Cfa Institute
501(c)(6)
Strong reserves Growing revenue
Cfa Institute is a 501(c)(6) organization based in Charlottesvle, Virginia, registered in 1986, with $462,891,998 in FY2023 revenue.
915 E High St, Charlottesvle, VA, 22902 EIN 54-1386480 Since 1986
Revenue (FY2023)
$462.9M
▲ 28.5% vs prior year
Expenses (FY2023)
$298.4M
Net assets
$565.1M
Employees
468
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
★★★★
Rated on 3 of 4 criteria — the rest aren't reported in this filing type.
Capped at A — the top grade requires the fuller disclosure of a complete Form 990.
How the rating works →—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for Cfa Institute— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
AFinancial health25% of the rating23 mo reserves · +36% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Cfa Institute: 23 mo reserves · +36% margin earns a A on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Cfa Institute: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Cfa Institute: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Mission
See statement o
What they do
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.
Contact & location
- Address
- 915 E High St, Charlottesvle, VA, 22902
- City
- Charlottesvle
- State
- Virginia
- Category
- —
- Subcategory
- —
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $259.5M (FY2013) to $462.9M (FY2023) across 11 reported years.
Financial snapshot
Financial health & position (FY2023)
Liabilities $347.8MNet assets $565.1M
Operating margin
35.5%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$912.9M
Total liabilities
$347.8M
Net assets
$565.1M
Salaries & benefits
$108.2M
36% of expenses
Board members
14
13 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2023 | $462,891,998▲28.5% | $298,355,244▲9.7% | $565,099,867▲42.1% | $912,886,795▲17.9% | 990 |
| 2022 | $360,345,275▲3.9% | $271,991,297▼2.4% | $397,556,251▲36.4% | $774,533,858▲16.8% | 990 |
| 2021 | $346,815,960▲15.8% | $278,732,579▼7.0% | $291,552,844▼6.8% | $663,377,785▼10.9% | 990 |
| 2020 | $299,621,233▲62.0% | $299,566,682▼1.5% | $312,762,053▲19.4% | $744,557,424▲4.9% | 990 |
| 2019 | $184,976,793▼55.6% | $304,140,097▼16.8% | $262,026,428▼28.0% | $709,843,889▲12.7% | 990 |
| 2018 | $416,456,990▲12.5% | $365,537,251▲8.1% | $364,037,441▲12.8% | $630,127,929▲8.8% | 990 |
| 2017 | $370,089,211▲15.1% | $338,068,864▲11.5% | $322,856,901▲14.4% | $579,306,522▲9.8% | 990 |
| 2016 | $321,638,470▲13.0% | $303,230,743▲12.0% | $282,237,386▲16.7% | $527,428,614▲16.3% | 990 |
| 2015 | $284,644,684▲4.5% | $270,775,370▲13.3% | $241,806,970▲15.9% | $453,410,522▲16.4% | 990 |
| 2014 | $272,494,659▲5.0% | $238,913,246▲2.4% | $208,544,634▲2.4% | $389,688,371▲5.9% | 990 |
| 2013 | $259,514,989 | $233,256,561▲4.4% | $203,722,113▲26.2% | $368,018,548▲14.9% | 990 |
| 2012 | — | $223,411,699▼1.9% | $161,470,576▲8.6% | $320,339,200▲5.8% | 990 |
| 2011 | — | $227,844,778▲8.3% | $148,685,032▲4.8% | $302,753,185▲3.8% | 990 |
| 2010 | — | $210,344,728▲12.3% | $141,930,754▲16.3% | $291,556,743▲13.6% | 990 |
| 2009 | — | $187,322,860 | $121,998,543 | $256,598,053 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2023)
Highest-paid: Margaret Franklin Cfa — $1,413,115 (0.47% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Margaret Franklin Cfa | Pres & Ceo & Resrch Fdn Bd Mem | 40 | $1,413,115 |
