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CFA Society Liechtenstein is proud to present a live Mock Exam for candidates on June 2nd, 2018 at University of Liechtenstein. 

​Find all details on the Exam Preparation Homepage.​​


Bericht in Wirtschaftregional vom 11. November 2017

Zukunft Bestehende Business-Modelle stehen unter Druck weil sich die Rahmenbedingungen in der Investmentbranche ändern. Doch wie genau wird die Zukunft der Branche aussehen? Darüber sprach der Präsident des CFA-Institus an einer der «After-Work-Lectures» in Vaduz.​

 Bericht lesen​​


Mr. Smith, in November you are going to speak at the University of Liechtenstein. What will the topic of the lecture be?

I will be presenting the Future State of the Investment Profession, a study conducted by CFA Institute.

This report, which includes findings from a survey of 1,145 industry leaders, addresses the issues that keep investment management executives up at night; they are the same issues that matter for CFA Institute as the largest association of investment professionals. Major shifts are underway that will likely result in significant change, and leaders need a better way to think through the implications of these shifts in various combinations—for their clients, the health of the industry overall, and the ongoing sustainability of their own firms.

The study explores what these changes might look like and identifies ways to influence the future state of the profession for best possible outcomes - for the investor, the industry, and society.

What was the idea of the report you are going to show at the presentation?

The report describes an industry at an existential crossroads, facing significant disruptive forces, internally and externally. Shifting regulatory environments and new macroeconomic conditions, in addition to current trends in digitisation, commoditisation and tech-centric business models will necessitate changes in the industry. The report warns that investment industry leaders who fail to transform their business models may jeopardise the future of their firms.

When we talk about megatrends – of which ones do we talk? What kind of megatrends does CFA Institute expect?

Among the megatrends identified are technological advances, redefined client preferences, new macroeconomic conditions, different regulatory regimes reflecting geopolitical changes, and demographic shifts. The scenarios are not forecasts but include possibilities for the future state of the investment industry.

To help leaders navigate through these megatrend changes successfully, while building trust and increasing the benefits to society, CFA Institute urges asset owners, asset managers and investment intermediaries to focus on these areas for the future:

  • Professional transformation: Develop the mindset and practices by which the investment industry evolves into a professional status akin to law or even medicine.
  • Fiduciary implementation: Master the meaning of fiduciary in a way that can be effectively implemented even with inherent trade-offs and conflicts.
  • New skills for new circumstances: Develop new-era leadership. The industry's biggest challenge is finding leadership who can articulate a compelling vision and instill an ethical culture.  Improving diversity is linked to better performance and culture.
  • Stronger standards to restore industry trust: Specify and influence culture and practice with regard to values and costs. Create a culture and business model which align credibility and professionalism across a spectrum of critical attributes. Use the CFA Institute TRUST checklist: Transparency, Realistic measures, United values, Sustainable and fair rewards, and Time-tested relationships.

What does CFA Institute mean by «new macroeconomic conditions»? How will the world change?

One of the most pertinent examples of new macroeconomic conditions includes changes in digitisation and technology, such as robo-advisers. New technologies mean that professionals in the financial management industry may have to consider new business models to ensure that they stay current and in tune with millennials. From a geopolitical perspective, it also referes to the current uncertainty around Brexit and the changes which the implementation of MIFID II will bring in January 2018.

Which findings of the report surprised you the most?

52% of CFA charterholders surveyed expect substantial or moderate contraction of profit margins for asset management firms. This is interesting to me because that means 48% don't think margins will decrease!

How will asset and investment management change in future?

In addition to the megatrends we identified, the industry's potential future state is further complicated by important issues that are very specific to investment organizations, such as trends in digitization and commoditization, downward pressure on fees, pressures from sustainability, new tech-centric business models, and other investment innovations. Interestingly, the study also analyzed the most important skills needed for effective leadership in the future. While there are common global themes, certain regions differed in their assessment of the skills that are most important for leadership success. For example, respondents from Europe (46%) noted that the most important skill of an asset manager CEO will be the ability to articulate a compelling vision for their institution.

How «dangerous» is digitisation for the investment management industry?

Digitisation is not dangerous for the investment management industry, it's part of the bigger fintech trend which is upon us already and this is a strong positive for the industry. It will enable product design and development, customised client solutions, cheaper back office processing, more consistency of advice, ability to handle greater volumes. These are positives for clients and professionals. The industy should embrace the wave but also remember to put investors' interests first and deliver value over automated providers. Digitisation will only be dangerous for those who are not prepared to adapt their business models for millennials.

In a member survey we conducted last year, an overwhelming majority of respondents (70 per cent) consider that mass affluent investors will be positively affected by automated financial advice tools in the form of reduced costs, improved access to advice, and improved product choices. At the same time, most respondents found it unlikely that automated financial tools will replace engagement with human advisors for institutional investors, especially ultra-high net worth individuals.

Do you have an idea what all the developments mean for the financial centre Liechtenstein? Can Liechtenstein look ahead with optimism?

