A N N U A L R E P O R T 2 0 1 6 / 2 0 1 7 ABOUT US

Our Mission To lead the investment profession by promoting the highest standards of ethics, education, and professional excellence; to shape an investment industry that serves the greater good; and to serve as the premier local resource for Chartered Financial Analyst designees, candidates, other investment professionals and our communities. CFA Society , the world’s first investment analysts’ society, is committed to working with our members and the investment community to achieve our mission through five organizational pillars:

Ethical Leadership Championing ethical behavior in investment markets.

Community Fostering a culture of inclusion, diversity and respect.

Industry Knowledge Being a respected source of knowledge in investment markets

Professional Excellence Raising standards of professional excellence in the industry

The Greater Good Expanding our investment culture to serve the interests of investors and society Our Vision As the world’s first investment analysts’ society, CFA Society Chicago strives to be the pre-eminent association of Chartered Financial Analysts and other investment professionals. CFA Society Chicago has long collaborated closely with allied groups linked by CFA Institute (formerly AIMR).

CFA Society Chicago effectively, and with fiscal discipline, delivers quality programs and services fostering the development and application of technical skills and ethical practices within the profession and by the individual practitioner. CFA Society Chicago enables its members to serve as mutual sources of support directed at their attainment of the highest professional standards.

The talent and integrity of CFA Society Chicago’s members are recognized throughout the investment community. Their expertise and dedication are sought by both institutional and individual investors across the full range of economic and financial issues Dear Fellow Charterholders and Society Members: LETTER Thank you for all you support throughout the 2016-2017 fiscal year. The FROM THE experiences as chair, forging relationships within the Society, CFA Institute and across the globe through interaction with CHAIR other Societies, was rewarding, fun and insightful. Thank you to everyone who added to this experience. Furthermore, thank you to our 60+ sponsors whose generosity provides CFA Society Chicago produced its largest invaluable financial support and event outside of the Annual Dinner. The signifies the value the Annual Dinner Active vs. Passive Debate Trends, Insights, brings to our investment community. and Case Studies event hosted by the Thank you! Education Advisory Group featured Nobel Laurette , PhD from "All of our programming is . Additionally, the Society organized a financial literacy designed by volunteers effort with the Economic Awareness Council, rolled out a brand new mentoring sharing ideas on what is program, hosted a record 11 teams for the local level of the CFA Institute Research important to our industry, Challenge, and initiated the Vault Series, community and future." a new intimate education series focused on niche topics in the investment industry. All of our programming is designed by

volunteers sharing ideas on what is The 2016 Annual Dinner was a success important to our industry, community and the feedback from the survey indicates that the attendees enjoyed the and future. Our active volunteers grew to event. Our keynote speaker, Cliff Asness, a total of 133, and the growth in PhD., provided an in-depth discussion on volunteerism has led to a more diverse, current markets and the challenges of and robust program schedule with over today's industry. We are 140 events. Furthermore, membership grateful for his time and informative growth continued as we finished the year insights. We would like to thank our staff with 4,759 members. for all their hard work as they organized another great event! These programs do not happen without the valuable time and efforts of our members. It is a great opportunity to meet fellow charterholders and build your personal network. Please consider joining one of our Advisory Groups and help deliver value added programming and services while helping to promote the charter in our community. For additional information and to learn more about volunteer opportunities please visit our website at www.cfachicago.org.

Sincerely, Douglas Jackman, CFA Chair of the Board of Directors Douglas Jackman, CFA CFA Society Chicago Chair, CFA Society Chicago LEADERSHIP 2016/2017 Board of Directors

Executive Committee Nickol Hackett Cook County Pension Fund

CHAIR Kunal Kapoor, CFA Morningstar Douglas M. Jackman, CFA Thomas White International Ltd. Michelle Beck Nuveen Investments

Lyndon Taylor VICE CHAIR Heidrick & Struggles

Marie Winters, CFA Christopher Mier, CFA Northern Trust Loop Capital Markets

Maura Murrihy, CFA

SECRETARY TREASURER Mark Schmid University of Chicago Thomas Digenan, CFA UBS Stephen Cummings, CFA Hewitt Ennisknupp, Inc.

