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Nota de Tom Joski, PCR de la zona EMEA, sobre la historia de las sociedades locales y el papel que juega el Presidents Council Representative (PCR)

TO EMEA West Presidents/Chairs and Executive Directors

I took the opportunity recently to spend a bit of time researching the history of financial analyst societies and the relationship with CFA Institute.  The ‘AIMR Timeline 1900 to 2000’ is an excellent starting point, and I copied the relevant dates below.  Also, appended please find ‘the history of investment analysts’ societies’ from 2004.

As you will see below, financial analyst societies have been in existence since 1925.  What is now CFA Chicago was founded that year, and NYSSA in 1936.  NYSSA is arguably the most important society historically, as they pioneered the professional rating scheme, FAJ, Code of Ethic etc., and were a driving force behind the formation of what became the Financial Analyst Federation (FAF).

The establishment of the Institute of  Chartered Financial Analysts (ICFA) was suggested and approved by FAF in 1959, and ICFA was incorporated in 1962.  A merger between ICFA and FAF was first proposed in 1973, but it was not until 1990 that the merger was completed (with three separate boards).  In 1999 the merger was completed when the three boards were consolidated.

As far as I understand it, in the 1990 FAF/ICFA merger ICFA was the stronger party because they had much of the revenue (from the CFA exams).  The FAF felt that societies needed strong representation at board level, and so the Presidents Council and Presidents Council Representative structure was created (this was actually finalized 12 to 18 months after the merger, as I understand it).

Strong societies have and continue to be a foundation of CFA Institute.  As a society president you are following in the footsteps of some of the great leaders in our industry.  ·        

1925 – Investment Analysts Club of Chicago founded (now CFA Chicago) ( ·        

1929 – Security Analysts of San Francisco founded·         

1930 – Los Angeles Society of Financial Analysts founded·        

1936 – Toronto Society of Financial Analysts founded·        

1937 – New York Society of Security Analysts (NYSSA) founded·        

1942 – NYSSA votes to establish a professional rating (Qualified Security Analyst - QSA), as proposed by Benjamin Graham·       

1943 - Financial Analysts of Philadelphia founded·     

1945 – NYSSA formulates first Code of Ethics, first public discussion of analyst certification in premier issue of The Analysts Journal (a NYSSA publication), NYSSA votes to establish QSA rating scheme·        

1946 – Boston Security Analysts Society founded·       

1947 – Boston, Chicago, New York and Philadelphia societies vote to form The National Federation of Financial Analyst Societies (NFFAS)·       

1948 – First annual NFFAS convention in New York· 

1959 - NFFAS approves the establishment of Institute of Chartered Financial Analysts (ICFA) to award the CFA designation· 

1960 – NFFAS changes name to Financial Analysts Federation (FAF)·     

1962 – ICFA incorporated in Charlottesville VA·       

1962 – European Federation of Financial Analysts Societies (EFFAS) founded· 

1963 – First CFA exam administered·

1973 – FAF/ICFA merger first proposed·

1985 – International Society of Financial Analysts established as FAF society·    

1987 – FAF/ICFA merger negotiations begin·         

1987 – Singapore becomes first member society outside North America·        

1990 – FAF and ICFA merge to form AIMR, with a three board structure·

1996 – Swiss Society of Investment Professionals founded – the first European member society·        

1999 – FAF/ICFA merger completed with consolidation of FAF. ICFA and AIMR boards

Kind regards


Ver artículo sobre “The History of investment analysts´societies” FAJ, Sping 2004