Earlier this week, we communicated with our membership to denounce the military aggression against Ukraine and violations of international law and sovereign borders by Russia. Our mission is to educate financial professionals; we advocate for investor protection, fair capital markets, and a better industry, and normally do not take positions on geopolitical matters. The brazenness of the Russian invasion requires a response. We have decided to stop all financial transactions with anyone in Russia (including vendors, candidates, members, and CFA Association Russia) and will, of course, comply with all sanctions. We will be cancelling the May exams in Russia and will not permit a Russian university from continued participation in the global Research Challenge. We have taken these decisions with a heavy heart because of the impact they have on blameless citizens who must suffer the consequences of the reckless aggression of a ruthless autocrat. However, we stand in solidarity with the international community and add our voice and weight to its unified response so that we may influence a peaceful resolution to this shocking invasion. We recognize that the situation is highly fluid and will continue to evolve. We will stay abreast of developments. I want to reiterate our support for our society, our members, and our candidates in Ukraine. We again call for a peaceful resolution and a stand-down from acts of aggression. Throughout our 75-year history, to the fullest extent permissible by law, we have kept our organization’s door open to all of those who believe in our mission regardless of their location or the actions of their governments. Here, we have made an exception to this position. Lines have been crossed, and we cannot in good conscience fail to act.
Mike Blake
2y
I'm very pro-Ukraine on this issue but this is a mistake. Education should not be weaponized. The US maintained educational exchanges with the USSR and we should continue educational efforts until they are no longer feasible. Education and liberalism are linked. There is nothing to be gained by this other than minor symbolism. This action will not lead to policy change. Votes in Russia have not mattered for several elections, and people who protest face physical harm to and imprisonment of themselves and perhaps to their families. What this will do is alienate the CFA Institute among Russians for a generation, reinforce the international reputation of American parochialism, and give pause to potential candidates living in similarly non-pluralistic societies as to the risk of having their credentials or study progress nullified by events entirely outside of their control. We have other, more constructive levers in our control. Set aside funds to support Ukrainian refugees. I'd like to understand how this decision was reached. If it was put to a vote by the Board of Governors, I would like the votes to be made public, as well as the minutes of any Board meetings that led to this decision. #istandwithukraine
If that is your reasoning then, why are we not shutting down test centers in the US. US has involved in more wars than all the other countries combined. And if drastic humanitarian crisis would be your measuring stick, wouldn't US leaving Afghanistan, would be the most relevant and recent example? And how does punishing innocent and educated Russians from taking the CFA exams equate to punishing the regime. Perhaps you need better reasoning? Putin is not Russia. If you want to punish the recent war, go after Putin and his cronies, not your average helpless Russian citizens.
After such decisions should we have the 'Ethics' part updated? Not fair at all.
That’s not right. Blameless Russian candidates who’ve put in effort and time towards the exam are being denied their chance for political reasons. Wars and conflicts, as bad and horrifying as they are, cause the same adverse consequences. And if we are going to involve politics in education, this action should’ve been applied on all those who caused atrocities in Yemen, Iraq, Syria, Afghanistan, Palestine…
Margaret, As a Candidate Relationship representative in CFA Society France, I find the decision to exclude Russian Candidates from passing the Exam outrageous and unjust. You are saying "our mission is to educate financial professionals". And then you erase all the efforts made by Candidates in Russia. This is shameful.
I was expecting this but hoped it wouldn't happen. The fact that the CFA Institute is getting political is not only against one of its values of being an independent, standard-setting education body (independent and education are keywords here), but it is setting the precedent for the Institute getting involved in any future geopolitical conflicts. What is the future of the CFA Institute?
Collective punishment is definitely unfortunate. The harm to Russia's innocent civilians is regrettable. However, I would suggest that the CFA institute, or any other organization which has responded to sanction is the wrong place for your anger. Get angry at the source of the problem, not the (well advertised) response to it (intense sanctions). Moreover, if offered the choice between two collective punishments; option a) being the victim of indiscriminate cluster bomb munitions fired into my city to possibly kill or wound myself and any other innocent civilians who might be nearby, and b) suffering an exam cancellation and program suspension, I'm fairly sure I would pick the latter choice. As a citizen of Russia, you have power and a voice. Think of your brave compatriots who have joined a protest, been arrested, and continue to make a difference like others have in St. Petersburg and elsewhere. Every action such as this increases the cost of this war, and that is important - even if it doesn't change Putin's calculus immediately. Channel your rage and frustration at the person responsible, the 69 year old, kleptocratic, 19th-century minded autocrat who uses nuclear blackmail and civilian mass murder as tools of statecraft.
Maybe now’s the time to also change the CFA Institute vision? “Serve all finance professionals seeking investment management-related education, knowledge, professional development, connection, or inspiration“
Portfolio Manager in Sistema Capital
2yFind decision to punish students based on their location as discriminatory, unjust and hypocritical (when NATO in violation of international law bombed cities of Yugoslavia in 1999 (500 to 1200 civilians died from bombing) or US invaded Iraq (more than 50 000 civilian deaths), why didn't CFA Institute gone to same measures against countries of agressors?). Decision goes against CFA Institute stated value of Inclusion.