History of CFA Institute

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CFA Institute is a global association of investment professionals that traces its lineage back to the establishment of the Financial Analysts Federation (FAF) in 1947.

Leadership of the FAF established an independent organization — the Institute of Chartered Financial Analysts (ICFA) — to administer the CFA credentialing program in 1959; and the ICFA administered the first CFA exams in 1963. Later, the FAF and the ICFA merged to become the Association for Investment Management and Research (AIMR). In 2004, AIMR changed its name to CFA Institute.

View an interactive timeline of CFA Institute history:

Historical publications and resources:

Watch a video about CFA Institute history
Read a more detailed history (PDF) of CFA Institute
Read a debate on a rating for security analysts (PDF) by Graham/Hooper
Go back in time and read the first issue of the Financial Analysts Journal (1945)
Learn about the first 25 years of the CFA Program (PDF)
Read about the CFA Program process (PDF) and take the first CFA exam (PDF)