I began my career in the bond market research department of a major sell-side investment bank. At that time, "Wall Street" was run by firms whose salespeople, traders, and research teams established the markets’ liquidity and dictated market prices to clients.

Many of the CFA charterholders and candidates I have met seem to have always known that it was the path they wanted to take. Finance degree, CFA charter, job at a bigtime investment firm. It was different for me.

As Benjamin Graham, one of the investing world’s original greats, said, “The essence of investment management is the management of risks, not the management of returns.” Regrettably, too many investors worry about the risks when it’s too late.

The new 2025 CFA curriculum has been released for all three levels.  This article will summarize all of the important changes to the curriculum and how it affects your preparation.

From humble origins in the early 1970s, index investing has become the 800-pound gorilla of investments. First derided, then accepted as a technique, these days, money moves out of active equity management and into passive vehicles every day.