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CFA Society of Minnesota 2011 Annual Report
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1,167 The total number of active members as of Dec 31, 2011.
9th Our ranking by member size in the United States. Currently, 17th largest in the world.
Mission To enhance the investment profession by promoting ethical behavior, professional excellence, and fellowship through high quality, innovative programming.
Vision We envision the CFA Society of Minnesota to be:
Widely recognized, well-respected and highly valued by investors, academia and the business community in our region.
A society whose members are actively committed to enhancing the value of the organization by willingly giving of their time as volunteers.
Continuously experiencing growth due to its unerring respon-siveness to the needs of its members and its success at developing a strong sense of community among in-vestment professionals within our region.
34 The number of volunteer committees and sub-committees coordinating society programming.
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Admin Revenue
CFA Institute Cash
Member Dues
Education Revenue/Royalties
Other
CSE Base Cost
Other staff Cost
Administrative Costs/Overhead
GROWTH
2011 at a Glance:
The CFA Society of Minnesota hosts a broad array of programs designed to provide up-to-date information on industry trends, educate members seeking CFA status, and create net-working opportunities for its members across
the state and throughout our region.
Sources of Revenue
Sources of Expense
$-
$50,000.00
$100,000.00
$150,000.00
$200,000.00
$250,000.00
$300,000.00
$350,000.00
FY2011 FY2010 FY2009
Revenue
$(50,000.00)
$-
$50,000.00
$100,000.00
$150,000.00
$200,000.00
$250,000.00
$300,000.00
FY2011 FY2010 FY2009
Total Expenses Total Operating Profit (Loss)
Expenses, Profit & Loss
41
22
25
16
15
20
11
20
10
20
09
20
08
20
07
Program Growth
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Leyla Kassam, CFA CFA Institute President’s Council Representative
Midwestern U.S. Region
The CFA Society to which you belong is now vastly different from the organization
that existed several years ago. Your board and staffed office have built your society
into a professional organization that serves its members better than ever before,
and that has become a model of excellence among the 139 CFA societies globally.
As our society has grown during the past three years, so has the
recognition and validation from the CFA Institute of our good
management and programming. For the third consecutive year,
your society was honored with a Society Excellence Award,
recognized in 2011 as the “Most Excellent Society” in the 750-
1,500 member category. This was a new award, with only five
societies winning based on the five different size categories.
Indeed, at the awards ceremony in May, CFA Institute leaders
handing out the awards remarked that it had become “an annual
tradition” for the CFA Society of Minnesota to take the stage. This
year’s honor recognized us for providing members with
exceptional services, for prudent governance, building brand
awareness, and supporting CFA exam candidates.
In 2010, the Society received an award for excellence in
implementing a Strategic Plan: the same Plan we received an
award for developing in 2009. Winning these awards come with
additional funds and opportunities for our Society. More
important, they demonstrate the commitment of our staff, board
and volunteers to implement and execute best practices across all
areas of our Society.
Additionally, Societies, both big and small, from around the world have questions on
programming, membership development and volunteer coordination, and your
society is looked upon as the “go to” leader within the Institute. As such, we were
pleased to receive special funding from the CFA Institute to develop a Sponsorship
template that was shared with others on the CFA Society Resource website. This
template is an excellent tool used to solicit organizations to participate in year-long
sponsorship opportunities during our fiscal year.
Annual sponsorships enable us to raise brand awareness for participating
organizations, increase CFA Minnesota membership and participation, and continue
Setting New Standards to elevate the standards of the Twin Cities and Minnesota investment communi-
ties. Last year, we also received additional funding from the CFA Institute to ad-
vertise our programs on Twin Cities Public Television (TPT) and to create a Media
Directory. Once complete, the Media Directory will be a comprehensive guide of
qualified CFA Minnesota members who are willing to answer the phone and
share their expertise on a range of specific industry topics.
We could not have earned this recognition and additional funding
without the dedication and support of our entire board of directors
and the incredibly hard work of our CFA professional staff. I would
like to thank each of our board members for their efforts; it has
been my pleasure to work with such a vibrant, energetic group of
professionals. I would also like to thank their firms for allowing
them to dedicate the time and effort required to participate in
board and society activities. Your support comes in many forms
and is highly appreciated.
Finally, I’d like to thank Maren Amdal, our Executive Director.
Maren has been instrumental in pushing us to achieve new heights.
