CFA Institute
CFA Institute is a public charity based in Charlottesville, Virginia. Its work supports the investment profession through education, examinations and professional credentials, research, advocacy, publications, and professional standards.
CFA Institute at a glance
In short: CFA Institute gave $3.8M across 69 grants in 2025 (avg $56K), top state New York. 6% of 2025 grantees were new. Source: 2025 IRS Form 990.
- Annual giving (2025)
- $3,848,010
- -7.0% vs 2024
- Grants made (2025)
- 69
- -2.8% vs 2024
- Average grant
- $55,768
- -4.3% vs 2024
- Median grant
- $37,542
- Total assets
- $1,038,237,122
- +13.7% vs 2024
- New grantees (estimate)
- 6% first-time grantees (4 of 69, 2025)
- Primary geography
- New York (13% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to CFA Institute
- Contact
Mailing address: 915 East High Street, Charlottesville, VA 22902
Phone: (434) 951-5499
Website: https://cfainstitute.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who CFA Institute funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was CFA Society New York Inc ($460K). Together the top 10 received $1.9M.
Grant Size Distribution
354 grants across all recorded years
The most common grant size was under $50K: 232 grants of 354 (66%).
Geographic Focus
Where this funder awards grants
The 2025 grant-dollar distribution was led by New York (13%), California (11%), Virginia (7%), Illinois (7%), and Massachusetts (7%). These figures describe the locations of reported grant recipients.
Grant Distribution by State
Share of 2025 grant dollars across all 69 itemized grants.
States
Cities
Is CFA Institute open to new grantees?
6%
first-time grantees, 2025
In 2025, 4 of 69 grantees (6%) were first-time recipients. First grants averaged $58K; repeat grants $56K. How we count
Medians: $44K first-time, $37K repeat.
Estimate from itemized grant lists in IRS Form 990 filings (2019–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2019 to 2025, annual grant giving ranged from $3.8M (2025) to $7.4M (2019). In 2025 it made 69 grants totaling $3.8M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| CFA Society New York Inc New York, NY | Gen Support | $459,603 |
| CFA Society Boston Inc Boston, MA | Gen Support | $264,417 |
| CFA Society Chicago Chicago, IL | Gen Support | $248,631 |
| CFA Society San Francisco San Francisco, CA | Gen Support | $183,643 |
| CFA Society of Los Angeles Inc Sherman Oaks, CA | Gen Support | $148,582 |
| CFA Society Philadelphia Inc Philadelphia, PA | Gen Support | $133,278 |
| CFA Institute Research Foundation Charlottesville, VA | Gen Support | $128,575 |
| CFA Society Washington DC Arlington, VA | Gen Support | $117,172 |
| CFA Society of Dallas Fort Worth Irving, TX | Gen Support | $105,795 |
| CFA Society of Colorado Westminster, CO | Gen Support | $102,035 |
Ready to take the next step with CFA Institute?
Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $1,038,237,122 | $534,038,687 | $321,585,530 | $3,848,010 | 69 | $122,523,258 |
| 2024 | $912,886,795 | $462,891,998 | $298,355,244 | $4,137,447 | 71 | $91,882,739 |
| 2023 | $774,533,858 | $360,345,275 | $271,991,297 | $4,079,257 | 69 | $19,291,055 |
| 2022 | $663,377,785 | $346,815,960 | $278,732,579 | $5,208,552 | 73 | $15,981,661 |
| 2021 | $744,557,424 | $299,621,233 | $299,566,682 | $5,294,467 | 72 | $21,984,487 |
| 2020 | $709,843,889 | $184,976,793 | $304,140,097 | $7,008,673 | 69 | $18,781,619 |
| 2019 | $630,127,929 | $416,456,990 | $365,537,251 | $7,386,566 | 75 | $28,643,052 |
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
CFA Institute’s stated mission is to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. Its articles of incorporation describe work to advance the investment decision-making process through education and training, examinations and credentialing, research and advocacy, publications, technical standards, and ethical and behavioral codes.
Its programs include the three-level CFA education and examination program, professional development courses and certificates, and standards advocacy and thought leadership. The organization says CFA Program candidates and its members are required to adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct.
