We believe that every investment analyst should know about the risks and opportunities of environmental, social, and governance (ESG) issues. We help investment professionals better understand ESG issues in investing through our educational programs and learning opportunities for continuing professional development.
The ESG investing ethos embodies our efforts to promote a fiduciary culture and a more sustainable form of capitalism through our Future of Finance initiative. This is a global effort to shape a more trustworthy, forward-thinking financial industry that better serves society.
Read Promoting Responsible and Sustainable Investing: CFA Institute ESG and Sustainability Initiatives (PDF)
Also download ESG in Equity Analysis and Credit Analysis, (PDF), a guide on what environmental, social, and governance (ESG) integration is and how it is performed, including case studies.
ESG in the CFA® Program
The current CFA Program curriculum discusses ESG and socially responsible investing (SRI) issues across Levels I, II and III, such as: ESG risk exposure analysis, corporate governance valuation implications, and positive and negative SRI screen impact on portfolio style characteristics.
We will continue to evaluate the volume and emphasis of ESG issues in the CFA Program curriculum.
Get Involved with ESG Issues
Our ESG Resources
As interest in ESG and other socially-aware strategies has risen over time, we have been providing resources for those who wish to consider these factors in their investment approach. We invite you to learn more through the collection of resources offered here.
ESG Investing: A Comprehensive Overview
This online course is an introduction to Environmental, Social, and Governance (ESG) issues in Sustainable, Responsible, and Impact investing (SRI).
- Do Social Responsibility Screens Matter When Assessing Mutual Fund Performance? by Marie Brière, Jonathan Peillex, and Loredana Ureche-Rangau, Financial Analysts Journal 1–14 2017
- SDG Commitment Report 100 UNGII, April 2017
- Why and How Investors Use ESG Information: Evidence from a Global Survey by Amir Amel-Zadeh and George Serafeim, Harvard Business School, February 2017
- The Financial and Societal Benefits of ESG Integration: Focus on Materiality Calvert, 3 January 2017
- Expanding ESG Coverage, by Lori Pizzani, CFA Institute Magazine, November/December 2015
- Integrating ESG into the Fixed-Income Portfolio, by Christoph M. Klein, CFA, Conference Proceedings Quarterly, Fourth Quarter 2015
- ESG Issues in Investing: Investors Debunk the Myths, key findings from a CFA Institute survey on ESG issues. (View full survey results.) August 2015
- Using ESG Factors for Equity Valuation, by Jeroen Bos, CFA, CFA InstituteMagazine, November/December 2014
- Integrating ESG Factors in the Investment Process, by Jeroen Bos, CFA, CFA Institute Magazine, January/February 2014
- ESG and Institutional Investors by Andre Bertolotti, CFA, CFA Magazine, May/June 2010
- Fewer, Richer, Greener: The End of the Population Explosion and the Future for Investors by Laurence B. Siegel, Financial Analysts Journal, November/December 2012 (Login required)
- It’s Time to Rethink Growth and the Implications for Sustainable Investing by Glenn Silverman, CFA, Private Wealth Management Feature Articles, April 2013
- Sustainable Investing: Reducing Risk to Create Alpha by Deborah Kidd, CFA, Investment Risk and Performance Feature Articles, May 2014
- A New Era of Fiduciary Capitalism? Let’s Hope So by John Rogers, CFA, Financial Analysts Journal, May/June 2014 (Login required)
- Islamic Finance and Socially Responsible Investing by Usman Hayat, CFA, CFA Institute Magazine, March/April 2013
- Strategically Reasonable Indifference? by Maha Khan Phillips, CFA Institute Magazine, May/June 2012
- The Way Forward: Rebuilding the Financial Services Industry by John C. Bogle and Christopher C. Davis, Conference Proceedings Quarterly, September 2010
- Climate Risk by Stephen J. Brown, Financial Analysts Journal, May/June 2016, Vol. 72, No. 3: 9–10.
- Environmental Finance and Investments (a book review) Marc Chesney, Jonathan Gheyssens, Anca Claudia Pana and Luca Taschini reviewed by Joseph Nyangon, Financial Analysts Journal, May/June 2016, Vol. 72, No. 3: 1.
- Hedging Climate Risk by Mats Andersson, Patrick Bolton, and Frèdèric Samama, Financial Analysts Journal, May/June 2016 Vol. 72, No. 3: 13–32.
- Weathered for Climate Risk: A Bond Investment Proposition by Marielle de Jong and Anne Nguyen, Financial Analysts Journal, May/June 2016, Vol. 72, No. 3: 34–39.
- Adapting portfolios to climate change BlackRock Investment Institute whitepaper, September 2016
- Indexes Sprout Up as Green Bonds Take Root by Deborah Kidd, CFA, Investment Risk and Performance, January 2015
- Growing the Green Bond Market to Finance a Cleaner, Resilient World reviewed by Biharilal Deora, CFA, CIPM, CFA Digest, April 2014
- Pricing Climate Change Risk Appropriately by Robert Litterman, Financial Analysts Journal, September/October 2011 (Login required)
- Challenges for the Next Generation of Investors by Abby Joseph Cohen, CFA, Conference Proceedings Quarterly, March/April 2013
- Disclosing Environmental Risks by Lori Pizzani, CFA Institute Magazine, September/October 2010
- Turning Oil into Salt by Anne Korin, Conference Proceedings Quarterly, December 2013
- A Sunny Disposition by John Rubino, CFA Institute Magazine, September/October 2013
- Boosting Renewable Energy by Osman Ghani, CFA, CFA Institute Magazine, March/April 2013
- Sol Survivors by John Rubino, CFA Institute Magazine, July/August 2011
- Generous Profits by Peter Shadbolt, CFA Institute Magazine, January/February 2014
Videos and Podcasts
Our collection of ESG-related multimedia products includes dozens of video and audio recordings from leaders in the industry.
View our collection of ESG-related videos and podcasts.
External Articles and Resources