New Report Highlights CFA Institute Economic Impact across Central Virginia

CFA Institute, the global association of investment professionals, released today an analysis of its economic impact to the Charlottesville Metropolitan Area, conducted by the Weldon Cooper Center for Public Service at the University of Virginia. The report details the overall economic contribution of CFA Institute and the advantages it provides residents of Charlottesville City and the counties of Albemarle, Fluvanna, Greene, and Nelson.

Also highlighted are the history and growth of CFA Institute headquarters in Charlottesville, from a two-person office in Monroe Hall at the University of Virginia in 1962, to a more than 450 staff Global Operations Center in downtown Charlottesville. The Charlottesville headquarters anchors offices in Hong Kong, London, New York, Brussels, Beijing, and Mumbai.

“As the professional body for the global investment management industry, CFA Institute holds our members and ourselves to the highest standards in all of our work,” said John Bowman, CFA, managing director for the Americas at CFA Institute. “Giving back to the community, and understanding our total economic impact on the region, is a critical aspect of our mission.”

As of 2015, CFA Institute is the 5th largest private employer in the City of Charlottesville and the 13th largest private employer in the Charlottesville region. With a total economic contribution in fiscal year 2016 of more than $261 million in total industry output, $104.6 million in value added, and nearly $63 million in labor income, CFA Institute accounts for approximately 1 in 160 jobs in the region, providing or indirectly supporting 1,005 jobs.

“CFA Institute is embracing its role as an economic pillar for our growing region through hundreds of high-skill and high-wage jobs, and corporate citizenship initiatives that have provided more than 1,000 hours of local volunteer time in less than a year,” said Kelli Palmer, director of corporate citizenship for CFA Institute.

In 2013, CFA Institute chose to renovate the former Martha Jefferson Hospital campus in downtown Charlottesville to serve as its new Global Operations Center, achieving a gold certification for Leadership in Energy and Environmental Design (LEED). The redevelopment process generated 132 local jobs, $6.1 million in labor income, $8.4 million in value added, and $17.1 million in total industry output, all while preserving a critical historic community asset. The redevelopment also incorporated solar panels, generating more than 73,000 kWh in 2016, and a “graywater” reuse system, which has decreased public water use by 70 percent and public sewer discharges by 30 percent.

CFA Institute also recently launched a Strategic Community Partnership initiative to improve investor education among local nonprofit leaders in conjunction with the Center for Nonprofit Excellence, building on a history of community engagement that spans decades. In 2016, CFA Institute sent nearly 100 volunteers across the region as part of the United Way Day of Caring, invested more than $100,000 in local grants and sponsorships, and donated meals, toiletries, and technology—with an estimated value of nearly $25,000—to local organizations.