Her creativity, organization and enthusiasm are appreciated by the
Board and our entire membership. As I have told her on many
occasions, “You make me look better than I am.”
With my two-year term as President of the CFA Society of
Minnesota now complete, I’d like to thank you for the privilege of
serving this thriving and growing organization. And while my term
on the Board of Directors with the CFA Society of Minnesota has expired, my par-
ticipation within the CFA Institute has not. I’m pleased to have been elected this
year to serve on the CFA Institute President’s Council as the Midwestern U.S.
Region representative. The primary role of the ten President’s Council
Representatives is to facilitate communication between member societies and the
Board of Governors. I’m honored to have been elected to serve in this capacity.
Thank you for the opportunity to serve as your president.
It has been deeply rewarding.
Leyla Kassem, Maren Amdal and Robert Buss, represented the Society at the CFA Institute’s May 2011 Strategic Leadership Retreat in Edinburgh, Scotland.
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together bring a wealth of knowledge,
experience and perspective to the
organization. Did you also know that
we’ve grown dramatically in structure
— in the number of volunteers, func-
tions, program options, professional
partnerships, sponsorships and just
plain overall excellence?
Indeed, for members who haven’t taken
a look at their CFA society for the past
several years, they’d hardly recognize
the thriving, vital organization they’d
now find. Here are a few of the benchmarks of growth to which we can point:
Capacity: In 2007, we sublet a small office space in the suite of our
then-president’s firm to house a newly hired part-time events coordinator.
This was a big step forward, after nearly a decade of out-of-state
management. Five years later, we have our own five-room office that
includes a conference room/library where candidates can study, seek new
employment opportunities or conduct business when downtown. Our offices
in Rand Tower are conveniently located within six blocks of nearly 70 percent
of our members’ employers. Our staff has grown, too, with now as many as
five contractors and me, as full-time Executive Director.
Volunteers: Several years ago, our Society’s leaders felt fortunate to
have a dozen or so volunteers available to help coordinate events, run special
Dear Members: In mid-July of this year, the Board of Directors of the CFA Society of Minne-
sota gathered for a four-hour strategic planning session, the apex of a series
of such planning meetings. We met to evaluate our society’s strengths, weak-
nesses, opportunities and threats—the proverbial SWOT Analysis. The ses-
sion was our most recent effort—one now undertaken each year—to meas-
ure our progress against an ever-evolving, detailed plan that outlines our
short- and long-term goals as a society. The organization we analyzed this
past July is dramatically different from the one that existed even just a couple
of years ago.
For example, did you know that your board of directors has grown to 27
members? It is now a board that truly reflects our membership. It includes
representatives of major investment companies in the Twin Cities, wealth
management firms, plan sponsors and other professional organizations that
Our new offices are located in the beautiful historic Rand Tower in
downtown Minneapolis.
Board members pictured from left to right: (back row) Maren Amdal; Raj Balachandran; Mike Lingvall; Robert Buss; Josh Howard; Jake Seltz;
(front row) Kristine Mogollon; David Spangler; Kim Brustuen; Jessica Murray; Karen Florez; Mark Peiler
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projects and perform other non-routine
jobs. Three years ago we established a
program to enhance that. We now have
more than 125 volunteers assigned to
34 committees and subcommittees.
These include education, marketing and
advocacy, membership, employment,
programs, and business and financial
management. Volunteers can take
advantage of our office space for
in-person meetings and project work,
as well as our new cloud-based
technology infrastructure that allows
for on-line collaboration and integrated
conference calls.
Candidate Support: At one time, we had few, if any resources to
help our candidates pass the always-challenging CFA exams. More than 700
candidates sit for the CFA exams at the RiverCentre in St. Paul each year, most of
whom are not yet members. Your Society has identified candidate services as a
core function of our organization: What better way to ensure our continued
success than to help those seeking the CFA charter achieve it themselves?
Over the past several years, we have re-established live
instructional classes for CFA candidates. We facilitate the
establishment of independent study groups, and we have expanded our scholar-
ship program for deserving candidates. Our new Day in the Life series is de-
signed to help candidates, student members and members-in-transition learn
about different career paths within our industry, and is another example of our
new efforts to serve this important segment of our membership.
