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color-stop(45%, rgba(0, 0, 0, 0.8)), color-stop(99%, rgba(0, 0, 0, 0))), none; background-image: -webkit-linear-gradient(left, rgba(0, 0, 0, 0.8) 0%, rgba(0, 0, 0, 0.8) 45%, rgba(0, 0, 0, 0) 99%), none; background-image: linear-gradient(90deg, rgba(0, 0, 0, 0.8) 0%, rgba(0, 0, 0, 0.8) 45%, rgba(0, 0, 0, 0) 99%), none; background-size: auto, cover; background-repeat: no-repeat, no-repeat; background-attachment: local, scroll; width: 100vw; left: -webkit-calc((100vw - var(--ssa-responsive-grid-settings-boxed-width)) / -2); left: calc((100vw - var(--ssa-responsive-grid-settings-boxed-width)) / -2);}@media (max-width: 899px) { .bg-dark-gradient--events.ssa-instance-be5d375162e360e3a5a2faebc919a3f5.coh-ce-cpt_container-ba3cd04b:before { background-size: cover; background-repeat: no-repeat; background-attachment: scroll; }}</style> <style>.ssa-instance-0e9bad08079d7f799e9ce80c55588a74.coh-ce-cpt_spacer-b3e761a3 {}@media (max-width: 899px) { .ssa-instance-0e9bad08079d7f799e9ce80c55588a74.coh-ce-cpt_spacer-b3e761a3 { }}@media (max-width: 599px) { .ssa-instance-0e9bad08079d7f799e9ce80c55588a74.coh-ce-cpt_spacer-b3e761a3 { }}.coh-style-flex-grow.ssa-instance-0e9bad08079d7f799e9ce80c55588a74.coh-ce-cpt_spacer-b3e761a3 { height: auto;}@media (max-width: 899px) { .coh-style-flex-grow.ssa-instance-0e9bad08079d7f799e9ce80c55588a74.coh-ce-cpt_spacer-b3e761a3 { height: auto; }}@media (max-width: 599px) { .coh-style-flex-grow.ssa-instance-0e9bad08079d7f799e9ce80c55588a74.coh-ce-cpt_spacer-b3e761a3 { height: auto; }}</style> </head> <body class="user-is-anonymous path-node page-node-type-policy-page"> <a href="#main-content" class="visually-hidden focusable skip-link"> Skip to main content </a> <div class="dialog-off-canvas-main-canvas" data-off-canvas-main-canvas> <input class="coh-inline-element ssa-component coh-component ssa-component-instance-2deda0ba-35c6-4be9-a864-fea3e44be036 coh-component-instance-2deda0ba-35c6-4be9-a864-fea3e44be036 coh-ce-cpt_site_header-443cc08f" id="megamenu-toggle" type="checkbox"> <header class="coh-container ssa-component coh-component ssa-component-instance-2deda0ba-35c6-4be9-a864-fea3e44be036 coh-component-instance-2deda0ba-35c6-4be9-a864-fea3e44be036 site-header masthead--megamenu e--100 coh-style-header-light-theme coh-style-elevations coh-ce-cpt_site_header-e29b1605" > <div class="coh-container coh-ce-cpt_site_header-8a31fe82" > <div class="coh-container coh-ce-cpt_site_header-9ac56c51 coh-container-boxed" > <div class="coh-container coh-ce-cpt_site_header-3f35602d" > <ul class="coh-menu-list-container coh-unordered-list coh-ce-c0b6bbc8"><li class="coh-menu-list-item" > <a href="/business" data-coh-settings='{ "xl":{"link_interaction":"click-through-to-link"} }' class="coh-link coh-style-link-light coh-ce-125352ee js-coh-menu-item-link" >Business</a></li><li class="coh-menu-list-item" > <a href="/universities" data-coh-settings='{ "xl":{"link_interaction":"click-through-to-link"} }' class="coh-link coh-style-link-light coh-ce-125352ee js-coh-menu-item-link" >Universities</a></li><li class="coh-menu-list-item" > <a href="/university-students" data-coh-settings='{ "xl":{"link_interaction":"click-through-to-link"} }' class="coh-link coh-style-link-light coh-ce-125352ee js-coh-menu-item-link" >University students</a></li></ul> <span class="coh-container ssa-component coh-component ssa-component-instance-2deda0ba-35c6-4be9-a864-fea3e44be036 coh-component-instance-2deda0ba-35c6-4be9-a864-fea3e44be036 coh-style-flex-grow ssa-instance-0e9bad08079d7f799e9ce80c55588a74 coh-ce-cpt_spacer-b3e761a3" > </span> <div class="coh-block coh-ce-cpt_site_header-e1c8b140"> <div class="coh-style-flex-container align-items--center coh-style-position-relative oidc-menu"> <div class="coh-style-flex-container align-items--center justify-content--center oidc coh-style-mobile-account-links"> <a href="/Account/Login" class="js--oidc-menu-link coh-link coh-style-link-light coh-style-label-200 piped" target="_self">Sign In</a> <a href="/Account/CreateAccount" class="js--oidc-menu-link coh-link coh-style-link-light coh-style-label-200 piped" target="_self">Create Account</a> </div> </div> </div> <a href="https://store.cfainstitute.org/cart.php" class="coh-link coh-ce-cpt_site_header-b69197d" title="View my cart" target="_self" > </a> </div> </div> <div class="coh-container masthead__header coh-ce-cpt_site_header-798ae7ba coh-container-boxed" > <button class="coh-button coh-style-button coh-ce-cpt_site_header-5bc6ba39 coh-interaction" title="Menu" data-interaction-modifiers="[{"modifierType":"toggle-modifier","interactionScope":"this","modifierName":"popover--open","interactionTarget":".coh-button"},{"modifierType":"toggle-modifier-accessible-collapsed","interactionScope":"component","interactionTarget":"#megamenu","modifierName":"popover--open"}]" aria-haspopup="true" aria-expanded="false" data-coh-settings='{ "xl":{"buttonAnimation":[{"animationType":"none"}]} }' type="button"> </button> <div class="coh-container coh-ce-cpt_site_header-9a161e69" > <a class="coh-inline-element coh-ce-cpt_site_header-b900b83f" href="/" title="CFA Institute Home"> <div class="coh-container ssa-component coh-component ssa-component-instance-2deda0ba-35c6-4be9-a864-fea3e44be036 coh-component-instance-2deda0ba-35c6-4be9-a864-fea3e44be036 " > <div class="coh-block light-title coh-ce-cpt_drupal_blocks-91a01d0a"> <img src="/themes/custom/cfa_base/logo.svg" alt="Home" fetchpriority="high" /> </div> </div> </a> </div> <button