Over the past few months, we’ve focused our executive updates on initiatives impacting the society network—long-term funding, the Connexions Community, and the Partnership Effectiveness Survey.
As we approach the halfway mark of this fiscal year, we wanted to pull back the lens on the activities happening across CFA Institute. Read on to see what’s on the horizon for the rest of FY24.
1.0.0.20
1.0.0.20
1.0.0.20
1.0.0.20
1.0.0.20
1.0.0.20
Updates from Education
We look forward to hosting members of the Education division at two upcoming Inside Track sessions, where they will talk about the state of the CFA Program and what to expect in the coming months. Save the date for 28 and 29 February, and look for registration information to come later this week.
Milestones in Evolving the CFA Program
Almost a year has passed since we announced “Evolve,” our initiative to phase in significant changes to the CFA Program to ensure its continued relevance. This month’s exams kick off the 2024 exam cycle and mark a few significant milestones in this initiative.
The February exam window opens next week, with Level III exam administered first (from 15 to 18 February) to allow our exam admin team more time to collect and process Level III answer files before grading activities begin. Level I will follow, from 19 to 25 February.
Level I
February 2024 Level I candidates are the first cohort required to complete a Practical Skills Module (PSM) in either Financial Modeling or Python Programming Fundamentals. These modules use a combination of videos, multiple-choice questions, guided practice, and case studies that provide candidates with real-world applications of what they’re learning.
Each PSM takes 10-15 hours to complete in the Learning Ecosystem and must be finished before Level I exam results are released (tentatively scheduled for early April for the February administration). Remember that candidates who do not complete the PSM requirement will have their exam result voided and will be required to retest at the same exam level to continue through the CFA Program. We’ve notified candidates of this requirement through an updated email journey, existing onboarding emails, social media posts, LES notifications, and more. We'll equip societies with materials to help spread the word in the coming weeks.
The PSM requirement follows other components of the Evolve initiative already rolled out for Level I: expanded eligibility, focused curriculum, and optional practice packs.
More details about how we plan to update digital badging—and enhance how we recognize candidates’ progress through the program at all levels—are coming soon.
Level II
Looking ahead, PSMs are required at Level II beginning with candidates sitting for the May 2024 exam. Candidates can choose between Analyst Skills; Python Programming Fundamentals; and Python, Data Science, and AI.
Level III
With early registration for the February 2025 Level III exams opening in a few short months (May 2024), we have our sights set on the introducing specialized pathways. Beginning with this window, Level III candidates must choose one of three job-role focused pathways:
All three specialized pathways will share a common core to the curriculum, will be equally rigorous, and will be in pursuit of one credential: the CFA charter. The CFA charter will not state which pathway was taken.
Completion of a PSM at Level III will also be required for candidates sitting for their exam in February 2025 or later.
Certificates Portfolio
Elsewhere in Education, efforts to diversify our portfolio of learning products continue as we strive to be the destination for the investment industry to skill, upskill, and reskill. Our portfolio of courses, certificates, and other professional learning continues to be refined and expanded.
- New Certificate in ESG Investing candidates will benefit from a few changes that took effect at the beginning of the year—refreshed content, two practice exams, and more end-of-chapter questions to help them prepare for the exam.
- The Climate Is Collective webinar series will wrap up with the last sessions in the series scheduled for 15 and 22 February.
- Our love of learning continues with the one-year anniversary of the Investment Foundations Certificate relaunch on 14 February. From February to May 2024, those interested in the certificate can attend a series of six live learning webinars and engage with instructors who shaped the curriculum.
- Registration for the Climate Risk, Valuation & Investing Certificate has been active since the November launch. This certificate marks a new way CFA Institute offers a learning experience—one that will use online learning and discussion groups to form a network of participants. The first cohort starts on 26 February.
- Our Private Markets stack will grow with a new certificate, focusing solely on Private Equity, with a strong emphasis on the in-demand skill of financial modeling. This new certificate is aimed at those starting or aspiring to start their careers in private equity and is scheduled to hit the presale market around May, with courses launching around August. We are aiming to release an additional, more advanced Private Equity modelling certificate in FY25.
Plans from Research, Advocacy, and Standards
After a successful launch of CFA Institute Research and Policy Center in September, the Research, Advocacy, and Standards (RAS) division is using insights from their flagship report, Future State of the Investment Industry, to inform the content they’ll develop for members this year.
Shaping the Industry through Three Focus Areas
The report discussed three key areas where we will demonstrate thought leadership:
-
Sustainable Finance: More asset owners and managers are working towards net zero. To address this interest, beginning in October 2023, the team embarked upon an 18-month net-zero workplan that will include interviews with leaders in the industry, whitepapers, academic research, thought leadership, the development of tools, and webinars.
-
Digital Transformation: With AI upending the investment profession, RAS is developing a series of thought leadership pieces that address
- how technology is being used to automate the workflow of investment professionals;
- how more advanced information systems (for example, Python) are being used in the industry;
- how personalization is emerging in portfolios; and
- what the implications are for capital market dynamics.
- Regime Change in the Cost of Money: The recent regime change from lower for longer to higher interest rates (at least for now) has vast implications for both developing and developed markets. Our content will explore the impacts on how market professionals are raising capital in a high interest rate environment, the relative attractiveness of active management and risk-assets, leverage and indebtedness, and the growth of private markets.
