CT Ranks 4th Among Nation's Most Educated States, Analysis Shows

Connecticut ranks third in the nation in the percentage of residents with graduate or professional degrees, and fourth in the nation in the percentage of residents with a bachelors degree.  Those statistics helped lead Connecticut to an overall ranking of fourth in the U.S. in an analysis of the nation’s “most educated states.” In this study, the financial website WalletHub examined the key factors of a well-educated population: educational attainment, school quality and achievement gaps between genders and races. They compared all 50 states across 20 total metrics grouped into two categories.

"Connecticut is the fourth most educated state as it has a high quality school system, the fourth largest share of adults aged 25+ with at least a bachelor's degree, 38.5%, and the third largest share of adults with at least a graduate or professional degree, 17%,” said WalletHub analyst Jill Gonzalez.

“The projected college graduation rate for 2020 in Connecticut is 64.5%, the fifth highest in the country, and 31% of 2017's high school class received high scores on advanced placement exams, the third largest share nationwide," Gonzalez added.

The data reviewed includes the share of adults aged 25 and older with at least a high school diploma,  average university quality, and gender gap in educational attainment. Metrics also included graduation rates, math and reading test scores, advanced placement exams and public school system quality.

Leading the way was Massachusetts, followed by Maryland and Vermont.  Rounding out the top 10 after Connecticut was Colorado, Virginia, New Hampshire, Minnesota, Utah and Washington State.  At the bottom of the rankings: Alabama, Arkansas, Louisiana, West Virginia and Mississippi.

Last year, a similar ranking of the nation’s largest metropolitan areas saw Bridgeport-Norwalk-Stamford rank tenth in the U.S. and the Hartford area rank 26^th.  Greater New Haven ranked 44^th in that analysis.

In the state education analysis, Connecticut ranked 11^th in average university quality and 17^th in the percentage of Associate's Degree Holders or College-Experienced Adults.

It is the third consecutive year that Connecticut has ranked in the top five, although the criteria has differed slightly each year.

https://www.youtube.com/watch?v=8kAqi_Xs3xE&feature=youtu.be

Libraries Join Response to Connecticut’s Opioid Crisis; Stand Ready to Save Lives

The collective response to America’s opioid crisis has opened a new front in Connecticut in an unlikely location – the public library.  Driven by a desire to be prepared to save a life, a growing number of libraries – in communities large and small – now have the opioid reversal drug naloxone on hand, with librarians trained in how to use it. Naloxone is a medication that can reverse and block the effects of other opioids.  It can very quickly restore normal respiration to a person whose breathing has slowed or stopped as a result of overdosing with heroin or prescription opioid pain medications.

The U.S. Surgeon General has issued a nationwide public health advisory, to “urge more Americans to carry a potentially lifesaving medication that can reverse the effects of an opioid overdose.” That office reports that an estimated 2.1 million people in the U.S. struggle with an opioid use disorder.

For Marlborough’s Richmond Memorial Library, the decision to train three staff members to administer the medication was wholly consistent with what a library is all about, as director Nancy Wood explains.

“I liken it to the defibrillator that we brought in to the library two years ago.  If you are saving a life for one reason, you can save a life for another.  And it is a cultural thing for librarians to want to help people.  It is what we do.”

As a significant public place in Marlborough, open more hours than just about any other building in town, Wood says that although “hopefully we never have to use it,” she and her staff felt it was important to be trained and ready.  The AHM Youth & Family Services organization provided the training last March.

Rates of opioid overdose deaths are rapidly increasing nationwide and in Connecticut.  Since 2010, the number of opioid overdose deaths in the U.S. has doubled from more than 21,000 to more than 42,000 in 2016. Overdose deaths in Connecticut have nearly tripled in a six-year period, from 357 in 2012 to 1,038 in 2017. Of those 1,038 deaths, 677 involved fentanyl — a synthetic opioid drug 30 to 50 times more powerful than heroin — either by itself or with at least one other drug, according to published reports.

According to the U.S. Center for Disease Control and Prevention, between June 2017 and June 2018, there were 1,056 reported cases of drug overdose deaths, based on provisional data, in Connecticut.  An analysis by the Kaiser Family Foundation concluded that the opioid overdose death rate in Connecticut was the 10^th highest in the nation, and the percentage increase between 2016 and 2017 was 17^th highest in the U.S., exceeding the national average.