class="coh-button coh-style-button coh-ce-cpt_site_header-de9fbb74 coh-interaction" title="Search" data-interaction-modifiers="[{"modifierType":"toggle-modifier","interactionScope":"component","interactionTarget":"#header__search","modifierName":"popover--open"},{"modifierType":"toggle-modifier","interactionScope":"component","interactionTarget":"#mobile-search-button","modifierName":"popover--open"},{"modifierType":"toggle-modifier","interactionScope":"component","modifierName":"popover--open","interactionTarget":"#desktop-search-button"}]" id="mobile-search-button" data-coh-settings='{ "xl":{"buttonAnimation":[{"animationType":"none"}]} }' type="button"> <span class="coh-inline-element popover--closed coh-style-screen-reader-only">Open Search Overlay</span> <span class="coh-inline-element popover--open coh-style-screen-reader-only">Close Search Overlay</span> </button> <search class="coh-inline-element coh-ce-cpt_site_header-7fbdd3a8" id="header__search"> <div class="coh-container ssa-component coh-component ssa-component-instance-2deda0ba-35c6-4be9-a864-fea3e44be036 coh-component-instance-2deda0ba-35c6-4be9-a864-fea3e44be036 match-height No ssa-instance-be5d375162e360e3a5a2faebc919a3f5 coh-ce-cpt_container-ba3cd04b" > <div class="coh-container coh-ce-cpt_container-fe57b20b coh-container-boxed" > <h2 class="coh-heading coh-style-headline-300 coh-style-headline-heavy coh-style-text-inverted coh-ce-cpt_site_header-5cf3ab20" >I'm looking for:</h2> <form class="coh-inline-element masthead__search-container coh-ce-cpt_site_header-6b6b001a" id="coveo-search-form"> <style> atomic-search-box::part(wrapper) { background-color: var(--ssa-color-palette-gray-50); } </style> <atomic-search-interface id="global-search-box" search-hub="CFAI-Site-Search-Hub" pipeline=""> <atomic-search-box redirection-url=/search textarea="false" disable-search="false"> <atomic-search-box-query-suggestions maxWithQuery="" maxWithoutQuery=""> </atomic-search-box-query-suggestions> </atomic-search-box> </atomic-search-interface> </form> <ul class="coh-menu-list-container coh-unordered-list coh-style-text-inverted coh-ce-c3377e60"><li class="coh-menu-list-item coh-ce-680ae03b js-coh-menu-item" data-coh-settings='{"xl":"visible"}' ></li></ul> </div> </div> </search> <a href="https://store.cfainstitute.org/cart.php" class="coh-link coh-ce-cpt_site_header-7b188ccb" title="View my cart" target="_self" > </a> <nav class="coh-container coh-ce-cpt_site_header-951dd020" id="megamenu" > <div class="coh-container oidc-mobile coh-ce-cpt_site_header-b07faa38 coh-container-boxed" > <div class="coh-container coh-ce-cpt_site_header-2b33d301" > <div class="coh-block coh-ce-cpt_site_header-40fd4f75"> <div class="coh-style-flex-container align-items--center coh-style-position-relative oidc-menu"> <div class="coh-style-flex-container align-items--center justify-content--center oidc coh-style-mobile-account-links"> <a href="/Account/Login" class="js--oidc-menu-link coh-link coh-style-link-button-dark coh-style-text-color-dark-background" target="_self">Sign In</a> <a href="/Account/CreateAccount" class="js--oidc-menu-link coh-link coh-style-text-link coh-style-text-color-dark-background" target="_self">Create Account</a> </div> </div> </div> </div> <ul class="coh-menu-list-container coh-unordered-list menu-level-1 coh-ce-a757c86a"><li class="coh-menu-list-item coh-ce-9f39a733 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"blind","animationEasing":"linear","animationTarget":".menu-level-2-wrapper","animationDirection":"up","animationDuration":0},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationDirection":"up","animationEasing":"easeInOutCubic","animationTarget":".menu-level-2-wrapper","animationDuration":300} }' class="coh-link coh-ce-2793ed5d js-coh-menu-item-link" tabindex="0">Programs</span> <div class="coh-container menu-level-2-wrapper coh-ce-7509f1c" aria-role="menu" > <div class="coh-container coh-ce-885d08e0 coh-container-boxed" > <ul class="coh-menu-list-container coh-unordered-list menu-level-2 coh-ce-4eb3061c"><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >CFA庐 Program</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/cfa-program#overview" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Overview</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/cfa-program#career-paths" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Career paths</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/cfa-program#curriculum" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Curriculum</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/cfa-program#learning-experience" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Learning experience</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/cfa-program#fees-calendar" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Fees and calendar</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/cfa-program#policies" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Policies</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/cfa-program/candidate-resources" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Registered candidate resources</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/cfa-program" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link coh-style-header-button coh-style-link-button-neutral-secondary" >Enroll and register</a></li></ul> </div></li><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Other