2017

Annual report

George portrait

2016 – 2017
Letter from the chair

Dear Fellow CFA Society Boston member:

The past 12 months have been a productive period for our Society. Effective January 1, 2017, we changed our name to CFA Society Boston. This move strengthens our bond with 148 CFA societies around the world, and further aligns us with a rapidly growing global community of 148,000 investment professionals dedicated to best practice in the investment management industry. As part of this initiative, we also engaged in a branding campaign focused on the salience of the CFA charter and the benefits it confers to both practitioners and investors.

In a period of rapid technological change and permanent restructuring, we enhanced our job board to facilitate the matching process between job seekers and employers. Our Women in Investment Management Network (WIMN) also hosted a national conference on Alpha and Gender Diversity, and strengthened our local initiative in this important area. Our CFA Practice Exam continues to garner world-wide interest.

Professional development, education, practitioner-relevant programming, networking and community outreach are at the heart of what we do. Among other initiatives, we organized programs on Financial Literacy, Fintech, and Sustainable Investing. More than 1,000 professionals, the largest number in our history, attended the Annual Market Dinner featuring former Federal Reserve Chairman Ben Bernanke.

At the end of May, we offered our “China Inside and Outside” conference, which brought together experts on the world’s second largest economy and stock market from China and Boston. It is our hope that meetings like this can deepen the understanding of common problems and investment challenges, broaden our professional community, and enhance Boston’s positon as the leading center of investment knowledge and research in the world. These, and other initiatives, are described in greater detail below.

None of this would have been possible without the dedicated efforts of our volunteers, staff and Board members who have worked tirelessly to enhance member value and strengthen our profession and community. I would to thank them for their multiple contributions and commitment to “Putting Investors First” and to promoting the highest ethical and professional standards and financial and retirement security.

In an era of low expected nominal and real returns, the state of CFA Society Boston today is strong – professionally, financially, organizationally, intellectually – because of the cumulative efforts of previous Chairs, Boards, volunteers and staffs. It has been a pleasure to serve as Chair, and I know that our incoming Chair, Jeff Augustine, will bring renewed insight and energy to our organization.

George R. Hoguet, CFA

A YEAR OF EVOLUTION

“CFA Society Boston is dedicated to promoting best practice in the investment industry, to raising ethical standards within the investment profession, and to putting investors first. We unite Boston's investment community and provide a forum for collaboration, education, and innovation. Please join me as I review the evolution of the Society over the past year.”

- George R. Hoguet, CFA | Chair of CFA Society Boston’s Board of Directors, 2016-2017

EVOLVING FROM
BOSTON SECURITY ANALYSTS SOCIETY (BSAS)
TO CFA SOCIETY BOSTON

In 2016, the BSAS Board of Directors (The Board) agreed that changing our name to CFA Society Boston would be in the best interests of our membership. Aligning our brand with 148 CFA societies worldwide greatly increases our name recognition. To raise awareness, we executed a comprehensive branding campaign seen by 30,323,766 people in the New England market.

30,000,000

NUMBER OF IMPRESSIONS GAINED BY OUR COMPREHENSIVE BRANDING CAMPAIGN

THE EVOLUTION OF
MEMBER PROGRAMS,
EDUCATION & ENGAGEMENT

Member input played an integral role in the evolution of the society during the past year. CFA Society Boston conducted the 2016 Member Research Project to assess overall member satisfaction. We hosted listening tours at firms, held member interviews, analyzed event registration data, and completed an extensive online member survey. A significant part of the outreach included C-Suite engagement, which we continue to do in conjunction with CFA Institute’s Institutional Partnership team.

To increase member participation, the Board also modified our subcommittee governance structure into a centralized Program and Education Advisory Council. Rather than offering a high volume of committee-sponsored, mid-day events, we now focus on fewer programs with greater impact.

Finally, we pinpointed the Society’s most valuable offerings. Here we explain the top three benefits identified by our members and the actions we are taking to increase member satisfaction.

Evolution exam

Networking Opportunities

We introduced a Member Communities Platform, a new online resource allowing members to connect with like-minded colleagues, share resources, and collaborate. We also expanded information captured in our Member Profiles to generate a more robust member directory.

Career Development

CFA Society Boston’s online job board continues to be a valuable benefit to members. In the last year, over 150 job postings were available to members only. We are currently collaborating with CFA Institute to launch a beta version of a new, cutting-edge global career center. This technology matches employers and job seekers and offers our members career advice and enhanced job search functionality.

Promotion of the CFA Charter

This past year, our 2017 branding campaign strengthened recognition of our brand and the CFA charterholder designation among our 5,700 members, the greater investment community, and the general investing public. The campaign’s core message demonstrated that CFA charterholders represent the finest in the industry. It also detailed why employers and investors should choose charterholders when hiring investment professionals.

