Introducing Our Refined Strategies
In September 2020, the CFA Institute Leadership Team announced a new strategic direction, introducing three strategic objectives to guide our shared efforts: 1) increase influence across the ecosystem, 2) increase our global constituent base, and 3) increase scale and diversify our product portfolio.
Over the past several months, we have refined our strategy for achieving these objectives, taking it from a general direction to a detailed plan. During this process, we asked new Leadership Team members (those who joined at the start of the calendar year) to weigh in on our strategy and offer their expertise and perspectives. To reflect their insights and our sharpened focus, we have refined our formerly named strategic pillars. To reach our organizational goals, we will:
- Shape the future of the industry and profession
(formerly "advocate for professional excellence")
- Build a diverse portfolio of learning products
(formerly "build Professional Learning")
- Modernize and grow the CFA Program
(formerly "advance and grow credentials and certificates")
- Develop exceptional customer experiences
(formerly "design and evolve the client experience")
These strategies will position us to deliver with more focus and speak with a much bolder voice in the industry. We will advance our research and thought leadership, so it better reflects and shapes current thinking in the industry. We will build on the expansion of our educational products to support the new dynamics of learning required from career entry to exit and serve new audiences. We will continue to focus on the CFA Program as our flagship product, creating a candidate experience that is modern and personalized. We will prioritize good customer experience, one that builds loyalty among existing constituents and creates enthusiasm with prospective ones.
These refinements capture the true extent of our ambition: to enable and empower investment professionals through our learning offerings; our research, advocacy, and standards thought leadership; and the communities that we cultivate to support our direction. I’m pleased to share that the Board of Governors is engaged and excited about our refined strategies and trusts that together these will amplify our influence and relevance for the future.
The next step is creating detailed implementation plans and metrics to track our progress and success. We are developing those plans to support each strategy and will share them with the Board of Governors for approval during the August meeting.
A New Way of Working
To operationalize these strategies, we have introduced a new enterprise Operating Model. Historically, our enterprise strategy was functionally driven, meaning each element aligned to one or two key functions at CFA Institute. Delivering these strategies will require a much higher level of cross-team collaboration, integration, and teamwork across CFA Institute—as our refined strategies touch multiple parts of the organization, not just one or two teams. Given the complexity involved, this operating model will ensure we execute smartly and successfully. For an overview of the CFA Institute Operating Model, and the four aforementioned strategies, please visit Society Center and navigate to the News & Updates tile > Strategy Update (May 2021).
What This Means for the CFA Society Community
The CFA Society community will play a vital role in advancing these strategies and is a key part of our Operating Model, helping to maximize our global reach and local impact. Our collective success will require your local insights and expertise; prioritization of efforts that have the greatest potential for impact; thoughtful resource allocation; and, as always, strong partnership and collaboration. We know there is opportunity to create greater understanding for exactly what role the CFA Society network plays in furthering our direction. With the refinement of our strategic goals and with specific business plans for each rapidly in development, look for an accelerated communication plan for how we will partner with all of you in the coming years to achieve our collective goals of relevance and influence.
In the near term, a key way you can contribute to these plans is through the reporting you will all be doing in the upcoming annual Business Planning and Operating Standards (BPOS) process. This year, we have made a concerted effort to link the four CFA Institute strategies to the planning process, so there are direct ties between local society efforts and how they advance our shared mission and strategic direction.
We look forward to sharing plans for Professional Learning and Research, Advocacy, and Standards during the June Regional Virtual Events. This forum will provide an excellent opportunity for Society Leaders to learn more about the refined strategies.
Please remember to register to secure your spot to hear from Marg Franklin, CFA, CFA Institute President and CEO; Barbara Petitt, CFA, Managing Director, Professional Learning; and Paul Andrews, Managing Director, Research, Advocacy, and Standards.
I look forward to being back in touch in early June with more details related to the FY22 BPOS process and to seeing and hearing from many of you during the upcoming virtual events.
Best,
Randi
ETHICS & STANDARDS
Rules of Procedure Comment Deadline Approaching
Recently, the Rules of Procedure underwent a comprehensive review, and proposed changes are issued for public comment. CFA Institute encourages you to review the changes and provide your comments on the amendments to the Rules, which can be found here. Comments should be submitted to rules.procedure@cfainstitute.org. The public comment period is open until 5 June 2021.
SOCIETY MANAGEMENT
FY20 Year-End Report: Global Summary of Society Engagement Activities
Local societies have submitted their FY20 Year-End Reports highlighting the incredible pivot of engagement activities to the virtual world, which in many instances exceeded expectations of society leaders. Check out some of the data and read more in this brief summary report.
MEMBER VALUE
Member Renewal and Proxy Voting Campaigns Underway
This week marks the first window for society renewal efforts, and proxy voting opened last week! Remember to access the renewal resources in Society Center (Membership tile > Member Renewal Campaign). You can find out more about the proposals being put in front of the membership for this year's proxy vote here.
Get to know Randi
Randi Tolber, CFA, is Head of Global Society Relations at CFA Institute. Her team manages relationships with 160 local societes operating in more than 90 countries around the world.
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