A brief history of the cfa institute by todd bernier
A Brief History of the CFA Institute by Todd Bernier
Beginnings In the mid-1920s and late 1930s, two prestigious financial professional groups were formed. The first, the Investment Analyst Society of Chicago, emerged in 1925 as an organization dedicated to the goals, education, and resources of investment analysts. Twelve years later in 1937, a group of New York specialists established the New York Society of Security Analysts, or NYSSA. Seeking to consolidate organizations and conjoin interests, the entities, as well as several others formed during that time, merged to create the National Federation of Financial Analysts Societies (NFFAS) in 1947.
Growth The umbrella group flourished over ensuing decades, welcoming more societies into its ranks and becoming ever larger. Eventually, various member groups of the NFFAS sought to provide professionals with the certified financial analyst (CFA) designation and created the Institute of Chartered Financial Analysts. The ICFA began offering the CFA Exam in 1963. NFFAS remained active for its member societies.
Expansion Eventually, ICFA and NFFAS took an interest in merging just as the Investment Analyst Society of Chicago and NYSSA had decades prior. In 1999, following nine years of deliberations, the two organizations came together as the Association for Investment Management and Research. After another five years of operation, AIMR changed its name to the CFA Institute, emphasizing its association with the CFA charter that it distributes. The entity gradually became a global organization, with all 130 member societies changing their names to indicate their solidarity with the CFA Institute.
Current Stages At present, the CFA Institute spans 135 societies in 58 countries, consisting of more than 100,000 members. For more information, visit www.cfainstitute.org.
About the Author:A veteran financial analyst with experience determiningthe factors that make or break lucrative deals, ToddBernier serves as an Assistant Vice President ofCapital Markets for GE Capital’s Structuring andSyndications Group. In his station, Todd Bernierperforms a myriad of operations, such as researchingand analyzing large transactions, communicating withclients, and working closely with lenders and investors.