Promotional banner

OUR EVOLVING
ENGAGEMENT LANDSCAPE

The 2016-2017 membership year saw our largest event ever when over 1,000 investment professionals attended our Annual Market Dinner, featuring Dr. Ben S. Bernanke. To attract new audiences, we offered two Chinese Market-focused investing programs and launched our inaugural FinTech Conference. Our annual Sustainable Investing Seminar increased in attendance for the fourth year running. And from a volunteer perspective, our members championed the importance of diversity in business through our Women in Investment Management Network (WIMN) and touched the lives of countless investors ranging from high school students to retirees through Financial Literacy presentations.

MEMBERSHIP
EVOLUTION

Total members

2016


5,000

2017


5,000

Increase in Membership


0

% of Charterholders

2016


70.0

2017


70.0

Member Gender

Member Age Ranges (2017)

Top Employers

Member Retention (as of March 31, 2017)

2016 2017
Boston 94.3% 91.9%
Eastern US 93.0% 91.1%
Americas 93.2% 92.0%
Society Global 91.4% 90.4%
CFA Institute 95.0% 94.0%

Number of CFA Candidates

December 2016 Level I 1,380
June 2017 Level I 1,311
June 2017 Level II 1,274
June 2017 Level III 711

Mentorship Program

Mentor/Mentee Pairings


10

EVOLUTION OF THE
NEXT GENERATION

CFA Society Boston is committed to enhancing the future of finance and places an emphasis on university and CFA candidate outreach. To prepare the next generation of finance professionals, students from 10 local universities compete on a global level in our annual Investment Research Challenge. We also host CFA designation information sessions, offer review classes to advance the charter, and make our Practice Exam available to nearly 3,000 candidates and 45 local CFA Institute societies worldwide.

FUTURE
EVOLUTION

Last fall, The Board and members of the staff held a Strategic Planning retreat to develop a 2017-2019 roadmap. Moving forward, Society efforts will directly connect to the following three main goals:

  1. Member Value
    Deliver exceptional value and relevance to current and future members.
  2. Membership Growth & Engagement
    Stimulate growth and engagement by understanding member demographics and needs to deliver a unique experience at every stage of the career life cycle.
  3. Advocacy and Brand Awareness
    Be a unified voice in the investment management industry with a strong and recognized brand that elevates the profession and advocates for the investing public.

FINANCIALS

CFA Society Boston Income

CFA Society Boston Expenses

CFA Society Boston
FY 2017 Budget Summary
(7/1/16 - 6/30/17)

Item FY2017 Forecast
Income
Reserves and Other Income $98,820 5%
Programs and Events $292,230 16%
Membership dues $815,000 45%
Education and Conferences $60,000 3%
CFA Candidate Prep $334,500 18%
CFA Institude Funding $211,800 12%
Total Income $1,812,350
Expense
Education and Conferences $67,445 3%
CFA Candidate Prep $81,900 4%
Programs and Events $632,675 32%
Operations/G&A $1,039,250 53%
Member Special Projects $142,500 7%
Total Expense $1,963,770
Net Ordinary Income ($151,420)
Investment Income $248,750
Net Income $97,330

2016-2017
BOARD OF DIRECTORS

Board member

Jeffrey B. Augustine, CFA, CFP®

Vice Chair

Investor

Board member

Alice C. Avanian, CFA

Past Chair

Cantor Fitzgerald

Board member

Brent Bell, CFA, FRM

Director (2018)

State Street Global Advisors

Board member

Susan E. Farris, CFA

Secretary

Atlantic Trust

Board member

Robert J. Fernandez, CFA

Treasurer

Breckinridge Capital Advisors

Board member

Leah M. Hirshfield, CFA

Director (2018)

Wells Fargo

Board member

George R. Hoguet, CFA, FRM

Chair

Chesham Investments, LLC

Board member

Erinn R. King, CFA

Chair, Education and Programs

Payden & Rygel

Board member

Stacey L. Marino, CFA, CAIA

Director (2017)

Morgan Stanley

Board member

Robert D. Persons, CFA

Director (2017)

MFS Investment Management

Board member

William S. Richardson, CFA

Director (2017)

Constitution Capital Partners

Board member

Scott D. Stewart, CFA, PhD

Immediate Past Chair

Cornell University

Board member

Emery A. Trahan, CFA

Director (2019)

Northeastern University

Board member

Michael G. Trotsky, CFA

Director (2019)

PRIM

Board member

Vitaly Veksler, CFA

Director (2019)

Beyond Borders Investment Strategies (BBIS)

