analysts. The scholarships waive all but the $100 enrolment fee of the first level of the chartered financial analysts examination programme organised by The Bermuda Society of Financial Analysts (BSFA). Fees for the three-level programme usually range from $550 to $850.

The scholarships are available through the BSFA in conjunction with its governing body, US-based The Association for Investment Management and Research.

"The BSFA wants to encourage people on a more broader basis to take the CFA designation,'' the organisation's president David Ware said.

A CFA designation is one method of ensuring that those working in the investment sector meet ethical and compentency standards set by the governing body. In Bermuda there are currently no requirements for those wishing to set up as investment analysts. An investment services act, which will require all those practicing in Bermuda to register with the Bermuda Monetary Authority, is currently being drafted.

The CFA home-study programme begins in November. The exam is written in June.

This year 112 candidates sat locally for the exams. Bermuda registered a 76 percent pass rate at the level three exam, compared to 59 percent who passed in the US.

The courses involve studying ethics, economics, accounting, statistics, and investment issues. Currently there are 56 registered CFAs in Bermuda. The local organisation is holding an information evening September 25, 5.30 p.m., at the Royal Bermuda Yacht Club.