In 2025, the Institute’s largest reported grants went to CFA societies and the CFA Institute Research Foundation. The grantees’ own descriptions include serving members and investment professionals, providing education and professional development, and promoting ethical standards. For example, CFA Society New York says its mission is to serve members and investment professionals and educate the investing public; CFA Society San Francisco says it advances Bay Area investment professionals through education, career development, and community building. The Foundation describes its work as supporting independent, high-quality investment research.
Grantmaking
CFA Institute reported 69 grants totaling $3,848,010 in filing year 2025. Grant amounts ranged from $9,048 to $459,603, with a median of $37,542. The listed largest grants were designated for general support.
The largest reported recipients were CFA Society New York ($459,603), CFA Society Boston ($264,417), CFA Society Chicago ($248,631), CFA Society San Francisco ($183,643), CFA Society of Los Angeles ($148,582), CFA Society Philadelphia ($133,278), CFA Institute Research Foundation ($128,575), CFA Society Washington DC ($117,172), CFA Society of Dallas Fort Worth ($105,795), CFA Society of Colorado ($102,035), CFA Society Atlanta ($100,691), and North Carolina Society of Financial Analysts, doing business as CFA Society North Carolina ($98,143).
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Margaret Franklin as president and CEO, Marshall Bailey as board chair, and Heinz Hockmann as board vice chair. It also lists Jennifer Garbowicz, Joanne Hill, Lindsey Matthews, Maria Wilton, Mei Gao, Oyebanji Fehintola, and Pamela Yang as board members.
CFA Institute is led by Margaret Franklin, President, CEO & Resrch Fdn Board Member on every filing since 2021; 13 of 25 officers listed in 2025 are compensated.
Officers on the 2025 filing
Margaret Franklin
President, CEO & Resrch Fdn Board Member
On filings since 2021
40 hrs/week
$559K (2021) → $1.4M (2025)
Marshall Bailey
Bog Chair
Member & Board of Governors → Board Member, 2024
Board Member → Bog Chair, 2025
On filings since 2021
1 hr/week
No compensation reported
Chris Wiese
Managing Director
Senior Head, Learning Exp. & Assess. Dsgn. → Managing Director, 2023
On filings since 2022
40 hrs/week
$371K (2022) → $590K (2025)
Andrew Rome
Managing Director
On filings since 2023
40 hrs/week
$343K (2023) → $523K (2025)
Paul Moody
Managing Director
On filings since 2023
40 hrs/week
$461K (2023) → $621K (2025)
Sheri Kelly
Managing Director
On filings since 2023
40 hrs/week
$560K (2023) → $564K (2025)
Maria Wilton
Board Member
Bog Vice Chair & Pac Chair → Member & Board of Governors, 2022
Member & Board of Governors → Board Member, 2023
On filings since 2019
1 hr/week
$14K (2025)
Steven Hendry
Chief Financial Officer
Interim CFO → Chief Financial Officer, 2022
On filings since 2021
40 hrs/week
$278K (2022) → $632K (2025)
Sandy Peters
Senior Head & Finance Rpt Policy
On filings since 2022
40 hrs/week
$389K (2022) → $433K (2025)
Joe Lange
Corporate Secretary
On filings since 2023
40 hrs/week
$210K (2023) → $243K (2025)
Vito Lore
Senior Head, Strategy & Planning
Senior Head, Strategy & Plan. → Senior Head, Strategy & Planning, 2025
On filings since 2023
40 hrs/week
$391K (2023) → $403K (2025)
Anne O'Brien
Chief of Staff
On filings since 2024
40 hrs/week
$380K (2024) → $437K (2025)
Doug Cohen
Senior Head Product Management
New on the 2025 filing
40 hrs/week
$401K (2025)
Tom Berry
Chief Marketing Officer
New on the 2025 filing
40 hrs/week
$407K (2025)
Yimei Li
Board Member
Member & Board of Governors → Board Member, 2023
On filings since 2021
1 hr/week
No compensation reported
Heinz Hockmann
Bog Vice Chair
Member & Board of Governors → Board Member, 2023
Board Member → Bog Vice Chair, 2024
On filings since 2022
1 hr/week
No compensation reported
Joanne Hill
Board Member
Member & Board of Governors → Board Member, 2023
On filings since 2022
1 hr/week
No compensation reported
Mei Gao
Board Member