RELEVANCE
Society Luncheons Candidate
Programming A Day in the Life
Breakfast Before the Bell
After Market Appetizers
Job Seekers Forum
Each year, member surveys tell us that a primary re-sponsibility of the society is supporting members in their process of finding employ-ment. New this year is a series designed to do just that: Help members learn the skills to apply for, and successfully obtain, employ-ment. These events feature member-driven content as well as guest speakers on pertinent topics and plenty of networking opportunities.
The local society is commit-ted to providing candidate support and educational programming. This year, we’ve begun a series of facilitated study sessions, lead by qualified CFA char-terholders. Different than a lecture-style course, our “class” series is interactive, customized for enrolled students, and built around a mock-exam and subsequent review course.
A Day in the Life is a monthly program series which shadows an industry professional, providing in-sight into the professional’s career and the requirements needed to succeed in that profession. Designed for candidates, university students, and those new to the finance industry, this introductory-style program is a good entry-point for new mem-bers.
Each month, the CFA Society of Minnesota hosts an educational luncheon for society members and guest. Experts in their field, and sometimes vendors describ-ing products and services, are among the national pool of speakers who represent all areas of the finance industry providing insight on trends affecting members, clients and the industry at large.
A roundtable series targeted at specific industry segments, Breakfast Before the Bell is designed to facili-tate small-group discussions and provide an opportunity for members to share ideas, discuss issues, and network with colleagues. With meetings focused around specific job titles, B3 is a peer-to-peer networking and learning opportunity for members.
Held September to May, After Market Appetizers provides members the opportunity to network with colleagues interested in specified topic-areas. A great venue for members to connect with one an-other to share their knowl-edge and experiences over appetizers in the afternoon, this new series is topic-driven and open to mem-bers of all types.
To recognize their time and contribu-tion, the CFA Society of Minnesota hosted a happy hour cruise aboard the Minneapolis Queen for the more than 100 volunteers who give of their time and talents to the make our Society a success. We are grateful for your hard work and are proud of what we have accomplished together.
We couldn’t do it without you!
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INS
IGH
T
Programs: The CFA Society of Minnesota has vastly increased the
number and variety of its programming for members. At one time, our pro-
grams consisted primarily of vendor-driven luncheon presentations. Now,
our programs are structured around a broad-based educational matrix that
covers asset valuation, market intelligence, forensic accounting and the ba-
sics of being an investment trustee, to name just a few of our recent and
scheduled offerings. Among others this past year, we heard from Richard
Davis, CEO of US Bank, on the ethical issues facing the financial services in-
dustry, and Jeff Bailey, Director, Financial Benefits and Analysis, of Target
Corp., sharing – for free – his new book, A Primer for Investment Trustees.
Our Annual Economic Dinner continues to
be one of our most popular events, one that
now draws an average of more than 350 society members and their guests.
We were pleased to welcome author and regular Bloomberg and CNBC Con-
tributor, Tony Crescenzi, as our speaker for the January 27, 2011 event.
Crescenzi, who is a senior vice president, market strategist and portfolio
manager at PIMCO, shared his perspectives on “The New Normal.” The
event was a veritable “who’s who” of the local investment community.
Our new Breakfast Before the Bell series has been a
resounding success, offering our members an alter-
native format and time of day for events. Our first-ever local challenge of
the Global Investment Research Challenge (IRC) was a success for both our
university outreach efforts and relationship de-
velopment with senior-level society members.
One of the Society’s most popular events, the 2011 Annual Economic Dinner featured Anthony J. Crescenzi, a PIMCO senior vice president, market strategist and portfolio manager. Tony shared insights from his new book entitled “The New Normal,” to a room filled with more than 350 members, their clients and guests. All enjoyed an evening of good food, networking and insightful conversation.
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Students from six universities competed before a panel of more than a
dozen local graders and judges, with one of our local teams making it to
the penultimate round in the global challenge.
We’ve also made room for fun and socialization — we’ve launched a
book club; this year we hosted our fourth annual trip to the ball park for a
Twins-Yankees game; we’ve continued to host monthly member socials,
and even tried out an afternoon on the ski slopes.
