History
The predecessor of CFA Institute, the Financial Analysts Federation
(FAF), was established in 1947 as a service organization for investment
professionals in its societies and chapters. The earliest CFA charter
holders were "grandfathered" in through work experience only. Then, the
series of three exams was established along with requirements to being a
practitioner for several years to qualify to take the exams. In 1990,
in hopes of boosting the credential's public profile, CFA Institute
(formerly the Association for Investment Management and Research or
AIMR) was created from the merger of the FAF and the Institute of
Chartered Financial Analysts (ICFA). The CFA program began in the United States
but has become increasingly international with many people becoming
charter-holders across Europe, Asia and Australia. By 2003 fewer than
half the candidates in the CFA program were based in the US and Canada, with most of the other candidates based in Asia or Europe. India and China
have shown some of the highest growth from 2005 to 2006 with increases
of 25% and 53% respectively in the total number of charterholders.
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