Absolutely, I think it's going to boom because private wealth is set to explode. The world is getting richer and AUM will grow at 6.5% pa for next ten years, according to a report published by PWC earlier on this year. The middle class will add 1 billion new people to the planet and they will all need servicing. The Duchy is set up to succeed but needs to embrace Asia, Africa and technology to do so.

The financial centre in Liechtenstein is strong and CFA Society Liechtenstein's origins date back to 2006. It was established by 15 founding partners and today counts over 100 members, who set high standards of ethics and professionalism in the investment management industry here in Liechtenstein.

However, the industry in which our local members are operating is in flux. As we are all aware, geopolitics is back and CFA Institute data show investment professionals are concerned about the potential impact of geopolitical uncertainty. Some 70 per cent of respondents in a recent survey said that investment returns over the next three to five years would be impaired and investors are increasingly worried about the risks associated with Brexit.

How this will impact the financial market here in Liechtenstein is yet to be seen. My view is that it is not all negative because inflection points create opportunities and this is all the more reason to factor it into investment decisions. It is up to us as an industry to shape the outcome.

About CFA Institute

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization 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 146,000 members in 160 countries and territories, including 140,000 CFA charterholders and 147 member societies.

The CFA Institute Future of Finance initiative is a long-term, global effort to shape a trustworthy, forward-thinking investment profession that better serves society. For more information, visit or contact us at [email protected] to offer your ideas about how to shape the industry for the future. We encourage you to cite this report using the link​


​​We congratulate our Past President Michael Kurt Frommelt, CFA for winning one of the two "Volunteer of the Year"-Awards from CFA Institute for the EMEA Region at the Society Leadership Conference in Philadelphia. With his dedication over the last 10 years and his will to found CFA Society Liechtenstein, Michael convinced the jury to become Volunteer of the Year 2017.MKF - Volunteer of the year.JPG


On May 11th, CFA Society Liechtenstein held its Putting Investors First Event on Risked Based Investment Governance. Tobias Schwabe-Fährmann presented the key findings from the CFA Institute study "The Future of the Investment Profession​" released in April 2017.

​We thank Mr. Fiole for providing the presentation for the Member Area​​


On April 5th, CFA Society Liechtenstein hold its 2nd CE Event in St. Gallen further promoting its "Beyond Liechtenstein" Strategy. 

​We thank Mr. Gregaard for providing the presentation for the Member Area


​CFA Institute relaunches its Jobline to create a globally relevant job board platform promoted to members, candidates, and employers jointly by CFA Institute and member societies as the premier resource for finding investment jobs/qualified talent. 


CFA Society Liechtenstein is proud to present a live Mock Exam for candidates on May, 13th, 2017 at University of Liechtenstein. 

​Find all details on the Exam Preparation Homepage.


​CFA Society Liechtenstein is proud to present a live Mock Exam for candidates on May, 21st, 2016 at University of Liechtenstein. 

​Find all details in our ​ Factsheet​​ and​ on the Exam Preparation Homepage.


For all members, CFA Institute published the refresher readings including the changes to the 2017 CFA Program curriculum.

Get your personal copy here​.
​ Following the An​nual General Meeting last Thursday Michael K. Frommelt, CFA passed on the Presidency of CFA Society Liechtenstein to his successor Tobias Schwabe-Fährmann, CFA. Tobias will take over the affairs of CFA Society Liechtenstein with immediate effect. He was elected for the term from July 2016 to June 2018.  

Michael served the Society and it's predessor organisation Liechtenstein Society of Investment Professionals LSIP as President since January 2006. He will remain at the Board as Past President.  The Board wants to express its sincere gratitude to Michael and is happy to have him as first Past President of CFA Society Liechtenstein.

​​​The annual report for fiscal year 2015/16 is out now and can be downloaded in the member area.

The report summarizes the activities of CFA Society Liechtenstein, beginning from our traditional After Work Lectures in cooperation with University of Liechtenstein, the CFA Research Challange, Lunch Round Tables and work with local associations and the regulator.​

In March 2016 two of our Board Members took part at the EMEA Regional Conference in Lisbon.  The  Newsletter Update summarizes the key takeaways from the conference​​ to keep you updated. 


CFA Society Liechtenstein is proud to present a live Mock Exam for candidates on May, 21st, 2016 at University of Liechtenstein. 

​Find all details in our Factsheet​ and​ on the Exam Preparation Homepage.


​CFA Society Liechtenstein candidates are offered disounts at Kaplan Schweser (-15%) and Wiley (-20%) Online Stores. ​

We support candidates in forming study groups. Currently there is a study group meeting at the University of Liechtenstein. 

​Find more information on the CFA Exam Preparation homepage​.

Contact the CFA Program Officer​​


​The year 2016 is now in full swing and the CFA Society Liechtenstein would like to hand out its  Newsletter Special ​ t​o give an overview on what to expect. We would like to serve all of our readers - both those who are familiar with our Society, and those who have little or no knowledge of our activities – and are therefore releasing an interview with Michael Frommelt, CFA, the President of the Society.​

The attached pdf is an interactive document, including links that provide further details on certain topics.


