Stephen Horan is the Managing Director of Credentialing at the CFA Institute. He holds a Ph.D. in Finance and Economics, and is a former stock broker, portfolio manager, and finance professor.


In this episode, Stephen and I discuss:

– What made the CFA Institute realize Blockchain and Cryptocurrency are here to stay

– What type of material related to Blockchain will be included in the CFA curriculum

– What type of impact Blockchain and Cryptocurrencies will have on the enterprise world



[01:11] – Who is Stephen Horan and what is the CFA Institute? Introduction and overview

[05:48] – The 3 things the CFA Institute does

[7:43] – The CFA introduces Blockchain and FinTech into their curriculum

[11:27] – What factors led to this curriculum update?

[15:16] – How deep does the CFA Institute delve into Blockchain with its new curriculum?

[20:34] – Will AI replace CFAs?

[26:22] – John Maynard Keynes’ erroneous 1930 prediction on the impact of technology and automation on employment rates – The 15-Hour Work Week

[28:25] – Stephen Horan’s take on “life after blockchain hype”

[33:00] – DTCC and Axoni using blockchain to revamp the traditional clearing and settlement process?

[34:03] – What is the Blockchain Killer App?

[35:53] – Stephen’s prediction of where Bitcoin and Ethereum will be in 10 years

[37:46] – His advice to enterprises interested in innovating with Blockchain

[40:12] – How to get in touch with Stephen Horan and the CFA Institute

[42:11] – Conclusion



CFA Institute

– Bloomberg Article


Paper on technology, automation, and job loss – Bessen, J. (2017). How Computer Automation Affects Occupations: Technology, Jobs, and Skills

– John Maynard Keynes: The 15-Hour Work Week

Gartner Hype Cycle

DTCC (Depository Trust Clearing Company)


CDS (Canadian Depository for Securities)







– CFA Institute website

– Stephen Horan’s Twitter profile @StephenHoran

– Stephen Horan’s email address – Stephen.Horan [at]


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