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CFA UK is a professional membership body for investment professionals in the UK and part of the worldwide network of member societies of CFA Institute (the global, not-for-profit association of investment professionals that awards the CFA designation). We also award the Investment Management Certificate (IMC) - the benchmark entry-level qualification to the UK investment profession

We promote the highest standards of ethics, education and professional excellence so that we can build a better investment profession.

 

Stay ahead in your career

Develop your knowledge and keep up-to-date with industry insights:
• Attend professional development events and conferences, with over 50 events per year free to our members
• Get unlimited access to our online Knowledge Centre where you will find a range of online learning and development materials

Grow your professional network

Connect with over 12,000 of the most qualified investment practitioners in the UK:
• Network at a wide variety of educational and social events
• Join a special interest group to learn more about topics you are interested in or passionate about
• Get involved in the investment community as a volunteer

Improve your prospects

Take advantage of our career support services including free career-related events and access our dedicated jobs board via our Careers Centre 

History of CFA UK

  • 1950s

    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).  

  • 1960s

    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. 

  • 1970s

    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.  

     

  • 1980s

    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. 

  • 1990s

    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. 

  • 2000s

    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. 

  • 2010s

    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.

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 11,000. Meanwhile, the society’s reserves have increased from £1.3m to £3.6m 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 Clark Whitehill LLP were appointed as auditors to hold office until the next AGM in November 2018.

Annual reports and articles

Members of the CFA UK board

networking

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