NYSSA closing member lounge (Bloomberg, Capital IQ)

NYSSA is closing its member lounge that for many years has provided access to Bloomberg, Capital IQ and other data services. This was a real benefit for financial professionals in the NYC area, especially young professionals trying to convert their CFA charter into a job in the financial industry. If you are a NYSSA member and would like to help preserve this benefit, which costs just a tiny sliver of NYSSA’s operating budget, I urge you to consider signing onto this petition and sharing this item with other members in your network: http://www.ipetitions.com/petition/nyssa-member-lounge Thanks for reading.

Pretty lame of NYSSA to do this… one of the few reasons I’ve gone there over the past few years…

Yes. I agree. Maybe they just couldn’t afford the subscriptions to the bloomberg terminals. I recall there were 3.

^ Given the annual dues for NYSSA, I think they can afford a few BB terminals.

what do they spend member dues on

^ I imagine rent eats up a good chunk of the dues, but there should still be enough left after that and all their other expenses to maintain the lounge.

^i checked out their events, its so overpriced and the quality is junk.

doesnt seem like they are into networking either. someone needs to audit them

I would also guess rent. That just keeps going up im sure

Maybe they need to move their location then. A lounge with terminals is one of the few usefull things they can actually offer young grads and job seekers.

At least BSAS has been semi worth while with mock exams and this year’s annual market dinner speaker being El-Erian (prior year was Volker).

My understanding from talking to people who are familiar with the NYSSA budget is that the cost of operating the lounge was less than 2% of the organization’s total operating budget, so not really a significant expense… I am trying to help get this benefit back for members, but the first part of that is showing that there is strong support for it from memebrs. If we can get as many signatures as possible on the petition, that will strengthen our hand quite a bit. Please consider signing onto this, especially if you are a charterholder and/or a NYSSA member.

they have a really sweet spot right by times square I recall. I’m sure their rent is astronomical

Yes. They are on 45th and Broadway… I believe the cost figure I cited before inculdes a rent allocation based on the amount of square footage that the member lounge was occupying. The lounge wasn’t a huge drain on member revenues any way you slice it.

Bump to try to get some more signatures on the petition. 64 signatures isn’t likely to attract much attention.

I wonder if closing the lounge is going to cost more in lost membership than it saves in anything else.

I’m surprised they didn’t try finding a donor to pay to name the lounge after themselves.

The lounge was a major attraction when I was a member. This seems like a big mistake.

Happy to sign the petition though does it hold weight if I haven’t been a paid member for a year or two?

bchad, if you are a CFA then I think it is worth signing - even if you haven’t been a member in a couple of years. Unfortunately it is decisions such as this that have already impacted membership numbers - I think NYSSA should be aware of this.

bchad, please sign the petiton. the petition appears to be looking for CFAs or NYSSA members and on that count you should qualify.

also, consider writing something in the comments section.

the member directory on NYSSA’s website isn’t working (another bummer) so that is one of the complications that is making it hard for us to get the word out about the petition. if you have any friends that you think might want to sign onto this, please feel free to send it to them directly or share on social media.

only 64 signatures so far

Dude, I just checked the locatin of their offices, they’re above that sunglass hut right next to the swatch store on times square. Why the F*ck would they be paying that astronomical rent to have offices there? It’s not even like they’re central to the financial sector in midtown or wall street. Wow.

I think that’s relatively new space for them too. I seem to remember them being on 6th Ave not that long ago.