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History of CFA UK
The society was formed in August 2000 from the merger of the Institute of
Investment Management and Research (IIMR) and the London Society of
Investment Professionals (LSIP). The society was initially named the UK Society of Investment Professionals, but was renamed CFA Society of the UK in November 2007.The Institute of Investment Management and Research
The Institute was formed in 1955 as the Society of Investment Analysts, and changed its name in 1992 to the Institute of Investment Management and Research. Initially the Institute arranged meetings with public companies and was the prime mover in encouraging companies to address investment analysts. It also arranged discussion meetings on items of topical interest. In 1961, a quarterly journal was produced called 'The Investment Analyst', and about the same time an annual dinner was established. 'The Investment Analyst' became a monthly journal in the 1970s and was renamed 'Professional Investor' in 1989.
In 1977 a diploma examination was started in three subjects at a level equating to a university pass. An Associate examination was established in five subjects in 1979. It was at this time that the diplomas became a Fellowship examination and the Institute membership was divided into three grades; Students, who were attempting the Associate examination; Associates; and Fellows. The whole examination structure of the Institute was revised in 1989 when the Fellowship examination was dispensed with, and the current Associate examination was upgraded to university degree level with eight examination papers. In 1994, when the regulatory authorities required a competence examination for those working in investment management, the Institute introduced the Investment Management Certificate (IMC). The IMC became the introductory level of the Associate Examination with the following six papers forming Part I and Part II of the qualification.
Part I
Economics and Applied Statistical Analysis
Securities and Investment
Interpretation of Accounts and Corporate Finance
Part II
Investment Regulation and Practice
Portfolio Management
Case Study
Over the years, the Institute gave evidence to a large number of government enquiries including the company law, investor protection and criminal justice Royal Commissions as well as being represented on both UK and International Accounting Standards bodies.
The London Society of Investment Professionals
LSIP was formed in 1996 as the London-based society of the Association for Investment Management and Research (AIMR) now CFA Institute whose core purpose is to advance the investment profession to better serve the global needs of the London investment community. LSIP promoted the Chartered Financial Analyst (CFA) qualification and the global investment industry standard setting initiatives of AIMR and offered a CFA Candidate Support programme and a Continuing Education programme.