Bill Ketterer, portfolio manager for Bank of America's capital management group, is married with two children. While he studied for the exam each spring from 1998 to 2000, his wife had to take on extra duties at home. It's really hard for anybody who doesn't have a financial background to understand why I was doing all that studying, so I just had to explain that this is what I was trying to accomplish. Ketterer did his best to spend time with his children and do his homework, sometimes simultaneously. The rewards came quickly for Ketterer.
Participants take the exam in three levels, one each year.
Though he has completed level three, Ketterer is still waiting to receive the designation, which is awarded by the Association for Investment Management and Research, because of a technicality. The association is currently revising its rules about which professions qualify for the designation. His quick move up in the job ranks is not surprising, according to statistics from the Association for Investment Management and Research. Though CFAs concede their title is not well known outside financial circles, the exam is getting more popular. The number of enrolled candidates for the exam rose 27 percent from 1999 to 2000.