Decade-By-Decade History Of CFA Society Of Chicago

THE WORLD'S OLDEST INVESTMENT ANALYSTS SOCIETY (founded 1925)

1920s

  • Analysts traditionally described as "statisticians" providing sales support to brokers and focused on bonds.
  • Analyst Raymond J. Sidney of Federal Securities Corp with a small group of acquaintances including Hortense Freidman, gather to exchange ideas. Luncheon meetings evolve into a formal organization in 1925 with Sidney elected as the first president of the "Investment Analysts Club of Chicago."
  • For this first such U.S. group., membership limited to 100 who were not brokers, dues were $2/year with lunch at the Morrison Hotel costing 65 cents. Meetings begin to focus on individual stock ideas.
  • Outside speakers from leading local universities invited to discuss business conditions, with club thriving through the end of the decade.

1930s

  • Investment analysts were expendable and many lost their jobs or shifted into different types of work.
  • Membership shrank and meetings were shifted to the YMCA where a lunch of sorts could be obtained for 25 cents. Employed analysts who received free lunches from their employers as a fringe benefit skipped meetings.
  • A member saw two familiar faces and joined a meeting in progress only to be welcomed into Alcoholics Anonymous. (He later found the correct meeting.)
  • The development of the S.E.C. and the increase in information resulted in the job of securities analysis becoming much more important.
  • Benjamin Graham and David L. Dodd developed fundamental security analysis in 1934.

1940s

  • Attendance at the meetings declined and it was difficult to obtain speakers with many industry workers called into the armed services
  • At the end of World War II, there was talk of abolishing the organization.
  • 1946: Albert Bingham, president and Dutton Morehouse, program committee chairman improved the luncheons and programs offered.
  • 1947: New club constitution adopted with 147 registered members.
  • Also in 1947, Financial Analysts Federation founded with Chicago playing an active role as one of four founding members.
  • Dutton Morehouse represented the Chicago Club and Richard Samuels, was the first secretary of the Financial Analysts Federation.

1950s

  • Continued efforts to attain professional standing for analysts.
  • 1952: the name changes from "Club" to "Society," membership is slightly over 200, and senior investment officers were encouraged to join.
  • 1955: Luncheon meetings moved from Carson, Pirie, Scott & Co. to the Midland Hotel due to overcrowding.
  • Dues were perceived as high, but they included the cost of the luncheons.
  • Later in the1950's, the Society decided to charge for lunches as they expanded the number of programs.

1960s

  • Originally industry sub-groups were not part of the Society, but President Reed Parker moved to get these incorporated in the framework of the Society.
  • The Milwaukee Chapter of the Chicago Society became a full Society in 1963, splitting off from Chicago.
  • 1963: The professional designation "Chartered Financial Analyst" was developed and the testing program was established.
  • Chicago members Dutton Morehouse, CFA and Mary Petrie, CFA each served as president of the Institute of Chartered Financial Analysts.
  • Aug. 4, 1965: Date of Incorporation

1970s

  • 1972: IASC is society with highest percent of CFAs; nationally, 66% of FAF members were non-charterholders
  • 1974: FAF Self-Regulation Program for ethics
  • William Gray guided formation of FAF policy for uniform corporate information disclosure
  • 1975: FAF convention in Chicago with Edward Dillmann, General Chair and Donald D Hahn, Program Chair
  • IASC's Hartmann L Butler, became vice chair of Council of Examiners in 1976
  • IASC leading advocate for strong national federation of analysts, opposed by New York society

1980s

  • Nationally, fourfold increase in the number of CFA candidates
  • 1982: Standards of Practice Handbook first published with special credits to IASC's Brierly Anderson, William Cornish and William Gray
  • 1987: Ellis report advocates FAF/ICFA merger, strongly supported by IASC President Michael L. McCowin
  • 1989: IASC members voted 2 to 1 for merger, creating AIMR.

1990s

  • Several educational programs including the highly successful "Basics of Investing" series developed.
  • Study groups created for CFA exam
  • Scholarships offered to CFA candidates
  • 1994 - 97 - Global reach attained via sponsorship of CFA training programs in Bangkok, Thailand (94-95) and Cologne, Germany (97)
  • 1998 - Joint venture with Learning Insights creating a CD-ROM CFA Level I training program, also included to enhance DePaul CFA classroom instruction
  • Annual dinner attendance increases dramatically
  • Expanded range of luncheon events featuring notable speakers
  • Website launched in 1998, with increased set of job postings
  • Careful review by IASC leadership, in concert with member feedback, of proposed changes to AIMR governing structure in 1999

2000s

  • New advisory group structure established, featuring Candidate Services, "C.F.A." (Cultivating Female Ambition), Career Management, Communications, Finance, Job Placements, Luncheon Programs, Recruitment, and Social
  • 2003 Full-time CEO/President hired
  • 2005-2006 Full-time professional staff hired
  • Leadership Council created to engage top business and civic leaders with society's mission and activities
  • IASC Name changed to CFA Society Chicago
  • Student Membership class added
  • IASC hosts AIMR's Annual Meeting in 2000, our 75th Anniversary year
  • Hortense Friedman Lifetime Achievement Award conferred on outstanding professionals at Annual Dinner
  • Annual Dinners feature Bob Dole, Bill Bennett, Ben Stein, James Grant, Michael Lewis, David Brooks and Peggy Noonan
  • Inaugural Midwest Research Conference in 2005, spearheaded/hosted by IASC
  • Website registers 10,000+ hits monthly
  • 3000th new member welcomed in 2005; Membership tops 3500 by mid-2007
  • 2006 - Society headquarters moves to expanded office space at 134 N. LaSalle St.
  • 2009 - Monthly Book Club established to explore and discuss financial literature with other members of the Society
  • Candidate membership class established for 2009-2010 membership year

2010s

  • Chicago selected as site of 2012 CFA Institute Annual Meeting
  • January 2010 - Angela McKay, CAE starts as new CEO & President
  • Developed enhanced sponsorship structure and benefits beginning with 2010 Annual Dinner
  • Implemented first-ever Advisory Group Chair training meeting in August 2010
  • 2010 - New partnership established with Kaplan-Schweser to provide CFA exam prep services
  • New Student Liaison Program established Fall 2010
  • Annual Dinners feature: Steven Levitt, Jeremy Siegel
  • Chicago selected as site of 2012 CFA Institute Annual Meeting
  • June 2011 -additional staff member added to existing infrastructure
  • 2011 - Society headquarters expands existing office space
  • 2011 - participation in CFA Institute Global Investment Research Challenge
  • 2011 - CFA Society Chicago membership reaches 4,000 member-milestone
  • 2015 - January 2015 - Shannon Curley, CFA, starts as new CEO & President