Hartford recently announced a $10,000 grant from CIGNA Foundation that will train librarians in the city and cover the purchase of naloxone for city libraries.

“As a public institution, we see that our entire community is impacted by the opioid crisis; it was clear that a rapid and robust response to the problems caused by the opioid drug crisis was imperative,” said library CEO Bridget Quinn-Carey as the grant was announced earlier this month.  Library officials also plan to provide information about opioid abuse awareness and host education and information forums.

When the town of Canton made training available for department heads last year, library director Sarah McCusker took the one-day session.  Like Wood, she views it as an extension of first aid training that can help a patron in distress.

“It’s the same as knowing CPR or having an AED on-site.  We call 911 immediately, but we see everything, and we’d like to be prepared,” McCusker explained.  She also believes employees in public spaces should be “widely trained” to assist in emergency situations. And she anticipates that if her town government makes training in the use of naloxone available again this year, although it is not mandated, additional staff members will choose to attend.

The Connecticut Library Consortium indicates that while official figures are not available, reports of libraries having naloxone available, along with official policies governing its use and trained staff members, are increasing.  Hartford, Marlborough, Canton and Avon are among them.  Other libraries have librarians on staff who have sought and received individual training. For many libraries, it is a major health issue that their municipalities and local governing boards are reviewing, and one that impacts cities and small towns.

The naloxone brand NARCAN® Nasal Spray is a pre-filled, needle-free device that requires no assembly and is sprayed into one nostril while patients lay on their back. Those prepared to administer it have been trained on the signs of an opioid overdoes, and how to respond immediately as 911 is called for a local ambulance response.

“Public libraries are responsible for meeting the wide-ranging needs of their communities. Yes, libraries offer books and storytime programs and research help that goes beyond Google. But they are also the place to turn to find a job, become a citizen, discover a new app, find quality healthcare information, make art, or learn a new skill,” said Jennifer Keohane, Executive Director of the Connecticut Library Consortium.  “Having library staff who are trained to administer NARCAN is another way that libraries are evolving with their communities and are ready to provide help whenever and however it is needed.”

Webster Bank, People’s United Climb in Forbes Ranking of Nation’s Best Banks

Webster Bank has earned a place on Forbes’ America’s Best Banks 2019, ranked as number 68 and the highest-ranked bank based in Connecticut. Forbes’ 10th annual list of America’s Best Banks ranks the 100 largest publicly-traded banks and thrifts based on their growth, credit quality and profitability. The data is courtesy of S&P, but the rankings are done by Forbes.  Webster Bank was ranked at number 80 a year ago.

“Webster is proud to be continuously recognized as one of the highest performing banks in the country,” said President & CEO John R. Ciulla. “This ranking is a direct result of the quality and dedication of our bankers who are committed to delivering great service to our customers and achieving outstanding results.”

Over the years, Webster Bank has expanded to become a leading mid-sized bank in the Northeast with more than $27 billion in assets and 157 banking centers from greater New York City to Boston. Webster Bank has close to 3,400 employees.

Bridgeport-headquartered People’s United ranked number 82 on the Forbes list, up from number 92 on last year’s list.  The company’s more than 5,000 employees continue servicing customers through nearly 400 retail locations in Connecticut and throughout the Northeast in New York, Massachusetts, Vermont, New Hampshire and Maine.

Among other banks with a presence in Connecticut, Citigroup was #80, Wells Fargo ranked at #85, Bank of America was #89, and Key Bank placed in the top 100 at number 92.

The Forbes reported noted that there were zero bank failures last year for the first time since 2006. There are more than 5,000 banks and savings institutions in the U.S., but assets are concentrated at the top. The 100 largest have $13.8 trillion in assets, representing 78% of total U.S. bank assets, the publication reported.

Home BancShares is the top-rated bank for the second-straight year. Muncie, Indiana-based First Merchants moved up two spots this year to second among the best banks. Rounding out the top five were Community Bank System, CVB Financial and SVB Financial. In addition to CVB and SVB, fellow California-based banks Axos Financial, East West Bancorp and Cathay General Bancorp also landed in the top ten overall, according to Forbes announcement of this year’s annual ranking.  JPMorgan is the leader of the big four (JPMorgan Chase, Bank of America, Citigroup and Wells Fargo) for the third-straight year, but its rank of 52nd is down 12 places.