programs</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/cipm" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >CIPM庐 Program</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/climate-investing-cohort" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Climate Risk (Cohort)</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/climate-investing-self-paced" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Climate Risk (Self-paced)</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/data-science-certificate" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Data Science</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/esg-certification" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >ESG Investing</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/investment-foundations-certificate" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Investment Foundations</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/private-equity-certificate" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Private Equity</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/private-markets-alternative-investments-certificate" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Private Markets</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/all-programs" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link coh-style-link-with-icon" >View all programs</a></li></ul> </div></li><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Learning paths</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/private-markets" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Private markets</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/sustainable-investing" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Sustainability</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/data-science" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Data science</a></li></ul> </div></li><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Program support</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/learning-compass" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Help choosing a program</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/candidate-resources" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >All candidate resources</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/Account/Login" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link coh-style-header-button coh-style-link-button-neutral-secondary" >Candidate sign in</a></li></ul> </div></li></ul> </div> </div></li><li class="coh-menu-list-item coh-ce-9f39a733 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"blind","animationEasing":"linear","animationTarget":".menu-level-2-wrapper","animationDirection":"up","animationDuration":0},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationDirection":"up","animationEasing":"easeInOutCubic","animationTarget":".menu-level-2-wrapper","animationDuration":300} }' class="coh-link coh-ce-2793ed5d js-coh-menu-item-link" tabindex="0">Membership</span> <div class="coh-container menu-level-2-wrapper coh-ce-7509f1c" aria-role="menu" > <div class="coh-container coh-ce-885d08e0 coh-container-boxed" > <ul class="coh-menu-list-container coh-unordered-list menu-level-2 coh-ce-4eb3061c"><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Membership</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/membership" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Membership overview</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/membership/benefits" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Membership benefits</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/membership/become-member" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Become a member</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://my.cfainstitute.org/" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link coh-style-header-button coh-style-link-button-neutral-secondary" >Member sign in</a></li></ul> </div></li><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Network</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/membership/find-cfa-society" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Find a CFA Society庐</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://directory.cfainstitute.org/" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Find a member</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/membership/volunteer-opportunities" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Volunteering</a></li></ul> </div></li><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Career support</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://careers.cfainstitute.org/" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Career center</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/membership/benefits/professional-learning-program" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Professional learning program</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/programs/candidate-resources/share-achievement" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Share your achievements</a></li></ul> </div></li></ul> </div> </div></li><li class="coh-menu-list-item coh-ce-9f39a733 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"blind","animationEasing":"linear","animationTarget":".menu-level-2-wrapper","animationDirection":"up","animationDuration":0},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationDirection":"up","animationEasing":"easeInOutCubic","animationTarget":".menu-level-2-wrapper","animationDuration":300} }' class="coh-link