Board member

Pamela G. Yang, CFA, CPA

Past Chair

Harvard Management Company

CFA SOCIETY BOSTON
STAFF

Board member

Jeanne W. Wolf, CAE

Executive Director

Board member

Stephanie K. Field

Managing Director, Learning and Operations

Board member

George G. Dudley

Director of Marketing and Communications

Board member

Amy E. Pepe

Events Manager

Board member

Dary D. Burgos

Membership and Administrative Coordinator

VOLUNTEERS

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Ad Hoc Volunteers

Timothy Aleong, CFA
Tom Atwood, CFA
Michael Bean, CFA
Eric Biegeleisen, CFA
Todd Burchett, CFA
Jordan Burleigh, CFA
Joseph Chase, CFA
Patricia Clarke
John Cranston
Alex Danehy, CFA
Jeffrey Davis, CFA
Alexander Dyson, CFA
Ted Everett, CFA
Susan Farris, CFA
Thomas Fleischer, CFA
Sean Fullerton, CFA
Aru Gorur, CFA
Dionne Green, CFA
Walter Hartford, CFA
John Hearn, CFA
Lori Heinel, CFA
Greg Hogan, CFA
Mathew Jensen, CFA
Stephen Johnston
Robert Kania, CFA
Neil Katuna, CFA
Hayk Khachikyan, CFA
Shahriar Khaksari, CFA
Bill Li, CFA
Stuart Madiefsky
Katherine Martelon, CFA
Sergio Martin, CFA
Ken Masters, CFA
Allysen Mattison, CFA
Timothy McCabe, CFA
Marilyn Mendel Han
Yotam Mendlinger, CFA
Wei Meng, CF
Angel Moral, CFA
Michael Mullin, CFA
Sanjay Narayanan, CFA
Nam Nguyen
Michael O'Leary, CFA
Michael Obuchowski
Timothy Reardon
Timothy Rheaume, CFA
Debi Rossi
Noel Samu, CFA
Vishal Shah, CFA
Lee Souter, CFA
Kevin Sullivan, CFA
Janet Sung, CFA
David Thompson, CFA
Viktor Vasilev, CFA
Lui Veras, CFA
Renata Waggett, CFA
Fred Wainwright
Sam Wardwell, CFA
Deborah Wheeler, CFA
Angela Williams, CFA
Pamela Yang, CFA
Johnny Yong, CFA
Maria Zarro

Advisory Council

James Anderson, CFA
Brent Bell, CFA
Ted Everett, CFA
Michael Greis, CFA
Erinn King, CFA
Henry Peabody, CFA
Vitaly Veksler, CFA

Career Development

Lindsay Cook
Walter Hartford, CFA
Daniel Kern, CFA
Peter Lert, Ph.D., CFA
Ken Masters, CFA
Nam Nguyen
Timothy Reardon
Olivia Wang

Member Community Ambassadors

James Anderson, CFA, Quant
Hugh Crowther, Economics
Ted Everett, CFA, Private Wealth
Michael Greis, CFA, Global Equities
Leah Hirshfield, CFA, Back Bay and Young Leaders
Joseph Hosler, CFA, Economics
Robert Kania, CFA, Private Wealth
Todd Mulligan, CFA, Private Wealth
Michael Mullin, CFA, Economics
Brandon Parrish, CFA, Private
Bruce Picard, CFA, Economics
Tim Reardon, CFA, Private Wealth
Ray Sicard, CFA, Alternatives
Gail Sweeney, CFA, Back Bay and Fixed Income
Vitaly Veksler, CFA, Economics

Mentorship

Bruce George, CFA
Marilyn Mendel Han
Todd Mulligan, CFA
George Mussalli, CFA
Bob Pinkham, CFA
James Spencer, CFA
Tony Trzcinka, CFA
Badley Ursillo, CFA
Renata Waggett, CFA
Angela Williams, CFA

