1 Page Guide from the CFA from AIMR
The AIMR (association for investment management and research) and the CFA (Chartered financial analyst) are generally thought as one in the same. The Chartered Financial Analyst (CFA) was formally known as AIMR until 2004 when the members decided to permanently change the name to CFA. Throughout this document, be aware that a reference to AIMR pre-2004 is referring to the same entity as the current CFA.
The history of how the CFA has evolved into the institution it has become today will shed some light on how it developed over time and through many different organizations. The very first investment analyst organization was formed in Chicago in 1925 and known as the investment analyst society of Chicago. Other organizations followed not unlike the New York Society of Security Analysts (NYSSA) which was formed in 1937. These various likeminded organizations merged in 1947 forming the National federation of financial analyst societies (NFFAS).
In 1959, the multiple societies formed the Institute of Chartered Financial Analysts (ICFA) for the sole purpose of administering the CFA designation. The first CFA exam was offered in 1963 and the three exam format followed in 1964. Throughout the years, the NFFAS, which had changed its name to the Financial Analyst Federation (FAF), remained as the parent organization for all the smaller societies throughout the country.
In 1990, the ICFA and FAF began to merge in the hopes of forming the AIMR. In 1999, the merger was completed and the AIMR was officially born. As mentioned earlier, in 2004 the AIMR changed its name formally to the CFA institute to further align its goals with the CFA exam.
Currently, there are over 83,000 CFA members in 129 countries throughout the world. 135 societies exist in over 56 countries as well. Of all the members and various societies, more than half exist in the United States. Of CFA members, more than 80% hold the CFA designation (it is not a requirement to hold the designation to be a member of the CFA society).
In addition to offering and administering the CFA examination, the CFA institute publishes the Financial Analysts Journal (which has been in publication since 1945), operates the CFA Institute Centre for Financial Integrity, and the CFA research foundation.
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