coh-ce-2793ed5d js-coh-menu-item-link" tabindex="0">Insights</span> <div class="coh-container menu-level-2-wrapper coh-ce-7509f1c" aria-role="menu" > <div class="coh-container coh-ce-885d08e0 coh-container-boxed" > <ul class="coh-menu-list-container coh-unordered-list menu-level-2 coh-ce-4eb3061c"><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Research & Policy Center</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://rpc.cfainstitute.org/" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Research and thought leadership</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://rpc.cfainstitute.org/en/research/financial-analysts-journal" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Financial Analysts Journal</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://rpc.cfainstitute.org/en/research-foundation" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Research Foundation</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://rpc.cfainstitute.org/en/blogs-and-podcasts" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Podcasts & blogs</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://rpc.cfainstitute.org/" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link coh-style-header-button coh-style-link-button-neutral-secondary" >Research & Policy Center</a></li></ul> </div></li><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >In Brief</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/articles/careers-professional-development" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Career insights</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/articles/digital-innovation" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Digital innovation</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/articles/first-person" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >First person</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/articles/trends" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Trends</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/articles/esg-sustainability" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >ESG</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/articles" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link coh-style-link-with-icon" >View all articles</a></li></ul> </div></li><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Events</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/events/upcoming" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Upcoming events</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/events/past" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Past events</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/events/sponsorship" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Event sponsorship</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/events/research-challenge" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Research Challenge</a></li></ul> </div></li><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Learning resources</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/professional-learning" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Professional learning resources</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/professional-learning/refresher-readings" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Refresher readings</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/insights/professional-learning/ethics-resources" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Ethics resources</a></li></ul> </div></li></ul> </div> </div></li><li class="coh-menu-list-item coh-ce-9f39a733 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"blind","animationEasing":"linear","animationTarget":".menu-level-2-wrapper","animationDirection":"up","animationDuration":0},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationDirection":"up","animationEasing":"easeInOutCubic","animationTarget":".menu-level-2-wrapper","animationDuration":300} }' class="coh-link coh-ce-2793ed5d js-coh-menu-item-link" tabindex="0">Standards</span> <div class="coh-container menu-level-2-wrapper coh-ce-7509f1c" aria-role="menu" > <div class="coh-container coh-ce-885d08e0 coh-container-boxed" > <ul class="coh-menu-list-container coh-unordered-list menu-level-2 coh-ce-4eb3061c"><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Industry standards</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://www.gipsstandards.org/" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >GIPS Standards</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://rpc.cfainstitute.org/en/codes-and-standards/diversity-equity-inclusion-codes" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Diversity, Equity, and Inclusion Code</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://rpc.cfainstitute.org/en/esg-standards" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >ESG Standards for Investment Products</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://rpc.cfainstitute.org/en/policy" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Policy and Advocacy</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://rpc.cfainstitute.org/en/codes-and-standards" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link coh-style-header-button