To advance CFA Institute’s strategic plan and enable our shared mission to serve our members today and tomorrow, CFA Institute is changing the way they work with CFA Societies globally. The change will enable the CFA Society Community to optimise the impact of the collective network and deliver greater membership value and member experience. 

At present, CFA Societies Australia serves as the national coordinating body for CFA Society Melbourne, CFA Society Sydney, and CFA Society Perth, and is the brand name used for national activities. Each of the three Societies functions independently with its distinct legal entity, governance framework, and membership operations.  

If we achieve members approval for the merger of the two Societies in November, CFA Society Melbourne and CFA Society Sydney will transition to form a new legal entity as CFA Society Australia.  CFA Society Australia will assume the role of the new membership association from July 2024 onward. The local Chapters remain an important element of our structure and will continue to deliver services to members in each location.  

CFA Institute is the most influential advocate for shaping the future of the investment industry; they actively contribute to a wide range of strategic initiatives that guide and shape our field. These initiatives range from overseeing the CFA exam and establishing the Asia-Pacific Research Exchange to introducing the ESG credential, enhancing the importance of private markets in the curriculum for future generations, and collaborating with regulators on matters that directly affect our daily routines. These are some examples that we, as CFA Society Australia, will have the opportunity to influence as one of ten CFA Institute’s Global Financial Centre markets. 

Australia is an important market for CFA Institute, who see further opportunities for growth, impact and influence here. Australia is an important financial market with the fifth largest pool of pension capital globally.  

Additionally, Australia has demonstrated the following leadership attributes: 

• There is a high level of confidence that we can contribute to strategy and execute effectively.  
• There is a demonstrated willingness to collaborate.  
• Over a period of time, we have demonstrated a sense of trust. 

CFA Institute acknowledges Australia as a pivotal market with significant potential to lead and advance industry-wide strategic initiatives across the CFA Institute network. In light of this recognition, there is an opportunity for CFA Society Melbourne and CFA Society Sydney to merge and form CFA Society Australia. This merger aims to enhance efficiency and effectiveness under one brand, ultimately facilitating a more impactful service to our members and investment community.   

Operating separately, neither CFA Society Melbourne nor CFA Society Sydney alone have the same level of recognition as a country-based CFA Society Australia will have.  

We will continue to offer services to local members via the local Chapters in Brisbane, Melbourne and Sydney (Adelaide, Canberra and Hobart in time). These Chapters will continue as committees of local volunteers responsible for the delivery of events and services to members, candidates, and universities in each state.  

The new governance model will ensure strategic alignment and access to resources while enabling local nuance to reflect the needs and preferences of members. Staff support will also continue in all current locations. 

We will continue to have staff based in multiple locations and responsible for supporting local Chapter activities across Brisbane, Melbourne and Sydney.

If we receive members’ approval for the merger to form CFA Society Australia, both CFA Society Melbourne and CFA Society Sydney will become Chapters. 

Chapters serve as the regional representatives of the CFA Society. In the proposed future structure, CFA Society Australia will include Chapters in Melbourne, Sydney, and Brisbane. Members are attached to a Chapter based on their location. 

Chapters play an essential role in fostering and linking members to their local community through tailored, in-person professional and social events that cater to specific local requirements while maintaining connections with the national community and global network. They also manage relationships and activities with other stakeholders including universities and candidates.  

An active volunteer pool is the foundation for a thriving Chapter. Each Chapter will have a Chapter committee of volunteers – in place of the current Society Boards – and other volunteer roles across different portfolios, as we do today.  

As an example, Brisbane currently operates as a Chapter within CFA Society Sydney. Members located in Brisbane are members of CFA Society Sydney, which enables them to enjoy the advantages of belonging to both the broader CFA Society Sydney and their local CFA community in Brisbane. This dual membership allows them to participate in a wide range of active social and professional networking events. The Chapter volunteers and members also engage with universities, candidates, and employers in Brisbane. If CFA Society Australia is formed, Brisbane will be a Chapter of Australia, alongside the other Chapters. 

There will be no immediate change to the membership fee. We want to ensure your membership remains valuable.  

If we move forward with CFA Society Australia, the FY24/25 Society Membership will be with CFA Society Australia. Rest assured, this transition will not affect your membership benefits; rather, it aims to elevate your experience through enhanced programs and resources. 

The option to merge to form CFA Society Australia also extends to CFA Society Perth.  The CFA Society Perth Board is currently evaluating this option; further details will be shared once a decision has been made. 

CFA Society Melbourne and CFA Society Sydney will remain as separate Societies. However, certain changes will be forthcoming if we don’t achieve member voting. 

Reduction in CFA Institute support.
CFA Institute has implemented changes to the Society Operating Model (SOM). This includes the introduction of four new society segments, each with its exclusive models and resource needs. If we don’t achieve member voting to merge and form CFA Society Australia, CFA Society Melbourne and CFA Society Sydney will each become a Professional Association under the new CFA Institute SOM. Professional Associations have limited funding support, ultimately leading to a reduction in the member and CFA Program candidate services that we are able to provide.

Cessation of activities delivered as CFA Societies Australia.
The Many activities delivered under the CFA Societies Australia brand will cease. This includes areas such as advocacy, brand initiatives and engagement with employers. 

Limited collaboration opportunities with CFA Institute.
There will be fewer opportunities for collaboration and contributions to CFA Institute.  

We recognise the value of these changes, both for your professional development and the broader investment community and will work to explore alternative options to ensure that these crucial aspects are not completely lost. 

Members of CFA Society Melbourne and CFA Society Sydney will soon receive the Notice of Annual General Meeting (AGM) for their Society, inviting members to cast their vote for the special resolutions. The vote can be via proxy voting or in-person at each CFA Society AGM in November. 

To achieve approval for a special resolution ,  a majority of 75%  valid votes cast is required. 

Quorum requirements are: 

• 30 voting members in good standing for CFA Society Melbourne  
• 5% of all regular members and life members in good standing for CFA Society Sydney.