Marketing and Advocacy: We recognize that we’ve be-
come an alphabet soup society with nearly a quarter of our members
holding more than one professional designation—CFAs, CIPMs, CPAs,
FSAs, CFPs and MBAs. For as long as we can remember, the media has
maintained a blanket policy: No honoraria with the exception of “Dr.” but
only when it’s in reference to a physician. That, of course, makes it diffi-
cult to directly promote the CFA designation, but over the past several
years, the CFA Society of Minnesota has worked very hard to establish
solid connections with local media representatives who write about the
financial markets to make sure that when they pick up the phone to con-
tact a market expert, the person on the other end will have a CFA desig-
nation after his or her name. The letters may not make it into print, but,
increasingly, the expertise does. In addition to our foray into advertising
on both TV and radio, we are exceedingly proud of our partnership and
trade agreement with the Minneapolis St. Paul Business Journal, through
which we’ve greatly increased society visibility and by extension, the visi-
bility of our members and sponsors.
CFA Society of Minnesota Celebrates Amdal’s Selection to
“40 under Forty”
In 2011, CFA Society of Min ne sota E xec ut iv e Director, Maren Amdal, was selected as one of the Minneapolis/St. Paul Busi-ness Journal’s “40 Under Forty” honorees. This annual Business Journal award spot-lights 40 of the region’s top young business and civic leaders.
To be selected, a candidate must demonstrate consistent, outstanding professional achievement and show a commitment to community service as well. Amdal and the other 39 honorees received their awards at a ceremony on March 24. In a press release announcing the award, Leyla G. Kassem, CFA of Wells Capital Management and then president of the CFA Society of Minnesota’s Board of Directors, said, “This is a true testament to the great job Maren has done to elevate the presence of the CFA Society of Minnesota in the Twin Cities and surrounding area. Since joining the Society as executive director in 2008, Maren has cultivated more than 100 volunteers to pro-mote and execute the many programs we offer each year. Additionally, under her direction the Society has initiated an ongoing strategic planning process that is greatly increasing member value and integrating efficien-cies. We applaud the Business Journal for select-ing Maren to be among this prestigious group of Twin Cities professionals.”
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CO
MM
UN
ITY
Community: Behind many of our efforts is a simple concept — commu-
nity. As Robert Buss, our new Society President, outlines in his article, the CFA
Society is the 17th largest society in the world and the ninth largest in the US —
a true distinction given the fact that Minnesota ranks 23rd in overall population
by state. Our financial services community is a valuable asset to both its mem-
bers and to our state economy, and your society is working hard to build that
sense of community. Our efforts in this area also include a CIO Outreach cam-
paign. At least once a year for the past several years, we’ve hosted a breakfast
for Chief Investment Officers, Directors of Research and other managing part-
ners at buy- and sell-side firms to bring those individuals up to speed on our
programs, seek their advice and insights and, most of all, to encourage them to
participate in the society’s activities. Simply put, if a firm’s CIO or Managing
Partner is a involved with the local CFA Society and its efforts, there’s a good
chance that Charterholders who work for these organizations will be, too.
Your society has also launched a mentor/sponsor program to help introduce
new arrivals from other cities, as well as new charterholders, to current and
senior society members willing to mentor and help to integrate them into our
community.
Society members gather the third Tuesday of each month for Breakfast Before the Bell, a new round-table program designed to facilitate segmented
Members enjoy a Pre-Twins Game Happy Hour at Lyons Pub.
"The CFA Society of Minnesota mentor program has presented a truly invaluable experience as a newcomer to the financial industry. The program has afforded me the oppor-tunity to meet with high level executives who are willing to listen to ideas and provide firsthand knowledge regarding industry trends and career advice. I believe having someone to turn to… has provided a major advantage to me in my career development."
- Charles Miller , CFA Mentee
On October 26, 2011, the CFA Society of Minnesota held its annual New Charterholder Din-ner to recognize and celebrate the achievement of the nearly 25 new Minnesota CFA charter-holders and the more than 55 candidates who successfully passed Level III of the CFA exams
earlier this year. Congratulations, and Welcome!
Students learn about CFA Minnesota’s 2011 Investment Research Challenge.
Members and guests mingle aboard our annual
Volunteer Appreciation cruise.
A society member is greeted at a luncheon by Kris Kautzman, our Soci-ety executive assistant and volunteer
coordinator.
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Employment: At a time when the financial services industry is under
intense pressure, your society has greatly stepped up efforts to help members
find and make the most of job opportunities. While continuing our free
job-posting section on our web site, the society has launched an employer
outreach program, a recruiter outreach program and a brand new job search
forum. This past year we sponsored our third annual
Career and Professional Development Day — and
our new Annual Sponsorship Program allowed us to offer this full-day event
free to our members.