coh-style-link-button-neutral-secondary" >More in Research & Policy Center</a></li></ul> </div></li><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Professional standards</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/standards/professionals/code-ethics-standards" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Code of Ethics and Standards</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/standards/professionals/conduct" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Professional Conduct</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/standards/professionals/conduct/sanctions" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Disciplinary sanctions</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/standards/professionals/conduct/report-misconduct" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Report misconduct</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/standards/professionals" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link coh-style-link-with-icon" >Learn more </a></li></ul> </div></li></ul> </div> </div></li><li class="coh-menu-list-item coh-ce-9f39a733 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"blind","animationEasing":"linear","animationTarget":".menu-level-2-wrapper","animationDirection":"up","animationDuration":0},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationDirection":"up","animationEasing":"easeInOutCubic","animationTarget":".menu-level-2-wrapper","animationDuration":300} }' class="coh-link coh-ce-2793ed5d js-coh-menu-item-link" tabindex="0">About</span> <div class="coh-container menu-level-2-wrapper coh-ce-7509f1c" aria-role="menu" > <div class="coh-container coh-ce-885d08e0 coh-container-boxed" > <ul class="coh-menu-list-container coh-unordered-list menu-level-2 coh-ce-4eb3061c"><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >CFA Institute</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/about/who-we-are" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Who we are</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/about/history" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Our history</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/about/press-room" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Press room</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/about/careers" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Careers</a></li></ul> </div></li><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Governance</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/about/governance/leadership-team" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Leadership team</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/about/governance/board" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Board of Governors</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/about/governance/committees" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Committees and Councils</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/about/governance/annual-report" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Annual reports</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/about/governance/policies" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >CFA Institute policies</a></li><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/about/governance" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link coh-style-link-with-icon" >Learn more</a></li></ul> </div></li><li class="coh-menu-list-item coh-ce-7c9ea180 js-coh-menu-item has-children" data-coh-settings='{"xl":"hidden"}' > <span data-coh-settings='{ "xl":{"link_interaction":"no-interaction"},"sm":{"link_interaction":"toggle-on-click","animationType":"blind","animationEasing":"easeInOutCubic","animationDirection":"up","animationDuration":300,"animationTarget":".menu-level-3-wrapper"} }' class="coh-link coh-style-link-light coh-ce-fd5b21f js-coh-menu-item-link" >Customer support</span> <div class="coh-container menu-level-3-wrapper coh-ce-3c566a43" > <ul class="coh-menu-list-container coh-unordered-list menu-level-3 coh-ce-27121577"><li class="coh-menu-list-item coh-ce-1953dd1f js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="https://help.cfainstitute.org/s/" target="_blank" data-coh-settings='{ "xl":{"link_interaction":"toggle-on-hover","animationType":"none"} }' class="coh-link coh-style-link-light coh-ce-55dec3c3 js-coh-menu-item-link" >Contact us</a></li></ul> </div></li></ul> </div> </div></li></ul> <div class="coh-container coh-ce-cpt_site_header-dc73e60b" > <ul class="coh-menu-list-container coh-unordered-list coh-ce-7e04b7f4"><li class="coh-menu-list-item coh-ce-33e52a0e js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/business" data-coh-settings='{ "xl":{"link_interaction":"click-through-to-link"} }' class="coh-link coh-style-headline-500 coh-style-link-light coh-ce-1713e4b6 js-coh-menu-item-link" >Business</a></li><li class="coh-menu-list-item coh-ce-33e52a0e js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/universities" data-coh-settings='{ "xl":{"link_interaction":"click-through-to-link"} }' class="coh-link coh-style-headline-500 coh-style-link-light coh-ce-1713e4b6 js-coh-menu-item-link" >Universities</a></li><li class="coh-menu-list-item coh-ce-33e52a0e js-coh-menu-item" data-coh-settings='{"xl":"hidden"}' > <a href="/university-students" data-coh-settings='{ "xl":{"link_interaction":"click-through-to-link"} }' class="coh-link coh-style-headline-500 