These content areas will be nested under the RPC’s existing research themes: capital markets, technology, industry future, and sustainable investing.
Luminary Engagement
RAS recently launched a monthly video series with voices of influence: Research and Policy Center Presents Conversations with Frank Fabozzi. Frank Fabozzi, CFA, will speak with industry thought leaders and give attendees an inside view of what inspires investment luminaries as they reflect on their personal lives and careers. They go beyond theory to share practical experiences and provide guidance for the new generation of investors and professionals. Look for ways to promote these PL credit-eligible opportunities to your members in the Weekly Connexion.
Codes and Standards
With the changes to the Code of Ethics and Standards of Professional Conduct put into place beginning this calendar year, RAS is working on the 12th edition of the Code of Ethics and Standards of Professional Conduct Handbook (SOPH). Last updated in 2014, the handbook will provide guidance for members grappling with ethical dilemmas and help make abstract ethical concepts more concrete.
We know that you and your members are looking for more ways to engage with Standards, Ethics, and Regulations (SER) content. The updated examples and explanations presented in the handbook will prove a rich resource as you think about ethics education opportunities for members and candidates alike.
Global Member & Society Relations
Progress on the Membership Strategy
In line with our membership strategy, we’ve released several products that address the needs of our members, with plans to develop more. Our new digital member experience aims to personalize and guide members towards the content and resources they find most valuable. Thank you for your support in promoting this new experience —since we began driving to the site on 8 January, the experience has seen more than 16,000 unique visitors and 28,000 visits. Data shows that our Investment Data Alliance offering has been well received by members, so we will continue to highlight this benefit.
Interest in Refresher Readings remains strong, with many members accessing the content through our Learning Ecosystem for the first time this year. We are adding to our suite of member benefits with plans to release the Level I Python Programming Fundamentals and Level II Python, Data Science & AI PSMs, following the Level I Financial Modeling and Level II Analyst Skills PSMs released in October.
We have sunset the Selections newsletter and are working on a new member-exclusive newsletter to be launched in March. Work on the 2024 compensation survey is ongoing, with plans to field the survey in March and share the results via an interactive portal before the end of the fiscal year in August. We would appreciate your support in promoting the survey to get the global representation and statistically significant data that will make the findings more robust. Look for ways to do so in the next few weeks.
Global Society Relations
Member Year 2025 Renewal Plans
Society Relations is working closely with our membership and marketing colleagues to develop the member year 2025 (MY25) renewal campaign. Thank you to the societies who shared feedback around what worked well and what could be improved from the MY24 cycle—we plan to incorporate much of that feedback into the MY25 campaign. A pilot program to support the renewal email campaigns of a few societies is also in development—what we’re hoping will be a test-and-learn to see if we can scale the program to include more societies in the coming years.
More information on the global campaign will be distributed before renewal kicks off in May.
FY24 Society Partnership Effectiveness Survey Next Steps
We are grateful for your participation in the FY24 Society Partnership Effectiveness Survey. With responses from more than 80% of societies, we feel we have a representative view of what is and isn’t contributing to a strong partnership between CFA Institute and societies.
Our initial pass at the results shows that although we have made some strides since the last survey was administered in FY22—particularly around communication, alignment with strategic objectives, operational and technical support, marketing resources, and society-to-society collaboration—our overall partnership rating has slipped. We’re hearing that there are still opportunities for increased collaboration, transparency, and training, and many societies cited the desire for more financial resources and direct support from CFA Institute.
Next month, we will share a full analysis of the results and an action plan to address concerns. In the meantime, we’ve made a few moves that address some of the concerns you raised. We’re stabilizing support to Global Financial Center and Professional Association societies and shoring up the Society Support Center. We are also exploring ways to co-create and promote the valuable content created by the society network and will be testing some ideas in FY24.
Connexions Community
Finally, I’m thrilled to see the idea sharing and collaboration happening in the Connexions Community on Higher Logic—keep it up! From discussions on innovative ways to use social channels, engage members, support candidates, and source speakers, your exchanges have been productive and enlightening.
If you haven’t already done so, I encourage you to log in now—each of you brings expertise, knowledge, and curiosity that will undoubtedly benefit others in the network.
I'm energized by the momentum we've built since this fiscal year started in September. I hope this roundup gives you an opportunity to see where our efforts can be complementary and challenges us all to consider where we can work with one another to continue delivering value to members, candidates, and the industry.
Marketing and Outreach
New Brand Store Live
The new CFA Institute brand store is now live! Our new vendor, Brandscape, is providing better shipping costs for bulk orders, better partnership around branding and selection of products, and reduced pricing for items. The products reflect the look and feel of the refreshed brand. Look for more products to be added in the future. We encourage you to explore the offerings. Shop now.
Ethics and Research, Advocacy, and Standards
CFA Institute Content and Product Pipeline Updates on Connexions
Did you know that we update the Product and Content Pipeline on Connexions to give you the insight into what our Education and Research, Advocacy, and Standards teams are working on? Use the pipeline to help plan your programming and to explore what’s already in market.
Bookmark the pipeline today, and check back at the beginning of each month for updates.