 Thank you. I'll be quick in the setting. And that's stuck with everything. And that's stuck with the short straw talking about the exams, probably the least enjoyable part of the CFA path, obviously. But necessary on both of you what the exam is and how you can prepare. There's probably more myth than reality in general. So how do you prepare for the rigorous exams? Good question. So rigorous is the key word, not rigorous enough so that 150,000 people do show up for the exam. So, it's a very noble thing. I forgot the number of members that you mentioned. 130,000, yeah. 130,000, those are candidates and members worldwide, yeah. 130,000 members and overall each year we have 220,000. 150,000 one hour June and 70,000 in December. Okay, so at least you won't be alone in suffering. Yeah, that's nothing. I won't go back into the benefits of having a CFA. I listened very carefully to what you said in. She's right. SFB is a training center for banks and the finance center in general. And indeed, I can tell you that I've been banking for a very long time, some see too long. I can tell you that the bowl game or the quality has gone up quite a bit and CFA, Kaya, FRM designations, we talked about CFA obviously, have become extremely desirable qualities to have and are being more and more requested by the employers. So I can definitely encourage you to take on some sort of certification with obviously the interest is that it's a worldwide certification unlike a university degree where you have different sort of quality levels. Everyone has the same exam. You have a CFA similar to this and that's a good place. So I start with some good things. We go on to the preparation. Those are the topics, basically finance. All of finance, not much is missing there. Yeah, economics, you have quite analysis, which means statistics, ethics, which deals basically with things that are logical but too often forgotten by the financial industry. Now, well remembered, given the good amount of fines. What's interesting in this exam, first of all, the first thing that you have unlike what you had in, for example, high school or college is that the exam is very straightforward. They tell you exactly what percentage each field represents. You know how many minutes you have, so you're able to basically allocate your time wisely knowing that you have 10% equity investments. Out of 180 minutes, you should spend 18 minutes. If you're spending half an hour, it's not going well. So that's very helpful. What's also very interesting, we've all gone through the same exercise. You're in high school, university, you say, well, I don't care too much about this topic. I'm going to learn for the exam day and then forget about it because I'll never see it again. It's not possible here because these topics come back every year. So you build on the foundations. Now what are we asking, basically? Level one, level two, level three, very difficult. Six-hour exams is grueling, but again, it's doable. I remind you that in France, some exams like medical exam can last up to 14 hours, so that's double the time. So six is doable. Level one is multiple choice questions. You have three answers. The very interesting part is that you don't get negative points for answering wrong, so you can actually guess. It's about 90 seconds per question. So basically, we're not used to that in Switzerland. We're used to having a few exercises and we have to think out loud for a long time. Here you have to be really quick. And it's very simple. You either know, you can answer quickly. Or you don't. And your best bet is going to be guessing rather than spending too much time on that. Level one is general knowledge comprehension. There's a lot of things to be learned by heart. But we'll have the ability to memorize things. And if we forget, we'll just eat some more iron. Level two changes a little bit. We're going into the applications. You have the multiple choice and you have what's called item questions. Item questions are basically a smallish case study, 6, 7, 8, 9, 10 lines that you have to read through. And based on that, you have some questions of multiple choice sorts. We'll have a balance sheet, for example. And you'll be asked a few questions about the balance sheet. That's interesting. We don't have the so-called drawer of questions. They just want to answer in French, whereby if you can answer question one, answer question two, that does not exist. You're all independent, which is also a very good aspect of this exam. Level three, basically, same thing. You're going to sweat for six hours integration of different concepts, multi-discipline essays. As my colleague was saying, essays are not philosophical as these sort of writings. It's basically bullet points, keywords, et cetera. But it is not multiple choice. It's not calculations. It's a little bit more difficult, but it's still doable. Passing rate, and obviously everybody is grilling teeth by saying, oh my god, 50% passing rate. That's low, but that's still a higher passing rate than university. In university, we estimate that about 38% of those