CFA Institute CEO resigns amid backlash over DEI policies

Margaret Franklin's departure comes after members complained about controversial diversity, equity and inclusion initiatives

Published on Mar. 6, 2026

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Margaret Franklin, the CEO of the CFA Institute, has announced her resignation amid backlash from members over her advocacy of controversial Diversity, Equity and Inclusion (DEI) policies. Franklin's departure comes at a tumultuous time for the organization, which administers the grueling CFA exam that has long been a rite of passage for Wall Street analysts.

Why it matters

The CFA Institute's DEI initiatives sparked an uprising among its 200,000 members, who complained that the policies undermined meritocracy and led to discrimination in hiring and promotion decisions. Franklin's resignation highlights the growing tensions over DEI practices, especially as the Supreme Court and the Trump administration have cast legal doubt on the use of race and gender as factors in employment decisions.

The details

Under Franklin's leadership, the CFA Institute implemented a DEI code of conduct that encouraged members to consider race and gender in job-related decisions. This sparked backlash from members who argued the policies were unethical and unconstitutional. The institute later revised the code to remove explicit references to race and gender, but critics say the changes don't go far enough. CFA member Chris Cutler has launched a proxy fight to seek broader management changes, including ending all vestiges of DEI at the organization.

  • In 2023, the CFA Institute implemented a Diversity Equity and Inclusion code of conduct for its members.
  • In 2026, the Supreme Court ruled that discrimination based on race and sex is unconstitutional.
  • In March 2026, Margaret Franklin announced her planned retirement as CEO of the CFA Institute.

The players

Margaret Franklin

The former CEO of the CFA Institute who advocated for controversial Diversity, Equity and Inclusion policies during her tenure.

Chris Cutler

A long-time CFA member and founder of a hedge-fund consulting firm who has launched a proxy fight to seek broader management changes at the CFA Institute, including ending all vestiges of DEI.

CFA Institute

The organization that administers the Chartered Financial Analyst (CFA) exam, which has long been a rite of passage for Wall Street analysts.

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What they’re saying

“Despite the CEO's resignation we continue with the proxy campaign. CFA's board approved changes that alienated leadership of (CFA organizations) and promoted DEI globally. We want leaders to have a majority voice on the board to prevent this from ever happening again.”

— Chris Cutler, Founder, Manager Analysis Services (On The Money)

What’s next

The CFA Institute's board of directors will need to select a new CEO to replace Margaret Franklin, and will likely face continued pressure from members like Chris Cutler to roll back the organization's DEI initiatives.

The takeaway

The CFA Institute's experience highlights the growing backlash against Diversity, Equity and Inclusion policies, especially as they face legal and political challenges. The resignation of the CEO shows how these divisive issues can roil even long-established professional organizations like the CFA Institute.