CFA INSTITUTE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1986

Legal Domicile

Principal Officer

MARGARET FRANKLIN

Phone

4349515499

Tax Period

2023-09-01 to 2024-08-31

CFA INSTITUTE, founded in 1986, is a major nonprofit that reported $462.9M in total revenue in fiscal year 2023. Revenue surged 28% from the prior year, signaling strong growth momentum. The organization ran a surplus of $164.5M, a strong 36% operating margin.

Mission

SEE STATEMENT O

Program Service Accomplishments

Program 1

THE CHARTERED FINANCIAL ANALYST (CFA) PROGRAM: THE ORGANIZATION ADMINISTERS THE CFA PROGRAM, A THREE-LEVEL, EDUCATION AND EXAMINATION PROGRAM COVERING TOPICS ESSENTIAL TO THE INVESTMENT...

THE CHARTERED FINANCIAL ANALYST (CFA) PROGRAM: THE ORGANIZATION ADMINISTERS THE CFA PROGRAM, A THREE-LEVEL, EDUCATION AND EXAMINATION PROGRAM COVERING TOPICS ESSENTIAL TO THE INVESTMENT DECISION-MAKING PROCESS. PROGRAM TOPICS FORM THE CANDIDATE BODY OF KNOWLEDGE AND INCLUDE ETHICAL AND PROFESSIONAL STANDARDS, QUANTITATIVE METHODS, ECONOMICS, FINANCIAL STATEMENT REPORTING AND ANALYSIS, CORPORATE FINANCE, EQUITY AND FIXED-INCOME ANALYSIS, ALTERNATIVE INVESTMENTS, DERIVATIVES, PORTFOLIO MANAGEMENT, AND WEALTH PLANNING.

Program 2

PROFESSIONAL DEVELOPMENT SERVICES: THE ORGANIZATION PROMOTES LIFELONG LEARNING BY DEVELOPING AND DISSEMINATING A VARIETY OF EDUCATIONAL COURSES AND CERTIFICATES TO INVESTMENT PROFESSIONALS ON TOPICS RELEVANT TO THE PROFESSION, INCLUDING CERTIFICATE IN ESG INVESTING; CLIMATE RISK, VALUATION AND INVESTING CERTIFICATE, PRIVATE MARKETS AND ALTERNATIVE INVESTMENTS CERTIFICATES, DATA SCIENCE FOR INVESTMENT PROFESSIONS CERTIFICATE, THE CERTIFICATE IN INVESTMENT PERFORMANCE MANAGEMENT AND INVESTMENT FOUNDATIONS CERTIFICATE.

Program 3

STANDARDS ADVOCACY, AND THOUGHT LEADERSHIP: THE ORGANIZATION IS A LEADING VOICE ON ISSUES OF FAIRNESS, EFFICIENCY, AND INVESTOR PROTECTION IN GLOBAL CAPITAL MARKETS AND PROMOTES HIGH STANDARDS OF...

STANDARDS ADVOCACY, AND THOUGHT LEADERSHIP: THE ORGANIZATION IS A LEADING VOICE ON ISSUES OF FAIRNESS, EFFICIENCY, AND INVESTOR PROTECTION IN GLOBAL CAPITAL MARKETS AND PROMOTES HIGH STANDARDS OF ETHICS, INTEGRITY, AND PROFESSIONAL EXCELLENCE WITHIN THE INVESTMENT COMMUNITY. THE ORGANIZATION ALSO PROMOTES AND ENFORCES THE CFA INSTITUTE CODE OF ETHICS AND STANDARDS OF PROFESSIONAL CONDUCT. ALL MEMBERS OF THE ORGANIZATION AND CANDIDATES IN THE CFA PROGRAM ARE REQUIRED TO ADHERE TO THIS CODE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $365,965,547

