As we close out the retention portion of our member renewal cycle and begin to focus on our recovery efforts, we wanted to provide you with the state of this initiative.
But first, thank you for your support of this year’s renewal efforts! This initiative requires a coordinated effort among many groups, and we appreciate your society’s contributions not only in urging members to renew their membership but also in providing value throughout the year.
Review of Membership Year (MY) 2022–2023 Renewal
To recap, CFA Institute kicked off the renewal cycle in early May. Changes to this year’s campaign included updating creative assets and email templates, shifting the published renewal deadline to allow for more frequent reminders ahead of the deadlines, and communicating dates and deadlines more clearly and urgently.
Special renewal considerations were made for members in Russia, Ukraine, and Sri Lanka given the unique circumstances in each country. No outreach was conducted in Russia, stemming from the decision not to transact with professionals there, and dues were waived for our members in Ukraine and Sri Lanka. In addition, the Membership, Professional Conduct, and Legal teams agreed that CFA Institute would not pursue lapsed members from these three countries for misuse violations.
The final renewal email was deployed on 29 August, noting the deadline to renew by 31 August to avoid a lapsed membership.
Renewal Results
As of 16 September, member retention for CFA Institute was 84.3%, with approximately 164,000 members having renewed from MY 21–22. For reference, last year’s rate on the same date was 85.1%, with approximately 154,500 members renewing from the previous year.
Recovery Campaign Plans
On 14 September, members who were active in MY 21–22 and did not meet the annual renewal criteria to pay annual dues, complete a professional conduct statement, and sign the annual member agreement were lapsed in our systems. The lapse process excludes members who created invoices but have not yet paid dues—this group has until the end of October to pay, or they will be lapsed.
On 20 September, we began our recovery outreach to lapsed members with an email reminder notifying them of their lapsed status. An additional email is scheduled for 19 October, along with a printed mailing. Additional outreach efforts will be evaluated and added as needed in November and beyond to meet our retention goals.
Overall, the execution of this year’s membership renewal program went as planned. We are pleased to report that our results to date are tracking as expected and in line with our historical trends.
Lapsed Member Data Available
We have created a report of the lapsed cohort that includes the markets they reflect, their most current employer type, and their most current occupation role. Please log in to Society Center (Membership tile > Member Renewal Campaign) to access the report.
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