Financial Literacy

Hussein Ali
Tom Atwood, CFA
Alice Avanian, CFA
Ariel Babcock, CFA
Michael Bean, CFA
Andrew Blute, CFA
Jordan Burleigh, CFA
Larry Carlson
Maria Cella, CFA
Joseph Chase, CFA
Alex Chown
Patricia Clarke
Robert Conron, CFA
John Cranston
Alex Danehy, CFA
Jeffrey Davis, CFA
Ousmane Diagne
Michael Dunn, CFA
Steven Dray, CFA
Derek Engelking, CFA
Susan Farris, CFA
Sean Fullerton, CFA
James Garrett, CFA
Stephen Gaudette, CFA
Bruce George, CFA
Neil Gombeski, CFA
Craig Goryl, CFA
John Hearn, CFA
Tony Henderson, CFA
Chris Higgins, CFA
Greg Hogan, CFA
Jeremiah Holly
Tiffany Hu, CFA
Leigh Hurd, CFA
Mathew Jensen, CFA
Stephen Johnston
Robert Kania, CFA
Neil Katuna, CFA
Elizabeth Kenyon, CFA
Will Krause, CFA
Timothy Lambert, CFA
Jessamyn Norton, CFA
Angelo Lobosco, CFA
Stuart Madiefsky
Daniel Marean, CFA
Patrick Martin, CFA
Allysen Mattison, CFA
Conor McCarthy, CFA
Jim McCartney, CFA
John McLaughlin, CFA
Joe Maduri
John Monahan
Bill Morelli, CFA
Todd Mulligan, CFA
Michael Mullin, CFA
Marco Mura, CFA
Richard O'Neill, CFA
Firoza Panthaki, CFA
Timothy Reardon
Debi Rossi
Brad Rutan, CFA
Catherine Ryan, CFA
Noel Samu, CFA
Vishal Shah, CFA
Peter Shapiro, CFA
Joshua Smith, CFA
Harlan Sonderling, CFA
Lee Souter, CFA
James Spencer, CFA
Kevin Sullivan, CFA
Johnny Sze, CFA
Charlie Toole, CFA
Stephanie Torski, CFA
Amanda Unterreiner, CFA
Peter Van Amson, CFA
Viktor Vasilev, CFA
Luis Veras, CFA
Renata Waggett, CFA
Wenyu Xiong
Johnny Yong, CFA
Maria Zarro

Membership

Eric Biegeleisen, CFA
Susana Ngan, CFA
Johnny Yong, CFA
Gail Sweeny, CFA
Joseph Chase, CFA
John McLaughlin, CFA
Bil Morelli, CFA
Ted Everett, CFA
Stephen Johnston
Robert Kania, CFA
John Hearn, CFA
Susan Farris, CFA

Practice Exam Contributors

Richard McCarthy, CFA, Coordinator
David Hines, CFA, Level I Coordinator
William Richardson, CFA, Level II Coordinator
Marc Ross, CFA, Writer
Eric Biegeleisen, CFA, Writer
Damian Uebelhoer, CFA, Writer
Saman Kiri, CFA, Writer
Steve Ng, CFA, Writer
Peter Lert, CFA, Writer
George Mellman, CFA, Writer
Sumit Kundu, CFA, Writer
Ben Hershey, CFA, Writer
Abbas Kazemi, CFA, Writer
Adam Cook, CFA, Writer
Lee Souter, CFA, Writer
Brian Eddy, CFA, Writer
Christine Tshudy, CFA, Writer
Heather Young, CFA, Writer
Drew Peterson, CFA, Writer
Jennifer Voldins, CFA, Writer

Women in Investment Management Network (WIMN)

Brooke Anderson, CFA
Yana Barton, CFA
Roseann Colot, CFA
Eileen Durey, CFA
Susan Farris, CFA
Sean Fullerton, CFA
Christopher Gootkind, CFA
Leah Hirshfield, CFA
Tiffany Hsu, CFA
Alyssa Irving
Lauriann Kloppenburg, CFA
Stacey Marino, CFA
Katherine Martelon, CFA
Allysen Mattison, CFA
Shannon O'Mara, CFA
Ilonna Rimm, CFA
Sarah Samuels, CFA
Patricia Schneider, CFA
Tee Taggart, PhD
Emily Wilson, CFA

Young Leaders

Steven Brandimarte, CFA
Megan Farrell, CFA
Ryan Fitzgerald, CFA
James Garrett, CFA
Leah Hirshfield, CFA
Yerim Kim
Timothy Lambert, CFA
Patrick Martin, CFA
Luke Matton, CFA
David Milkes, CFA
Sam Millette
Eskandar Sadeghi, CFA
Eric Solfisburg, CFA
BouKay Sung
Kamal Suppal
Amanda Unterreiner, CFA

CFA Institute Research Challenge Contributors

Christopher Argyrople, CFA
Alice Avanian, CFA
Jeffrey Augustine, CFA
Luke Ferriter, CFA
James Garrett, CFA
Patrick Gregory, CFA
Mahesh Jayakumar, CFA
Lauriann Kloppenburg, CFA
Sri Krishnamurthy, CFA
Wei Meng, CFA
Ilonna Rimm, CFA
Brian Stanick, CFA
Scott Walker
Jeffrey Wang, CFA
Eric Warasta, CFA
Dave Wellinghoff, CFA

THANK YOU

“It’s been a year of progress and growth, with changes that will affect the direction of the Society for years to come. Thank you for taking the time to review this evolution. We couldn’t have succeeded in these accomplishments without the dedication of my fellow board directors, our volunteers, staff, and most of all, our members. You have helped us carry out our mission and it’s been a pleasure to serve as the Chair of CFA Society Boston’s Board of Directors.”

- George R. Hoguet, CFA | Chair of CFA Society Boston’s Board of Directors, 2016-2017