In late 2020, CFA Institute decided to pause further development of the CFA Institute Investment Foundations® Program.
This pause will allow us to refocus where the program has most impact—that is, with our institutional base—and improve the program’s impact by attracting the candidates most likely to complete the certificate. We will return to its development as soon as possible, most likely in the second half of calendar 2021.
What does the pause mean?
The pause, which will begin on 22 February, means
- Stopping curriculum and exam development for the time being
- Closing access to the program registration for to B2C (individual) candidates but continuing to provide the curriculum pdf for download to mitigate the impact on these individuals.
- Keeping the program open to B2B customers, including regulators, universities, training organizations, and other institutions, so that we do not disrupt the structured learning offered by those that rely on the Investment Foundations program.
B2B Customers Must Apply for Access
Beginning 22 February, institutional customers who wish to use the program will need to request access to it. We will change the wording of the Investment Foundations program landing page on the website, and the public registration link currently on the website will be taken down and replaced with an access request form that customers will submit to our Institutional Relations team.
Societies who are using the Investment Foundations program as part of a structured learning program (for example, as a component of a formal Inclusion and Diversity strategy) can also apply for access for their candidates.
Access to the program for organizations who qualify for it will remain free for a limited period of time. We intend to return to a paid program at some point in the future.
Why have we chosen this course of action?
We have experienced enormous growth in registrations for the Investment Foundations program, particularly during the pandemic, to the extent that continuing to offer it for free has become unsustainable.
At the same time that registrations have grown, the percentage of candidates who complete it by taking the exam has fallen considerably.
Before we started offering the program for free, more than 60% of registrants completed it. In 2020, that percentage fell to 14%. So while the total number of candidates completing the program has still grown appreciably, the bulk of registrations appear to be from speculative candidates—that is, people who are taking a look, or who half-heartedly start with the intention of completing the program but discover that it is more work intensive than they anticipated.
The fixed-variable costs of the program for CFA Institute are linked to registrations, not completion. Moving forward, we want to focus our resources on the ongoing development of the program, rather than on funding access for individuals who may not intend to complete the certificate.
What happens next, and how can societies support this transition?
We ask that you
- review your website* to check for references to the Investment Foundations program as a “free program” or “available to anyone.” Replacement language can be found below.
- remove access to any fact sheets or marketing collateral you are using with external customers. Instead of linking to these items, we recommend that you link to the Investment Foundations program landing page.
Please amend references to the Investment Foundations program to the following:
The CFA Institute Investment Foundations Program® covers the essentials of finance, ethics, and investment roles, providing a clear understanding of the global investment industry.
This online learning experience is designed for institutions, including regulators and universities who have staff or students who want to enter, advance in, or understand the investment management industry.
Organizations that want to use the program as part of their professional development offering or wider learning program should contact us through the access form on the CFA Institute website.
*If your website is hosted on Sharepoint, please refer to our Sharepoint Website User Guide on Society Center to support these updates.
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