Finally, we have established strong relationships with the Twin Cities Chapters
of the Association for Corporate Growth, the Certified Financial Planners’ As-
sociation, the National Investor Relations Institute and the Financial Execu-
tives Institute, just to name a few, to co-sponsor programs and otherwise
support one another’s efforts.
We’ve expanded our reach, our infrastructure, our capacity, our program-
ming, and most importantly, our member benefits and services. All these
efforts have been undertaken within the confines of the same relative annual
budget we’ve had for the past 10 or more years. We’ve put into place cost-
saving measures, carefully negotiated with vendors and contractors, written
for and won supplemental funding, and availed ourselves of thousands of
hours of volunteer time.
One of our biggest revenue gains has been in the form of our
new Annual Sponsorship program, which has allowed both local
and national firms to support the society while gaining targeted
CFA Minnesota is a proud and active member of our broader community. We have worked hard over the past several years to develop cross- and co-promotional relationships with many organizations throughout our state and region.
We are proud of continued and ongoing partnerships with many of these organizations.
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visibility throughout the fiscal year. We’re proud to have received recognition
from other societies and from CFA Institute for our work on this program, and
even more pleased with the feedback received from sponsors.
On the horizon: We’re using
these and other new sponsor relationships
to introduce an exciting new venture: InvestMNt, a full-scale investor confer-
ence developed by investors, for investors. In May, 2012, we will host nearly
40 Minnesota-based publicly-traded companies as they present to an esti-
mated 300 institutional money managers and other investment professionals.
This unique event will bring together investors and public companies in a
novel format that promises to enhance and develop relationships unlike any-
Maren Amdal Executive Director
thing we’ve yet tried. We’re excited by the early commitments to this effort,
which has already received the support of nearly 20 local buy-side firms, and
look forward to bringing this event to fruition.
The CFA Society of Minnesota is an important and growing presence in the
financial services community. We were honored that the Regional Council of
Mayors reached out to us as part of their efforts to identify the most important
keys to economic success and stability in the Twin Cities and Minnesota—one
of which was our industry. The CFA Society of Minnesota and other significant
professional organizations stand at the center of that community.
We have the critical mass, the talent, insight and solid reputation to make this
part of our economy stronger, more vibrant and a more important contributor
to the economic health of the Twin Cities and the state of Minnesota. All we
need to do is continue the effort. Won’t you join us?
Sincerely,
“I’d be glad to renew. We greatly valued our benefits this past year. You’re one of the top three most organized societies of any organization we work with!”
- 2011 Annual Silver Sponsor
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“The CFA Society of Minnesota is the 17th largest CFA society worldwide, and 9th largest in the U.S., with more than 1,100 Charterholders.” "Really?” “Yes, really.” Volunteer leaders of your society attend CFA Institute conferences on a regular basis, and the exchange above is the one we hear from virtually every new person we meet in dull conference hotel hallways. Sadly, this is also a common response from your fellow local society members.
Where are all of you? What makes 1,100 so significant? Since the first charter was awarded in 1963, there have been only 103,000 charters distributed within 96 countries. With just 54,000 CFA Charterholders in the U.S., the CFA Society of Minnesota, a state that ranks 21st by population, is the ninth largest nationally, behind New York, Boston, Chicago, San Francisco, Los Angeles, Philadelphia and Washington D.C. Your society has significant human capital sitting out here in “fly-over land”.
Where are all of you? So, where are all of you? You have the professional designation, but what does it mean to be a "professional?"
The Illinois Institute of Technology has an excellent webpage that outlines
the credibility an individual professional receives through participation in a profes-
sional organization:
How do you grade yourself with respect to your obligations to the profession?
First, let’s take a look at where you are not: A recent Star Tribune article by Eric
Wieffering chronicles nine separate investment scams in Minnesota over the past
several years. Unfortunately, names like Trever Cook, Jason Bo-Alan Beckman, Charles
Hays, Denny Hecker and Tom Petters have tainted the image of the local investment
industry. Take notice, however, that nowhere on the list of pilferer’s names were the
credentials “CFA.”
The Code of Ethics we all sign annually carries significant responsibility. It should fill
you with pride that we police our own ranks and are not riddled with scandal. It should
fill you with pride that the Securities & Exchange Commission received an early warn-
ing on Madoff from an everyday Chartered Financial Analyst just doing his job. Our
commitment to ethics, continuing education and excellence should also carry signifi-
cant benefit when we give our business cards to clients and prospects. Does it? What
can we do to make sure it does?