Webster offers the full range of financial services, including business and consumer banking, mortgage, financial planning, trust, and investment services. Most recently, Webster Bank has been recognized as New England’s top U.S. Small Business Administration (SBA) lender, by dollar volume and best overall bank in the Northeast in Bank Director's annual Ranking Banking study released in January 2019.

Cultural and Historic Sites Receive $3 Million in Waning Weeks of Malloy Administration

Aimed at small to medium-sized cultural organizations seeking funding for “collaborative projects which demonstrate a clear vision of how individual sites and organizations can effectively tie together local, regional or statewide cultural assets,” the Good to Great grant program was created in 2014 during the administration of former Governor Dannel Malloy to “go beyond basic facilities repair or expansion to support projects that tell the stories of our cultural and historic sites in engaging, meaningful and relevant ways.” The final round of grants – unless the program is renewed by the Lamont administration – were announced less than three weeks prior to the change in gubernatorial leadership.   The Connecticut Department of Economic and Community Development (DECD) announced $3,051,971 in grants to 12 nonprofit organizations through the program in late December.

The grants may be used for capital projects that address the rehabilitation and/or adaptive re-use of existing facilities that will transform the visitor experience, site work associated with rehabilitation projects or additions, rehabilitation of historic landscapes, or protection and/or interpretation of archaeological sites.  Other appropriate uses include artists’ fees, conservator fees, construction costs, ADA accessibility, evaluation services and documentation and exhibit scripts, fabrication and installation to complement capital improvement.

The grants range between $50,000 and $150,000 and require a 25 percent cash match; grantees will have two years from date of grant contract to complete the funded project.  Applicants for the state grant must be a Connecticut 501(c)(3) or 501(c)(13) organization that owns, operates and/or sponsors a cultural venue or historic site in Connecticut with an average annual income of $500,000 or less.

The just under-the-wire recipients:

• The New England Carousel Museum in Bristol was awarded $150,000 to install a new energy-efficient, air-handling system with humidity control to protect the Museum's collection and improve the visitors' experience.
• The Connecticut Electric Railway Association (aka The Connecticut Trolley Museum) in East Windsor was awarded $50,000 to complete the on-going restoration of one of theMuseum's most historically significant trolleys - Connecticut Company Car #3001.
• The Friends of the Pinney House, Inc. in Ellington was awarded $150,000 for the interior restoration of the Pinney House so it can be used as a cultural center, a meeting place and an education site.
• Ebony Horsewomen Inc. in Hartford was awarded $50,000 to erect a pre-fab barn building to create a meeting & classroom space and a mini Black Cowboy Museum.
• The Madison Historical Society was awarded $138,600 for the restoration and preservation of the interior of Lee's Academy and to create an ADA-compatible learning and community center.
• The Denison Society, Inc. (aka Denison Homestead) in Mystic was awarded $150,000 to restore the Homestead's barn so that it may provide areas for programs, workshops and community events.
• The Norfolk Historical Society was awarded $60,546 to redesign the welcome/reception area, reinterpret gallery space and reclaim research space.
• The Keeler Tavern Preservation Society, Inc. (aka Keeler Tavern Museum & History Center) in Ridgefield was awarded $96,575 for facility improvements (climate controlled, fire-protected, well-designed storage) for its most fragile objects that relate directly to major moments in U.S. history.
• The Stonington Historical Society (aka Old Lighthouse Museum) was awarded $56,250 for a comprehensive research effort and the commission of an archeological survey of a potential Venture Smith site; creation of a permanent Venture Smith and slavery exhibit at Old Lighthouse Museum.
• The Ward Heitmann House Museum Foundation, Inc. (aka Ward Heitmann House Museum) in West Haven was awarded $150,000 to repair the foundation and exterior along with period appropriate landscaping so the House can reopen its doors to the public.
• The Eastern Connecticut Center for History, Art and Performance (aka EC-CHAP) in Willington was awarded $1,000,000 to preserve and rehabilitate two secondary buildings for use again as an in-residence artist and a café and conduct a water mitigation plan for the main structure.
• The Mary & Eliza Freeman Center for History and Community in Bridgeport was awarded $1,000,000 for the exterior restoration of both structures, as well as the interior restoration of the Eliza Freeman House.

