Providing New Insights into the Future of the Investment Profession
More Industry Future Content
Module 2: Evaluating ETFs | A Comprehensive Guide to ETFs (2nd Edition 2026)
A practical guide to exchange-traded fund (ETF) due diligence, this module introduces a framework for evaluating efficiency, tradability, and fit, with real-world case studies across investor types to support informed ETF selection decisions.
Module 1: ETF Features and Evolving Landscape | A Comprehensive Guide to ETFs (2nd Edition 2025)
This first of three modules of an updated CFA Institute Research Foundation guide explores the properties, benefits, mechanics, and history of exchange traded funds (ETFs). It describes the factors behind ETF’s exponential growth and evaluates the U.S. ETF landscape.
Reframing Financial Markets as Complex Systems: Tools for Systemic Risk Analysis, Portfolio Management, and System-Level Investing
This report shows how viewing financial markets as complex, interconnected systems can reveal new ways to understand risk, strengthen portfolios, and navigate an increasingly dynamic global economy.
Policy in Action
PCAOB’s Standard, “A Firm's System of Quality Control and Other Amendments”
CFA comments on the SEC Filing of PCAOB’s Standard, “A Firm's System of Quality Control and Other Amendments”
Financial Promotions on Social Media (GC23/2)
CFA Institute and the CFA Society of the UK (CFA UK) respond jointly to the FCA’s consultation on financial promotion on social media (GC23/2).
The Audit Gender Gap: Has It Narrowed?
A 2018 CFA Institute study found that women rarely run the biggest audits at Big Four accounting firms. A new report examines updated data to determine whether the gap has changed and how much progress is still needed.
Be Informed
Understanding Markets Through Complexity and Human Behavior
Risk expert and author Richard Bookstaber joins guest host Genevieve Hayman, senior researcher at CFA Institute, to explore why traditional financial models often fail to capture the real dynamics of markets. Drawing from decades of experience — from hedge funds to the US Treasury — Bookstaber unpacks how human behavior, feedback loops, and network effects shape systemic risk and market crises. The conversation delves into how complexity science, agent-based modeling, and new AI tools can help investors build resilience and rethink how risk is managed.
Adapt to Lead: Career Lessons from Kam Shing Kwang, CFA
How do you build a 30-year career in a constantly changing financial industry? Kam Shing Kwang, CFA, credits adaptability. She shares insights on mastering fundamentals, embracing client-facing roles, and navigating competition. Kwang is CEO, Hong Kong, and Chairwoman for North Asia at J.P. Morgan. Her journey offers timeless lessons for finance professionals on resilience, leadership, and growth.
Outperformed by AI: Time to Replace Your Analyst?
When advanced AI models beat seasoned analysts at their own game, the future of investment research comes into question. This piece explores how prompt engineering, model selection, and human-AI collaboration are redefining what it means to generate alpha. Michael Schopf, CFA, demonstrates why mastering these tools is fast becoming a professional imperative. AI won’t replace analysts—but those who fail to integrate it may find themselves replaced by those who do.
CFA Institute Research and Policy Center Delivers Insights on Investment Industry Transformation
CFA Institute Research and Policy Center is addressing the financial investment industry’s journey towards embracing demographic changes, behavioral considerations, evolving technology, and diversity, equity, and inclusion.
The theme Providing New Insights into the Future of the Profession focuses less on disruptions to the industry and more on changes from within the industry. It addresses the industry, its efforts to transform itself for the better, and its relationship to the broader investment ecosystem.
Our research explores the innovation required for investment organizations and investment professionals to be positioned for future success.
Foundational reading: Start with the Future State of the Investment Profession survey report for a big-picture view of industry transformation.