that enter finish with a degree. It's higher than high school as well. If you look in Geneva, you probably have 400 people that start high school. You probably get 40% that come out with a degree. So you have a higher probability of getting a CFA than a federal or camp in on maturity. These numbers are quite consistent. If you look at 63 to 2014, they're about the same or less 40, 45, 55 range. So it's steady. Basically, level 1 and 2 are graded by a machine. They're multiple choice. Level 3, they're essay questions. We'll talk to the holders. We'll put the points. There is no straight formula that will tell you exactly how many points you need to get in order to pass. The minimum passing score is reset each year. If it's a very bad class, we'll lower it. If it's a very good class, we'll put it up. But with 70% right answers, you get a passing grade. If you think about it by guessing, you get 33% of right answers, so you need to get 37% more. So again, it's doable, and don't forget there are no negative points. How to succeed? Well, we're not for profit, so you can bribe us. And you can't cheat either because you get caught. Basically, and this is based on a survey that CFA did, people on average spend 300 hours preparing for each exam. It seems like a lot, but not really if you break it down and you prepare in advance. Now, we're not used to preparing in advance. We're all the same. When the pressure hits the ceiling, we're writing the books. That's not a strategy that works with CFA because you need to be very comfortable at the exam and you need to be quick. So what I would suggest is to start early. We have a breakdown that lets you know if you start six, four, two months in advance, how many hours a week you need to study. If you start two months in advance, that's 38 hours. Given the fact that you spend 55 at work and 25 in the bar, there's not much left to study. So I would strongly suggest you start six months in advance. That is rule number one. Why do people fail? Well, one is poor preparation. So this is based on the survey as well. We've gone to people say, well, why do you believe you failed and there are seven common reasons. The first one is poor preparation. Poor preparation means either starting late, either not doing mock exams because you have this possibility to practice with mock exams, something that doesn't exist in university. I wish it did, but it doesn't. One obviously is anxiety panic and that basically is a byproduct of poor preparation. Usually if you're well prepared, you've done mock questions. You've done a lot. In general, people do 2,000 for preparation. It should be maybe not a walk in the park, but a much easier, I believe, process for you guys. Poor time management and it's easy to manage time because you know exactly which part counts for how many percent. You can break it down. So you still see a lot of people who said, oh my God, I spent 35% of my time on something that covers 10% of the time. There's a rule called 40, 50, 10. Usually in this exam 40% of questions are easy. 50% are relatively difficult and 10% are very difficult. And the very difficult, you identify them very quickly, you push them out and you start out obviously with easy questions. That's the first rule of time management. The other is every half hour, you're going to look where you stand, see if you're behind or forward and not waste too much time if you're late in a part. That's very important. Reading questions too quickly, very funnily. I'm also a professor in university. I gave an exam recently which wasn't very difficult. The grades were poor and the reason why the grades were poor is that people didn't read the questions precisely. For example, I would say something like give an example from the financial industry and it was all Apple and IBM and they said, well this is not finance so it doesn't count. So reading questions too quickly you have to push, read them thoroughly. They're quite straightforward and so that's a key rule. Overthinking questions as well. Everything that you have in this exam will be covered by the books that you've read or the material. Since you have a minute 30 to prepare for a question or to answer a question, obviously they don't expect you to think for 10 minutes. So do not overthink the questions. Think about the first thing that comes to mind, the simplest one. That's what we're looking at. Giving answers not found in the program curriculum. That's precisely what I said before. We expect people to follow the curriculum. You know, economics is not a science that is exact. So you can give several answers to the same question. You're expected to give an answer that covers the program. And finally, failure to follow instructions. That's also something a little bit difficult for those of you that studied in France. It's a very rigorous exam process. In Switzerland it's a little bit more freestyle. This one is rigorous. There are some instructions that are very strict. You have to follow them. There are people, for example, once time is up, you need to immediately, those that don't will be