coh-style-link-light coh-ce-1713e4b6 js-coh-menu-item-link" >University students</a></li></ul> </div> </div> </nav> <button class="coh-button coh-style-button coh-ce-cpt_site_header-5510d5fc coh-interaction" data-interaction-modifiers="[{"modifierType":"toggle-modifier","interactionScope":"component","interactionTarget":"#header__search","modifierName":"popover--open"},{"modifierType":"toggle-modifier","interactionScope":"component","interactionTarget":"#mobile-search-button","modifierName":"popover--open"},{"modifierType":"toggle-modifier","interactionScope":"component","interactionTarget":"#desktop-search-button","modifierName":"popover--open"}]" id="desktop-search-button" aria-label="Toggle site search overlay" data-coh-settings='{ "xl":{"buttonAnimation":[{"animationType":"none"}]} }' type="button"> </button> </div> </div> </header> <div class="coh-container coh-style-focusable-content coh-style-paragraph-100 coh-ce-bfd264e3" id="main-content" > <div class="coh-block"> <div class="coh-container breadcrumbs"> <div class="coh-container-boxed"> <nav role="navigation" aria-labelledby="system-breadcrumb"> <h2 id="system-breadcrumb" class="visually-hidden">Breadcrumb</h2> <ol> <li class="coh-style-paragraph-300"> <a href="/">Home</a> </li> <li class="coh-style-paragraph-300"> <a href="/about">About</a> </li> <li class="coh-style-paragraph-300"> <a href="/about/governance">Governance</a> </li> <li class="coh-style-paragraph-300"> <a href="/about/governance/policies">CFA Institute policies</a> </li> </ol> </nav> </div> </div> </div> <div class="coh-container content-region coh-ce-6d56d4bb" > <div> <div data-drupal-messages-fallback class="hidden"></div> <div id="block-cfa-base-sitewidealert" class="settings-tray-editable" data-drupal-settingstray="editable"> <div><div data-sitewide-alert></div></div>  <div class="notice bottom-0 js-notice border-top border-warning" id="privacy-banner"> <div class="notice__banner bg-warning-lighter padding-y-sm inner-glow shadow-md"> <div class="coh-container-boxed"> <div class="flex justify-between items-center"> <p class="text-sm" style="margin-bottom: 0;">We're using cookies, but you can turn them off in your browser settings. Otherwise, you are agreeing to our use of cookies. Learn more in our <a href="/about/governance/policies/privacy-policy">Privacy Policy</a></p> <button class="reset notice__close-btn margin-left-sm js-notice__hide-control" id="closePrivacyWarning"> <svg class="icon--ch" viewBox="0 0 16 16"> <title>Accept</title> <g stroke-width="2" stroke="currentColor" fill="none" stroke-linecap="round" stroke-linejoin="round" stroke-miterlimit="10"> <line x1="13.5" y1="2.5" x2="2.5" y2="13.5"></line> <line x1="2.5" y1="2.5" x2="13.5" y2="13.5"></line> </g> </svg> </button> </div> </div> </div> </div> </div> <article > <div class="coh-container coh-ce-1c544985 coh-container-boxed" > <div class="coh-row coh-ce-432a2ff7 coh-row-bleed-xl coh-row-visible-xl" data-coh-row-match-heights="{"xl":{"target":"none"}}"> <div class="coh-row-inner"> <div class="coh-column coh-visible-sm coh-col-sm-12 coh-col-sm-offset-0 coh-visible-xl coh-col-xl-10 coh-col-xl-push-0 coh-col-xl-pull-0 coh-col-xl-offset-1" > <h1 class="coh-heading ssa-component coh-component ssa-component-instance-e20e7ffa-9f8c-4eaa-9870-7ddfe86ff691 coh-component-instance-e20e7ffa-9f8c-4eaa-9870-7ddfe86ff691 coh-style-headline-100 dark-heading align-text-left ssa-instance-924cef3a6098ac9fd8af73854dfe914a coh-ce-cpt_heading-b45c50fc" > Legal Terms and Conditions of Use </h1> <div class="coh-container coh-ce-e60ae0ee" > <span class="coh-inline-element coh-style-paragraph-100 coh-ce-1abfadfb">Updated 29 Aug 2019</span> </div> </div> </div> </div> <div class="coh-row coh-row-bleed-xl coh-row-visible-xl" data-coh-row-match-heights="{"xl":{"target":"none"}}"> <div class="coh-row-inner"> <div class="coh-column coh-ce-f7eda1f0 coh-visible-sm coh-col-sm-12 coh-col-sm-offset-0 coh-visible-xl coh-col-xl-8 coh-col-xl-push-0 coh-col-xl-pull-0 coh-col-xl-offset-2" > <p>By using this website, you agree to be bound by the terms and conditions stated here. Therefore, if you cannot accept these terms and conditions, please do not use the website.</p> <div> <div> <article > <div class="coh-container coh-style-paragraph-100" > <h2 class="coh-heading ssa-component coh-component ssa-component-instance-56d48cfa-ab96-4c0d-930d-9eef64b16ff7 coh-component-instance-56d48cfa-ab96-4c0d-930d-9eef64b16ff7 dark-heading align-text-left coh-style-cfa-margin-bottom-lg ssa-instance-2c1ebab4f58014c96bbf3a1b15043cc4 coh-ce-cpt_heading-b45c50fc" > </h2> <div> <div> <article > <div class="coh-container coh-style-paragraph-100 coh-style-cfa-margin-bottom-lg" > <div><p>CFA Institute may revise these terms and conditions at any time by updating this posting. Therefore, you should visit this page periodically to review the terms and conditions because they are binding on you.