Time for action? I bought a house in early 2007, in part, because of what I learned through being a CFA candidate (and passing two levels). Your institution was force feeding "lessons" about personal integrity, ethics, and reporting inappopriate behavior to proper authorities. In turned out to be smoke and mirrors campaign for crooks in the mortgage/underwriting departments of Bear Stearns, Wamu, Wachovia, Lehman, Merrill, GE, etc, etc. etc. Remember the part about Fed Reserve and SEC oversight? There was none. The time for action is now but it involves apologizing, finding guilty parties, and returning cash to those who were duped into believing your industry has any integrity whatsoever. At the moment, CFA is merely an anacronym for "analyzing" and selling Crap Financial Assets. If you want to change my mind, a minimimum requirement would be a CFA charter. After all, I aced the ethics portion.