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Nonprofiteer
← CFA INSTITUTE

Form 990 for tax year 2023

Filed by CFA INSTITUTE.

Totals

Total revenue
$462,891,998
Total expenses
$298,355,244
Contributions and grants received
$0
Grants paid
$15,459,313
Program service revenue
$365,965,547
Investment income
$91,882,739
Other revenue
$5,043,712
Total assets, end of year
$912,886,795
Total liabilities, end of year
$347,786,928
Net assets or fund balances, end of year
$565,099,867
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: CANDIDATE FEES

    total $255,424,861 · related or exempt $255,424,861

  • 2b · Program service revenue: MEMBERSHIP DUES

    total $55,320,056 · related or exempt $55,320,056

  • 2c · Program service revenue: EDUCATIONAL PRODUCTS

    total $55,220,630 · related or exempt $55,220,630

  • 3 · Investment income

    total $23,587,758 · excluded $23,587,758

  • 5 · Royalties

    total $827,198 · excluded $827,198

  • 6a · Gross rents

    real property $38,329

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $38,329

  • 6d · Net rental income or loss

    total $38,329 · excluded $38,329

  • 7a · Gross sales of assets other than inventory

    securities $527,506,781

  • 7b · Less cost or other basis and sales expenses

    securities $459,211,800

  • 7c · Gain or loss

    securities $68,294,981

  • 7d · Net gain or loss

    total $68,294,981 · excluded $68,294,981

  • 11a · Other revenue: MISCELLANEOUS

    total $3,696,643 · related or exempt $3,696,643

  • 11b · Other revenue: CAREER CENTER REVENUE

    total $326,444 · unrelated business $326,444

  • 11c · Other revenue: SERVICE FEE REP. OFFICE

    total $155,098 · related or exempt $155,098

  • 11e · Other revenue, total

    $4,178,185

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,144,638

  • 3 · Grants to foreign organizations and individuals

    total $11,314,675

  • 5 · Compensation of officers, directors and key employees

    total $6,142,202

  • 7 · Other salaries and wages

    total $78,755,911

  • 8 · Pension plan contributions

    total $8,943,178

  • 9 · Other employee benefits

    total $8,527,184

  • 10 · Payroll taxes

    total $5,830,400

  • 11b · Fees: legal

    total $2,742,855

  • 11c · Fees: accounting

    total $2,511,157

  • 11f · Fees: investment management

    total $559,677

  • 11g · Fees: other

    total $18,659,872

  • 12 · Advertising and promotion

    total $17,603,199

  • 13 · Office expenses

    total $15,911,815

  • 14 · Information technology

    total $35,721,827

  • 16 · Occupancy

    total $6,346,191

  • 17 · Travel

    total $6,434,527

  • 19 · Conferences, conventions and meetings

    total $1,156,453

  • 20 · Interest

    total $3,448

  • 22 · Depreciation, depletion and amortization

    total $10,824,487

  • 23 · Insurance

    total $948,782

  • 24a · Other expenses: EXAM ADMIN EXPENSES

    total $38,895,001

  • 24b · Other expenses: CONTRACT LABOR & RECRUI

    total $6,276,123

  • 24c · Other expenses: PRODUCT MERCH COSTS

    total $6,162,436

  • 24d · Other expenses: STAFF TRAINING

    total $551,766

  • 24e · All other expenses

    total $3,387,440

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $22,301,469 · end of year $14,552,871

