About Us

CFA UK promotes the highest standards of ethics, education and professional excellence in order to serve society’s best interests.

Founded in 1955, CFA UK represents around 12,000 investment professionals and comprises 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 actively promote the highest standards of ethics, education and professional excellence. As well as providing comprehensive continuing professional development, we advocate professionalism across the investment industry. Most importantly, all our members pledge to act in their clients’ interests with integrity.

CFA UK is the awarding body for the Investment Management Certificate (IMC), the UK’s leading entry level qualification for investment professionals. We also support the CFA Program and the Investment Foundations Program, which are awarded by CFA Institute. CFA UK supports the ASIP designation that was awarded to those passing the Associate examinations of the IIMR.

Our Vision

To build a better investment profession.

Our Mission

To promote the highest standards of ethics, education and professional excellence in order to serve society’s best interests.

Our Goals

Lifelong Learning
- Set high standards and provide support for attaining threshold competency
- Develop competency frameworks for investment management careers
- Leading CFA members globally in implementing an output based CPD Connecting Professionals: making
Connecting Professionals
- Encourage members to support and understand our goals
- Provide satisfying volunteering opportunities
- Co-ordinate with CFA Institute to continue to deliver a memorable membership experience
Advancing Professionalism
- Advocate for and advance professional and ethical standards
- Represent the investment management profession
- Develop members to be ambassadors of professionalism

Global Passport Program

CFA UK is a member of the CFA Societies Passport Program which allows members of participating CFA societies to attend other's society events at the local member price. When you travel, contact the local society using the Society Directory to learn about eligible events and other networking opportunities.

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.

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 2017.

Annual reports

2017 Annual report

2016 Annual report

2015 Annual report

2014 Annual report

2013 Annual report

2012 Annual report

2011 Annual report

2010 Annual report

2009 Annual report

2008 Annual report

2007 Annual report

2006 Annual report

Memorandum and articles of Association

Past members of the CFA UK board

Start End Chair

Year 2014 - 2018

A Utermann
S Major
D Bertocchi

2011 2017
2014 2017
2010 2017

M Davis
C Fawcett
R Ahuja

2008 2010
2007 2011
2007 2010

C W McLean
S A Inkley
T Joski

2002 2009 2005 - 07
2001 2008
2000 2009

Year 2000 -2014

O Kodmani
D Draper
J Marsland
J Irving
T Ben-Saud
A Gillard
J Armitage
P Mennie
N WinterFrost
R Dunbar
K Kinsey-Quick
J Bevan
J Munro
P Mitarachi
C Kennedy

2012 2014
2012 2013
2010 2015
2010 2014
2010 2015
2010 2014
2010 2012
2009 2015
2009 2016 2014 - 16
2009 2015 2012 - 14
2008 2012
2008 2011
2008 2010
2008 2010
2008 2010

M Davis
C Fawcett
R Ahuja
R Rothwell
G Spentzos
J Vessey
R Szwagrzak
S Deans
G Lindey
J Biernat
J Finch
T P Madsen
D M Tapley
B J Coffey
K J Carter

2008      2010
2007      2011
2007      2010
2005      2012      2011 - 12
2005      2012
2005      2008
2005      2008
2005      2007
2004      2008
2003      2010      2007 - 09
2003      2007
2003      2005
2002      2009
2002      2005
2002 2005

C W McLean
S A Inkley
T Joski
Y Samad
D Sellors
M Sonenshine
R Cheberiak
R Cheberiak
M Strohfeldt
JC Stannard

2002      2009      2005 - 07
2001      2008
2000      2009
2000      2008      2003 - 05
2000      2008
2000      2005
2000      2003
2000      2003
2000 2002
2000 2002

Year 1999 -1990

D W James
C J Clarke
S J Rumsey
A R Higgins
D M Eadie
D R Mathers
N D Gregson
R J Dentith

1999 2001
1998 2000
1998 2000
1996 2003
1996 2001 1999 - 01
1996 2000
1996 1999
1995 2002

I P Clarke
B M Hiorns
P R Cramp
B L Robinson
D P Broby
A J Callander
O J Streets

1995 2000
1995 2000
1994 2001
1994 2000
1993 2004
1992 2000
1992 1996

P L Jones
M Van Hus
R D T Pringle
J A McGee
T V Partridge

1992 2010
1990 1996
1990 1996
1990 1995
1990 1992

Year 1989 - 1980

P J Greenslade
C C Davis
D P Johnson
P F Diggle
R D Matthews
T F Brown
N T Ralston
G J J Dennis
P J S Gray
G M Fuller
L F Heasman
A H M Kelsey
R A R Bradfield
P A Aynsley
S R Boshell

1989 1996
1989 1992
1989 1992
1989 1992
1988 1998
1988 1998
1987 2003
1987 2000
1987 1988
1986 2000
1986 2000
1986 1989
1986 1989
1986 1989
1985 1994

M C Lister
J T Stride
A N Whitney
J L Parrott
E K Ford
A E Backholer
M R Woodier
F Wellings
C Russell
D H Williams
R C Harwood
D M Salisbury
M K Holliday
D J Gibson-Moore

1984 1988
1984 1987
1984 1986
1983 1993 1987 - 90
1983 1988
1983 1998
1983 1987
1983 1986
1983 1986
1983 1985
1981 1989
1981 1984
1981 1984
1981 1983

Year 1979 -1960

P H Richards
S I Millman
P D T Galvin
B Solomons
R H Peters
A W Henfrey
P A Harding
D M Revie
K E Percy
P J Ellis
P A Wakefield
A P Bird
A W Matheson
J H C Leach
R A Cowell
D Parker

1979 2000
1979 1988
1979 1984
1979 1983
1979 1983
1977 1983
1977 1983
1976 1990
1976 1990
1976 1984
1976 1981
1976 1981
1979 1979
1979 1979
1974 1983
1974 1981

A T Boanas
J W Martin
R S Cutler
J C Hardie
J A Miller
M G Hall
J Chiene
N Pilkington
P Baker
S C Slingsby
R S Allen
J M Brew
C C Davis
J E Tonner
R Willson
A M Williams

1974 1977
1973 1979
1973 1977
1973 1977
1972 1994 1982 - 85
1972 1976
1971 1973
1970 1979 1975 - 78
1970 1974
1970 1973
1969 1981 1978 - 80
1968 1976 1971 - 73
1968 1976
1968 1968
1967 1972
1966 1976 1967 - 69

J N Littlewood
P W Heath
D G Bluett
D C Damant
R E Artus
J A Morrell
W J F Benton
L G Hall
H B Rose
S Wainwright
D Weaver
M T Maurice
C G Morley
F R Yates

1966 1973
1965 1974
1964 1986
1964 1983 1980 - 82
1964 1976 1973 - 75
1964 1970
1964 1970
1963 1972 1969 - 71
1963 1967
1962 1974
1962 1968
1961 1970
1961 1967 1964 - 67
1961 1964