A professional is a member of an occupational group who:
Sees other members, including those employed elsewhere, as peers/colleagues
Exercises judgment in the performance of occupational tasks and follows relevant
professional standards
Accepts the profession's agreement to work in a morally permissible way
(often expressed as a code of ethics) determining in part the obligations of the role
Individual professional obligations:
An individual’s professional obligations are derived from the profession and its code, tradition, society's expectations, contracts, laws, and rules of ordinary morality. A professional has obliga-tions to:
His/her Employer
Clients/Customers
Other Professionals- relations of collegiality, specific expectations of reciprocity
Profession as a collective
Society - responsibility to serve the public interest
Where are all of you? This map illustrates where our more than 1,100 members live within the Twin Cities and across the state. We’ve plotted work and home addresses on several variations of maps like this one to better asses where in the metro we should hold specific events, and even to help us choose the location of our new offices. This understanding has allowed us to better serve members.
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Where are all of you?
So we know where you are not - now for where you are.
In the past three years, attendance at society events has increased. In part, that’s
because the number of events we’re offering has increased. In 2007, we
offered about a dozen educational events, and a handful of member socials. In 2011,
our society calendar topped 40 events and in our new fiscal year, we’re on track to
best 50. Our new programming is high quality and targeted to member requests.
But we still have work to do. I recently tried to recruit one of your colleagues to the
local society board of directors. He is the embodiment of a CFA Charterholder, with 25
years experience including a portfolio manager title since 1999 at a firm that he has
dutifully served for 14 years. In our conversation, he admitted to never having at-
tended a local CFA event.
Like most societies, The CFA Society of Kuwait
holds a “New Charterholder Dinner.” The event
celebrates the entry of new talents to this
important industry. Every Charterholder in the
local society attends along with captains of
industry and local dignitaries. The event gets
coverage from CNBC and realizes a large profit,
which helps fund their continuing education pro-
gramming.
Last year your society dedicated volunteer hours
to solicit greater attendance, including by those
being awarded the charter. It must be something
about our Scandinavian heritage that causes Min-
nesotans to keep to themselves. While modesty
is a pleasant attribute, it can also be a detri-
ment—both to you and our industry.
Think of so-called centers of excellence: Does Menlo Park have a geographical advan-
tage on technology advancement? No. But centers of excellence do have a common
trait: a large pool of talent that acts as a community. Think Menlo Park; think graduate
students at coffee shops with dreams of becoming technology entrepreneurs. You can
almost smell the Starbucks dark roast and hear the bustling noise of ideas and suc-
cesses being shared. Do you think that funding and talent is hard to find there? No—
because everyone knows one another. Contrast that image with our local investment
community and the 25-year portfolio manager who has never attended an event.
So, where are all of you?
Your society, The CFA Society of Minnesota, can be the catalyst for change that we
need. We have a large talent pool of very talented people. We have universities with
excellent graduate-level applied programs turning out students with working knowl-
edge of our industry. We have support from government: The Regional Council of
Mayors contacted leaders of CFA Minnesota last year to discuss how state and local
governments can better support what they have identified as one
of four pillars of Minnesota economic success: Our industry. We have a well-
functioning society that has earned international awards of excellence for the past
three consecutive years. We have a strong agenda of relevant events. We have
accomplished much, and have the capacity to do far more.
We simply need you. We need you to participate. Go to an event. Go to an
event that is not related to your job. Learn something. Meet someone. State
an opinion. Volunteer. Simply get active. We need you because your participa-
tion counts. It counts towards a path to a center of excellence in investing.
I expect you to meet this simple challenge—Where are you?—so that I can
honestly answer: “At a CFA Society of Minnesota event”.
I look forward to serving you as your next President..
Robert Buss, CFA, CIPM President
CFA Society of Minnesota Guests mingle at the 2010 New Charterholder Dinner reception.
Local CFA Employers
Our more than 1,250 local CFA Society mem-bers are employed by 300+ firms in the Twin Cities.
100 employ 2 or more
50 employ 4 or more
25 employ 10 or more
CFA Event Participation
1941
1193
1391
2011 2010 2009
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86% In 2011, the Society offered members 41 programs and events, an 86% increase from one year ago.
