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CFA Institute Research Foundation

Helping investment professionals help society

The CFA Institute Research Foundation is a not-for-profit organization that sponsors independent, in-depth research on current issues important to investors and investment professionals around the world.

Explore our books, briefs, literature reviews, and presentations 

Learn about the history of the Research Foundation (PDF)

Meet the Research Foundation Board of Trustees

We also collaborate with various CFA member societies, universities, corporations, and other organizations to share our research with investment professionals.

Learn more about our collaborative projects

Funded Research Projects

Our mission is to fund, publish, and distribute comprehensive, high quality, independent research relevant to the global investment community. Current funded research projects include Entitlement Reform and the Behavioral Aspect of Risk Tolerance.

Submit a research proposal (PDF)

Meet the Research Review Team

Tell us what research would help you (PDF)

Financial Market History

A recent project funded by the Research Foundation was the writing and publication of Financial Market History: Reflections on the Past for Investors Today, co-edited by David Chambers and Elroy Dimson.

Learn more and get the free eBook

Support the Research Foundation


The foundation’s activities support the CFA Institute mission of promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. The foundation is a 501(c)(3) corporation solely sponsored by CFA Institute members and investment professionals.

Your donation enables us to continue our important mission to fund, publish, and distribute in-depth, high quality, independent research relevant to the global investment community. Contributions may be tax deductible within the limits provided by law.

Make a donation


We have limited opportunities available to author Research Foundation content; however, we’ve partnered with the member volunteer program to offer the Ambassador Program.

Ambassadors are informed investment professionals who engage in outreach to raise the profile of and expand dialogue about Research Foundation publications and events. Activities and time commitment are entirely flexible, depending on your interests and availability; you determine where and when your input can offer the greatest value. 

Research Foundation Ambassador opportunities include:

  • Using your favorite social media channel to tweet, post, review, and start discussions about Research Foundation publications or events.
  • Raising awareness with employers and others about the importance of donating to support Research Foundation initiatives or partnering with us to issue a monograph co-branded with a company logo.
  • Enhancing the Research Foundation presence on Wikipedia and other online resource sites.
  • Becoming a member of the Research Foundation Content Advisory Group. This opportunity is available to experienced Ambassadors and requires an application process. The group meets periodically to discuss topics for upcoming monographs and literature reviews.

Let us know about your activities so we can recognize your support

Contact us to learn more about the Research Foundation Content Advisory Group

Add your interest in the Research Foundation to your volunteer profile

Leadership Circle

The Research Foundation Leadership Circle honors the following investment professionals whose outstanding commitment and contributions have benefited the CFA Institute Research Foundation.

Gary Brinson

Gary P. Brinson CFA

Gary P. Brinson, CFA, is the president of GP Brinson Investments. Previously, he founded Brinson Partners, Inc., and served as chairman of the Institute of Chartered Financial Analysts, a predecessor of CFA Institute. Mr. Brinson is a member of the Economic Club of Chicago and the advisory council of the Financial Analysts Journal. He was named Outstanding Financial Executive by the Financial Management Association and received the CFA Institute Award for Professional Excellence. Mr. Brinson is the co-author of two books on global investing and has written numerous articles on an array of investment topics. He holds a BA in finance from Seattle University and an MBA from Washington State University.

George Noyes

George Noyes CFA

Walter Stern

Walter Stern CFA

Fred Speece

Fred H. Speece, Jr. CFA

Fred H. Speece, Jr., CFA, is a founder of the investment management firm Speece Thorson Capital Group, Inc. in Minneapolis. He is past chair of the Board of Governors of CFA Institute, the Board of Trustees of the Research Foundation of CFA Institute, the Institute of Chartered Financial Analysts, and the Financial Analysts Seminar. CFA Institute awarded Mr. Speece with the Alfred C. Morley Distinguished Service Award and the C. Stewart Sheppard Leadership Award. He is a trustee emeritus of the Research Foundation of CFA Institute. Mr. Speece was an adjunct faculty member in the Graduate School of Business at the University of St. Thomas and the University of Minnesota. He holds a BBA from Ohio University and an MBA from Western Michigan University.

James Vertin

James R. Vertin CFA

Frank Reilly

Frank K. Reilly CFA

Frank K. Reilly is the Bernard J. Hank Professor of Finance at the University of Notre Dame. He is an expert in security analysis, capital markets, credit analysis, and security market indexes. Reilly teaches courses in applied investment management, capital budgeting, fixed income analysis, and investments, among others. He also has taught an executive course in bond analysis and credit management twice a year for nearly 30 years.
Honors and awards include University of Notre Dame Faculty Award (1999), which is the highest award given to faculty members; the Outstanding Teacher Award given by the MBA Class of 2004; the BP Foundation Outstanding Teacher Award (2002); and the Daniel J. Forrestal III Leadership Award for Professional Ethics and Standards of Investment Practice, given by the CFA Institute. Reilly also was inducted as a fellow of the Financial Management Association in its inaugural group (2000).

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