CFA Society Uruguay was recognized by CFA Institute for its outstanding performance during 2021. The award is given each year by the international organization to acknowledge the work of professional societies that are part of it.

“We receive this recognition with great pride, which motivates us to continue our work of promoting investment professionals who uphold the highest ethical standards and excellence. It also represents a distinction for our efforts to generate synergies with key local actors to promote financial education,” said Fabián Ibarburu, president of CFA Society Uruguay.

In this regard, CFA Society was awarded for its ability to add value to the members of its community through support and advice to candidates who had to travel to obtain the Chartered Financial Analyst (CFA) investment management credential.

The association managed communications with travel agencies and customs to facilitate the candidates’ travel to the assigned destinations for taking the exam, and provided them with updated information regarding the ongoing changes in restrictions and protocols imposed by different countries.

During the height of the pandemic, it obtained authorization to establish a Test Center in Uruguay.

This initiative addressed the needs of candidates who are undergoing their training at one of the CFA levels, validating their knowledge without the need to travel abroad, and positioned Uruguay as a reference destination for obtaining the certification.

After achieving this objective, the association held a meeting with the president of the Central Bank, obtaining authorization for professionals who pass Level I of the CFA exam to register as securities intermediaries and investment advisors with the state entity.

Additionally, in collaboration with Kaplan Schweser, the association offered candidates access facilities to the study and preparation packages of the Schweser CFA program.

Through the organization of virtual events, more than 900 participants, including members and influential professionals in the industry, attended sessions on topics that included women in finance, ESG criteria, crypto assets, market promotion and regulation, among others.

The award also highlighted the research work in which CFA Society Uruguay is formally participating in the National Commission for the Promotion of the Securities Market, created by the government to promote the market. As well as the development of initiatives with volunteers to conduct research and create content for their own podcast, which will discuss topics such as inflation, crypto assets, pension funds, and risks and returns.

In addition, in collaboration with the Office of Planning and Budget (OPP), CFA Society Uruguay engaged KPMG to provide a framework for calculating the market return rates that state-owned companies must offer to the government.

The efforts of local advocacy, along with CFA Institute’s Future of Finance division, were also highlighted, which allowed Uruguay to be included for the first time in the Mercer CFA Institute Global Pension Index. This decision came at a very timely and crucial moment for the country, as a profound reform of the Pension System is being discussed.

Among other actions carried out by the association this year, its first Ethics Challenge was also highlighted, in which three universities participated. The winning institution obtained second place in the regional competition organized by CFA Society Peru. It also participated in the CFA Institute Research Challenge organized by CFA Society Argentina.

The allocation of this recognition was shared with different societies worldwide based on the size of their community. In this sense, CFA Society Uruguay was recognized alongside its peers from Cyprus, Malaysia, and Hong Kong.