CFA Institute Member Survey Shows Hiring Remains Uncertain

77% of CFA charterholders report no change to their job, while firms in the financial space adopt a wait-and-see attitude for hiring

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CFA Institute

Jun 01, 2020, 10:19 ET

NEW YORK, June 1, 2020 /PRNewswire/ -- CFA Institute, the global association of investment management professionals, surveyed its global membership to analyze the effects of the current economic crisis caused by the coronavirus pandemic on the economy, the financial markets, and the investment management industry. The survey found that while 77% of CFA charterholders reported no change to their roles, nearly half of the respondents reported that their firms had either frozen hiring (36%) or had commenced downsizing (9%).

"While it is too early to see the long-term impact this crisis may have on employment in the financial space, our CFA Institute member survey showed that a large number of respondents stated that the crisis could accelerate the drive towards automation and a reduction in fixed costs, which could have structural implications for the workforce," said Margaret Franklin, CFA, President and CEO of CFA Institute. "We believe that well-trained, credentialed professionals will be well placed to succeed in the workforce and deliver for their clients."

Overall, 45% of the respondents to the global survey said their firms had either frozen hiring or had reduced the workforce. 54% did not report any changes as of the mid-April survey period. Although a large majority of respondents report that the crisis is not affecting their job situation, 12% showed some degree of concern for their employment security and 1% reported that they had lost their jobs.

"The results of our member survey show that firms in the financial space in general are adopting a wait-and-see attitude in the face of the current crisis," said Olivier Fines, CFA, Head of Advocacy EMEA for CFA Institute. "This situation could of course change over the following weeks and months as the details of the relief programs become clearer and as we observe the actual nature of any economic recovery."

The full membership survey, which will be released at a later date, explored:

The economic situation and the potential recovery;
The market impact on volatility, liquidity and price formation;
The interventionism of governments and central banks;
The regulatory response;
An overview of ethics in times of crisis;
The impact of the crisis on the asset management business model and the role of finance;
Whether the crisis is changing anything to the active versus passive debate;
And a preliminary analysis of members' employment situation.

The survey was fielded to the global membership of CFA Institute across all regions and jurisdictions where the organization has representation. The survey was sent on 14 April 2020 and closed on 24 April 2020. A total of 167,312 individuals received an invitation to participate. Of those, 13,278 provided a valid answer, for a total response rate of 8%. The margin of error was +/-0.8%.

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CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organisation is a champion of ethical behaviour in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors' interests come first, markets function at their best, and economies grow. There are more than 170,000 CFA Charterholders worldwide in 162 markets. CFA Institute has nine offices worldwide and there are 158 local member societies. For more information, visit www.cfainstitute.org or follow us on Twitter at @CFAInstitute and on Facebook.com/CFAInstitute.

SOURCE CFA Institute