The Analyst recently connected with Randi Tolber, head of global society relations with CFA Institute. Ms. Tolber took the time to answer our questions about Societies 2.0, an initiative kicked off in early 2018 with the aim of bringing CFA Society Toronto closer to members.

What is Societies 2.0?

Societies 2.0 recognizes that CFA Societies are closest to our members and best positioned to serve them and their local investment management communities. CFA Institute will continue to oversee the CFA exam and other educational programs, while Societies will take the lead on servicing their members and stakeholders, with support from CFA Institute.

How is this different from the way Societies have operated in the past?

CFA Institute and Societies have sometimes appeared to be competing for the attention of members and institutional relationships. Societies 2.0 will enable us to deliver a consistent and optimal member experience to all while positioning Societies at the forefront of the relationship with their individual members. It will also improve the interaction Societies have with local regulators and institutions, and improve the strength of the brand across the globe.

Is CFA Society Toronto a leader of the change?

Definitely. We’re grateful for the time and expertise CFA Society Toronto has provided and brought to the initiative. The leadership team and staff in Toronto have been integral to the planning and development behind Societies 2.0, collaborating closely with CFA Institute on related projects and strategy.

What are the tangible benefits for members? How will members see a difference in the way they engage with CFA Institute, and when will they expect to see the changes?

A core objective of Societies 2.0 is continuing professional development (CPD), which serves the lifetime learning needs of members. We’re designing a CPD product that will deliver a member experience that’s flexible, integrated with other designations, and incorporated into the value we offer our members.

CFA Society Toronto members will have access to not only the quality programming delivered locally by the Society but also the world of learning experiences curated and offered by CFA Institute and the global Society network.

Members will begin to see incremental changes very soon, such as a new communications preference centre, an improved Continuing Education tracking tool, a simplified membership renewal process, and a robust member app experience.

On the CPD front, does Societies 2.0 mean it’s mandatory for members to track their CPD progress?

Professionalism includes a commitment to lifelong learning—in fact, 70 percent of CFA Institute members already attest to meeting the recommended [amount of] annual continuing education. Still, we’re less credible without a demonstrable and verifiable commitment to lifelong professional and personal growth. While we’re not making any decisions now—and won’t be for at least two years—the Board of Governors has approved a consultation period regarding CPD as a requirement of membership.

Why now?

An increasing number of regulators require CPD, and our members are looking to us for solutions. The CFA charter must remain distinct and in demand in the global marketplace of investment education by providing rigorous, globally relevant investment knowledge that continues, and is available, throughout our members’ careers. We’ll develop a product that will make it easier to do so, with more relevant content and training materials, and the ability to easily verify one’s compliance.

Does Societies 2.0 also include local advocacy activity?

As the professional bodies to our industry, CFA Institute and the Societies have an obligation to advocate on behalf of investors for the standards and ethical principles for which we stand. So, yes, we want to have a seat at the table. Societies 2.0 means providing more support to Societies to enable them to help us represent the views of investors and the gold-standard ethics and principles for which we stand to their local policy-makers.

How will you measure success?

Our surveys suggest that members have tended to identify more with CFA Institute than with their local Society. We want to close the gap. We measure member satisfaction with our efforts and services via NPS [Net Promotor Score]. We’re pleased to note that both Society and CFA Institute NPSes are increasing and the gap is narrowing, with Society NPS growing fastest. Ultimately, we’d like to see the two scores improving continuously and moving in the same direction.

What impression of Societies 2.0 do you want to leave with CFA Society Toronto members?

I’d like members to know that CFA Institute and CFA Society Toronto are on the same page. We’re both committed to providing our members with high-quality and relevant services, and meeting their expectations in terms of the support they can get from us. We have different roles but the same goal. Societies 2.0 is a way for us to get there.

GET INVOLVED WITH 2.0

CONTRIBUTE YOUR THOUGHTS:
Have an open mind, ask questions, and share your thoughts and concerns. Member consultation throughout this discovery phase is essential.

DOWNLOAD THE MEMBER APP:
You’ll find a growing wealth of quality educational content and a growing community of members engaging in learning and sharing.

VOLUNTEER:
Your local Society needs your time and expertise to drive changes.

ADVOCATE:
Support CFA Societies Canada by providing input on the policy issues relevant to investors in Canada, and advocate for adoption of CFA Institute standards within your firms.