The grant award recipients constituted the final announcement of 2018 by the state Department of Economic and Community Development.  Nineteen days later, Gov. Lamont took the oath of office.  He is expected to announce the department's new leadership and management structure in the coming days.

Foundation Raises $1 Million in 2018 in Support of Next Generation of Mental Health Care Professionals

The Quell Foundation seeks to reduce number of suicides, overdoses, and incarcerations of people living with a mental illness.  The Massachusetts-based nonprofit organization, which spent some time in Connecticut in 2018, continues to impact lives across the country, raising over one million dollars last year toward their mission to remove the stigma of mental health and to fund the next generation of mental health care professionals. The Foundation came to the Wadsworth Atheneum in May to show a new documentary, Lift the Mask, which featured the first-person stories of individuals impacted by suicide.  Among those featured in the film was a Vice President at Aetna and a recent college graduate from Middletown. It was the first time the documentary was shown outside a college campus.  It was also shown at the University of Connecticut in September.

Following the film's showing in Hartford, a panel discussion was held before a packed auditorium, featuring both the Aetna executive and the former Middletown resident and her parents, who movingly told the story of their brother/son’s suicide.

“The generous support of our sponsors and individual donors is overwhelming,” said The Quell Foundation CEO, Kevin Lynch. “This outstanding growth comes to us at a pivotal time for mental health in America and our journey as an organization. We are deeply grateful and look forward to continuing our work in the years to come.”  Lynch’s wife, Karen, is Executive Vice President of CVS Health and was recently named President of the Aetna Business Unit following the company’s merger.

The Foundation awards scholarships to students living with the challenges that come with having a mental health diagnosis, students who have endured the loss of a parent or sibling to suicide, and to students pursuing a career in the mental health field.  Lynch and his team have distributed over $835,000 to young adults representing forty states and 118 colleges across the country since the Foundation’s establishment in 2015.

“The scholarship program is one of the most important tools we have in normalizing the conversation around mental health while also addressing the dearth of mental health providers,” said Lynch. “We are developing a pipeline of professionals to offset the aging population and high-demand of mental health care providers we have in this country.”

The Quell Foundation works to reduce the number of suicides, overdoses, and incarcerations of people with mental illness by encouraging people to share their story, increasing access to mental health services, and supporting first responders in recognizing the mental health warning signs among their own.

“The Quell Foundation’s Bridge the Gap award to students pursuing degrees in the mental health care field are most strongly facilitated through The Quell Foundation’s long-term partnerships,” said Renee Wilk, Executive Director of The Quell Foundation. “We invest in their students and the unique, mental health, degree-awarding programs offered at these institutions to promote and sustain workforce development in this critical space.”

The Quell Foundation is currently accepting applications for the 2019-2020 scholarship cycle.

CT Insurance Department Recovers $7.8 Million for Policyholders, Taxpayers in 2018, Up $1 Million

The Connecticut Insurance Department recovered $7.8 million for policyholders and taxpayers in 2018, helping individuals, families and employers with their claims and complaints, according to department officials. The Department’s Consumer Affairs Unit (CAU) fielded 6,350 complaints and inquiries in 2018 and helped policyholders recoup more than $5.5 million during the calendar year. In addition, the Department’s Market Conduct Division levied approximately $2.3 million in fines against carriers and returned that money to the state’s General Fund.  Both financial results are up from a year ago.

“The Department’s Consumer Affairs staff helps thousands of consumers each year with their questions and concerns about their insurance and makes certain that companies are compliant with all state insurance laws and regulations,” Acting Commissioner Paul Lombardo said.

In comparison, during 2017 CAU fielded 5,800 complaints and inquiries and helped policyholders recoup nearly $4.8 million.  The Department’s Market Conduct Division levied approximately $2 million in fines.  The Department’s fines result from a variety of violations and settlements ranging from untimely claim payments to improper licensing. The Market Conduct enforcement actions are posted on the Department’s Web site at www.ct.gov/cid

The majority of the funds recovered during 2018 for policyholders stemmed from complaints over health, accident, homeowners and life and annuities policies. The breakdown of funds recovered:

• Accident, Health - $2.3 million
• Auto - $1.5 million
• General Liability - $30,000
• Homeowners and Commercial Property - $1.13 million
• Life, Annuities - $523,000
• Miscellaneous - $37,000

Recoveries in the area of Homeowners and Commercial Property more than tripled, going from $344,600 in 2017 to $1.13 million in 2018.

