History
In 1925, an organization of investment analysts founded the Investment Analyst Society of Chicago. Similar organizations were formed elsewhere starting with New York in 1937. In 1947, the organizations merged to create an umbrella organization, the National Federation of Financial Analysts Societies (NFFAS). As societies were formed, they too joined the national organization.
In 1959, the member societies voted to form the Institute of Chartered Financial Analysts for the purpose of providing CFA certifications. ICFA offered the first CFA exam in 1963 and adopted a three-exam format in 1964. The NFFAS, which later became the Financial Analyst Federation (FAF), remained as an umbrella organization for the member societies.
After many years of operating separately, the two organizations voted in 1990 to move toward a merger as the Association for Investment Management and Research (AIMR). The organizations merged in 1999. In 2004, AIMR voted to change its name to CFA Institute to reinforce its association with the CFA charter that it issues. One hundred thirty member societies have also changed their names to reflect the global society's name change.
Today, CFA Institute claims over 100,000 members. More than half of the membership is in the United States and Canada. Approximately 88% of the total membership holds the CFA designation.
Read more about this topic: CFA Institute
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