  • 2 · Savings and temporary cash investments

    beginning of year $177,060,774 · end of year $270,686,746

  • 4 · Accounts receivable

    beginning of year $8,188,525 · end of year $1,362,733

  • 9 · Prepaid expenses and deferred charges

    beginning of year $17,263,214 · end of year $17,794,402

  • 10a · Land, buildings and equipment: cost or other basis

    $26,339,907

  • 10b · Land, buildings and equipment: accumulated depreciation

    $12,881,782

  • 10c · Land, buildings and equipment, net

    beginning of year $14,919,213 · end of year $13,458,125

  • 11 · Investments: publicly traded securities

    beginning of year $497,808,221 · end of year $568,688,781

  • 14 · Intangible assets

    beginning of year $18,016,314 · end of year $18,588,284

  • 15 · Other assets

    beginning of year $18,976,128 · end of year $7,754,853

  • 17 · Accounts payable and accrued expenses

    beginning of year $48,271,795 · end of year $44,722,576

  • 19 · Deferred revenue

    beginning of year $306,689,592 · end of year $283,939,616

  • 25 · Other liabilities

    beginning of year $22,016,220 · end of year $19,124,736

  • 27 · Net assets without donor restrictions

    beginning of year $397,556,251 · end of year $565,099,867

Mission and programs · 2023

Mission

SEE STATEMENT O

  • 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.

  • 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.

  • 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.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • MARGARET FRANKLIN CFA

    PRES & CEO & RESRCH FDN BD MEM

    Total calculated
    $1,456,005
    From this org
    $1,413,115
    From related orgs
    $0
    Other
    $42,890
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $703,250
    Bonus
    $694,160
    Other
    $15,705
    Deferred
    $39,600
    Nontaxable benefits
    $3,290
    Filer's total
    $1,456,005

  • MARK LAZBERGER CFA

    BOG CHAIR

    Total calculated
    $0
    Hours/week
    1

  • HEINZ HOCKMANN PHD

    BOG VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • GEOFFREY NG CFA

    BOARD MEMBER

    Total calculated
    $7,561
    From this org
    $7,561
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • TRICIA ROTHSCHILD CFA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • PUNITA KUMAR-SINHA CFA

    BOARD MEMBER

    Total calculated
    $8,295
    From this org
    $8,295
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 1 related

  • MARIA WILTON CFA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MARSHALL BAILEY CFA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ALEXANDER BIRKIN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • PAMELA YANG CFA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • OYEBANJI FEHINTOLA CFA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MEI GAO CFA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JOANNE HILL PHD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • YIMEI LI CFA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • STEVEN HENDRY

    CHIEF FINANCIAL OFFICER

    Total calculated
    $650,416
    From this org
    $583,742
    From related orgs
    $0
    Other
    $66,674
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $339,167
    Bonus
    $241,260
    Other
    $3,315
    Deferred
    $39,600
    Nontaxable benefits
    $27,074
    Filer's total
    $650,416

  • JOE LANGE

    CORPORATE SECRETARY

    Total calculated
    $279,062
    From this org
    $226,811
    From related orgs
    $0
    Other
    $52,251
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,077
    Bonus
    $46,385
    Other
    $3,349
    Deferred
    $26,816
    Nontaxable benefits
    $25,435
    Filer's total
    $279,062

  • MARTIN COLBURN

    MANAGING DIRECTOR

    Total calculated
    $651,536
    From this org
    $602,690
    From related orgs
    $0
    Other
    $48,846
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $341,667
    Bonus
    $241,260
    Other
    $19,763
    Deferred
    $39,600
    Nontaxable benefits
    $9,246
    Filer's total
    $651,536

  • SHERI KELLY

    MANAGING DIRECTOR

    Total calculated
    $634,462
    From this org
    $576,830
    From related orgs
    $0
    Other
    $57,632
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $353,333
    Bonus
    $218,900
    Other
    $4,597
    Deferred
    $39,600
    Nontaxable benefits
    $18,032
    Filer's total
    $634,462

  • PAUL ANDREWS

    MANAGING DIRECTOR

    Total calculated
    $604,790
    From this org
    $547,094
    From related orgs
    $0
    Other
    $57,696
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $352,500
    Bonus
    $183,900
    Other
    $10,694
    Deferred
    $39,600
    Nontaxable benefits
    $18,096
    Filer's total
    $604,790

