CFA Institute

The CFA Institute is a global, not-for-profit professional organization that provides investment professionals with finance education. The institute aims to promote standards in ethics, education, and professional excellence in the global investment services industry. Since 1945, the institute has published the peer-reviewed, quarterly journal, the Financial Analysts Journal. It also publishes the Enterprising Investor blog.[3]

CFA Institute
AbbreviationCFAI
Formation1947
TypeNon-profit[1]
PurposeFinance
HeadquartersCharlottesville, Virginia, United States
Coordinates38°1′55.64″N 78°28′18.1″W
Region served
Worldwide
Membership
202,200 (2022)
Official language
English
Mark Lazberger, CFA
Margaret Franklin, CFA
Main organ
Financial Analysts Journal
Revenue
Increase USD $336.13 million (2022)
ExpensesDecrease USD $283.63 million (2022)
Staff
507 (2022)
Websitewww.cfainstitute.org
Formerly called
Association for Investment Management and Research (AIMR)
[2]

Structure

The organization offers the Chartered Financial Analyst (CFA) designation, the Certificate in Investment Performance Measurement (CIPM), the Certificate in ESG Investing, and the Investment Foundations[4] Certificate.[5][6] It provides continuing education conferences, seminars, webcasts, and publications to allow members and other participants to stay current on developments in the investment industry. CFA Institute also oversees the CFA Institute Research Challenge for university students and the Research Foundation of CFA Institute.[7][8]

CFA Institute is headquartered in Charlottesville, Virginia, United States, with additional offices in New York City, Washington, D.C., London, Hong Kong, Mumbai, Beijing, Shanghai and Abu Dhabi.[9] The current President and CEO is Margaret Franklin.

History
Historical logo

In 1947, four financial analyst societies—Boston, Chicago, New York, and Philadelphia — cooperated for the purpose of promoting the exchange of ideas and supporting the welfare of their profession, calling the new group the National Federation of Financial Analysts Societies (NFFAS).[10] In 1959, the NFFAS Board of Directors approved the establishment of the Institute of Chartered Financial Analysts (ICFA), which was incorporated in 1962.[10] NFFAS changed its name to the Financial Analysts Federation (FAF) in 1961.[10]

In 1962, the Chartered Financial Analyst (CFA) designation and code of conduct were established. In 1963, the profession was formalized when 284 candidates sat for the first CFA exam and 268 CFA charters were awarded.[11][12] The following year, all 3 levels of the exam were administered to more than 1,700 candidates.[10]

The Association for Investment Management and Research (AIMR) was founded in 1990 as the umbrella organization for the ICFA and the FAF, still separate entities at that time.  ICFA and the FAF consolidated under AIMR in 1999.[10]

In 2004, the Association for Investment Management and Research voted to change its name to the CFA Institute.[13]

In February 2019, The United States Department of Justice announced it will fine CFA Institute more than $320,000 for discriminating against qualified American workers by hiring temporary foreign workers through the H-1B visa program.[14]

Given the COVID-19 pandemic, CFA Institute has cancelled the majority of the examinations around the world due to the lack of examination facilities in 2020. From 2021 onwards, all examinations were shifted to computer-based testing for the three levels of the CFA program.[15][16]

In March 2021, CFA Institute launched the Certificate in ESG Investing due to the increasing importance of environmental, social and corporate governance (ESG) factors in socially responsible investing.[17]

Year in summary
Members and Exam Administrations FY2022 FY2021
CFA Institute Members202,200191,000
CFA Program Administrations262,400214,900
CIPM Program Administrations9001,500
Certificate in ESG Investing Administrations3,100N/A

References
  1. Huang, Daniel (10 June 2014). "CFA Institute Chief Departs after Disclosing Relationship". The Wall Street Journal.
  2. "Annual Report Fiscal Year 2022" (PDF). CFA. CFA Institute. Retrieved 9 April 2023.
  3. "CFA Institute Enterprising Investor". CFA Institute Enterprising Investor. Retrieved 2023-02-15.
  4. "CFA Institute Investment Foundations® Certificate". investmentfoundations.cfainstitute.org. Retrieved 2023-02-15.
  5. "CFA Institute Programs". CFA Institute. Retrieved 2022-05-10.
  6. "CFA Institute Investment Foundations® Program". CFA Institute. Retrieved 2022-05-10.
  7. "CFA Institute Research Foundation". CFA Institute. Retrieved 7 July 2019.
  8. "Research Challenge". CFA Institute. Retrieved 7 July 2019.
  9. "Office Locations". CFA Institute. CFA Institute. Retrieved 26 October 2020.
  10. "Key Events in the History of CFA Institute" (PDF). CFA Institute. Archived (PDF) from the original on June 9, 2022. Retrieved June 8, 2022.
  11. "From Practice to Profession: A history of the Financial Analysts Federation and the investment profession" (PDF). Archived from the original (PDF) on 2016-06-16. Retrieved 2014-11-08.
  12. "CFAI Annual Report 2018". CFA Institute. 2018. Retrieved 2 June 2019.
  13. "AIMR Changes Name to CFA Institute : Educalc.net". Archived from the original on 2017-10-06. Retrieved 2014-11-08.
  14. Binder, John (2019-02-27). "DOJ Fines Virginia Firm for Hiring Foreigners over Qualified Americans". U.S. Tech Workers. Retrieved 2019-06-02.
  15. Chen, Elaine. "CFA schedule is disrupted again with December exams canceled". BNN Bloomberg. Bell Media. Retrieved 26 October 2020.
  16. "Updated: Credentialing bodies move exams online". Investment Executive. Newcom Media Inc. Retrieved 26 October 2020.
  17. Nauman, Billy (15 March 2021). "CFA offers certification in sustainable investing". The Financial Times Ltd. Financial Times. Retrieved 16 March 2021.
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