25 May 2021 Survey Report

COVID-19, One Year Later: Capital Markets Entering Uncharted Waters

Second Annual CFA Institute Member Survey on the coronavirus and its impact on the financial industry, capital markets, investment management, and the authorities’ responses.

With one full year’s perspective, CFA Institute members say what’s different about the financial industry as it moves to a post-COVID world. In particular they comment on recovery, equities, volatility, and appropriate responses from policymakers.

CFA Institute conducted a second annual survey of its global membership to analyze the effects of the current economic crisis caused by the coronavirus epidemic on financial markets and the investment management industry. It ran worldwide 8 March – 28 March 2021.

COVID-19, One Year Later: Capital Markets Entering Uncharted Waters Access the Full Report

Summary of Findings 

Nine Storylines have been developed from the data.

  1. The shape of the economic recovery 
  2. Equity markets and the real economy
  3. Inflation may be back on the agenda
  4. The structural consequences of the crisis on the economy
  5. The financing of economic relief programmes
  6. Monetary stimulus by central banks
  7. The socio-economic consequences of the stimulus measures
  8. Regulators and the crisis
  9. Corporates, default risk and financial reporting issues


As a follow up study to the one conducted in April 2020, CFA Institute wanted to conduct research on how the global pandemic is affecting capital markets at large, with a focus on the investment management industry and the impact of regulator’ reaction. This year there were 150,024 invites sent, 6,040 overall responses received for a response rate of 4% and a margin of error of ±1.2%.

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