Jeff Kernagis, CFA CHIEF EXECUTIVE OFFICER Invesco Powershares

Shannon J. Curley, CFA Alex Roever, CFA CFA Society Chicago J.P. Morgan Securities LLC

RJ Bukovac, CFA William Blair & Company

IMMEDIATE PAST CHAIR Dan Kastholm, CFA Kerry Patricia Jordan, CFA Director Fitch Ratings

D'Orazio Capital Management Doug Laskowski, CFA Allstate Investments ADVISORY GROUP CO-CHAIRS 2016/2017 EDUCATION SEMINARS The Education Advisory Group's primary focus is to plan educational events for investment ANNUAL DINNER professionals at every stage in their career. The Annual Dinner is CFA Society Chicago’s Garrett Glawe, CFA flagship event. The main task for the Annual Dinner Advisory Group is soliciting corporate Robert Mudra, CFA sponsorships to support the event. Kristan Rowland, CFA MEMBERSHIP ENGAGEMENT Stephen Moy, CFA The Member Engagement Advisory Group is responsible for engaging current and potential CFA WOMEN'S NETWORK members of CFA Society Chicago. The group The CFA Women’s Network mission is to raises awareness about the credential, CFA inspire female engagement in the CFA Society Chicago membership, and supports the Program, support women in their financial efforts of prospective charterholders. career and promote demand for diversity. Maura Murrihy, CFA Kerry Jordan, CFA Aaron Taylor, CFA

COMMUNICATIONS PROFESSIONAL DEVELOPMENT The Communications Advisory Group ensures The Professional Development Advisory Group is the members of CFA Society Chicago receive charged with developing programs to assist pertinent and timely information and is members excel during all stages of their careers responsible for the CFA Society Chicago blog. and adjust to changes in the financial industry.

Brett Bina, CFA Jenifer Aronson, CFA Pete Vinzani, CFA Andy Feltovich, CFA

DISTINGUISHED SPEAKER SERIES SOCIAL EVENTS The Distinguished Speakers Series Advisory The Social Advisory Group’s mission is to organize Group suggests event topics and secures the relaxing, entertaining, and networking-oriented industry’s top financial leaders to speak at events in a variety of different environments that society breakfasts and luncheons. will appeal to our diverse group of members..

Patrick Bourbon, CFA Mark Cichra, CFA Sunitha Thomas, CFA Colin MacLean, CFA 2016 ANNUAL DINNER HIGHLIGHTS Keynote Speaker 1100+

Cliff Asness Local investment professionals Founder, Managing Principal and CIO in attendance AQR Capital Management 62 Hortense Friedman, Sponsors who purchase CFA, Award For corporate tables to support the Excellence Society

Richard Ennis, CFA George Norton, CFA (posthumous) 168

Pictured Below (L to R): Douglas Jackman, CFA, chair of CFA New charterholders welcomed Society Chicago, interviews founder of AQR, Cliff Asness on November 2nd at the Navy Pier Grand Ballroom. into CFA Society Chicago MEMBERSHIP 4759 NUMBERS Total Members Regular Members - 4,268

Candidate Members - 190 92% Retired (Regular) Members - 131 CFA Charterholders Retired (Affiliate) Members - 7

Student Members - 99

Affiliate Members - 64

5,000

4,000

3,000

2,000

1,000

0 Regular Candidate Retired Student Affiliate

Membership Total at YE - June 30, 2017 FINANCIAL SUMMARY FYTD 2014-2017 ($’000’s) FINANCIALS

REVENUE 2016

EXPENSES 2016 FINANCIALS

REVENUE 2017

EXPENSES 2017 2016 2017

A N N U A L R E P O R T

33 N. LaSalle Street, Suite 910, Chicago, IL 60602 [email protected] www.cfachicago.org