The Department calculates its consumer recoveries based on what the policyholder received as a result of the Department’s intervention. The inquiries and complaints also help the Department identify industry trends that may adversely affect consumers and trigger investigation by the Market Conduct division.

In 2017, the state Insurance Department recovered $6.8 million for policyholders and taxpayers.   That was a slight drop from the previous year, when it recouped $7.5 million in 2016.   and approximately $6 million in 2015.  In previous years, the department recaptured $6 million in 2015, reached a recent high of $8.7 million in 2012, $7.4 million in 2013 and $6.3 million in 2014.

Complaint data also help determine topics for consumer education and serve as tools to help the Department monitor the industry, officials noted.

The mission of the Connecticut Insurance Department is to protect consumers through regulation of the industry, outreach, education and advocacy. The Department’s annual budget is funded through assessments from the insurance industry.

One-Third of Connecticut Legislators are Women, Reversing State Trend, Ranking 14th in U.S.

As the new Connecticut legislative session gets underway, 33.5 percent of lawmakers are women, the 14^th highest percentage among the states.  The Connecticut legislature now includes 61 women, apparently the high water mark in state history, and exceeding the national average among the states of 28.5 percent. In the Senate, there are currently 9 women out of 33 members.  Eight of the nine are Democrats.  In the House, which currently has 149 members, 29 are Democrats and 22 are Republicans.

Connecticut’s 33.5 percent is from 182 seats, with five vacancies to be filled in special elections on February 26.  Candidates for those seats have not all been selected.

The ranks of women dropped by two in the Senate between Election Day and Opening Day of the legislative session, with former Senators Terry Gerratana of New Britain and Beth Bye of West Hartford accepting positions in the Lamont Administration and not taking the oath of office for a new legislative term.  Two male House members and a male Senate member also did not take their oaths of office in order to join the administration.

Nearly one-third of the women in the legislature this year - 20 of the 61 female legislators - are in their first term in the General Assembly.  Last year, women represented just over 27 percent of the legislature’s membership.

The 2018 election marked a slight comeback for Connecticut in terms of female representation.

Prior to this year, the state had fallen from ranking 8th to 19th during the past decade in the percentage of women serving in the legislature, with the percentage dropping from 31.6% as recently as 2009, according to the National Conference of State Legislatures. Connecticut’s 2009 legislature included 59 women, 31.6 percent of the membership, the 8^th highest percentage among the states. In 2011, there were 56 women, 29.9 percent.

For their 2019 legislative sessions, the states with the largest contingent of female legislators are Nevada 50.8%, Colorado 47%, Oregon 41.1%, Washington 40.1%, Vermont 39.4%, Arizona 38.9%, Alaska 38.3%, Maine 38.2%, Maryland 37.8%, Rhode Island 37.2%, Illinois 36.2%, Michigan 35.8% and New Mexico 34.8%.  As with Connecticut, the numbers in other states may vary slightly due to resignations or elected legislators opting not to serve.

Nationally, women hold 2,110 of 7,383 state legislative seats.  Democrats hold more than twice as many – 1,430 Democrats and 663 Republicans. That is an increase of more than 300 Democratic women and a drop of about 40 Republican women in state legislatures across the country compared with 2017, according to NCSL data.

Hartford Area CFA Charterholders Gather to Hear Economic Forecasts, Focus on Guiding Investors Through 2019

In the midst of tumultuous and uncertain economic times, hundreds of Connecticut’s leading investment and financial professionals will be gathering on Tuesday, Jan. 22 in Hartford to delve into the financial outlook for 2019 with one of the nation’s most respected economists, get an inside look at the state’s cybersecurity efforts to protect the integrity of the election process, and connect with industry peers from throughout the region. More than 400 professionals - CFA® members, investment professionals, personal investors, key decision-makers and college students - are expected.  They will hear from keynote speaker Brian Wesbury, Chief Economist of First Trust Advisors L.P., at the 2019 Annual Forecast Dinner hosted by CFA Society Hartford, the local chapter of the CFA Institute. Connecticut Secretary of the State Denise Merrill will offer comments on the future of voting security with “Election Cybersecurity: A Wake Up Call”.   It is the organization’s premier networking event of the year, being held at the Connecticut Convention Center.