expelled from the exam. It's a very harsh punishment, but that's the rule. And a lot of people go out of bounds for not following the rules. Precisely. What else can I tell you about our tips? Manage the time wisely, obviously. Start with easy questions. It goes without saying. However, there's a lot of people. Very surprised that she starts with question one, two, three, four. She doesn't look at how many points each question is worth. And she doesn't sell it easy answer. Don't forget when you get to the exam we'll get to that. Reading questions carefully, we've been through that. To answer precisely, there's only one correct response. So if you hesitate between two, the one that seems more relevant will be the question you want to answer. You've answered some of the readings, we've seen that. I guess if you must, there's no negative points. And very surprisingly, I think Chris can tell you that, but a lot of people don't answer all questions. And you have nothing to lose. So at the end of your exam, give yourself ten minutes. Go back to what you haven't answered. And simply guess and pray. Don't panic, you're not going for an A+. I had a rule of thumb that worked very well for me in university and professional exams, which is when I go to my exam, it's like a tennis match. The match hasn't started. The exam hasn't started. I have zero points. Every time I put an answer, I increase my point total. The other thinking is, oh my god, I don't know this, and you start panicking. So start with the glass half full theory. Every answer that I give brings my point total up towards my goal. Don't forget, there are no prizes. You don't want to get 100%. You need to get 70%. This means that out of 240 questions, you can get 72 wrong. That's a lot of wrong questions and you're so past. Right. The rest, I think you know pretty much these things. What's important is the preparation for a D-day. There's nothing worse than, because it's routine, there's nothing worse than the morning at the exam. You can't find the calculator, there's no batteries, you forgot where you put your passport, etc, etc, and she's laughing but I wasn't then. So those are things you must get out of the way. It's very important. You can get eliminated because you come into the exam and you don't have your passport. And that's very annoying to come back home and say mom or honey, whatever. I failed because I forgot my passport. So you get all these, you're not very fun to deal with, but they're small items. Deal with them a little bit in advance so that you know your materials ready, etc, etc, you can focus on the exam. Our approach, because I work for in our center, we also provide courses for CFA. I'll be sending out an invitation. We're giving a free course also. In a week, I'll tell you about that for people who want to know a little bit more about the CFA program. Basically, for your concept, the first is to learn, obviously. There are things you must learn by heart. There's no other way to do it. It's like running a marathon. The only way to run a marathon is to do one step and one and one, and at the end you've done 42 kilometers. Obviously, the second is understanding. Well, you can do that with a friend. You can do that through a course. You can do that by going to a website and you can do that by buying another book. There are several ways you can do it. We believe the best is to go through a program, but that's for everyone to the site. Some like to self-study. Others learn better in groups, etc, etc. Practice, practice, practice. You may very well master the theory, but you need to practice the sort of exam that the CFA handles because it's quite different from anything we've seen before. Some people have good knowledge of the theory, very sound knowledge, but they've never practiced. For this, you have mock exams. You have run by the CFA as a matter of fact. For example, by ourselves as well. You do have also questions that you can punch in and Q&A you can find on the internet, etc, etc. That's quite important. And finally, reviewing, reviewing means going through mock exams. Again, practicing for D-Day. Getting a few days rest as well is important so your brain can actually get a little bit more oxygen. So this fourth year concept. Learning, understanding what you've learned, or what you have failed to understand before when you were learning. Practice, questions, and review, review, review for D-Day. It's doable. I said it'd be short, but I lied to finish off. We're running a free CFA sample class in Geneva so people get to know what CFA is all about. We did that for other programs so we CFA 18th of June from 6.30 to 8.30. You're welcome to join and see what the CFA is all about. It's a very good certification. I can certainly encourage you to pursue one of these certifications. It will be a big boost for your career. It'll be a little bit of suffering, but it's quite doable. But basically it's a not-it-value proposition. I think we're all thirsty starting with me, so if you have any questions I'll take them now or with a drink and a hand as you want. Thank you.