</p></div> </div> </article> </div> </div> </div> </article> </div> <div> <article > <div class="coh-container coh-style-paragraph-100" > <h2 class="coh-heading ssa-component coh-component ssa-component-instance-56d48cfa-ab96-4c0d-930d-9eef64b16ff7 coh-component-instance-56d48cfa-ab96-4c0d-930d-9eef64b16ff7 dark-heading align-text-left coh-style-cfa-margin-bottom-lg ssa-instance-2c1ebab4f58014c96bbf3a1b15043cc4 coh-ce-cpt_heading-b45c50fc" > </h2> <div> <div> <article > <div class="coh-container coh-ce-9eb3d10b" > <div class="coh-container ssa-component coh-component ssa-component-instance-fe92ac9e-cb94-4cea-b53b-ef40d9ba5df0 coh-component-instance-fe92ac9e-cb94-4cea-b53b-ef40d9ba5df0 coh-style-margin-bottom-small ssa-instance-b95ae158847e3a2dad733f301b186041 coh-ce-cpt_accordion_container-1a18d56a" > <div class="coh-accordion-tabs" data-metadata-typography="coh-style-paragraph-200" data-metadata-weight data-label-typography="coh-style-paragraph-100" data-label-weight="coh-style-paragraph-heavy"> <div class="coh-accordion-tabs-inner coh-accordion-tabs-horizontal-center coh-accordion-tabs-display-accordion-xl coh-style-accordion-tabs-keyline-dark-text coh-ce-cpt_accordion_container-f7edb4e1" data-coh-accordion="{"title":"Accordion container","styles":{"xl":{"accordionOrTab":"accordion","collapsible":true,"startCollapsed":true,"offsetPositionAgainst":"px","scrollToAccordionOffset":100,"animation":"slide","duration":400},"sm":[]},"scrollToAccordion":false,"setHash":true,"horizontalVertical":"horizontal_top","HorizontalPosition":"center_aligned","customStyle":null}"> <ul class="coh-accordion-tabs-nav"></ul> <div class="coh-accordion-tabs-content-wrapper"> <div class="coh-accordion-title coh-style-paragraph-100 coh-style-paragraph-heavy" data-coh-tab-settings='[]'> <a href="#list_use-of-site-material">Use of Site Material</a> </div> <div id="list_use-of-site-material" class="coh-accordion-tabs-content"> <div class="coh-container coh-style-equal-padding--md"> <p>The contents of this website are protected against unauthorized use in the United States and other countries by copyright and other intellectual property laws. CFA Institute authorizes you to view and download a single copy of the material on this website solely for your personal, noncommercial use. You must retain all copyright and other proprietary notices contained in the original material on any copy you make of the site material. You may not sell or modify our site material or reproduce, display, publicly perform, distribute, or otherwise use the material in any way for any public or commercial purpose. The names, marks, and logos appearing on this website are, unless otherwise noted, trademarks owned by or licensed to CFA Institute. The use of these marks, except as provided in these terms and conditions, is prohibited. If you violate any of these terms, your permission to use the site material automatically terminates and you must immediately destroy any copies you have made of the material. CFA Institute reserves all other rights it may have at law or in equity.</p><p> </p> </div> </div> <div class="coh-accordion-title coh-style-paragraph-100 coh-style-paragraph-heavy" data-coh-tab-settings='[]'> <a href="#list_user-generated-content">User Generated Content</a> </div> <div id="list_user-generated-content" class="coh-accordion-tabs-content"> <div class="coh-container coh-style-equal-padding--md"> <p><strong>2.1 User Content</strong>. We offer you the opportunity to comment on and engage in discussions regarding articles, companies and various topics. Any content, information, graphics, audio, images, and links you submit as part of creating your profile or in connection with any of the foregoing activities is referred to as "User Content" in this Agreement and is subject to various terms and conditions as set forth below.</p><p><strong>2.2 Cautions Regarding Other Users and User Content</strong>. Information, views, opinions, and recommendations expressed in User Content belong to the authors thereof. They do not necessarily reflect the views of CFA Institute. In no event shall CFA Institute be liable for any damages resulting from their publication. You understand and agree that User Content includes information, views, opinions, and recommendations of many individuals and organizations and is designed to help you gather the information you need to help you make your own decisions. Importantly, you are responsible for your own investment decisions and for properly analyzing and verifying any information you intend to rely upon. We do not endorse any recommendation or opinion made by any user. We do not routinely screen, edit, or review User Content. However, we reserve the right to monitor or remove any User Content from the website at any time without notice. You should also be aware that other users may use our website for personal gain. As a result, please approach messages with appropriate skepticism. User Content may be misleading, deceptive, or in error.</p><p><strong>2.3 Grant of Rights and Representations by You</strong>. If you upload, post, or submit any User Content on our website, you represent to us that you have all the necessary legal rights to upload, post, or submit such User Content and it will not violate any law or the rights of any person. You agree that upon uploading, posting, or submitting information on the website, you grant CFA Institute, and our respective affiliates and successors a non-exclusive, transferable, worldwide, fully paid-up, royalty-free, perpetual, irrevocable right and license to use, distribute, publicly perform, display, reproduce, and create derivative works from your User Content in any and all media, in any manner, in whole or part, without any duty to compensate you. You also grant us the right to authorize the use of User Content, or any portion thereof to other users in accordance with the terms and conditions of this Agreement, including the rights to feature your User Content specifically on the website and to allow users to request access to your User Content, such as for example through an RSS Feed. If you post User Content on the Asia Pacific Research Exchange (ARX), you may view engagement metrics on your ARX User Content contributions (e.g., number of views and downloads).