New Society Development
CFA Institute is willing to consider new member societies that are formed within country-wide or region-wide parameters. City-only societies are not being considered at this time.
As a prerequisite to society development, the CFA Institute Board of Governors has established the following requirements:
- An initial membership roster of 50 individuals involved in the investment decision making process, with 75 percent of the members being CFA charterholders
- A demonstrated ability to grow membership to 100 members within three years
Assuming these prerequisites are met, CFA Institute follows the process outlined below for new society development:
- Member Inquiry: A CFA Institute member inquiries about new society formation in a given country or region.
- Determine Feasibility*: CFA Institute investigates the feasibility of forming a new society within the country or region. Factors that are considered include demographic and macroeconomic profiles, risk assessment, and the number of charteholders and candidates residing within the country or region. A prospective society must have 50 initial members (75 percent of which are charterholders) and the ability to grow membership to 100 within three years.
- Preliminary Engagement: If CFA Institute determines that it is feasible to form a new society, then we will begin preliminary discussions with the interested CFA Institute members. At this stage, there will be an assessment of local member interest which may include a brief survey, one or two events, and (possibly) a temporary website for communicating information.
- Society Development: Under CFA Institute guidance, prospective society leaders will begin to develop the necessary infastructure to form a new society and complete the member society application. In part, the application requires a mission statement, bylaws, business plan, dues structure, and a list of prospective society members and leaders. Finally, CFA Institute will evaluate prospective leaders and begin the leadership training and development. Prospective society leaders must have demonstrable leadership ability.
- Society Approval: CFA Institute staff presents the application to the External Relations and Volunteer Involvement Committee (ERVIC), an oversight committee for the Board of Governors. ERVIC will review the application during one of its regularly scheduled meetings and determine whether or not to approve the application and recognize the applicant as a member society.
Potential Societies Being ConsideredCurrently, CFA Institute is exploring the possibility of new society formation in the following countries: Vietnam, Portugal, Norway, Kenya, and Peru.
If you have any questions regarding new society formation, please submit an inquiry that includes your name, country of residence, current society affiliation, proposed society location, current employment, and contact information. Your inquiry will be answered within three business days. Submit an inquiry now.
* Once CFA Institute determines that new society formation is feasible within a given country or region, it will take approximately one to three years to engage, develop, and approve a prospective society.