  • CHRIS WIESE

    MANAGING DIRECTOR

    Total calculated
    $604,411
    From this org
    $537,939
    From related orgs
    $0
    Other
    $66,472
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $311,667
    Bonus
    $222,232
    Other
    $4,040
    Deferred
    $39,600
    Nontaxable benefits
    $26,872
    Filer's total
    $604,411

  • PAUL MOODY

    MANAGING DIRECTOR

    Total calculated
    $564,186
    From this org
    $560,819
    From related orgs
    $0
    Other
    $3,367
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $334,408
    Bonus
    $191,552
    Other
    $34,859
    Deferred
    $0
    Nontaxable benefits
    $3,367
    Filer's total
    $564,186

  • ANDREW ROME

    MANAGING DIRECTOR

    Total calculated
    $538,666
    From this org
    $480,693
    From related orgs
    $0
    Other
    $57,973
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $302,500
    Bonus
    $175,246
    Other
    $2,947
    Deferred
    $39,600
    Nontaxable benefits
    $18,373
    Filer's total
    $538,666

  • CAROLE CRAWFORD END 72023

    MANAGING DIRECTOR

    Total calculated
    $561,457
    From this org
    $516,628
    From related orgs
    $0
    Other
    $44,829
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,497
    Bonus
    $170,879
    Other
    $182,252
    Deferred
    $39,600
    Nontaxable benefits
    $5,229
    Filer's total
    $561,457

  • MIKE PETERSON

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $471,184
    From this org
    $412,301
    From related orgs
    $0
    Other
    $58,883
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $300,619
    Bonus
    $99,869
    Other
    $11,813
    Deferred
    $39,600
    Nontaxable benefits
    $19,283
    Filer's total
    $471,184

  • SANDY PETERS

    SENIOR HEAD, FIN. RPT POLICY

    Total calculated
    $461,362
    From this org
    $402,569
    From related orgs
    $0
    Other
    $58,793
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $304,002
    Bonus
    $93,098
    Other
    $5,469
    Deferred
    $39,600
    Nontaxable benefits
    $19,193
    Filer's total
    $461,362

  • VITO LORE

    SENIOR HEAD, STRATEGY & PLAN.

    Total calculated
    $457,062
    From this org
    $393,343
    From related orgs
    $0
    Other
    $63,719
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $291,417
    Bonus
    $98,964
    Other
    $2,962
    Deferred
    $39,600
    Nontaxable benefits
    $24,119
    Filer's total
    $457,062

  • ANNE O'BRIEN

    CHIEF OF STAFF

    Total calculated
    $437,083
    From this org
    $379,857
    From related orgs
    $0
    Other
    $57,226
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $276,762
    Bonus
    $96,475
    Other
    $6,620
    Deferred
    $39,600
    Nontaxable benefits
    $17,626
    Filer's total
    $437,083

  • LEILANI HALL END 52024

    SENIOR HEAD, CODES AND STAND.

    Total calculated
    $454,053
    From this org
    $406,635
    From related orgs
    $0
    Other
    $47,418
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $301,740
    Bonus
    $95,683
    Other
    $9,212
    Deferred
    $39,600
    Nontaxable benefits
    $7,818
    Filer's total
    $454,053

  • KURT SCHACHT CFA END 122022

    SENIOR HEAD ADV

    Total calculated
    $574,941
    From this org
    $557,825
    From related orgs
    $0
    Other
    $17,116
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,194
    Bonus
    $111,240
    Other
    $281,391
    Deferred
    $17,116
    Nontaxable benefits
    $0
    Filer's total
    $574,941

  • NICK POLLARD END 92023

    MANAGING DIRECTOR

    Total calculated
    $738,627
    From this org
    $683,963
    From related orgs
    $0
    Other
    $54,664
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $289,169
    Bonus
    $132,097
    Other
    $262,697
    Deferred
    $45,322
    Nontaxable benefits
    $9,342
    Filer's total
    $738,627

