Decade-By-Decade History Of CFA Society Of Chicago
THE WORLD'S OLDEST INVESTMENT ANALYSTS SOCIETY (founded 1925)
- 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.
- 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.
- 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.
- 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.
- 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
- 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
- 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.
- 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
- 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
- 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