Tuesday, May 22, 2007

CFA exams cancelled for Indian students!

You won't get to see this headline in any newspaper. But for more than 7000 Indian students who were slogging day and night for this particular exam on June 3rd, it was a huge shock & disappointment.

If you have never heard the word 'CFA', the following paragraph is for you :

CFA stands for Chartered Financial Analyst. First awarded in 1963, the CFA charter is the designation of professional excellence within the global investment community. The CFA Program offers a truly global educational challenge where you'll build a fundamental knowledge of investment principles that is relevant in every market around the world. Employers and investors know the CFA charter is the definitive standard for measuring portfolio management and investment analysis competence and integrity.
[Copied from the CFA institute website]

It is a must-do, in the calendar of MBA students whose career interests lie in financial analysis, research, marketing, or investment banking. Most of the students take it, not willing to lose the competitive differentiator every other Finance Student in the college has.

Why the exams were cancelled?

You will understand it once u read through these events
  • On 4th August 2006, the Delhi high court ordered Hyderabad-based Icfai University to stop using the Chartered Financial Analyst and CFA trademarks.
  • On the petition of the Icfai through its university in Tripura, the Guwahati High Court directed AICTE to determine whether CFA Institute must seek approval for its CFA Program from the AICTE. [See the Icfai went to Guwahati knowing that the representatives from this Global institute would think twice before coming to such a far away location]
  • AICTE, just 2 weeks before the June 3 exams[for which students were preparing for a year] has asked CFA institure to cease operations in India. Read the letter sent out by AICTE to CFA institute.
As usual, Neither the CFA global institute[which has more than a lakh students appearing for its exams every year] nor the AICTE were affected by this cancellation of this exam, but it was only the students who are taking the impact of this cancellation.. As my friend aptly put it - 'None of the Politician's children nor any VIP's children are going to take these exams, then who in this nation cares for it' - Incredible India!!!!

Update: Surprisingly, this news found itself in the front page of the Economic Times - "AICTE asks CFA to stop executing"

Another mention on CNN-IBN about this issue - "CFA course ban hits students hard"

Thank God! That atleast Indian media is not sleeping. :)


Arvind said...

" Thank God! That atleast Indian media is not sleeping. :) "

When has the Indian Media ever slept? Dont you think they have performed the role of a National watchdog for the last so many years with aplomb?

Robin said...

Please compare the Indian media with those in foreign, we can know how efficient - our media really is? ..

The Indian media is sleeping...

while corruption happens right from top to bottom...

whenever our government sells politics as patriotism...

whenever the students education are taken for a ride... [Reservation row, TN Entrance exams..]

Yeah! The present Indian media is a lot better than the past but still they have a long way to go before they can claim to be the vigilant eyes of the nation..

Arvind said...

@Robin: "while corruption happens right from top to bottom..."

What do you expect the Indian Media to do other than the sting exposes that they splash on our screens every now and then. They cant stop corruption. They can only bring them to light. But unfortunately, every time the Indian Media uncovers a malicious activity thru videos, the video is claimed to be doctored by the poiticians involved. Once it becomes sub-judiciary, the case moves at an agonizing pace, sometimes lasting the lifetime of the person involved.

Didnt every Indian Media Channel cover the reservation row in entirety? What else do you want them to do other than delineate the pros and cons of it. Do u want them to douse themselves like Rajeev Goswami did during the Mandal years?? In fact, if the Indian Media in the 1980s and 90s were as prolific as they are now, then the prro Rajeev Goswami might have become the hero of the Indian Middle Class, but alas he died a pauper some years back.

And can you explain on what metrics you feel that the International Media is ahead on the Indian Media?

Robin said...

3 factors that made me to say about Indian media in a bad light..

1. "Once a top notch in a famous English paper daily said to his juniors write about 1.sex 2. sex & 3. sex to make papers sell"... An info confided a senior journalist in my college campus..

2. How many newspapers are ready to oppose the ruling parties.. [Think about America media Vs. Bush].. Compare this with the muted response that Indian media gave during the Gujarat riots.. [Though they were much more vocal after the riots]..

3. None of the other newspapers have the unique origin in India. [Indian newspapers were formed primarily to aid freedom struggle]. Some where they lost focus..

P.S - Being not a student of journalism, i should say i am not competent on these matters. Also part of this reply have been motivated by my own self not to be found wrong rather than to give a reply for the reasoning behind my opinions..

Robin said...

3. None of the newspapers of other nations have the unique origin as the ones in India. [Indian newspapers were formed primarily to aid freedom struggle]. Some where in the middle they lost track..

P.S - Sorry.. Spelling & grammar mistakes has a lot to do with the reason that i m typing just before crashing on my bed..