Contributed by: Angela Palacios, CFP®, AIF®
This summer, Nick completed his journey to obtain his Chartered Financial Analyst (CFA®) designation. Nick started as an intern with the Center in May 2014, eventually joining us full time after graduating from the University of Michigan (Go Blue!) with a degree in Economics and Statistics. Almost immediately after starting full-time, he began the long road to achieving his CFA® designation over five years ago.
Nicholas Boguth, newly minted Chartered Financial Analyst
What is the CFA® Designation?
The curriculum builds a strong educational foundation of advanced investment analysis and real-world portfolio management skills. Upon completion, the average designation holder has spent roughly 1,000 hours studying!
There are three levels that Nick will have to pass and several other hurdles before he can utilize the designation:
CFA level 1 – tests your basic knowledge and comprehension focused on investment tools and ethics.
CFA level 2 – tests more complex analysis along with a focus on valuing assets
CFA level 3 – requires a synthesis of all the concepts and analytical methods in various applications for effective portfolio management and wealth planning.
Along with passing the courses and the exams, Nick must have four years of work experience in investment decision-making, which he has earned with his role as Portfolio Administrator here at the Center. He must also agree to follow a rigorous Code of Ethics and Standards of Professional Conduct and become a member of the CFA Institute.
Is this Easy?
While Nick may have made it seem easy to the rest of us, it is far from easy. It is a popular designation to seek out. Each year nearly 200,000 people from all over the world register to take one of the exams offered only once per year! The pass rate for each level is usually only around 40%.
As with everything else, the examinations were set back due to COVID. Nick persevered through COVID delays, planning a wedding, newborn twins, and two home purchases and renovations. When I asked Nick his thoughts on the program, he said:
The entire process was incredibly rewarding. I learned more than I ever thought I would over the past few years. It was a challenging road to pass the final level, and I was absolutely thrilled to complete it, but it feels like just the beginning. I’m looking forward to putting this knowledge to good use here at The Center in a constant effort to provide clients with the best investment experience possible.
Nick’s education and passion for research already adds more depth to The Center’s Investment Department and Committee in helping us shape portfolios for clients! Look for many more great things to come from Nick! Way to go, Nick!
Angela Palacios, CFP®, AIF®, is a partner and Director of Investments at Center for Financial Planning, Inc.® She chairs The Center Investment Committee and pens a quarterly Investment Commentary.