This month’s Executive Update includes a forecast of Q3 key topics and milestones relevant for the CFA Society® community, and the latest news related to February’s first Computer-Based Testing (CBT) exam administration.
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As we turn to March and reflect on the previous quarter, it is safe to say that Q2 was one of our busiest on record. A few highlights include completing our first Computer-Based Testing (CBT) exam administration, board approval of the FY22 Society Funding Model, and the announcements of three new Managing Directors (MDs) to round out the CFA Institute Leadership Team.
A big thanks to everyone who attended the February Regional Town Halls to hear from Marg Franklin, CFA, and meet Lutfey Siddiqi, CFA, the newly appointed MD of Global Regions & Society Relations. Together, Lutfey and Marg shared their perspective on our mission and what it truly means to lead the profession. The Town Hall recordings are posted on Connexions and we encourage every Society Leader to tune in. We also refreshed the FAQ Guide, including new items related to candidate communications, the evolved FY22 Funding Model, and others we didn’t have time to address during the regional Town Halls.
CBT Update: The Future of Exam Delivery Is Now
February marked a significant achievement in CFA Institute history—the first-ever CBT Level I exam administration. We delivered over 28,000 exams in testing centers around the world. In this February window, fewer than 600 candidates were deferred—we’re actively working to reschedule those individuals.
While the first CBT exam delivery was a huge milestone, it was not without its challenges and setbacks. We’re in the midst of analyzing what worked and where we have opportunities to improve. We’re working closely with Prometric to enhance the timeliness of candidate communications to mitigate future confusion related to local regulatory and government decisions to close test centers because of the pandemic. We’re also evaluating which test centers were most affected by COVID-19 to determine the impact had we not offered a deferral option in February.
Though the pandemic has introduced more complexity and challenges than we could have ever imagined, it has allowed us to accelerate the transition of CFA Program Levels II and III to CBT. This year, we will use nearly three times as many test centers for candidates worldwide and will increase the number of testing days from 28 to more than 90 in 2021.
There are over 150,000 candidates registered for May, and approximately 19,000 (across all three levels) have not yet scheduled their exams. To accommodate candidates' needs for this two-step process (details outlined here), we are extending the exam scheduling deadline from tomorrow, 10 March, to 25 March. Candidates will be notified of this extension today. We ask you to encourage candidates in your regions and cities to complete the two-step registration process as soon as possible to secure a spot for May’s exam.
We recognize that you and your staff are often at the front-line when candidates have questions, concerns, and frustrations. We appreciate your patience and are grateful for your support as we navigate these challenges. To better support you and candidates going forward, we've provided this CBT Guide and Exam Updates page for the latest information about exams and measures addressing pandemic-related challenges.
Quarterly Look Ahead (Q3 FY21)
Over the past several months, we’ve heard from Society Leaders globally that you want better line of sight to the key activities and milestones on the horizon that will impact or touch your local societies. Therefore, in my future Executive Updates at the start of each new quarter, I’ll provide a Quarterly Look Ahead as a forecast of what’s to come. As you might expect, there will be things that surface that we can’t always anticipate or predict (2020 is a prime example!), but here’s what we know at the moment.
Your input is invaluable—we’re listening and taking action! Please continue to raise questions and insights to your Society Relationship Managers so that we can communicate relevant and timely information. I look forward to being back in touch in April.
March
- 15 March: The launch of the Certificate in ESG Investing marketing efforts with a global press release. The first phase of expanding global distribution of the Certificate will focus on select markets, including Boston, Chicago, Germany, Hong Kong, Los Angeles, Montreal, New York, Norway, San Francisco, Sweden, Toronto, Brazil, and Washington D.C. with Australia, Mexico, and Singapore following shortly after. Thank you to all the Society Leaders and staff within our phase one group for your partnership with our Marketing & Customer Experience and Institutional Relations teams to make this launch a success. In Q4, we will provide more information about the process for activating additional markets in the next phase.
- 17 March: The deadline to apply for the Society Awards Programme. Please help us recognize the outstanding achievements and dedication of your society volunteers.
- 17 March: Launching of the Society Operations Advisory Council and preparing to initiate additional advisory councils as a more formal input-gathering mechanism to inform our path forward.
- 21 March: The deadline to nominate future PCRs through the Presidents Council elections. Candidates must complete and submit their candidate pack to the Nominating Committee, and a brief nomination email must come from a third party.
- 25 March: Extended deadline for the May exam registration. Please remind candidates locally of this and be sure they complete the two-step process to secure their seats.
April
- Society Center's transition from SharePoint to a new platform, Abintegro, where society leaders and staff currently go to complete the Society Leader Orientation.
- 15 April: Society Award category finalists are notified.
May
- Introducing the draft of our Society Operating Model, which will be rooted in the Principles of Partnership and operating framework and will be refined with society input and feedback.
- FY22 Society Business Planning & Operating Standards cycle begins.
- 3 May: Membership Renewal is tentatively scheduled to launch.
- 6-8 May: CFA Institute Board of Governors Meeting.
- 10 May: Society Award Round 2 applications due.
- Mid-May: Member Proxy Vote scheduled to launch.
Until then, all my best.
Randi
MEMBER VALUE
Professional Leave
For the 2021-2022 renewal cycle, CFA Institute will waive the five-year membership requirement of our professional leave policy to support our members through the pandemic, as we did last year. This means that all members not currently working full time in the industry as a result of the pandemic are eligible for reduced membership fees. If this option applies to members, they can request professional leave when they renew. Expect more details about renewal--as well as the member proxy vote--later this month.
OUTREACH
CFA Institute Volunteer Opportunities
We are seeking qualified society leaders and other CFA Institute members to serve on CFA Institute committees. Please share these opportunities with your members.
- The deadline for the Disciplinary Review Committee application is 22 March. Find out more about the position, qualifications, and conflicts on our website.
- We are also seeking new members for the Education Advisory Committee. Volunteers on the EAC are responsible for:
- setting the processes for detecting signals of change in both the investment management and education industries
- selecting body of knowledge topics to be reviewed annually
- ensuring the CFA Program and other program curriculum are aligned with Practice Analysis
Apply to serve, by 24 March.
Share Your Content
Our CFA Society Community Content page has launched here on Connexions to help your local society share your programming, events, and publications with the rest of the network. Explore the page and submit your content today!
SOCIETY MANAGEMENT
We have adjusted our CFA Exam Updates page
To support candidates through registration, scheduling, and seating, we have developed a new page that provides more comprehensive, easy-to-reference information. The page also contains information about rescheduling, deferrals, cancellations, and refunds.
SAVE THE DATE: CFA Institute Annual Conference
We will be hosting our Annual Conference in a virtual format on Tuesday, 18 May 2021! Stay tuned in the coming weeks to learn more about the rebrand, the experience we are creating for attendees, the discount you’ll be able to offer to your society members, and a promotional plan that includes ways your society can boost our efforts.
Get to know Randi
Randi Tolber, CFA, is Head of Global Society Relations at CFA Institute. Her team manages relationships with 158 CFA Societies located in more than 90 countries around the world.
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