outcomes of the CFA Program were often transferable
to workplace problem-solving exercises, while at the
same time the workplace experiences illuminated the
quintessential learning outcomes of the CFA Program. In
this way, overall learning became ingrained and the work
experience turned robust.”

CFA Society Bangladesh Career Guide 33

 INVESTMENT BANKING

Graduated with a major in finance from the

University of Dhaka
Career Path

Probationary Officer, Investment Banking department,

IDLC Investments Limited

Earned CFA charter in 2015

Manager, Investment Banking department,

IDLC Investments Limited

34 CFA Society Bangladesh Career Guide

 INVESTMENT BANKING

Md. Rashiduzzaman, CFA

Manager, Investment Banking, IDLC Investments Limited

I completed my undergraduate degree in CFA charter, which I finally earned in 2015.

finance at the University of Dhaka. During my Thereafter, I enrolled in the Executive MBA
university life, I had developed an interest in program and completed the program,
the capital market, which was experiencing a majoring in finance. But the CFA Program
bull run at the time. Sensing that competition was the one that provided the greatest
would be intense for capital-market jobs, mileage in my career. The CFA Program
I wanted to differentiate myself and came curriculum is quite comprehensive and aids
to conclude that being a CFA charterholder candidates to gain a mastery of different
would make my resume stand out. Prior to areas of finance. The program helps
my enrollment in the CFA Program, I received analysts to have a better understanding
a job offer as a Probationary Officer at the of the concepts that they will require
Investment Banking department of IDLC for superior on-the-job performance.
Investments Limited. Eventually, the stock The importance that the CFA Program
market rally came to an end and we saw curriculum puts on ethics is very relevant
the bubble burst. While going through that given the current world context.
turbulent time, I truly started to appreciate
the value of quality financial education for The CFA Program is not just a professional
finance professionals. degree. It has helped me to maintain a
network of like-minded professionals. As
At present, my job involves conducting due more and more people are pursuing the
diligence, capital structuring, and valuation CFA charter in Bangladesh, the value of
for current and prospective deals. The body the network is increasing significantly.
of knowledge that I have gained through Therefore, I highly recommend the CFA
the CFA Program has equipped me enough Program to all young finance professionals.
to be confident in my work, be it reviewing The journey is definitely a tough one, given
the financials of the companies, asking the that most candidates will have a regular
right questions, or helping the companies job alongside. However, I would relate to my
with advisory services. During my tenure personal experience and request they give
at the company, our team has helped 22 it a try. I still remember the proud moment
companies to raise more than US$360 when I received an email from CFA Institute
million of equity capital. notifying me that I had passed the exam.
The knowledge that I have gained through
I am very passionate about finance; I the program truly makes a difference, and it
completed the Financial Risk Management significantly increased the credential of my
program in 2014 while I was awaiting my work to colleagues and clients.

“The CFA Program is not just a professional degree. It

has helped me to maintain a network of like-minded
professionals. As more and more people are pursuing the
CFA charter in Bangladesh, the value of the network is
increasing significantly.”

CFA Society Bangladesh Career Guide 35

 REGULATORY AUTHORITIES
Financial market regulators play a critical role in an economy, providing
stability to the market and ensuring stakeholders’ confidence in the safety
and soundness of the financial system. Regulators ensure capital adequacy,
transparency, and accountability of market players, with a view to protecting
the interests of depositors and investors. Regulatory authorities in Bangladesh
are government agencies that are accountable for exerting authority over the
financial system and the players of the system in supervisory capacities. They
also play pivotal roles in the development of the markets. Bangladesh Bank,
the central bank of the country, regulates the banking system and acts as
the country’s monetary authority. The Bangladesh Securities and Exchange
Commission oversees the capital market, and the Insurance Development and
Regulatory Authority monitors insurance companies.

Regulatory authorities hire professionals who have thorough knowledge

about the relevant markets. They formulate policies and rules that facilitate
investments, protect investors’ rights, and help the economy grow. The role
of a regulator demands broad knowledge about the economy and different
financial products. Regulators need to understand the economic drivers that
affect the financial markets.

The regulatory authorities in Bangladesh have started recognizing the CFA

designation as the gold standard of finance and investment education. Some
CFA charterholders currently hold important positions in Bangladesh Bank.
Many employees of Bangladesh Bank and the Bangladesh Securities and
Exchange Commission are preparing to take the CFA Program exam.

To work for a regulatory authority, one needs to have a thorough understanding

of economics, finance, statistical tools, and other areas covered in the CFA
Program curriculum. Integrity and ethics are vital for any role in a regulatory
body. Communication and interpersonal skills are also important, as regulators
need to interact with stakeholders of the financial service industry.

36
5
CFA Society Bangladesh Career Guide
 REGULATORY AUTHORITIES

PROFILES

Muhammad
Moniruzzaman Miah, CFA
Assistant General Manager and
In-Charge, Market Development
and Strategic Initiatives, Shah Naoaj, CFA
Dhaka Stock Exchange Deputy Director, Bangladesh Bank

CFA Society Bangladesh Career Guide 37

 REGULATORY AUTHORITIES

Graduated with a degree in accounting and information

systems from the University of Dhaka

Executive, Listing Affairs, Dhaka Stock Exchange

Senior Executive, Product and Market Development,

Dhaka Stock Exchange
Career Path

Earned CFA charter in 2015

Assistant General Manager, Product and Market

Development, Dhaka Stock Exchange

In-Charge, Market Development and

Strategic Initiatives, Dhaka Stock Exchange

38 CFA Society Bangladesh Career Guide

 REGULATORY AUTHORITIES

Muhammad
Moniruzzaman Miah, CFA
Assistant General Manager and In-Charge, Market Development and
Strategic Initiatives, Dhaka Stock Exchange