| Nick Pollard End 92023 | Managing Director | 40 | $683,963 |
| Martin Colburn | Managing Director | 40 | $602,690 |
| Steven Hendry | Chief Financial Officer | 40 | $583,742 |
| Sheri Kelly | Managing Director | 40 | $576,830 |
| Paul Moody | Managing Director | 40 | $560,819 |
| Kurt Schacht Cfa End 122022 | Senior Head Adv | 40 | $557,825 |
| Paul Andrews | Managing Director | 40 | $547,094 |
| Chris Wiese | Managing Director | 40 | $537,939 |
| Carole Crawford End 72023 | Managing Director | 40 | $516,628 |
| Andrew Rome | Managing Director | 40 | $480,693 |
| Mike Peterson | Chief Technology Officer | 40 | $412,301 |
| Leilani Hall End 52024 | Senior Head, Codes and Stand. | 40 | $406,635 |
| Sandy Peters | Senior Head, Fin. Rpt Policy | 40 | $402,569 |
| Vito Lore | Senior Head, Strategy & Plan. | 40 | $393,343 |
| Anne O'brien | Chief of Staff | 40 | $379,857 |
| Joe Lange | Corporate Secretary | 40 | $226,811 |
| Punita Kumar-sinha Cfa | Board Member | 1 | $8,295 |
| Geoffrey Ng Cfa | Board Member | 1 | $7,561 |
| Alexander Birkin | Board Member | 1 | — |
Top vendors & contractors (FY2023)
| Contractor | Services | Paid |
|---|---|---|
| Prometric LLC | Professional Svs | $29,774,223 |
| Dataart Solutions Inc | Professional Svs | $10,924,277 |
| The Gate Worldwide LLC | Advertising | $10,308,033 |
| British Council | Professional Svs | $5,841,744 |
| Watermelon Express Inc DBA Benchprep | Professional Svs | $5,610,000 |
Grants made · $4.1M in FY2023
71 grants totaling $4.1M in FY2023 — showing the 15 largest. All grants made by Cfa Institute →
| Recipient | Purpose | Amount |
|---|---|---|
| Cfa Society New York Inc | Gen support | $458,061 |
| Cfa Society Boston Inc | Gen support | $274,734 |
| Cfa Society of Chicago | Gen support | $238,415 |
| Cfa Society of Los Angeles Incorporated | Gen support | $169,126 |
| Cfa Society San Francisco | Gen support | $166,372 |
| Cfa Institute Research Foundation | Gen support | $159,776 |
| Cfa Society of Philadelphia Inc | Gen support | $134,822 |
| Cfa Society of Washington Dc | Gen support | $123,385 |
| Cfa Society of Minnesota | Gen support | $102,815 |
| Cfa Society of Dallas-ft Worth | Gen support | $101,964 |
| Cfa Society of Colorado | Gen support | $100,416 |
| Cfa Society of Nc | Gen support | $97,771 |
| Cfa Society of Seattle | Gen support | $96,516 |
| Cfa Society of Saint Louis | Gen support | $56,723 |
| Cfa Society of Nashville | Gen support | $52,925 |
Frequently asked questions
- Is Cfa Institute a legitimate nonprofit?
- Yes. Cfa Institute is a 501(c)(6) organization registered with the U.S. Internal Revenue Service under EIN 54-1386480, based in Charlottesvle, Virginia.
- What is Cfa Institute's EIN?
- Cfa Institute's Employer Identification Number (EIN) is 54-1386480.
- How much revenue does Cfa Institute report?
- Cfa Institute reported $462,891,998 in total revenue on its fiscal year 2023 IRS Form 990 filing.
- How much does Cfa Institute's highest-paid employee make?
- The highest reported compensation on Cfa Institute's latest Form 990 is $1,413,115, paid to Margaret Franklin Cfa (Pres & Ceo & Resrch Fdn Bd Mem).
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Data for Cfa Institute (EIN 54-1386480) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.