Multan to get new CFA exam center by Feb 2025: Muhammad Shoaib

September 15, 2024 (MLN): A fourth CFA exam testing center will be established in Multan by February 2025. This key highlight was shared by Muhammad Shoaib, Director of CFA Society Pakistan, during his speech at the 21st Annual Excellence Awards.

This new center joins existing ones in Karachi, Lahore, and Islamabad, signalling the growing demand for CFA qualifications nationwide.

The CFA Society Pakistan hosted its 21st Annual Excellence Awards, attended by Honourable Finance Minister Muhammad Aurangzeb, top executives from banks, non-banking financial companies (NBFCs), multinationals, and other dignitaries. 

The event recognized the remarkable achievements of Pakistan’s financial sector while celebrating CFA Society Pakistan’s efforts in promoting professional excellence.

In his address, Muhammad Shoaib proudly reflected on the Society’s 22-year journey, which has empowered over 1,250 Pakistani professionals to become CFA charterholders, placing them on a strong footing globally. 

He noted that around one-third of these charter-holders now serve global markets, acting as ambassadors for Pakistan, while two-thirds continue to contribute to the nation’s capital markets.

Shoaib further detailed CFA Society Pakistan’s impactful collaborations with regulatory and market institutions, such as the Securities and Exchange Commission of Pakistan (SECP), the State Bank of Pakistan (SBP), the Pakistan Stock Exchange (PSX), and the Central Depository Company (CDC). 

These partnerships have been instrumental in promoting best practices and professional excellence within Pakistan’s capital markets. 

A recent initiative in partnership with the National Institute of Banking and Finance (NIBAF) – the SBP’s training arm – resulted in a locally developed certification for treasury management. 

This program aims to address the unique requirements of the local banking and brokerage sectors.
Shoaib also emphasized the Society’s contributions to strengthening corporate governance in Pakistan.

A research report comparing Pakistan’s framework for independent directors with six other global markets served as the foundation for regulatory changes introduced by SECP.

Another major milestone was CFA Society Pakistan’s leadership in promoting Islamic finance, not just locally but across Asia-Pacific markets. 

Webinars hosted by the Society on Islamic finance and capital markets were well-received in financial hubs like Hong Kong, Singapore, Malaysia, and the Philippines.

The event also showcased the annual Excellence Awards, which were first launched in 2004. The awards honour institutions excelling in various sectors.
 
This year saw the highest number of nominations, with 160 entries across seven categories, including Gender Diversity, ESG (Environmental, Social, and Governance), Investor Relations, Corporate Finance, Brokerage, Asset Management, and Banking. 

Shoaib acknowledged the dedication of CFA charterholders and volunteers, who devoted hundreds of hours to evaluate these nominations and select the winners.

The audience was also eager to hear from Finance Minister Muhammad Aurangzeb, especially in light of recent developments, such as the government's agreement with the International Monetary Fund (IMF) and the 200 basis point reduction in the discount rate. 

Shoaib concluded his speech by thanking the audience for their presence and encouraging them to celebrate the achievements of Pakistan’s capital market professionals.

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