International Research Association LIFA Program Research Report Submission Rules

Beginning in June 2009, Level III LIFA candidates must submit a research report before gaining LIFA charterholder status. Prior to June 2009, Level III LIFA candidates may choose to either submit a research report or attempt the Level III LIFA exam at a Prometric testing center. Registration deadlines and fee structure will be strictly enforced. “Research report” means a written communication which includes an analysis of an individual company or industry, and which provides information reasonably sufficient upon which to base an investment decision and includes a recommendation. The LIFA candidate must confirm that he/she is in compliance with the Financial Industry Regulatory Authority (FINRA) rules and regulations pertaining to research reports (www.finra.org). Specifically, the FINRA Rules and Regulations for Research Reports are found here. The research report must represent the sole original work of the LIFA candidate and must be submitted in English. The body of the research report must be at least ten pages in length, covering all relevant macro and micro factors leading to the investment decision. Appendixes may be included in addition to the body of the research report. The research report will be submitted to the International Research Association via electronic format. All research reports submitted to the International Research Association are intended for educational purposes only. The submitted research report will be used for International Research Association use only, and will be held in strict confidence. LIFA charterholders acting as graders will have access to the research report. Grading of the research report will be pass/fail. Candidates will receive their pass/fail results within the grade notification period. The research report will be graded by two LIFA charterholders. Graders will be asked to provide relevant comments on each research report. These comments will be shared with all LIFA candidates with failing research reports. The name of the LIFA candidate authoring the research report will not be disclosed to the graders. ____________________ About The International Research Association Based in Cambridge, Massachusetts, USA, the International Research Association is dedicated to providing finance and investment professionals around the world with the standard for professional certification. Currently, LIFA candidates from over 65 countries are pursuing the LIFA designation. The International Research Association awards the Licensed International Financial Analyst (LIFA) designation. About The Financial Industry Regulatory Authority The Financial Industry Regulatory Authority (FINRA), is the largest non-governmental regulator for all securities firms doing business in the United States. All told, FINRA oversees nearly 5,000 brokerage firms, about 172,000 branch offices and approximately 665,000 registered securities representatives.