The Hartford chapter is one of 151 local member societies of the CFA Institute, a worldwide organization and a respected source of knowledge in the global financial community. Hartford, with a long history of prominence in financial services – has one of the international organization’s oldest chapters, dating back to 1952. It is also one of the largest chapters outside of a major metropolitan area, with more than 700 members working in over 175 investment organizations, serving the Hartford and Springfield, MA region. There is another Connecticut chapter based in Stamford.

The CFA Institute is a global non-profit organization of investment professionals that distinguish themselves through their commitment to their clients and to the highest ethical and investment standards.  The Chartered Financial Analyst® designation, which has been described as the “industry gold standard,” requires passing one of the most rigorous series of exams in the financial industry to earn the credential.  Fewer than one in five candidates become CFA® charterholders.

“We strive to help advisers understand and anticipate stock market and economic changes to be able to provide the best guidance for their clients,” said Juliana Dalton, CFA, president of CFA Society Hartford.  Members include CFA® charterholders employed by leading financial services companies and those who are private wealth managers.  While many have been in the field for decades – providing much-needed expertise to a range of clients, particularly in turbulent economic times – CFA Society Hartford also continues to reach out to young professionals, as well as college students considering careers in the financial services industry.

In addition to the formal speaking program at the annual event, attendees can learn how the demanding CFA® Program provides a strong foundation of advanced investment analysis and real-world portfolio management skills that will provide a career advantage. Successful candidates for the CFA® designation take an average of four years to complete the program, which includes passing three exams sequentially and accumulating 48 months of approved work experience. Each exam level generally requires six months of preparation.

Dalton, Senior Vice President and Senior Credit Risk Manager at Webster Bank, analyzes credit risk across the organization. She will provide introductory remarks on Tuesday, and CFA Society Hartford Past-President Ray Bovich will introduce the keynote speaker as he shares “The Real News About the U.S. Economy”.

“For the past nine years, analysts have predicted apocalypse for the U.S. economy around every corner, but the strong market and economic recovery are both the longest ever,” commented Dalton.  The program will look ahead at what might be next.

For young members of the profession, applying technology to financial analysis can be particularly attractive. “Technology is all to the benefit,” Dalton explained, “as it helps to provide numbers-based and fact-based analysis. But people skills never go away.”  She noted that even with advancing technology – which is integrated throughout the industry – every client’s investment priorities differ, calling for a mix of people skills and technological know-how by CFA® charterholders.

The CFA Society Hartford chapter, in an effort to interest college students, has been running an annual Research Challenge for the past six years in conjunction with local colleges including the University of Connecticut and Trinity College.  Teams of college students analyze a particular company, and present a written report that is judged by local professionals.  The top three teams go on to make an oral presentation before industry practitioners, and the winning team has an opportunity to advance to national and international competition.  The program has grown in popularity, and although it is quite rigorous, is seen as an excellent educational opportunity and hands-on glimpse into the field. The 2018/2019 competition finals will be held next month.

The forecast dinner’s lead speakers will also provide insight.  Brian Wesbury is Chief Economist at First Trust Advisors L.P., a financial services firm based in Wheaton, Illinois. He has been a member of the Academic Advisory Council of the Federal Reserve Bank of Chicago since 1999. In 2012, he was named a Fellow of the George W. Bush Presidential Center. In 1995 and 1996, he served as Chief Economist for the Joint Economic Committee of the U.S. Congress, and has been ranked by the Wall Street Journal as the nation’s #1 U.S. economic forecaster (2001), and by USA Today as one of the nation’s top 10 forecasters (2004).  Denise Merrill was re-elected in 2018 to her third term as Secretary of the State of Connecticut, and is past president of the National Association of Secretaries of the State.  She previously served in the Connecticut House of Representatives.  Her office oversees elections and business data, among its responsibilities.

For more information about the Hartford chapter, visit www.hartfordcfa.org.  Gold Sponsors for the event include Hartford Investment Management Company (HIMCO), Virtus Investment Partners, Voya Investment Management, and INVESCO.  Individual seats are $110 for CFA® Society Hartford members and $145 for non-members.  There are more than 150,000 CFA® charter holders worldwide in 165+ countries and regions. CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute.