numbers to seek a special accreditation in preparation for the burgeoning world of investments.

And Bermuda has become one of the leaders among small countries in getting people accredited as Chartered Financial Analysts.

The increase in CFA's on the Island led to its governing society gaining representation on the Investment Services Advisory Committee along with the banks and the Bermuda Association of Security Dealers when it was formed two years ago by the Bermuda Monetary Authority.

Last December, the Bermuda Society of Financial Analysts (BSFA) was a signatory to the Code of Business Practice and Standards of Professional Conduct, that resulted from the eighteen months of consultation by the committee.

The moves point to the growing reputation of CFA's in the investing world.

Since 1984, when Bank of Butterfield executive Mr. David Notman became the Island's first CFA, 41 other Bermudians have gained their charters.

The BMA itself has two CFA's on staff. One is the president of the BSFA, Mr.

Jamsheed Khan, manager of research in the policy and research division. He said: "Many jobs in the financial services industry are now specifically calling for a CFA qualification. We just scored a coup in New York, where the Bar Association has permitted lawyers who have obtained the qualification to use the CFA initials as credentials behind their names.'' Lawyers and other professionals, both here in Bermuda and around the world are recognising the usefulness of such a designation, especially when it comes to advising wealthy and investment-minded clients, Mr. Khan said.

Gaining the designation requires that candidates to pass three, progressive levels of rigorous examination during the course of three years. The comprehensive, six-hour exams are only sat one day a year in June, without exception.

Candidates, who are required to have a university degree, must read some 6,000 pages of study a year in seven subjects including ethics, accounting, economics, quantitative methods, equity analysis, fixed income analysis and portfolio management.

That is now being streamlined by the world governing body in a process that is expected to be completed by next year. The Association of Investment Management and Research (AIMR), based in Virginia now includes in their required body of knowledge: ethical and professional standards; tools and inputs for investment valuation and management; investment (asset) valuation; and portfolio management.

Candidates must also have three years experience as a financial analyst relating to investments, membership in a group that is affiliated with the world governing body and they must comply with the (ICFA) Institute of Chartered Financial Analysts' code of ethics and standards of professional conduct before they can be granted a charter.

Mr. Khan is also one of the 200 graders from around the world, who must go to Virginia every June to grade the exams written by applicants in 42 countries.

Not everyone taking the course gets to the examination stage. And out of those that do, at least in 1993, less than 60 percent pass.

This year, some 66 are in the programme from Bermuda, after 51 wrote exams last year. Twenty per cent of last year's class did not make it to the exam stage.

Mr. Khan said: "The financial services industry is one of the fastest growing. The entire investment business is growing. There are always new products in the marketplace. People see this qualification as something that is broad enough that it gives them a passport into this industry.'' After Mr. Notman -- now the Bank of Butterfield's director and manager of portfolio management -- Ms Cheryl Ann Lister of EBT Securities was the second Bermudian to gain the charter in 1986.

Today, there are 42 Bermudian CFA's and the number appears likely to expand substantially again.

There are 24,000 members worldwide, even though the first exam was only held in 1963. By 1988, some 7,000 people were writing the exams, and this year that number is expected to have doubled.

VALUABLE DESIGNATION -- Bermuda Society of Financial Analysts president Mr.

Jamsheed Khan.