Frequently Asked Questions
Why has CFA Institute established this scholarship fund?
The terrorist attacks of 11 September 2001 both literally and figuratively struck at the heart of the global investment community. Not only was the office of the largest CFA Institute Member Society — the New York Society of Security Analysts — located in the World Trade Center, at least 56 CFA Institute members and CFA candidates lost their lives on 11 September.
Immediately after the attacks took place, CFA Institute members and CFA candidates began asking what CFA Institute would be doing to honor the victims. The CFA Institute Board thought it entirely appropriate to launch a scholarship program that would assist the families of those lost in the attacks to pay for the costs of post-secondary education. The fund also will benefit the global investment community at large by encouraging a new generation of bright minds to pursue careers in finance, economics, accounting, or business ethics.
What makes the CFA Institute scholarship fund different from others?
The CFA Institute scholarship fund differs from other educational funds in two important ways. First, in keeping with our mission, all scholarship recipients must indicate that they are pursuing undergraduate degrees in finance, economics, accounting, or business ethics. Second, like the victims of the attacks, scholarship recipients will come from nations around the world, and funds may be used at any qualifying college or university in the world.
With all the scholarship money already being allocated for the victims of these attacks, is this program really needed?
When you begin to calculate the potential costs of higher education for the spouses, domestic partners, and the dependents of the victims of the terrorist attacks, the numbers are staggering. Upwards of a billion U.S. dollars could be needed to fund the education of these individuals. CFA Institute will be just one of many organizations offering scholarships to victims and their loved ones, and we hope that the collected effort will provide educational funding for all whose family members were killed or permanently disabled by the events of 11 September 2001.
Who is eligible?
People from any country are eligible to apply for CFA Institute scholarships if they were:
- Permanently disabled due to the 11 September highjackings and terrorist attacks
- A spouse, domestic partner, or dependent child of someone who was killed, presumed dead, or permanently disabled due to the 11 September highjackings and terrorist attacks
They must be enrolled either full time or part time in a degree-granting program for university-level undergraduate study, and planning to pursue a degree in finance, economics, accounting, or business ethics.
How will scholarships be awarded, and what will the selection criteria be?
Scholarships will be awarded annually. Eligible participants will be awarded up to USD $25,000. Recipients may receive only one grant per calendar year, but may reapply for additional grants in subsequent years as needed.
Scholarship recipients will have stated a desire to pursue undergraduate degrees in finance, economics, accounting, or business ethics. Should the demand for scholarships outstrip available funds, CFA Institute will use the following criteria in awarding scholarships:
- Financial need
- Academic record
- Demonstration of leadership and good citizenship
How do I apply for a scholarship?
When is the application deadline?
The annual deadline for each upcoming school year is 1 June.
When will the scholarships be awarded and funds disbursed?
Grants will be made in time for the school year beginning in August of each year.
Do I have to be enrolled in a university to apply? Can a high school senior apply?
The program is open to any eligible applicants who intend to enroll in a university for the upcoming school year, including current high school seniors.
Are there restrictions on how I can use the funds?
The program covers the costs of tuition, room and board, and other related expenses.
Did the CFA Institute initial USD $1,000,000 contribution come from its reserves, an operating surplus, or elsewhere?
The contribution came from CFA Institute capital reserves.
What percentage of donations will go to scholarship grants and what percentage will go to administration and promotion of the fund?
Every dollar contributed to the fund will be reserved for scholarships. CFA Institute will cover all costs of administration and promotion of the scholarship fund as part of its operating budget.
Will donations to the CFA Institute scholarship fund be tax-deductible?
All contributions will be collected under the auspices of the CFA Institute Research Foundation, a non-profit charitable organization — 501(c)3 — under U.S. tax law. This makes contributions tax-deductible; however, donors, particularly those outside the United States, should consult their own tax advisers to verify that any particular donation is indeed tax-deductible.
Will there be an annual fundraising campaign to replenish the fund?
Fundraising campaigns have been discontinued.
Who will administer the program and manage the funds? How will the funds be invested?
The program is administered by Scholarship Management Services, a department of Scholarship America. The fund is to be a 20-year, self-liquidating fund. Because of the modest horizon, the fund has a below-average risk tolerance with an annual liquidity requirement.
How will contributions be acknowledged?
CFA Institute mails an acknowledgement letter to each donor shortly after receipt of their contribution.
Can I see financial statements for the Research Foundation?
Do you have the capability to receive gifts other than one-time cash donations? Can I pledge over a period of years, establish a trust or estate, or donate securities?
Certainly. We deal with such requests on a case-by-case basis; please contact us.
To whom should I address payments made by check?
Make checks payable to CFA Institute 11 September Memorial Scholarship Fund.
May I make a contribution by credit card? Can I make my donation online?
Yes, contributions may be made by credit card, however, they cannot be made online.
May I make a donation in someone else's name?
Absolutely, whether you make a contribution electronically or by mail, you can make your contribution in the name of any individual, organization, or family.