Did you know that 60% of non-charterholder new members are CFA® Program candidates? Did you also know that we don’t start actively promoting membership until after they pass LIII? Well, that is about to change!
The Jumpstart campaign, which will kick off as a pilot this month, is designed to encourage CFA Program candidates to become members of CFA Institute prior to passing LIII. Through both regular and affiliate membership options, the Jumpstart campaign may be a way to drive growth and revenue for your society and to support critical strategic goals. Read more to find about the background of the campaign, upcoming outreach, and how you can support.
Although both types of membership CFA Institute offers—regular and affiliate—support investment professionals in all stages of their careers, we have not actively promoted membership to our CFA Program candidates.
But after examining existing data on our members and conducting a survey to gather more, the Marketing and Customer Experience division at CFA Institute realized reaching out to candidates about membership would align with all three strategic goals: increasing our influence, increasing our constituent base, and diversifying our portfolio.
In Their Own Words: Survey of Members Who Joined As Candidates
In February 2021, we conducted a survey of our current CFA Institute members who joined while they were still candidates in the CFA Program to get at the heart of the question: Why did you choose to become a member while you were a candidate?
Although responses varied by level and region, we noted some common themes: that our members who joined as candidates were looking for the continuing education, networking, and career advancement opportunities membership provides.
In addition, members expressed:
- that they wanted to gain an edge on their peers in the CFA Program and thought that membership would distinguish them
- that they wanted a jumpstart on putting the coveted CFA designation after their names as soon as they passed Level III
- that accessing a network of charterholders would help them understand what would lie ahead for them as they became charterholders themselves
And when asked how happy they were with their decision to join CFA Institute, more than 85% of respondents said that membership has met or exceeded their expectations.
We also asked about the experiences of members who also joined a local society. We saw that they most valued the networking and events that membership to a local society provides.
Reasons for Joining a Society as a Candidate
Knowing that our members who joined as candidates are generally satisfied with their experience bolstered the decision to move forward with the Jumpstart campaign as a pilot.
Where We Are Going—And How You Can Help
Starting this month, we are launching a pilot campaign to inform CFA Program candidates about the opportunity to join CFA Institute, with the goal of converting them to membership.
In May, those who receive the monthly CFA Program newsletter will see an article that introduces the options of membership to candidates and provides them information about what past candidates who joined as members valued in their experience. We have also launched a page on the enterprise website that positions membership specifically to CFA Program candidates.
From June to August, we will begin an email campaign targeting Level II and Level III candidates registered for our May, August, and November exams. Through a sequence of three emails, we will introduce membership types, benefits, and value propositions for joining.
Throughout our communications, we are promoting joining a local society to access the networking, learning opportunities, and career advancement opportunities this audience values.
We understand that affiliate membership will likely be the right fit for many candidates (who may still be earning their work experience to qualify for regular membership) and that the requirements for affiliate membership vary by society. We are driving those interested in our affiliate membership option to our society directory, with a call to action to explore societies’ websites or contact the society for information about their affiliate membership requirements.
To support this campaign, we ask that you
- ensure your society’s contact info and membership opportunities are clear, accessible, and up to date on your website
- check that calls to action for applying to become a member direct to these pages:
- are prepared to respond to inquiries about your membership types
- share your experiences with your Society Relations Manager
We look forward to executing this campaign to help increase the influence and impact of the CFA Institute and CFA Society network, and ultimately, grow our collective membership base.
To find out more about the campaign and view an informational deck, log in to Society Center → Membership tile → Jumpstart Campaign.
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