On filings since 2023
1 hr/week
No compensation reported
Oyebanji Fehintola
Board Member
On filings since 2023
1 hr/week
No compensation reported
Pamela Yang
Board Member
On filings since 2024
1 hr/week
No compensation reported
Jennifer Garbowicz
Board Member
New on the 2025 filing
1 hr/week
No compensation reported
Lindsey Matthews
Board Member
New on the 2025 filing
1 hr/week
No compensation reported
Patricia Rothschild
Board Member
New on the 2025 filing
1 hr/week
No compensation reported
Ravi Gautham
Board Member
New on the 2025 filing
1 hr/week
No compensation reported
Vipin Mayar
Board Member
New on the 2025 filing
1 hr/week
No compensation reported
Former officers (65)
- Former: Kurt N. Schacht CFA (2019–2025) — Senior Head Advisor · Filing note: Ended 122022
- Former: Leilani Hall (2020–2025) — Senior Head, Codes & Stand · Filing note: Ended 52024
- Former: Martin Colburn (2021–2025) — Managing Director · Filing note: Ended 92025
- Former: Paul Andrews (2022–2025) — Managing Director · Filing note: Ended 12025
- Former: Alexander Birkin (2019–2024) — Board Member
- Former: Geoffrey Ng CFA (2019–2024) — Board Member
- Former: Nick Pollard (2019–2024) — Managing Director · Filing note: Ended 92023
- Former: Punita Kumar-Sinha CFA (2019–2024) — Board Member
- Former: Tricia Rothschild CFA (2020–2024) — Board Member
- Former: Mike Peterson (2021–2024) — Chief Technology Officer
- Former: Mark Lazberger CFA (2022–2024) — Bog Chair
- Former: Carole Crawford (2024) — Managing Director · Filing note: Ended 72023
- Former: Daniel Fasciano CFA (2019–2023) — Board Member
- Former: Bailey Marshall CFA (2023) — Board Member
- Former: Barbara Petitt Exit (2023) — Managing Director
- Former: Carole Crawford Exit (2023) — Managing Director
- Former: Chris Ainsworth Exit (2023) — Managing Director
- Former: Heidi Diedrich Exit (2023) — Senior Head & Global B2c
- Former: Kurt Schacht Cfa Exit (2023) — Senior Head Advisor
- Former: Michael Collins Exit (2023) — Managing Director
- Former: Peg Jobst Exit (2023) — Managing Director
- Former: Chris Ainsworth (2019–2022) — Managing Director
- Former: Diane Nordin CFA (2019–2022) — Member & Board of Governors
- Former: Gary Baker (2019–2022) — Managing Director
- Former: Joseph P. Lange (2019–2022) — Corporate Secretary
- Former: Michael Collins (2019–2022) — Managing Director
- Former: Sheri Lynn Littlefield (2019–2022) — Chief Legal Officer
- Former: Stephen M. Horan CFA (2019–2022) — Managing Director
- Former: Karina Litvack (2020–2022) — Member & Board of Governors
- Former: Mary Leung (2020–2022) — Head Advocacy
- Former: Peg Jobst (2020–2022) — Managing Director
- Former: Allison Holmes (2021–2022) — Chief Finance & Risk Officer
- Former: Barbara Petitt (2022) — Managing Director
- Former: Jeff Knighton Exit (2022) — Interim CFO
- Former: Lutfey Siddiqi (2022) — Managing Director
- Former: Tony Tan Exit (2022) — Head, Ethics & Standard Conduct
- Former: Daniel Gamba CFA (2019–2021) — Bog Chair & Ec Chair
- Former: Emily Dunbar (2019–2021) — Managing Director
- Former: Jeff Knighton (2019–2021) — Controller
- Former: Tony Tan (2019–2021) — Head, Ethics & Standard Conduct
- Former: Zouheir Tamim El Jarkass CFA (2019–2021) — Member & Board of Governors
- Former: Robert Bruner (2020–2021) — Member & Board of Governors
- Former: William Tohme (2021) — Senior Regional Head
- Former: Diane Basile CFA (2019–2020) — Former CFO
- Former: Heather Brilliant CFA (2019–2020) — Member & Board of Governors
- Former: Hua Yu CFA (2019–2020) — Member & Board of Governors
- Former: Leah Bennett CFA (2019–2020) — Member & Board of Governors
- Former: Paul Smith CFA (2019–2020) — Former President & CEO · Filing note: Thru 82019
- Former: Sandra Peters CFA (2019–2020) — Head & Finance Report Pol. Group
- Former: Allison Holmes Eff (2020) — Chief Financial Officer
- Former: Bjorn Forfang Exit (2020) — Managing Director
- Former: Emily Dunbar Exit (2020) — Managing Director
- Former: Marg Franklin Cfa Eff (2020) — President, CEO & Resrch Fdn Board Member
