Timeline: 1990s - Celebrating 50 years of the CFA Program

About the CFA Charter

The CFA Charter is a distinction granted to those who undertake and pass a rigorous, graduate-level curriculum. The Program links theory and practice with real-world investment analysis and portfolio management skills, and emphasizes the highest ethical and professional standards.

Candidates must pass three exam levels and meet requirements of four years of work experience in the investment industry. They also must pledge to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, apply to a CFA Institute society and become a member of CFA Institute.

Those who meet the requirements benefit from the extensive knowledge attained in pursuit of the Charter. In addition, they also gain the advantages of membership in an active, global community.

A 50-year history of the CFA Program

Learn how the CFA Program has become the “gold standard” of professionalism in the financial and investment communities. This special commemorative book covers the charter’s first 50 years, revealing how the ideas and perseverance of a few visionaries transformed financial analysis and institutionalized its highest ideals and best practices.

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1990s
22,666 CFA charters are earned this decade.
1990
ICFA and Financial Analysts Federation merge to form Association for Investment Management and Research.
1993
New Body of Knowledge incorporated into Level I.
1994
Global Body of Knowledge Task Force formed to expand CFA Program to include global content to the exam.
1995
First Practice Analysis (then called Job Analysis) conducted.
1996
CFA Level I exam becomes 100% multiple choice. 24,600 candidates sit for the CFA exams in 151 exam centers. 387 graders.
1996
Learning Outcome statements introduced to the CFA Curriculum.
1996
Scholarship Program established for those wishing to take the CFA examinations but unable to do so because of cost.
1999
North America Securities Administrators Association requirement that licensing exams for doing business as an investment adviser is waived for CFA charterholders.

1990s

1990

1993

1994

1995

1996

1996

1996

1999