About Us

CFA UK is a professional membership body representing 11,000 investment professionals in the UK that promotes the highest standards of ethics, education and professional excellence in the profession, in order to serve society’s best interest.

CFA UK is part of the worldwide network of member societies of CFA Institute, the global, not-for-profit association of investment professionals, that awards the CFA and CIPM designations.

CFA UK’s mission is to build a better investment profession by serving the public interest by educating investment professionals, by promoting and enforcing ethical and professional standards and by explaining what is happening in the profession to regulators, policy-makers and the media. As a member society, we promote the development of careers in the investment profession and facilitate networking within and across member groups.

CFA UK is the awarding body for both the Investment Management Certificate (‘IMC’), an entry-level qualification for investment professionals and the Certificate in ESG Investing.

CFA UK also promotes the CFA Program for which CFA Institute is the awarding body.

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When you join CFA UK as a member you become part of an active and engaged community of investment professionals. We represent a broad spectrum of the profession through CFA Charterholders, CFA Regular and Affiliate members, ASIP, IMC and CFA candidates, and focus on providing you with professional development opportunities to help advance your career.

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History of CFA UK

1955: Society of Investment Analysts incorporated on the 9th of May at 4 Throgmorton Avenue.

1958: Formation of first formal committees (technical studies, programme and membership).
1960: First regulatory outreach with submissions to the Jenkins Committee on Company law.

1961: The Investment Analyst is launched.

1962: Society begins formal cooperation with continental European analyst groups, leading to the formation of EFFAS. Niels Taube suggests the Society works on technical qualifications and standards.

1964: Informal meeting with Harold Wilson before he wins the October election.

1965: Talks with LBS and the City Poly about promotion of a course on investment analysis at the school.

1966: Society representatives attend American annual congress.

1968: Increasing pressure for the development of an examination, to include a code of ethics.

1969: Harold Wincott dies and the Society supports establishment of Wincott Foundation.
1971: First consideration of charitable status.

1972: First draft syllabuses for diploma examination published, but no sittings until 1977.

1973: Society expands activities to include portfolio management and investment analysis.

1975: Membership falls due to 'strained circumstances in the City'. Office moves from Holborn Viaduct to Bromley.

1976: Council agrees that it is 'essential to concentrate the Society's efforts over the next year towards turning investment analysis into a learned profession', considering a possible entry examination to the Society.

1977: Submission to Wilson Committee about channeling savings and investment into trade and industry.

1978: Council reviews US federation's code and standards. First consideration of standardised definition for EPS.

1979: Scottish referendum creates rail chaos and interferes with events programme.
1980: Society pays £400 for a typewriter. First Fellows appointed by election. Code of Conduct published.

1981: Society issues guidelines on insider trading.

1982: Society feeds into Gower report on investor protection and the control of the investment management profession.

1983: Concerns over declining attendance at company presentation meetings.

1984: Society supports the Stock Exchange's development of its 100 index.

1986: First Council concerns about the Associate exams being 'sandwiched' between low standard stock exchange qualifications and the CFA.

1987: Society holds an event on short termism. Associate exams refreshed and updated to be comprehensive and rigorous.

1989: First issue of Professional Investor published. Irish Society set up under EFFAS.
1991: Work begins on a competence exam for IMRO. Society buys a computer for £4,635.

1992: The Society of Investment Analysts changes its name to the Institute for Investment Management and Research.

1993: The IMC is accepted by the regulator IMRO as the benchmark examination for investment management.

1994: Council concerned with PI and considerations about applying for chartered status and charitable status.

1995: Council decides to relocate office back to the City. David Damant is appointed chairman of EFFAS.

1996: Sir David Dobson appointed secretary-general taking over from Tony Newman who had served in that role for 19 years. IIMR moves to Ironmonger Lane.

1997: Discussions around a new EFFAS common European qualification focuses Council's mind on the need to address competition with the CFA Program.
2000: Merger with the London Society of Investment Professionals. First meeting of the UK Society of Investment Professionals (UKSIP).

2001: Boards merge and the Society works to develop new structures and processes.

2002: AIMR opens European office in London.

2004: Society moves to Basinghall Street. IMC membership category launched.

2005: Society celebrates its 50th anniversary.

2006: IMC moves to computer-based assessment. Society responds to FSA proposals to deregulate training and competence.

2007: Name change to CFA Society of the UK. Annual charterholder ceremony introduced. CFA candidate membership relaunched.

2008: Membership tops 8,000.
2010: IMC upgraded to Ofqual Level 4 to meet RDR requirements.

2011: CFA UK recognized as an accredited body by the FSA and issues Statements of Professional Standing.

2012: Society launches its Valuation Index and journalism awards.

2014: CPD platform launched. Ethics Committee and Women's Network established. Ambassador programme initiated.

2015: Society celebrates 60th anniversary.

2019: Certificate in ESG Investing - the first qualification of its kind in the UK.
2020: Global Covid-19 pandemic led to introduction of remote exam testing for IMC and Certificate in ESG Investing as well as digital membership benefits.

2021: Certificate in ESG Investing transitioned to CFA Institute global qualification.

Member profile

CFA UK members work across the investment profession. While the most common roles for members are portfolio manager and research analyst, members occupy a wide variety of positions and work for many different types of firm. Similarly, the society's portfolio manager and research analyst members cover the entire range of asset classes and specialisms. Their common characteristic is a determination to practice and uphold the highest level of professional and ethical standards.

Contribution

The society has consistently aimed to build a better investment profession - from its founding purpose of bringing together investment analysts with company management and improving the quality of analysis, through its advisory work on regulation and accounting standards and by means of its development of qualifications to test and certify competence.

The society’s Council (and then Board) has also been occupied by more mundane matters such as finding event venues, determining membership dues and the society’s tax status. Making the society’s magazine pay its way has been a concern since its launch in 1961 – with no satisfactory answer ever found by more than 50 years of Boards – and it has been humbling to realize that almost every idea that the society has had in the past decade has either already been acted on or rejected at some point.

International cooperation remains a priority for CFA UK. The direction of that work has changed somewhat from a European approach (through EFFAS) to a global approach (through CFA Institute). The strong foundation provided by CFA UK’s status as a leading member society of CFA Institute is a significant asset. A review of the past 60 years of Board minutes reveals the extent to which reorganizations (or considerations of mergers) have made it difficult for Boards to maintain their mission focus throughout those episodes.

The last decade has seen the society allocate increased resources to supporting professionalism in investment. There has been renewed close engagement with the regulator, standard-setters and policy-makers. The society has helped CFA Institute to promote a growing range of qualifications and codes to employers. New CPD and ethics support platforms have been launched. These actions, in concert with continued increases in the numbers of CFA Program candidates, have seen the society’s membership grow from just under 5,000 to more than 12,000. Meanwhile, the society’s reserves have increased from £1.3m to over £4m on the back of membership growth and the continued success of the IMC.

Governance

The CFA UK Board is responsible for overseeing the business activities of the Society. The members of the Board act as trustees and have legal responsibilities and liabilities and must ensure the Society is well-run, financially sound, and that it meets its aims and objectives.

Each member of the Board is elected by the membership and can serve up to a total of a six-year period (re-election takes place after two years). The Board delegate the day-to-day management of CFA UK to the Chief Executive and his team. The Board is supported by 14 committees.

Crowe LLP were appointed as auditors to hold office until the next AGM in November.