- Former: Rob Langrick (2020) — Senior Head Cfa Program
- Former: Bjorn Forfang (2019) — Managing Director
- Former: Darin Goodwiler (2019) — Managing Director
- Former: Elaine Cheng (2019) — Managing Director
- Former: JIAlI JUN (2019) — Senior Country Head & China
- Former: John Bowman (2019) — Managing Director
- Former: Nitin Mehta (2019) — Former Managing Director
- Former: Rahul Keshap (2019) — Head & Claritas
- Former: Rob Gowen (2019) — Head & Prod. Sol.- Exit
- Former: Robert Bruner Dba (2019) — Member & Board of Governors
- Former: Robert Jenkins Fsip (2019) — Board Past Chair
- Former: Sunil Singhania CFA (2019) — Investment Committee Chair
Data from IRS Form 990 filings, 2019–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $1.4M, to Margaret Franklin (Pres & CEO & Resrch Fdn BD Mem). 17 officers or directors reported compensation on that filing.
Frequently asked questions about CFA Institute
How much does CFA Institute give each year?
CFA Institute gave $3.8M across 69 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $4.1M across 71 grants.
What is CFA Institute's typical grant size?
CFA Institute's median grant in 2025 was $37,542, and its average grant was $55,768, across 69 grants on its 2025 IRS Form 990. Organizations receiving their first grant from CFA Institute that year got $58K on average.
Where does CFA Institute give grants?
CFA Institute's top state is New York, with 13% of the grant dollars itemized on its 2025 IRS Form 990. The next largest states were California (11%) and Virginia (7%).
Does CFA Institute give general operating support?
Not in 2025: none of the 69 grants with a stated purpose on CFA Institute's 2025 IRS Form 990 were described as general or operating support. Recurring purposes include "Gen Support" (69 grants).
Who are CFA Institute's largest grantees?
CFA Institute's largest 2025 grantees include CFA Society New York Inc ($459,603), CFA Society Boston Inc ($264,417) and CFA Society Chicago ($248,631), according to its 2025 IRS Form 990. Together they received 25% of its itemized 2025 grant dollars.
How large is CFA Institute?
CFA Institute reported $1.0B in total assets on its 2025 IRS Form 990. Its revenue that year was $534.0M.
What does CFA Institute fund?
CFA Institute’s stated mission is to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. See mission & focus areas ↑
How do I apply for a grant from CFA Institute?
CFA Institute has no public application process in the sources Grantable reviewed. Check cfainstitute.org for current guidelines, or contact the foundation directly before submitting a request.
What is CFA Institute's EIN?
CFA Institute's EIN (Employer Identification Number) is 54-1386480. IRS Form 990 filing data is available on this page for 2019–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.
Data update history
(8)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2020 (received by the IRS July 12, 2021)
- Updated Form 990 for fiscal year 2021 (received by the IRS July 12, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS June 28, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS June 25, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS June 9, 2025)
- Added Form 990 for fiscal year 2019 (received by the IRS July 9, 2020)
- Added Form 990 for fiscal year 2025 (received by the IRS July 14, 2026)
- IRS filings on file for fiscal years 2020–2024
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Cite this profile
Grantable. (2026). CFA Institute funder profile. GrantGraph. Retrieved October 17, 2026, from https://grantable.co/funders/cfa-institute-morg_3e6977139f56499aa10137ccd2920727
BibTeX
@misc{grantable_541386480_2026,
author = {{Grantable}},
title = {{CFA Institute funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/cfa-institute-morg_3e6977139f56499aa10137ccd2920727},
note = {Accessed 2026-10-17. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from CFA Institute's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
CFA Institute down — hundreds of funders to go?