Investment Income $91,882,739

Other Revenue $5,043,712

TOTAL REVENUE $462,891,998

Expense Breakdown

Grants Paid $15,459,313

Salaries & Benefits $108,198,875

Fundraising Expenses $0

Other Expenses $174,697,056

TOTAL EXPENSES $298,355,244

Year-over-Year Comparison

	2023	2022	Change
Revenue	$462,891,998	$360,345,275	+0.3%
Expenses	$298,355,244	$271,991,297	+0.1%
Net Income	$164,536,754	$88,353,978	+0.9%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

468

Volunteers

4205

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,385,483

Total Directors

$1,471,861

Key Employees

$3,598,051

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARGARET FRANKLIN CFA	PRES & CEO & RESRCH FDN BD MEM	40.00	Officer Director	$1,413,115	$42,890	$1,456,005
MARK LAZBERGER CFA	BOG CHAIR	1.00	Officer Director	$0	$0	$0
HEINZ HOCKMANN PHD	BOG VICE CHAIR	1.00	Officer Director	$0	$0	$0
GEOFFREY NG CFA	BOARD MEMBER	1.00	Director	$7,561	$0	$7,561
TRICIA ROTHSCHILD CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
PUNITA KUMAR-SINHA CFA	BOARD MEMBER	1.00	Director	$8,295	$0	$8,295
MARIA WILTON CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
MARSHALL BAILEY CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
ALEXANDER BIRKIN	BOARD MEMBER	1.00	Director	$0	$0	$0
PAMELA YANG CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
OYEBANJI FEHINTOLA CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
MEI GAO CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
JOANNE HILL PHD	BOARD MEMBER	1.00	Director	$0	$0	$0
YIMEI LI CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
STEVEN HENDRY	CHIEF FINANCIAL OFFICER	40.00	Officer	$583,742	$66,674	$650,416
JOE LANGE	CORPORATE SECRETARY	40.00	Officer	$226,811	$52,251	$279,062
MARTIN COLBURN	MANAGING DIRECTOR	40.00	Key Emp	$602,690	$48,846	$651,536
SHERI KELLY	MANAGING DIRECTOR	40.00	Key Emp	$576,830	$57,632	$634,462
PAUL ANDREWS	MANAGING DIRECTOR	40.00	Key Emp	$547,094	$57,696	$604,790
CHRIS WIESE	MANAGING DIRECTOR	40.00	Key Emp	$537,939	$66,472	$604,411
PAUL MOODY	MANAGING DIRECTOR	40.00	Key Emp	$560,819	$3,367	$564,186
ANDREW ROME	MANAGING DIRECTOR	40.00	Key Emp	$480,693	$57,973	$538,666
CAROLE CRAWFORD END 72023	MANAGING DIRECTOR	40.00	Highest	$516,628	$44,829	$561,457
MIKE PETERSON	CHIEF TECHNOLOGY OFFICER	40.00	Highest	$412,301	$58,883	$471,184
SANDY PETERS	SENIOR HEAD, FIN. RPT POLICY	40.00	Highest	$402,569	$58,793	$461,362
VITO LORE	SENIOR HEAD, STRATEGY & PLAN.	40.00	Highest	$393,343	$63,719	$457,062
ANNE O'BRIEN	CHIEF OF STAFF	40.00	Highest	$379,857	$57,226	$437,083
LEILANI HALL END 52024	SENIOR HEAD, CODES AND STAND.	40.00		$406,635	$47,418	$454,053
KURT SCHACHT CFA END 122022	SENIOR HEAD ADV	40.00		$557,825	$17,116	$574,941
NICK POLLARD END 92023	MANAGING DIRECTOR	40.00		$683,963	$54,664	$738,627

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$462,891,998	$298,355,244	$912,886,795	$164,536,754
2023	$360,345,275	$271,991,297	$774,533,858	$88,353,978
2022	$346,815,960	$278,732,579	$663,377,785	$68,083,381
2021	$299,621,233	$299,566,682	$744,557,424	$54,551
2020	$184,976,793	$304,140,097	$709,843,889	$-119,163,304
2019	$416,456,990	$365,537,251	$630,127,929	$50,919,739
2018	$370,089,211	$338,068,864	$579,306,522	$32,020,347