I want to point out [and here I am wearing my 'representative of CFA Institute' hat] that CFA Institute teaches many things other than MPT, including APT, financial statement analysis, valuation, arbitrage, and so forth. We believe that the goal of the CFA program is to provide a modern financial professional with tools, yes, but also an understanding of jargon that they may encounter when in finance. Not all of our candidates and members have business or finance backgrounds when they come to the CFA program. Consequently, our role is to educate about many things.

Yours, in service,

Jason