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Housing allowance or residence for personal use
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
FIRST-CLASS OR CHARTER TRAVEL: MEMBERS OF THE LEADERSHIP TEAM AS WELL AS OTHER MANAGING DIRECTORS ARE ELIGIBLE FOR FIRST CLASS AIR TRAVEL. MEMBERS OF THE LEADERSHIP TEAM, MANAGING DIRECTORS, AND THE BOARD OF GOVERNORS ARE ELIGIBLE FOR FIRST CLASS RAIL TRAVEL. TRAVEL FOR COMPANION: COMPANION TRAVEL IS AVAILABLE AS OF THE POLICY REVISION DATE FOR THE FOLLOWING GROUPS WITH THE COST OF THE SECOND TICKET COVERED BY CFA INSTITUTE BUT REPRESENTING TAXABLE INCOME TO THE TRAVELER. THIS BENEFIT DOES NOT ROLL OVER IF NOT USED WITHIN THE FISCAL YEAR. *MEMBERS OF THE LEADERSHIP TEAM ARE ELIGIBLE ON ONE TRIP PER FISCAL YEAR TO PURCHASE AN ADDITIONAL TICKET FOR ONE COMPANION IN THE SAME CLASS OF SERVICE. THIS DOES NOT APPLY TO NON-LEADERSHIP TEAM MANAGING DIRECTORS. *MEMBERS OF THE BOARD OF GOVERNORS ARE ELIGIBLE TO PURCHASE AN ADDITIONAL TICKET FOR ONE COMPANION IN THE SAME CLASS OF SERVICE FOR ONE BUSINESS TRIP PER FISCAL YEAR. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: CFA INSTITUTE PROVIDED A GROSS UP ON INCOME REPORTED TO CEO TO COVER IMPUTED INCOME ASSOCIATED WITH THE PROVISION OF OUTSIDE TAX PREPARATION SERVICES. HOUSING ALLOWANCE OR RESIDENT FOR PERSONAL USE: CFA INSTITUTE PAYS FOR RELOCATION HOUSING AND INCLUDES THIS IN THE EMPLOYEE'S COMPENSATION. AS CUSTOMARY IN LOCAL COUNTRY, CFA INSTITUTE EMPLOYEES WHO LIVE AND WORK IN HONG KONG, INDIA, OR UNITED ARAB EMIRATES ARE PROVIDED HOUSING ALLOWANCES WHICH ARE INCLUDED IN COMPENSATION. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: EFFECTIVE 1 JANUARY 2023, LIFESTYLE SPENDING ACCOUNTS (LSA'S) WERE ESTABLISHED FOR ALL CFA INSTITUTE EMPLOYEES. FUNDS ALLOCATED TO THE LSA'S CAN BE USED FOR REIMBURSEMENT OF APPROVED EXPENSES RELATED TO MEMBER HEALTH AND WELLNESS, UP TO A MAXIMUM AMOUNT. PRIOR TO THAT, THE U.S. WELLNESS PROGRAM CHANGED IN CY2016 FROM A REIMBURSABLE PLAN TO A CREDIT-WELLNESS PROGRAM. HOWEVER, U.S. EMPLOYEES WHO WERE NOT COVERED BY A CFA INSTITUTE HEALTH PLAN, AND NON-U.S. EMPLOYEES WERE STILL ELIGIBLE FOR REIMBURSEMENTS ASSUMING THEY QUALIFY.
PART I, LINE 4A
SEVERANCE PAYMENTS WERE MADE AS FOLLOWS: KURT SCHACHT $250,000
FORM 990, PART VII, COLUMN D & SCHEDULE J, PART I, LINE 1A:
PUNITA KUMAR-SINHA RECEIVED $8,295 FOR A TRAVEL COMPANION TICKET GEOFFREY NG RECEIVED $7,561 FOR A TRAVEL COMPANION TICKET.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2023
Filed
9 June 2025
IRS schema version
2023v6.0
Source object
202521609349301202

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