Our history
CFA Institute has a proud and unique history spanning over 75 years.
In 1947, analyst societies of Boston, Chicago, New York, and Philadelphia joined forces in realizing their shared commitment to bringing higher standards to the investment profession.
On 11 June 1947, a national federation was formed and together these pioneer societies defined the role of the investment professional as one steeped in research and critical thinking.
Investment analysis became a credentialed profession in 1963, when 284 candidates sat the inaugural CFA® Program exam. From an idea first conceived by famed investor Benjamin Graham, six decades of the CFA Program reflect the evolving dynamics of a complex investment industry.
A first edition of today's Standards of Professional Conduct — introduced in 1969 — set the first global benchmark for the professional conduct of the investment professional, bringing ethics directly to the heart of the CFA Program.
Our long history in Codes and Standards, and an industry skills gap concerning sustainable investing, also spurred our first voluntary Global ESG Disclosure Standards for Investment Products. Empowering investors, consultants, advisors, and distributors to better understand, compare, and evaluate ESG investment products. Our Certificate in ESG Investing, launched in 2021, is upskilling the global investment community.
Within 30 days of launching the voluntary Diversity, Equity, and Inclusion Code (USA and Canada) in 2022, 30 North America investment organizations added their commitment. This is leading to greater inclusion of wider viewpoints from the best talent, along with better investment outcomes and working environments and creating a cycle of positive change for future generations.
Our University Affiliation Program helps aspiring investment professionals to combine their undergraduate degree with CFA Program curriculum content. The CFA Institute Research Challenge, an equity research competition for students worldwide, attracts thousands of competitors each year. Entrants benefit from expert mentoring in real-world financial analysis, an international platform, and an enhanced global network.
Most recently we announced three specialist pathways at Level III of the CFA Program, providing candidates with portfolio management, private wealth, or private markets study options – all in pursuit of the same global credential – the CFA Charter. Digital practical skills modules have been introduced to help candidates become desk ready in subject areas including financial modeling and Python.
Today, CFA Institute is leading the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.
Timeline of key events
Below is a snapshot from our beginnings in the 1940s to our position today where we have nearly 200,000 CFA® charterholders across 160 locations.
1947
The National Federation of Financial Analysts Societies is formed by Boston, Chicago, New York, and Philadelphia Financial Analyst Societies with shared beliefs, hopes, and aspirations for their profession and the confidence to create a better tomorrow
1962
The Institute of Chartered Financial Analysts is founded.
Lewis F. Powell author of ICFA Articles of Incorporation and Bylaws becomes a Justice of the Supreme Court of the United States. His contributions to governance and ethical standards continue to guide us today.
1963
The first CFA®exam is taken by 284 professional investors across 25 locations in the United States. For one candidate, onboard the RMS Queen Mary, enroute to England.
1969
The first edition of Standards of Professional Conduct launches. Bringing ethics directly to the heart of the CFA®Program
1987
Singapore becomes the first member society formed outside of North America, beginning the international expansion of the CFA Society® network.
1990
Association for Investment Management and Research is founded.
1997
We open our first satellite office in Hong Kong SAR.
2001
Our first European office opens in London.
2004
We become CFA Institute to reflect our focus and global mission.
2012
We celebrate 50 years of the CFA® Program.
2021
We transition to computer-based testing (CBT).
We launch the first voluntary Global ESG Disclosure Standards for Investment Products.
The Certificate in ESG Investing achieves its first 10,000 candidate registrations.
2022
CFA Institute signs the industry’s new voluntary global Diversity, Equity, and Inclusion Code (USA and Canada).
In 30 days, 30 North America investment organizations follow suit and pledge their commitment to the DEI Code.
2023
Six enhancements to the CFA® Program are announced, representing the most significant changes since its inception in 1963.
We launch our Global Research and Policy Center.
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Who we are
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