127 The number of volunteers supporting the CFA Society of Minnesota—up significantly from a handful in 2007.
25 The number of Society members who earned the designation of “CFA” in 2011.
FY2011 FY2010 FY2009Income
Membership Revenue 126,065.00$ 96,375.00$ 103,269.50$
CFA Institute Funding 56,095.00 35,463.00 45,824.00
Sponsorship Revenue 52,100.00 66,541.65 27,260.00
Program Revenue 44,184.90 21,564.44 26,501.50
Administrative Revenue 1,061.40 1,714.47 991.96
Education Revenue 16,307.00 8,246.46 12,129.00
Miscellaneous Revenue 7,121.62 5,564.42 340.70
TOTAL REVENUE 302,934.92$ 235,469.44$ 216,316.66$
Expenses
Administrative Expenses 37,199.05$ 38,142.44$ 24,530.26$
Board of Directors 6,665.34 5,953.40 5,376.56
Committee Expenses 3,592.21 343.02 2,721.46
Forecast Dinner 28,994.87 60,306.23 25,969.18
Luncheon Program Expenses 15,616.18 11,339.31 34,160.96
Other Program Expenses 29,309.61 29,902.63 35,308.70
Educational Expenses 2,764.41 3,237.88 13,682.90
Public Awareness and 22,658.68 18,170.14 9,488.89
Professional Services 1,515.27 3,371.02 3,380.33
Contract Labor 23,343.55 17,702.00 14,233.00
Staff Salaries 76,029.88 68,129.69 61,441.30
TOTAL EXPENSES 247,689.05$ 256,597.76$ 230,293.54$
NET OPERATING PROFIT (LOSS) 55,245.87$ (21,128.32)$ (13,976.88)$
CFA Society of Minnesota
Profit & Loss
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Sponsorship Program Growth 2010-11 Annual Sponsors and Society Partners
Annual Gold Sponsors
Annual Silver Sponsors
Annual Bronze Sponsors
Annual Premiere Partner
Many thanks to our 2010-2011 Annual Sponsors and Partners. Your generous support allows us to offer a host of valuable programming to our membership.
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2011-2012 CFA Society of Minnesota Board of Directors Executive Committee
President – Robert L. Buss, CFA, CIPM; Disciplined Growth Investors
Vice President – Kim M. Brustuen, CFA; U.S. Bank
Secretary – Michael W. Seppelt, CFA; Evercore Wealth Management, LLC
Treasurer – Jessica D. Murray, CFA; Thrivent Asset Management
Immediate Past President – Anthony P. Carideo, CFA; The Carideo Group
Executive Director – Maren L. Amdal; CFA Minnesota, ex officio
Committee Chairs
Business/Financial Management – Jessica D. Murray, CFA; Thrivent Asset Management
Education Committee – Jacob M. Seltz, CFA; Wells Fargo
Employment Committee – Kristine J. Mogollon, CFA; Thrivent Asset Management
Membership Committee – Joshua M. Howard, CFA; Quantitative Advantage
Program Committee – Todd A. Mangis, CFA, CIMA; PIMCO
Public Awareness Committee – Samuel D. Smith; Peregrine Capital Management
Strategic Planning Committee – Kim M. Brustuen, CFA; U.S. Bank
Directors at Large
Daniel R. Aronson, CFA; Tealwood Asset Management (co-chair, Program Committee) Karen A. Florez, CFA; Wells Fargo Private Bank (co-chair, Public Awareness Committee) Derek R. Hoyt, CFA; KDV Wealth Management Steven J. Hulme, CFA; Securian Trust Company Ben D. Johnson, CFA; Speece Thorson Capital Group Michael A. Lingvall, CFA (chair, Development) Annette M. Masterson, CFA; Travelers Companies Mark A. Mooers, CFA; Black River Asset Management Mark E. Peiler, CFA; BNC National Bank Teresa J. Richardson, CFA; Minnesota State Board of Investment David R. Spangler, CFA; Thrivent Asset Management (co-chair, Financial Management) Toby G. Stoops, CFA; U.S. Bank Greg C. Zick, CFA; ELCA Board of Pensions Directors Emeritus
Jeff LeMunyon, CFA; Linwood Capital, LLC Pat Coleman, CFA; Jeffrey Slocum & Associates, Inc.
CFA Society of Minnesota
1300 Rand Tower 527 Marquette Avenue
Minneapolis, MN 55402 612.317.2889 (office)
612.436.2880 (fax)
www.CFAMN.org