three required securities practicing certificates: Basic issues regarding securities and the securities market Securities analysis and investment Analysis of enterprise financial statements Recognition by professional organizations CBV Institute Individuals who have passed all three levels of the CFA exams are eligible to skip the elective courses of the CBV Institute Program of Studies. The Society of Actuaries (SOA) The Society of Actuaries (SOA) granted the credit of Validation by Educational Experience (VEE)-Economics to the candidates who passed the CFA Level I exam. SOA also granted both the credits of VEE-Corporate Finance and VEE-Applied Statistical Methods to the candidates who passed the CFA Level II exam. Professional Risk Managers' International Association (PRMIA) CFA charter-holders are exempted by the Professional Risk Managers' International Association (PRMIA) from the first required exam for the PRM qualification. Certified Financial Planner Board of Standards (CFP Board) The Certified Financial Planner Board of Standards (CFP Board) has approved the CFA charter as fulfilling most of the education coursework requirement for CFP certification, pending completion of a capstone course registered with CFP Board prior to sitting for the CFP exam. Efficacy of the CFA program Given the time and effort that candidates must undergo to complete the CFA program, it would be expected that CFA charter-holders have higher performance than those who do not complete the program. However, there is some evidence that differential analyst performance is economically inconsequential, suggesting the predominance of signaling; although other research in the Financial Analysts Journal (a journal published by CFA Institute) suggests a positive human capital impact from the CFA program. Trademark disputes India CFA Institute is not affiliated with the Chartered Financial Analyst degree offered by the Institute of Chartered Financial Analysts of India (ICFAI) University of India or its affiliate, the Council of Chartered Financial Analysts (CCFA). In 1998, CFA Institute's predecessor organization, AIMR, sued and won a judgment in an American court against ICFAI/CCFA. The judgment prohibited ICFAI/CCFA and its members from using the CFA or Chartered Financial Analyst mark in the United States and Canada. In August 2006, an Indian court issued a temporary injunction against the Indian entity, as well. The judgments made no assessment of the quality of the Indian program and merely discussed the trademark violation. The Indian Association of Investment Professionals is the only organization in India which is affiliated with CFA Institute. CFA Institute trademark rights to the "CFA" and "Chartered Financial