I became passionate about a career in spearhead the DSE’s strategic initiatives. In

the investment industry while I was an my present role, I—more than ever—realize
undergraduate student in accounting and and appreciate the benefits of the skills and
information systems at the University of Dhaka. knowledge acquired in my CFA education.
Fortunately, I had the opportunity to start my
career at the Dhaka Stock Exchange (DSE), the While pursuing my CFA qualification, I was able
premier bourse in Bangladesh, back in 2010. to develop a comprehensive understanding
For starters, my key role at Listing Affairs of of the technical aspects of the investment
the DSE was to analyse financial statements industry. The CFA Program provided me with a
and to verify regulatory compliance of the IPO global-standard education in investment, and
applicant companies. Through this, I learned imbued in me the confidence to engage in my
about and gained insight on regulatory role and to interact with peer groups from any
frameworks, asset classes in our market, part of the world.
financial statement analysis and so forth. Due
to the nature of my work, I became accustomed Although CFA Society Bangladesh is one of
to interacting with market intermediaries, such the youngest CFA® Societies in the world, its
as issue managers, asset managers, as well commitment to deliver continuous education
as market regulators, listed companies, and to society members is remarkable. It provides
companies aspiring to initiate IPOs. a good platform for networking with local
investment professionals.
While working at the DSE, I realized that the CFA
designation was the most suitable qualification With the steady growth of Bangladesh’s
to boost my career prospects in the investment economy, our investment industry has the
profession. Accordingly, I enrolled in the CFA potential for rapid expansion over the next
Program and was awarded the CFA charter few years. Therefore, the industry will certainly
in 2015. Thanks to the encouragement of my require an increasing number of qualified
colleagues and support from my employer— investment professionals, particularly in
both financial and moral—I have been able to the field of finance and investment. Today,
build a solid foundation through the completion the securities regulator also stipulates
of successive levels of the CFA Program. Both I qualifications (such as being a CFA
and my employer have found this an extremely charterholder) as prerequisites for engaging
rewarding pursuit. in investment research and advisory services.
Thus, I encourage young graduates and
After being awarded the CFA charter and professionals from diverse disciplines (ranging
serving 4 years at Listing Affairs, I was then from business studies and social sciences to
assigned a more challenging role in Product engineering) to pursue the CFA charter to build
and Market Development, along with the a solid foundation for their career paths in the
responsibility of leading a team tasked to investment industry.

“While pursuing the CFA qualification, I was able to develop

a comprehensive understanding of the technical aspects
of the investment industry. The CFA Program provided
me with a global-standard education in investment, and
imbued in me the confidence to engage in my role and to
interact with peer groups from any part of the world.”

CFA Society Bangladesh Career Guide 39

 REGULATORY AUTHORITIES

Graduated with a Master of Business Administration in

finance from University of Dhaka

Management Trainee Officer, National Commerce and

Credit (NCC) Bank Limited

Senior Officer, NCC Bank Limited

Assistant Director, Basel Framework Implementation,

Bangladesh Bank
Career Path

Deputy Director, Basel Framework Implementation,

Bangladesh Bank

Earned CFA charter in 2017

Deputy Director, Product and Infrastructure

Development, Bangladesh Bank

40 CFA Society Bangladesh Career Guide

 REGULATORY AUTHORITIES

Shah Naoaj, CFA

Deputy Director, Bangladesh Bank

Working as a Deputy Director at Bangladesh the task. In my view, an understanding

Bank, I have been serving the central bank of global financial issues, updated tools
of the country in different capacities since and techniques for investment banking
2014. After entering the financial sector and risk management, and a passion and
policy arena, I have been actively involved in commitment toward work are pivotal to
core policymaking initiatives for the banking become successful in a risk management
sector. Currently, my work revolves around career. As a regulator, the most important
the implementation of Basel III and the skill in this regard is to successfully
development of financial infrastructure, as well anticipate the movement of economic
as ensuring financial stability in Bangladesh. indicators and its relationship with local and
global factors, and then provide policy tools
I originally started my career in the and techniques. Moreover, to discharge the
investment banking industry working as responsibility as a regulator, it is imperative
a discretionary portfolio manager. In 2013, to be independent and judicious; the
I moved to a commercial bank, taking on learning on ethics at all 3 levels of the CFA
different assignments, including lending Program helped me in that regard.
activities, Basel reporting, and credit risk
management, at different capacities. I earned Being a regulator, I have been involved
a Master of Business Administration in with some key policies and initiatives
finance from the University of Dhaka in 2013. for the banking sector such as the Basel
capital adequacy framework, credit risk
Following the US subprime mortgage crisis management policy, credit risk assessment
and subsequent global financial crisis modeling, commercial paper policy, and risk-
in 2007–2010, I found an opportunity to based supervision mechanisms, where the
build a career in risk management. After CFA designation helped me to understand
joining Bangladesh Bank as a regulator the concepts, tools, and techniques on
of the banking sector, I found there was these issues more robustly and build
a lot of scope to work in this area. The intuition based on global best practices.
CFA designation helped me to prepare for

“In my view, an understanding of global financial issues,

updated tools and techniques for risk management, and
a passion and commitment toward work are pivotal to
become successful in a risk management career.”

CFA Society Bangladesh Career Guide 41

 ACADEMIA
Universities act as a bridge between the young generation and the
professional world. After completing many years of schooling, students enter
universities and study the field in which they plan to pursue a career. The
faculties or mentors they engage with play a pivotal role in grooming their
talent. The presence of CFA charterholders among the assigned faculties is a
boon in that regard.

CFA charterholders are individuals imbued with strong fundamental

knowledge in the realms of finance, accounting, economics, and so forth,
both in terms of depth and breadth. Their knowledge base makes them best
equipped to deal with all sorts of student queries, ranging from basic theory
to practical application. The CFA designation also adds a layer of credibility
and serves to foster confidence among the students. Given the emphasis
on ethics in the CFA curriculum, these mentors can impart the importance of
ethical behavior to their students, ensuring proper conduct in the students’
future professional endeavors. They can also play a vital role in improving the
university curriculum, which will give students aspiring to pursue the CFA
charter a head start. The modest number of CFA charterholders in Bangladesh
means that it is a pretty tight-knit community. This translates to a networking
advantage for students, because their faculties can act as intermediaries to
active professionals in the field of finance. Students interested in financial
job positions can reach out to relevant professionals via their faculties and
identify what steps they should take to secure their desired job.

In Bangladesh, a number of CFA charterholders are now teaching at top

educational institutes. Some of them have played very prominent roles in
educating the young generation in the theoretical and practical application
of finance. They have also promoted the CFA exam among university
students. Thanks to these dedicated professionals, we now have 3
universities in Bangladesh that are affiliated with CFA Institute.

42
6
CFA Society Bangladesh Career Guide
 ACADEMIA

PROFILES

Farhana Zahir, CFA Maria H. Sochi, CFA

Senior Lecturer, Assistant Professor, Department of
North South University Finance, University of Dhaka

Md. Sajib Hossain, CFA

Assistant Professor, Department of
Finance, University of Dhaka

CFA Society Bangladesh Career Guide 43

 Bachelor of Business Administration with a major in finance
and minor in economics from the Institute of Business
Administration, University of Dhaka

Finance Officer, Standard Chartered Bangladesh

Master of Business Administration, Boston University

ACADEMIA

Senior Analyst, Terra Partners Group, Bangladesh

Chief Analyst, Terra Partners Group, South Asia

Career Path

Chief Investment Analyst, South Asia and Middle East,

Terra Partners Asset Management Limited

Senior Lecturer, North South University

Earned CFA charter in 2014

44 CFA Society Bangladesh Career Guide

 ACADEMIA

Farhana Zahir, CFA

Senior Lecturer, North South University

Sometime back in 1996, I was preparing for pursued it. Bangladesh only has an active
my O-level exams. My paternal uncle, who equity market. I wanted to know more about
used to live with us at that time, came home the plethora of instruments that were being
with tears in his eyes. “I have lost all I have traded on the major financial hubs. And I will
today,” he said to me. I later learned that admit, the CFA Program curriculum is the
he had been heavily invested in the stock most comprehensive that you can find in
market. I asked, “What made you sell your the market. The curriculum encourages you
land and invest in a piece of paper?” He said, to question, to learn the whys and hows of
“My friend promised me this would triple in existing theories, and to relate these to the
a month, and the last time I listened to him, actual mechanisms of the market.
it worked!” I got curious. I just had to learn
more about this “moneymaking opportunity.” I remember one time when I had a meeting
And this is how I became interested in the with a broker from another South Asian
investment management industry. market. He was not paying much attention
to what I was trying to say. My colleague
I did my undergraduate studies at the mentioned that I had passed the CFA Level II
Institute of Business Administration, Dhaka exams. After that, he was all ears. This speaks
University, and worked as a Financial to how valuable the CFA charter is perceived
Analyst for 2.5 years at Standard Chartered to be throughout the investment community.
Bangladesh. Then I completed my Master
of Business Administration from Boston I changed my career path after 8 years of
University, with a concentration in finance, in working in the investment management
2007. I returned to Dhaka and was offered a industry. I am currently working as a
place at my previous organization, but I met lecturer at a local private university, where
a group of people who were looking to open I have designed courses that follow the
an office in Dhaka. They were already running CFA Program curriculum. In class, I always
a fund that was partly invested in the Dhaka mention how important it is for our industry
Stock Exchange and were planning to open to move toward more ethical dimensions
the first Bangladesh-dedicated foreign fund. when it comes to investing. I hope to groom
Despite all the uncertainties, I just had to enough newcomers to this industry so that
pursue the more interesting job. the market becomes more mature and long-
term–oriented in the future.
I had heard about the CFA Program before,
and but it wasn’t until I was already in the
investment management industry that I

“The CFA Program curriculum is the most comprehensive

that you can find in the market. The curriculum
encourages you to question, to learn the whys and hows
of existing theories, and to relate these to the actual
mechanisms of the market.”

CFA Society Bangladesh Career Guide 45

 Graduated from the Department of Finance,
University of Dhaka

Intern, Treasury, Citibank NA, Bangladesh

Research Associate, Associates for Development

ACADEMIA

Services Limited

Lecturer, Department of Finance, University of Dhaka

Career Path

Completed Master of Finance at Auburn University

Assistant Professor, Department of Finance,

University of Dhaka

Earned CFA charter in 2017

46 CFA Society Bangladesh Career Guide

 ACADEMIA

Maria H. Sochi, CFA

Assistant Professor, Department of Finance, University of Dhaka

As I concluded my remarks as a speaker at a the knowledge of investment management

CFA Program exam preparation workshop in and the importance of professional
Dhaka, I explained that I lived and breathed standards I have gathered from pursuing
with the discipline behind the 3 letters the CFA charter to the pools of fresh minds
when I was studying for the exam. The “CFA every semester. As an academician, my roles
journey” is not just a big leap in your career include teaching undergraduate students
but is also a new personality that you earn. courses such as Financial Instiutions and
My affinity for finance and investment Markets and Investment Banking and Lease
pushed me towards the qualification, which Financing with special attention from the
would not only add rigor and depth to my CFA Program Candidate Body Of Knowledge,
knowledge of the discipline but also grant and supervising the students in preparing
me the credibility of global standard. With research reports on the financial industry.
hard work and commitment, I successfully In 2017, I acted as a Principal Contact to
passed the CFA Program Level I, II, and III CFA Institute on behalf of the Department
exams in 3 consecutive years, and received of Finance in receiving approval for the
my charter in 2017. academic unit to participate in the CFA
Institute university-affiliation program—the
My first exposure to the practical world of very first such program in Bangladesh.
finance started with an internship in the
Treasury division of Citibank, NA, Bangladesh, Just like the finance industry in general, the
where the tools of foreign exchange and value that US business schools put on the
money-market trading from the CFA Program skills and capacities of a CFA charterholder
curriculum added greater expertise in is overwhelming. It has helped me to earn a
completing my daily assignments. Before full scholarship for my graduate studies in
embarking on a career in academia, I worked finance along with several lucrative career
as a Research Associate in 2 consultancy opportunities in the United States.
firms, and contributed to a research
proposal on green financing with one of My future plans involve working closely with
them. I have also worked as an independent CFA Society Bangladesh to build a stronger
researcher in a local equity brokerage house bridge between academic finance and the
to gather experience in capital market financial industry with the establishment
research, and later published a survey study of a research cell in the University of Dhaka
with them on financial literacy of capital to regularly conduct industry-fed research
market stakeholders. on local and global financial markets.
Additionally, I plan to develop material for
After becoming a Lecturer in the Department future CFA Program candidates with a special
of Finance, University of Dhaka, and later intention to draw more women into finance
being promoted to Assistant Professor, I have and also to pursue the CFA charter.
used the platform to its best to disseminate

“My affinity for finance and investment pushed me towards

the [CFA Program] qualification, which would not only add
rigor and depth to my knowledge of the discipline but also
grant me the credibility of global standard.”

CFA Society Bangladesh Career Guide 47

 Graduated with a Master of Business Administration in
finance from the University of Dhaka

Management Trainee Officer, Eastern Bank Limited

Lecturer, Department of Finance, University of Dhaka

ACADEMIA

Trainer on capital market products and valuation, Dhaka

Stock Exchange
Career Path

Completed Master of Science in Finance at

Syracuse University

Assistant Professor in Finance, University of Dhaka

Earned CFA charter in 2017

48 CFA Society Bangladesh Career Guide

 ACADEMIA

Md. Sajib Hossain, CFA

Assistant Professor, Department of Finance, University of Dhaka

The first time I heard about the CFA Program I found the CFA Program curriculum was
was during my final year of undergraduate tremendously helpful.
studies at the University of Dhaka back in
2009. At that time, there were fewer than In 2016, I went to the United States for my
20 charterholders in the whole country, but Master of Science in Finance at Syracuse
luckily one of our faculty members was a University as a Fulbright Scholar. In different
CFA charterholder. At first from that faculty academic and professional networking
member, and then from university seniors, settings, I felt the universal acceptance and
I learned about the breadth and depth of respect for CFA charterholders whenever it
knowledge that the CFA Program curriculum came to anything regarding the investment
provides. I was really inspired. While pursuing industry. Although I simultaneously pursued the
my Master of Business Administration in Association of Chartered Certified Accountants
2011, I registered for the CFA Program Level I and Financial Risk Management certifications,
exam and subsequently passed all levels and the CFA Program is distinctive because of its
became a CFA charterholder in 2015. unique breadth and depth of knowledge, as
well as its strong emphasis on professional
I started my professional career as a and ethical conduct. I have now rejoined the
management trainee officer with Eastern University of Dhaka as Assistant Professor of
Bank Limited. During my 9-month stay at Finance. Other than teaching and research, I am
that bank, I underwent rigorous training frequently contacted by different government
programs and job rotations throughout and private institutions as a trainer/consultant
different departments of the bank. I observed on financial and investment topics. I also have a
that many promising bankers (especially in handful of publications in different national and
treasury and foreign exchange, corporate, international peer-reviewed journals. In all of my
and capital market divisions) were also roles, my understanding of finance from the CFA
candidates at different levels of the CFA Program has been immensely helpful.
Program. Some of them explained that
despite the work pressure, it was still worth In summary, the CFA Program has been
pursuing the CFA charter. These inspirational essential in my career development to date.
stories kept me me going when it came to In a world where there are countless financial
the strenuous effort needed to digest the qualifications to choose from, the CFA
vast syllabi of the CFA Program curriculum, designation does stand out. It differentiates
which ranged from exotic derivatives to oneself with deep knowledge, professional
professional code of conduct and ethics. integrity, and access to a global network
of investment professionals. Although one
Driven by my academically inquisitive mind, should not consider the CFA designation as
after a short stint in corporate life, I joined a guarantee of success in the investment
the University of Dhaka as faculty for the industry, I firmly believe that the value it
Department of Finance. When I started provides certainly renders it one of the best
teaching finance and investment courses, investments that someone can make.

“In different academic and professional networking

settings, I felt the universal acceptance and respect
for CFA charterholders whenever it came to anything
regarding the investment industry.”

CFA Society Bangladesh Career Guide 49

 OTHER INDUSTRIES
Although a large percentage of CFA charterholders work as portfolio
managers or investment analysts, CFA charterholders are not limited to
just these 2 roles. The broad knowledge gained from the curriculum can be
applied in many different roles.

Take the case of an information technology entrepreneur dealing with clients

who are asset managers. Knowledge of finance is critical to be able to design
software that would make the role of the asset manager much easier. It also
provides much credibility to the entrepreneur’s firm.

Another example is that of a finance manager working for an insurance

company. Insurance companies collect premiums from policyholders and
have to invest that sum, taking into consideration risk, return, liquidity,
and so forth. CFA charterholders can help with the allocation of this sum
into various asset classes.

CFA charterholders can also work as planning or business analysts. The CFA
Program curriculum reviews economic, industry, and company analyses in
detail. It also teaches capital budgeting, which allows companies to make
investment decisions.

50
7
CFA Society Bangladesh Career Guide
 OTHER INDUSTRIES

PROFILES

Joel Iwashige, CFA

Director, Business Development, Md. Imran Shikdar, CFA
CodeCrafters International Ltd. Manager, Finance, MetLife Bangladesh

Ruhina Rahman, CFA

Senior Planning and Decision Sumaiya Jannat, CFA
Analyst, Chevron Bangladesh Associate, Royal Bank of Canada

CFA Society Bangladesh Career Guide 51

 OTHER INDUSTRIES

Graduated with a degree in Business Administration from

Sterling College

Senior Developer on portfolio management software,

Software Builders Inc.
Career Path

Earned CFA charter in 2010

Head of Financial Software Services,

CodeCrafters International Ltd.

Director, Business Development,

CodeCrafters International Ltd.

52 CFA Society Bangladesh Career Guide

 OTHER INDUSTRIES

Joel Iwashige, CFA

Director, Business Development, CodeCrafters International Ltd.

Before I was a teenager, I planned to be philosophy, convinced me that being rich

independently wealthy by 35. Over the by 35 was really a pitiable goal in itself—a
next years, I read everything I could about perspective echoed by Charlie Munger, Warren
investing: books about the great investors, Buffett’s billionaire partner. Later, as I studied
and the writings of the investors themselves. the CFA Program curriculum, I realised that
capital can be used for society’s benefit, but
When I started my career, it wasn’t with a that for that to happen, people in finance need
finance firm, but with a software company: a strong base of knowledge and strong ethical
one that sells tools for financial analysis and and moral foundations. The curriculum did an
portfolio management in the US market. I excellent job of going “wide” to cover many
invested for my own account, while pursuing areas of finance, and deep in the ways that
both the software profession and my bachelor matter to finance. (I still remember shaking my
degree in business. Over time, I dreamed of head when I encountered “heteroskedasticity”
entering the finance profession, perhaps in the curriculum!)
managing money for others. I seemed on track
for my goals...but life had other ideas. I’m still building tools for analysts and
portfolio managers. The CFA Program has
Some years into my software career, I given me a depth and breadth of background
learned that my employer would reimburse knowledge that helps me serve our clients
the costs of enrolling in the CFA Program. well, and the charter lets clients, colleagues,
When I realised that CFA Institute started and other professionals know that I have
with Ben Graham—and that a number of the both gone through the program and am
senior people in my company, including the committed to the professional standards set
founder, held the CFA charter—I decided by CFA Institute. Involvement with local CFA
to pursue the program. Besides, though I Societies has led to new knowledge, new
had a lot of experience building the tools of friendships, and new networks. Overall, the
portfolio management (even building large CFA Program and designation have enriched
parts of performance-reporting and trade- my knowledge base, helped me see ways
allocation systems), I wanted to learn more in which finance (and I personally) can
of what lay underneath. contribute to society, and given me both the
prestige of the designation and the benefits
Meanwhile, as I pursued my degree, my of relationships with other skilled and good-
priorities shifted. One class, on religion and willed finance professionals.

“Overall, the CFA Program and designation have enriched

my knowledge base, helped me see ways in which
finance (and I personally) can contribute to society, and
given me both the prestige of the designation and the
benefits of relationships with other skilled and good-
willed finance professionals.”

CFA Society Bangladesh Career Guide 53

 OTHER INDUSTRIES

Graduated with a Bachelor of Business Administration from

the Institute of Business Administration, University of Dhaka

Management Trainee, then Associate Manager, Treasury

at Eastern Bank Limited
Career Path

Assistant Manager, Finance at Friendship NGO

Assistant Manager, Finance at MetLife Bangladesh

Earned CFA charter in 2017

Manager, Finance at MetLife Bangladesh

54 CFA Society Bangladesh Career Guide

 OTHER INDUSTRIES

Md. Imran Shikdar, CFA

Manager, Finance, MetLife Bangladesh

In my childhood, whenever I was asked I spent days and nights preparing for the
about my future ambition, I always said Level I exam—and it required much more
that one day I would be an engineer. I don’t than just skimming through the material.
know why, but I always loved mathematics I had to read everything over and over to
in school. I even had a small laboratory, and understand, process, and internalize the
sometimes I read books that discussed material. And this was when I started to
electronics. Furthermore, I liked to solve build confidence. I sat for the Level I exam
mathematical riddles from an early age. and passed it. From then, I never looked
back. I was able to pass all 3 exams in my
But I could not become an engineer. In first attempts.
my country, one’s choice of education is
often dictated by one’s parents; I had to The CFA Program helped me to make a distinct
take business studies as my concentration career choice. As a fresh graduate, I could have
from high school. And gradually, what taken a job in a nontechnical, noninvestment
followed was an increased detachment from sector—but I patiently waited for the right
mathematics and other quantitative subjects. opportunity. Today, I do not regret waiting for
an investment job of my choice. From my first
Finally, I landed in an undergraduate program job in a bank’s treasury to finally working in an
at the Institute of Business Administration, insurance company’s investments department,
University of Dhaka. Most of the people in my my career has developed quickly within a
university opt for a nontechnical career—but very short span of time. In my last 5 years of
I could not do this. I felt like something was experience, I have been a currency trader,
missing from my life. I had to take a different a foreign exchange dealer, an introducer
route, and finance as a career path was an of derivative pricing models, a microcredit
obvious choice. analyst, and finally, an investment manager.
All these achievements were made possible
My drive to embark on a quantitative career thanks to the CFA Program.
path led me to obtain the CFA charter. It
was not easy; I can still remember that My pursuit of a successful quantitative
the expense of my Level I enrollment was career does not end here. I am now studying
too high for me to manage based on my to be an actuary, and though the 2 curricula
allowance from my family, and I had to dip are very different, I can say for sure that
into some prize money I earned from different achieving the CFA charter set the wheels in
business case competitions. It was a difficult motion for me.
choice that I made back then, but I am still
glad I decided to enroll in the CFA Program. And today, I do not regret not being an engineer!

“In my last 5 years of experience, I have been a currency

trader, a foreign exchange dealer, an introducer of
derivative pricing models, a microcredit analyst, and
finally, an investment manager. All these achievements
were made possible thanks to the CFA Program.”

CFA Society Bangladesh Career Guide 55

 OTHER INDUSTRIES

Graduated with a degree in business administration from the

Institute of Business Administration, University of Dhaka

Management Trainee, Finance, Unilever Bangladesh

Category Finance Manager, Unilever Bangladesh

Treasury Analyst, British American Tobacco Bangladesh

Career Path

Completed Master of Business Administration from the

Institute of Business Administration, University of Dhaka

Earned CFA charter in 2015

Senior Planning and Decision Analyst,

Chevron Bangladesh

56 CFA Society Bangladesh Career Guide

 OTHER INDUSTRIES

Ruhina Rahman, CFA

Senior Planning and Decision Analyst, Chevron Bangladesh

I was born into a middle-class family in Dhaka, as a new entrant to the job pool to pursue
Bangladesh. Both my parents were doctors, the CFA charter. The guidance of senior
and, growing up, we gravitated to “safe” career charterholders and encouragement from my
paths: medicine and engineering. I started my family and my supervisor were crucial for my
initial studies in the sciences and completed success. This is often a common experience
high school with distinction. However, I took a for successful candidates.
leap of faith and enrolled in the top business
school in the country to enter the newly The CFA charter opened new doors for me in
emerging finance industry. terms of career progression. Given that it is
new to Bangladesh, a local member society
In my final year of undergraduate school, we was formed in 2016, and the members
arranged a job fair and met with prospective are working tirelessly to forge meaningful
employers. I again faced an important fork in relations with regulators, practitioners,
my career path—go into a traditional banking academicians, and university students.
role or move into analytical roles in companies. Groups on social media sites often provide a
In the end, I signed on with a reputed FMCG good platform to find peers, job postings, and
(fast-moving consumer goods) company as mentors to build rapport.
a management trainee. I then moved to a
treasury role and, finally, to my current role As I grow in seniority, I also realise that
as a Senior Planning and Decision Analyst in there are many ethical conundrums that
the petrochemical industry. At each step, I a finance professional faces every day.
consulted my network of alumni, teachers, However, the strong ethical background
family, friends, mentors, and colleagues for that the CFA charter provides us gives
advice. It was through this network that I guidance on how such incidents should
came across the CFA Program. At the time, be tackled. As I make the business plans
very few people in Bangladesh were familiar for new projects and prepare funding
with it. However, the content of the program proposals, the fruits of my study allow
intrigued me, and I felt that this professional me to remain an unbiased gatekeeper and
designation would enhance my analytical make the best decision for my company,
skills and introduce me to the most advanced and ultimately, the shareholders.
financial theories and tools currently in use. In
my experience, the CFA charter has delivered I still remember the nail-biting anticipation
beyond those initial expectations. going into exam centres in the first
week of June, and the ultimate sense
Although I had been warned of the level of accomplishment when the delightful
of difficulty of the curricula, I had not confirmation of my charter was shared in an
anticipated the discipline and energy required email. It was indeed a journey worth taking.

“As I grow in seniority, I also realise that there are many

ethical conundrums that a finance professional faces
every day. However, the strong ethical background that
the CFA charter provides us gives guidance on how such
incidents should be tackled.”

CFA Society Bangladesh Career Guide 57

 OTHER INDUSTRIES

Graduated with a Bachelor of Finance, University of Dhaka

Completed Master of Business Administration at the

University of Dhaka

Management Trainee, Eastern Bank Limited

Completed Master of Finance at Smith School of

Business, Queen’s University, Canada
Career Path

Counterparty Credit Risk Analyst for FX Trading,

The Western Union Company

Earned CFA charter in 2017

Associate in Group Risk Management,

Royal Bank of Canada

58 CFA Society Bangladesh Career Guide

 OTHER INDUSTRIES

Sumaiya Jannat, CFA

Associate, Group Risk Management, Royal Bank of Canada

I am currently working as an Associate in I heard about the CFA Program for the
Group Risk Management at Royal Bank of first time while I was still a second-year
Canada. I am part of the Wholesale Credit undergrad student, from my professor who
team, which provides risk assessment and held the designation. I remember reading
adjudication for complex capital markets a full-page feature on the CFA designation,
transactions. Prior to my current role, I was a from which I learned that the designation
Counterparty Credit Risk Analyst for FX trading equips charterholders with broad-based
facilities at The Western Union Company. financial knowledge and connects them with
the strongest global network for finance
After completing my undergraduate studies professionals. From that day onward, I
in finance at the University of Dhaka, I started aspired to become a CFA charterholder.
my career with HSBC Bank Bangladesh. A
few months into the role, I decided to go I passed the CFA Level I exam in 2010. Due to
back to the University of Dhaka to get my various personal and social circumstances,
Master of Business Administration (MBA) in I could not dive into CFA Level II for quite a
Finance. It was not an easy decision, but few years. Moving to Canada, I found that
it ultimately paved the way to a leadership the market there holds the CFA charter in
development role at Eastern Bank Limited extremely high regard. As expected, it also
after my MBA. The Management Trainee role opened doors to a prestigious and strong
offered me the opportunity to engage with professional network. It was the perfect time
all the major departments via rotation. This to resume my journey. A sense of gratitude
helped me identify my area of interest. I and accomplishment engulfed me when I
chose to work in the Credit Risk Management received the email confirming my CFA Level
department of the bank and worked there for III clearance. This brought closure to a 7-year
the next 5 years. At that time, I again realised journey to earn the CFA charter.
my learnings had plateaued and I really
wanted to take the next step in my career. I The path to get my CFA charter was not
enrolled into the Master of Finance program always easy. The social expectations of a
at the Smith School of Business at Queen’s Bangladeshi woman put an additional layer
University, Canada. This program perfectly of challenge on top of all the known ones.
positioned me to build a professional The ability to look beyond the barriers, never
network, resume my CFA journey—which had losing sight of the finish line, and patience
been on hold for 5 years—and kick-start a helped me to both finish my CFA journey and
career in Canada. define my career trajectory. The courage to
make paradigm-changing decisions to invest
in myself has also always paid off.

“The ability to look beyond the barriers, never losing sight

of the finish line, and patience helped me to both finish
my CFA journey and define my career trajectory. The
courage to make paradigm-changing decisions to invest
in myself has also always paid off.”

CFA Society Bangladesh Career Guide 59

 ABOUT CFA INSTITUTE
CFA Institute is the global association of investment professionals that sets
the standard for professional excellence and credentials.

The organisation is a champion for ethical behavior in investment markets

and a respected source of knowledge in the global financial community.

The end goal: to create an environment where investors’ interests come first,
markets function at their best, and economies grow. CFA Institute has more
than 155,000 members in 165 countries and territories, including 150,000 CFA®
charterholders, and nearly 150 member societies.

For more information, visit www.cfainstitute.org.

HOW CAN CFA INSTITUTE HELP YOU? 62

CFA PROGRAM 64

CFA PROGRAM SCHOLARSHIPS 66

CAREER MANAGEMENT RESOURCES 67

CFA INSTITUTE WORLDWIDE CONTACT INFORMATION 68

60 CFA Society Bangladesh Career Guide

ABOUT CFA INSTITUTE
 HOW CAN CFA INSTITUTE
HELP YOU?

PROGRAMS AND CFA® PROGRAM

Professional/graduate level
PROFESSIONAL The CFA Program bridges academic theory, current

TRAINING industry practice, and ethical and professional standards

to provide a strong foundation of advanced investment
analysis and real-world portfolio management skills.
Accelerates and cements
industry standards

CODES AND CODE OF ETHICS AND STANDARDS

OF PROFESSIONAL CONDUCT
STANDARDS The foundation of our work is the CFA Institute Code
Guides the investment industry of Ethics and Standards of Professional Conduct. We
refer to it as the Code and Standards. We expect all CFA
Institute members and candidates to sign the standards
statement and adhere to this code.

GLOBAL INVESTMENT
PERFORMANCE STANDARDS
The Global Investment Performance Standards (GIPS®)
are a set of industry-wide principles that guide
investment firms on how to calculate and report their
investment results to prospective clients. We encourage
firms to voluntarily adopt these standards.

ASSET MANAGER CODE

We offer the voluntary CFA Institute Asset Manager Code
to help asset managers practice ethical principles that
put client interests first. By helping investors identify
asset managers who have committed to high standards
of professional conduct, we are building the integrity of
the investment industry.

62 CFA Society Bangladesh Career Guide

 HOW CAN CFA INSTITUTE HELP YOU?

THOUGHT FINANCIAL ANALYSTS JOURNAL®

LEADERSHIP AND View articles from the leading practitioner journal in the
investment management community.

ADVOCACY CFA INSTITUTE RESEARCH

Provides expert opinions FOUNDATION
on key issues
Find independent, in-depth research on current issues
relevant to the investment profession.

FUTURE OF FINANCE
The Future of Finance project is a long-term global
effort to shape a trustworthy, forward-thinking financial
industry that better serves society.

PROFESSIONAL CFA SOCIETIES

MEMBERSHIP We are 155,000 investment professionals who possess

an unmatched reputation for education, transparency,

AND SOCIETIES
and integrity. Expand your network. Find fellow CFA
charterholders in your area. Connect with your local society.

Creates a dedicated community

CAREER RESOURCES
of professionals
Whether you’re starting out and looking for jobs in your
area, mid-career and looking to expand your role, or in
a senior role looking for top talent for your team, CFA
Institute provides a suite of career tools.

CONTINUING PROFESSIONAL
DEVELOPMENT
Our Continuing Education (CE) programs offer members
technical expertise and industry knowledge to stay
current to the demands of the ever-changing investment
world and serve their clients with increased competence.
Stay competitive. Explore our competency-based
learning, events, and research products.

CFA Society Bangladesh Career Guide 63

 CFA PROGRAM
Achieve the highest distinction in the The Value of the Charter
investment management profession—the
CFA® designation A powerful global
network of top industry
The Chartered Financial Analyst (CFA®) Program helps professionals
you to capitalize on your strengths, supercharging your
education and work experience into a charter that will tell A recognized commitment
the world you have the skills necessary to compete and to ethics and
excel in today’s complex and evolving investment industry. professionalism
The CFA charter is the gold standard for the investment Real-world skills for
industry. CFA charterholders enjoy a mark of distinction making complex
throughout the world. investment decisions

The CFA Program provides the strongest foundation in

advanced investment, analysis, and real-world portfolio
management skills for a career advantage that you will
use at all stages of your career. This globally recognized,
graduate-level credential is held by over 150,000
professionals across 165 countries and territories.

Top 5 Global CFA Charterholder Roles “You can hire people with an
MBA, but you don’t necessarily
know that one MBA is the same
Job Titles as another MBA, whereas if you
1) Portfolio Manager hire investment professionals
2) Research Analyst with a CFA [designation], you
3) Chief-Level Executive absolutely have confidence
4) Consultant at the level of qualification.”
5) Risk Manager Jenny Johnson
Franklin Templeton COO/President

Practice Types
1) Equities
Recognized and
2) Fixed Income
welcomed by markets
3) Private Equity and employers globally
4) Derivatives
5) Real Estate Fluency in both practical
investment analysis and
management skills
Access to career-
advancing tools and
education

64 CFA Society Bangladesh Career Guide

 CFA PROGRAM

HOW TO EARN THE CFA CHARTER

COMPLETE THE 3 LEVELS OF THE CFA PROGRAM EXAM
Focus areas vary by exam level, increasing in complexity and difficulty with a core of ethics and
professional standards across all levels.

LEVEL I LEVEL II LEVEL III

(Offered every June (Offered every June) (Offered every June)
and December)

Ethics Ethics Ethics

KEY

Ethics and Professional Investment Tools Asset Classes Portfolio Management

Standards • Quantitative Methods • Equity Investments and Wealth Planning
• Economics • Fixed Income • Portfolio Management
• Financial Reporting • Derivatives • Wealth Planning
and Analysis • Alternative Investments
• Corporate Finance

The Path to Becoming a Charterholder

Success
Requires a 4+
year commitment to
complete the full program

Pass CFA Program 4 Years Qualified Work 2–3 Letters of Reference New Charterholder

300+
hours of study
Exams Experience

per exam level Next Steps Undergraduate education: A bachelor’s (or equivalent)
degree or be in the final year of your bachelor’s degree
To enroll in the program; or
Comprehension: CFA Program and
register for your first
Work experience: 4 years of professional work
all exam questions experience (does not have to be investment related); or
are based on the CFA Level I exam,
you must have an A combination of professional work experience and
CFA Program curriculum
education that totals at least 4 years (part-time
international travel
positions do not qualify, and the 4-year total must be
passport and one accrued prior to enrollment).
Study tools provided:
of the following:
Ebook
2,700+ Practice Questions
Mock Exams
List of Approved Prep Providers For more information on the CFA Program, visit www.cfainstitute.org/programs

CFA Society Bangladesh Career Guide 65

CFA PROGRAM SCHOLARSHIPS

CFA PROGRAM SCHOLARSHIPS

We offer scholarships as part of our commitment to promoting the highest standards of ethics, education,
and professional excellence.

ACCESS SCHOLARSHIPS

The CFA Institute Access Scholarship Program is designed to make CFA Institute programs more available to
individuals who may not be able to afford the full program fees.

Award Program enrollment fee is waived and exam registration is reduced to US$ 250.

Award Cycle The scholarship application is open 1 March—15 September, to be used for exams
the following year.

AWARENESS SCHOLARSHIPS

WOMEN’S SCHOLARSHIP
This scholarship is available to women around the world who are interested in earning the CFA charter and
who do not qualify for other CFA Institute scholarships. Women working in the investment management
industry are encouraged to apply.

STUDENT SCHOLARSHIP
This scholarship is available for students who attend one of our affiliated universities.

PROFESSOR SCHOLARSHIP
This scholarship is available for full-time college or university professors of finance, economics,
or business, those professors who teach a minimum of 6 credit hours per quarter or semester, or
administrators/department heads who teach 3 hours per quarter or semester at a university on topics
found in the CFA Program Candidate Body of Knowledge.

REGULATOR SCHOLARSHIP
This scholarship is available for full-time, qualified employees of entities that supervise or regulate the
operations, standards of practice, or business conduct of the investment management industry.

MEDIA SCHOLARSHIPS
This scholarship is available for eligible, full-time employees of media organizations who communicate and
distribute financial news, data, and education around the world.

Award Program enrollment fee is waived and exam registration fee is reduced to US$ 350.

Award Cycle 1 February for the June exam and 1 September for the December exam.

Note: The Women’s Scholarship—the application submission window closes when all scholarships have been awarded.
This may occur before the stated deadline of 1 February/1 September .
For more details on any of the CFA Program Scholarships, contact our scholarships team at scholarships@cfainstitute.org.

66 CFA Society Bangladesh Career Guide

 CAREER MANAGEMENT RESOURCES

CAREER MANAGEMENT
RESOURCES
Helping you grow and nurture your investment
management career

...
CAREER CENTRE
CAREER SUCCESS:

Ghayur and Churchill

Navigating the New
Visit the Career Centre and become familiar with the tools and resources ... Work Environment
that will advance your career. You can make your curriculum vitae or Third Edition
23

resume visible to employers seeking people with your skills. You can also Khalid Ghayur, CFA, FSIP, and Dwight D. Churchill, CFA

apply directly to employers’ job postings, save job searches, and receive ...
email alerts as new opportunities appear. And, a collection of career
management resources will keep you current with emerging trends.

CAREER SUCCESS: Navigating the New Work Environment

CAREER TOOLS
Career Tools is an online portal to a world of tools and resources
designed to help you strategically manage your career, including Resume
Assistant self-assessment tools, and access to vetted career coaches.
Third Edition

CAREER RESOURCES LIBRARY

CFA Institute offers a rich body of online career resources to help you ARE YOU READY FOR
take your career in the investment industry to the next level, including
webcasts and podcasts. CAREER SUCCESS?
Check out the third edition of Career Success: Navigating the New Work Try this online assessment now:
Environment, which offers a model of intentional career management interactive.cfainstitute.org/career-success
and career planning that emphasizes deep awareness of self and
the professional environment. Explore the factors that impact career
success and job satisfaction. Download the e-book for free and explore
the interactive companion site: www.cfainstitute.org/careersuccess

USEFUL LINKS
Access these resources at www.cfainstitute.org/membership/careers.

For more details on career management resources, visit

careers.cfainstitute.org or contact a CFA Institute career management
representative at careermanagement@cfainstitute.org.

Follow us on Twitter for pithy insights on career-related topics: @CFAcareers.

CFA Society Bangladesh Career Guide 67

 CFA INSTITUTE WORLDWIDE
CONTACT INFORMATION
Americas Asia Pacific Europe, Middle East,
and Africa
Charlottesville, Virginia Beijing
915 East High Street Unit 5501, 55/F China World Tower B Brussels
Charlottesville, VA 22902 No. 1 Jianguomenwai Avenue Rue du Champ de Mars, 23
USA Chaoyang District 1050 Brussels
Beijing, 100004 Belgium
New York China
292 Madison Avenue London
2nd Floor Hong Kong 67 Lombard Street
New York, NY 10017 23/F, Man Yee Building 7th Floor
USA 68 Des Voeux Road London
Central EC3V 9LJ
Hong Kong United Kingdom

Mumbai
702, 7th Floor, A Wing
One BKC Tower
Bandra Kurla Complex
Mumbai 400 051
India

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© 2018 CFA Institute and CFA Society Bangladesh. All rights reserved.
Materials may not be reproduced or translated without written permission.
CFA®, CFA® Program, Chartered Financial Analyst®, CIPM®, Investment Foundations®,
and GIPS® are just a few of the trademarks owned by CFA Institute.
See www.cfainstitute.org for a complete list.

Disclaimer:
The articles and opinions expressed in this publication are not necessarily those of
CFA Institute. Although every care has been taken in preparing and writing this guide,
CFA Institute disclaims and accepts no liability for any errors, omissions, misuse, or
misunderstanding on the part of any person who uses or relies upon it. Information
contained in the charterholder profiles is correct at the time the interviews were conducted.

68 CFA Society Bangladesh Career Guide

LET’S CREATE JOBS,
BUILD BRIDGES,
ENSURE PROSPERITY.
LET’S MEASURE UP.
CFA® charterholders believe that when we connect those in need
of capital with those willing to lend it, we increase the prosperity
of both the investors and the communities we serve. That’s what
finance is. It’s the foundation upon which society is built.

Demand the best. Demand a CFA charterholder.

Get started at letsmeasureup.org

© 2018 CFA Institute. All rights reserved.
www.cfasociety.org/bangladesh