CFA Institute fights for its life in India
On July 17, the Charlottesville-based CFA institute will soon have its day in court half a world away for the right to do business in one of the world's fastest growing economies. According to Investment News, representatives for the Institute, the organization which writes and administers the exam to certify chartered financial analysts, will appear before the Delhi High Court in India for the right to continue to use their name, administer their test, and offer training in India.
"There really isn't much to bicker over," says CFA Institute president and CEO Jeffrey Diermeier to Investment News, "but we're concerned that you have some investment professionals in India that are going to be disadvantaged."
It's part of a long-running dispute with the Institute of Chartered Financial Analysts of India, which says it has exclusive rights to all of the above in the world's second-most-populous country. On May 31, the Delhi High Court allowed the CFA Institute to administer its June exam as scheduled on June 3, but the ruling forced the Institute to shut down its program after that date. Still, rumors persisted that the Indian government would seize the completed June tests, and so many who had registered for the exam chose to skip it. To those candidates, the CFA Institute has offered a $300 refund.
Currently, the CFA Institute's certification is considered to be the world's accepted standard, and the exam is administered in more than 100 countries. What's at stake for the CFA Institute in the subcontinent? In the last two semi-annual testing periods, 10,500 Indians have taken the Institute's exam, more than China (10,200) or the United States (4,400) and second only to Canada (11,400).