</p><p><strong>2.4 We may also remove any User Content for any reason and without notice to you</strong>. This includes all materials related to your use of our website or membership, including email accounts, postings, profiles, or other personalized information you have created while on our website. Contributors to ARX also retain the right to remove the User Content they contribute to the platform at any time.</p> </div> </div> <div class="coh-accordion-title coh-style-paragraph-100 coh-style-paragraph-heavy" data-coh-tab-settings='[]'> <a href="#list_use-of-links-and-logos">Use of Links and Logos</a> </div> <div id="list_use-of-links-and-logos" class="coh-accordion-tabs-content"> <div class="coh-container coh-style-equal-padding--md"> <p>You do not need to request permission to create a text link from your website to the CFA Institute website. However, the CFA Institute logo may not be used without a written agreement. Please send all requests to <a href="/cdn-cgi/l/email-protection" class="__cf_email__" data-cfemail="83f7f1e2e7e6eee2f1e8c3e0e5e2eaedf0f7eaf7f6f7e6adecf1e4">[email protected]</a>. CFA Institute reserves the right to request the removal of any link.</p> </div> </div> <div class="coh-accordion-title coh-style-paragraph-100 coh-style-paragraph-heavy" data-coh-tab-settings='[]'> <a href="#list_liability">Liability</a> </div> <div id="list_liability" class="coh-accordion-tabs-content"> <div class="coh-container coh-style-equal-padding--md"> <p>CFA Institute makes no representations about the accuracy, reliability, completeness, or timeliness of the material on this website or about the results to be obtained from using the website. You use the website and its material at your own risk. Changes are periodically made to the website and may be made at any time. CFA Institute makes no representations that any User Content will be available or viewable on your device. Your device and/or its settings may impact your experience of this website and/or User Content.</p><p>This website and its material are provided on an "as is" basis without any warranties of any kind. To the fullest extent permitted by law, CFA Institute hereby expressly disclaims all warranties, including the warranty of merchantability, non-infringement of third-party rights, and the warranty of fitness for particular purpose. In no event shall CFA Institute be liable for any damages whatsoever resulting from the use or inability to use material on this website or sites linked to this website, whether based on warranty, contract, tort, or any other legal theory, and whether or not CFA Institute is advised of the possibility of such damages.</p><p>By using this website, you agree to defend, indemnify, and hold harmless CFA Institute, its officers, directors, employees, and agents from and against any and all losses, claims, damages, costs, and expenses (including reasonable legal and accounting fees) that CFA Institute may become obligated to pay arising or resulting from your use of the site material or your breach of these terms and conditions.</p> </div> </div> <div class="coh-accordion-title coh-style-paragraph-100 coh-style-paragraph-heavy" data-coh-tab-settings='[]'> <a href="#list_access-from-outside-the-united-states-ofac-restrictions">Access from outside the United States (OFAC Restrictions)</a> </div> <div id="list_access-from-outside-the-united-states-ofac-restrictions" class="coh-accordion-tabs-content"> <div class="coh-container coh-style-equal-padding--md"> <p>The programs and services offered by CFA Institute, including those made available on our website, are subject to U.S. export control and sanctions laws and regulations. By accessing any portion of the CFA Institute website, registering for a CFA Institute program, or purchasing any goods or services offered by CFA Institute, you acknowledge and agree to abide by U.S. export control and sanctions laws and regulations and, specifically, to refrain from purchasing, accessing, extracting, or transferring any information or products contrary to U.S. export control and sanctions laws. Failure to abide by these requirements will result in the blocking of access to your user-created CFA Institute account. Furthermore, CFA Institute may not be permitted to refund any fees received from a country or person subject to U.S. sanctions without specific approval by U.S. authorities. Find more information on the sanctions issued by visiting the Office of Foreign Asset Control website.</p> </div> </div> <div class="coh-accordion-title coh-style-paragraph-100 coh-style-paragraph-heavy" data-coh-tab-settings='[]'> <a href="#list_notice-and-procedure-for-making-claims-of-copyright-infringement">Notice and Procedure for Making Claims of Copyright Infringement</a> </div> <div id="list_notice-and-procedure-for-making-claims-of-copyright-infringement" class="coh-accordion-tabs-content"> <div class="coh-container coh-style-equal-padding--md"> <p>Pursuant to the Digital Millennium Copyright Act of 1998 (DMCA), all notices of alleged copyright infringement on the CFA Institute website or affiliated sites must be sent to the CFA Institute designated agent:</p><p>DMCA Agent<br>CFA Institute<br>915 E. 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