New York-based CFA Institute has announced that it is supporting the Financial Leaders Fellowship (FLF) program, which is being launched by the Aspen Institute, a non-profit organization based in Washington, D.C., that provides leadership programs for professionals in various sectors.

The program, which is open to candidates from around the world, including Canada, is targeted to senior executives and executive directors in the financial services sector. It’s meant to be an outlet in which the chosen “finance fellows” can explore the ethical values and perspectives necessary for effective leadership in their industry and society at large, according to the CFA Institute’s announcement released on Tuesday.

“At CFA Institute, we aspire to build and to lead the investment management profession. To do this we must do more than prepare and continuously educate highly competent professionals,” says Paul Smith, president and CEO, CFA Institute, in a statement. “We must also build partnerships with institutions like the Aspen Institute that will identify and train the future leaders of our industry to transform the profession and its focus on serving society.”

The first class of the FLF program will begin in October 2016 and consist of 20 to 22 successful leaders in the financial services sector. Fellows are required to attend four seminars over the course of two years during which topics such as leadership, core values and their vision for the sector will be discussed. They are also expected to launch their own leadership initiative that is meant to advance the role of finance in society.

“By forming this partnership, CFA Institute will gain new perspectives on the future direction of the investment profession, allowing us to contribute to the development of the next generation of investment profession leaders,” Smith says.

In addition to sponsoring the FLF program, the CFA Institute will be part of the advisory council for the program. This council will advise fellowship strategy and policy, and its membership will be comprised of senior representatives from the financial services sector who support the fellowship’s mission, according to the announcement.