Making the Most of the CFA Program
I linked to an article called "Be More Like Tesla: How to Turn Your Company Into a Movement" a while back, but did not have the time to write a more detailed post about it then. It caused me to wonder whether the CFA Program has the right qualities. I think it does.
"For your company to be a movement-maker, you must dial in three core elements: a goal that unites, clear roles for participants and the right rewards to transform a single action into lasting change."
The article goes on to say, "It’s not enough to have a mission and vision on your website. You need a highly accessible goal that is inclusive and touches a core belief." To me, the CFA Program has such a goal in its mission to set a high standard of ethical behavior and professionalism that all investment professionals can aspire to.
Regarding clear roles for participants, the article says "Business leaders spend a lot of effort organizing the inner workings of their companies; they need to spend equal effort organizing potential customers on the outside." The CFA Program involves practitioners at every step along the way. It starts with a full-time staff devoted solely to staying current with investment practices by surveying employers, regulators, and charterholders worldwide. This practice analysis informs the curriculum and exams, ensuring that they represent current best practices and further enhancing the program's value.
Finally, reward alignment: "Getting consumers to take action once is relatively easy—a coupon or a freebie does the trick. But Dan Pink’s book Drive concludes that implicit rewards outlast financial hooks for long-term dedication. Movement-makers prioritize rewards that offer an exclusive experience or enhance a participant’s reputation, rather than just increasing their bank balance." With the CFA Program, there is a positive network effect: The better the reputation of the program, the more its members benefit. The more each member succeeds, the greater the reputation of the CFA Program. By actively promoting the core values of ethics and professionalism, we can all enhance each other's reputations.
What do you think? Does the CFA Program have what it takes to be a Movement?