Opening his last Global Society Leadership Conference (SLC) as President and CEO of CFA Institute, Paul Smith, CFA, thanked all CFA Societies for their support over the last five years.
He stated, "It's been a remarkable time in my professional career and a privilege to travel to CFA Societies across the globe."
Paul noted that he has six CFA Societies left to visit and celebrated the news that the “Atlanta Society of Finance and Investment Professionals” will rebrand to “CFA Society Atlanta".
Paul’s speech emphasised that leadership transitions provide the opportunity to prove that the changes that have been made are now institutionalised and not dependent upon any one person’s whims. Indeed, he noted, the strategic direction has been created in collaboration with the board of governors, leadership team and society leadership.
Reflecting on the past five years, Paul said that CFA Institute has listened to CFA Societies’ concerns, needs and thoughts for the future. This has led to a significant increase in brand spend; investment in society technology; and increase in Society subsidies. He did, however, recognise there is still a long way to go if we are to raise professional standards globally.
Paul noted that the course has been set for the next few years and called on CFA Societies for their support, as the execution phase will be tough. “We have done the easy bit. Done the talking. Resourced you better with funding. Now we are moving to the different world of execution,” he stated. Paul emphasized the need to trust that people’s intentions are good and to work together as a team: “Where you are part of us, and we are part of you.” He believes that with this attitude challenges can be overcome.
Initiatives he discussed, included:
- Continuing Professional Development (CPD): Paul emphasised his belief that some form of mandatory CPD is required to establish the investment management field as a profession but this cannot be achieved without the support of the membership and CFA Societies. He noted there is lots of work ahead on this, including developing a recommendation for what CPD should entail and a robust technology platform. Paul thanked CFA Society United Kingdom for their collaboration on developing a learning platform pilot and noted that this will help to deliver competency-based content to members.
- Computer-Based Testing: Paul said that computer-based testing is less controversial but no less challenging to implement, as there is a need to maintain the exam quality, exam security and intensity of the candidate experience. He reassured the audience that CFA Institute is a “fierce guardian of the quality of the exam.” Work is underway and the aim is to administer the first computer-based Level I exams in 2021.
- Societies 2.0: Paul shared that he is pleased with the momentum behind this strategic initiative and that there will be much discussion about Societies 2.0 throughout the Global SLC. He noted that regional teams are working very closely with Societies to develop shared plans and asked that Societies help members to understand the vision of leveraging each other’s advantages to amplify our voice and strengthen our impact.
- Advocacy: Paul underlined that advocacy is a foundational part of the Society strategy and a workstream has been established to focus on leveraging Society volunteers globally to support policy work. Annual society advocacy training sessions have been established in each region, with Society Advocacy Advisory Committees in place to help set policies and prioiritise. He added that a new office will be opening in Washington, DC, to strengthen advocacy in the US.
Paul concluded by thanking the audience again and reminding them that: “I have another seven months to go - I’m not going anywhere yet and my energy levels are high!”
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