Great news from the CFA Institute's Society Leadership Conference in Hong Kong: CFA Society Liechtenstein received the 2015 Most Outstanding Society Excellence Award in the category for Societies with less than 100 members! Congratulations and a big thank you to all our volunteers who mad​e this possible.Award HongKong 2015.JPG

Please find the Annual Report in our members area.
The University of Liechtenstein offers a course “Programming - VBA in Excel” Wednesday, September 9/16/23/30 from 17.30-20.00 As member of the CFA Society Liechtenstein you benefit from special rates! Please contact [email protected] for further information. Visit the homepage of the University of Liechtenstein for the agenda.
CFA Society Liechtenstein invites you to join us at the European Investment Conference, in London on November 26-27th. Full details of all confirmed speakers can be found on the conference website. We are delighted to inform you that your membership of CFA Society Liechtenstein allows you to register for just £550 before 1st August 2015, saving £150 on the standard rate. Please contact [email protected] for the promotional code.

We are happy to share with you three interesting Webnars which explain in detail the educational programs of CFA Institute.


Recently, we often see news articles regarding CFA vs MBA, which fluctuate between which 'side' they support; examples include Business Insider and Financial Times. CFA Institute offers some useful insights and put together the main talking points of the discussion.

Please find the Fact Sheet in our Members Area


The CFA Institute Refresher Readings are derived from CFA Program curriculum readings. They are designed to help CFA charterholders refresh their understanding of concepts they learned as a candidate and to keep current on the evolution of content in the CFA Program curriculum.

The collection is arranged by topic to make it easier to find content relevant to specific issues or areas of interest. It will be updated over time as readings are added to or removed from the evolving CFA Program curriculum.

  • Exclusive CFA Institute member benefit provides access to individual CFA Program curriculum readings.
  • Keep current on the evolution of the CFA Program, refresh your knowledge, and earn CE credit.
  • Learn more about the collection and browse readings in different topical areas.

CFA Society Liechtenstein congratulates and welcomes its new Charterholders:

  • Markus Epple
  • Georg Frischmann
  • Dennis Huber
  • Damian Real
CFA Society Liechtenstein is proud to announce its first partner for the Members Value Pack. Liechtensteins Newspaper "Vaterland" and the magazine "Wirtschaft regional" offer a CHF 50 discount on the subscription fee.
CFA Society Liechtenstein Inauguration Event

from left to right: Michael K. Frommelt, CFA (President), Chris Dreyer, CFA (CEO CFA Society Switzerland), Ann-Kathrin Scherer, CFA (PCA EMEA West), Lars Kaiser (Uni Liechtenstein, Appointed Officer Scholarships), Nitin Metha, CFA (Managing Director EMEA, CFA Institute), Kathrin Eggenberger (Appointed Officer Outreach), Tobias Schwabe-Fährmann, CFA (CFA Program Officer), Timothy Keilbar, CFA (Outreach & Awareness Officer), Andreas Hueber, CFA (Vice President), Martin Zimmermann, CFA (Treasurer), Michael Frei (Secretary).
On October 2nd, 2014 the official Inaugural Event as CFA Society Liechtenstein was held at the University of Liechtenstein. Nitin Meta, Managing Director of CFA Institute EMEA, was joining the event and gave a speech on the Ethics in Finance.

Newspaper Report Vaterland

Newspaper Report Volksblatt


Vaduz, August 14, 2014: The Liechtenstein Society of Investment Professionals (LSIP) announces that effective July 24, 2014, its members have formed CFA Society Liechtenstein. The new society has become the 144th CFA society of CFA Institute, the global organisation of investment professionals.

Press release (English)
Press release (German)

Under the patronage of His Majesty King Abdullah II of Jordan, the 5th Annual CFA Institute Middle East Investment Conference will bring together industry thought leaders to consider the central theme of

"Realising our Potential: Investing for Sustainable Growth"

The conference will examine the challenges and opportunities facing economies in the Middle East, as the countries in this region look to lay foundations for sustainable economic growth in a socio-economic climate that has greatly changed in recent years. The Middle East Investment Conference will consider practical solutions to the most pressing questions facing investment professionals today.

Middle East Investment Conference 2014


Local newspaper "Vaterland" reports on the LSIP awarding five CFA Level I scholarships to students from the University of Liechtenstein.

Vaterland article (German)

Local magazine "Wirtschaft regional" reports on the efforts of the LSIP.

Wirtschaft regional article (German)

PriceWaterHouseCoopers Switzerland publishes a regular newsletter on the financial center Liechtenstein. In this issue Michael was able to give some insights to the work of the LSIP and the CFA Program

Newsletter "Inside Liechtenstein" (German)

Liechtenstein Banking Association signed a five-year sponsorship for the LSIP to support its activities in Liechtenstein.

Press release (German)
CFA Online Tutorial,
Hochschule Liechtenstein, Computer Lab
Marcel Vaschauner and Lars Kaiser are your trainers upon request and give you an introduction to the CFA Test database (

University of Liechtenstein, supported by LSIP, again offers its Asset Management Course for professionals at the financial center Liechtenstein.

Course Dates: October, 3rd, 4th, 10th, 11th, 2008

Course Description (English)