Letter from the CEO: FY2018 Annual Report
Dear fellow members and charterholders,
I am pleased to present to you our FY2018 Annual Report. I encourage you to click on this link and view the document. Inside you will find that fiscal year 2018 proved to be a very strong one for our organisation.
Our organisation exists to serve you, our members.
As we seek to advance our mission, we rely on our members to uphold the highest standards of professionalism. Our global community unites under the banner of CFA Institute to demonstrate that our credential indeed represents the gold standard in investment management.
Each of our members has the ability to shape the future and to build trust in our industry. Our collective vision, leadership, and willingness to act will impact our industry's destiny. As the leaders in the investment management profession, we need to be bold and help move the industry forward to use finance as a positive tool for the ultimate benefit of society. The commitment of our members and the dedication of our societies around the global drives our profession and our organisation forward. I am most grateful for your collective impact.
We live in times of great change, and this organisation will not stand still.
Our curriculum, our research and thought leadership, our members' continuing professional development, and our advocacy efforts all seek to build on our heralded past with a keen eye on the future.
For the 72 years of our existence, we have prepared financial professionals for a successful career in our industry, and we have preached a client-centric approach and advocated for free and fair markets. As the investment management industry continues to evolve, we have been steadfast in our mission.
In 1963, this organisation first administered the exam to 284 candidates. This past June, 55 years later:
- We gave the exam in 185 test areas requiring 286 test centres in 93 countries and territories across the globe. This represents the highest number of test centres ever—an amazing 37% increase over June 2017.
- We booked a record number of candidates more than 226,000 candidates worldwide.
- Our membership continues to grow—now more than 164,000 members, as does our society count, which stood at 151 at the end of FY2018.
Financially, operating results remained very strong. Revenue came in higher than previous year by 14% overall at $356.3 million, continuing to be attributable to the strength of the CFA Program.
All impressive numbers, to say the least.
However, these numbers alone do not tell the whole story.
We strive to broaden our membership base because we seek to positively impact our industry in order to improve it. By setting high standards of entry through our credential, we ensure that professionals have the right skills and experience to deliver for their clients. And a broader global membership and more charterholders represents a means to that end.
I encourage you to read through the annual report and, more importantly, to travel with us on our journey to professionalism.
Paul Smith, CFA
President and CEO