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{{Short description|US certifying body}}
The '''American Academy of Financial Management''' is a ] based Board of Standards, certifying body, and accreditation council dedicated to the ] sector and management professionals. <ref></ref> <ref></ref> <ref></ref>
{{pp-semi-protected|small=yes}}
{{Use mdy dates|date=June 2013}}
{{Infobox organization
|name = American Academy of Financial Management
|image = Logo of American Academy of Financial Management.gif
|size = 150px
|caption =
|abbreviation = AAFM
|motto =
|formation = 1996
|dissolved = 2015
|type = Certifying and accreditation body
|status =
|purpose = Professional certifications
|headquarters = ]
|region_served = United States and overseas
|membership =
|language =
|leader_title =
|leader_name = ]
|main_organ =
|parent_organization =
|affiliations =
|num_staff =
|num_volunteers =
|budget =
|website =
|remarks = }}
The '''American Academy of Financial Management''' ('''AAFM''') was a US-based board of standards, certifying body, and accreditation council focused on the finance sector and wealth management professionals.<ref name= "WSJ2004">{{Citation | url = https://www.wsj.com/articles/SB109883075169856486 | title = Is Your Wealth Manager Certifiable? | journal =] | date = October 27, 2004 | page = D1}}.</ref> AAFM was superseded by the '''Global Academy of Finance and Management''' ('''GAFM''').


==History==
The AAFM was founded in 1996 through a merger of the American Academy of Financial Management & Analysts (AAFMA) and the Founders Advisory Committee of the Original Tax and Estate Planning Law Review of the United States. The registered and trademarked AAFM <ref></ref> has exclusively been a US certifying body and board of standards that issues its designations and awards from the USA offices.
The AAFM was founded in 1996 through a merger of the American Academy of Financial Management & Analysts (AAFMA) and the Founders Advisory Committee of the Original Tax and Estate Planning Law Review.<ref>{{cite web | url = http://www.aafm.us/faq.html|title= American Academy of Financial Management FAQ|access-date= December 6, 2010 | archive-url = https://web.archive.org/web/20101202071302/http://www.aafm.us/faq.html| archive-date = December 2, 2010 | url-status = live}}</ref>


In January 2015, the AAFM sold its intellectual property to the Global Academy of Finance & Management &ndash; the logo for which is the same as that of the AAFM with different letters<ref> GAFM website</ref> &ndash; and the International Board of Certification Standards, which now awards the AAFM's certifications in the United States.<ref> GAFM website</ref>
The AAFM offers multiple professional membership, certifications, and designations to members who qualify. The portfolio of professional designations that AAFM offers are registered copyrights and trademarks owned around the world by the AAFM Board of Standards. <ref></ref> The AAFM proprietary certifications, awards, and accreditations are granted exclusively by the AAFM USA Board of Standards.<ref></ref>


The AAFM offered multiple professional membership, certifications, and designations. Members had to have come through one of the AAFM-recognized university programs or through a government-recognized executive educational program, although the board waived these requirements in some cases.<ref>{{cite web|url = http://www.aafm.us/requirements.html | publisher = American Academy of Financial Management | title = Requirements | access-date = December 6, 2010 | archive-url = https://web.archive.org/web/20101202065459/http://www.aafm.us/requirements.html | archive-date = December 2, 2010 | url-status= live}}</ref> The AAFM board has never directly provided training, but has recognized hundreds of approved providers.<ref>{{cite web |title=ACBSP-Alliance-Mentz Letter |url=http://aafm.us/ACBSP-Alliance-MentzLetter.pdf |date=November 13, 2004}}</ref>
To qualify to use the designation(s) members must either have come through one of the AAFM recognized university programs (such as Universities within ], ], ], ] and ] etc), or through a ] or equivalent government recognized executive educational program <ref></ref>, or in some rare cases through grandfathering of PhDs, Lawyers, or CPAs by way of board/peer review. The AAFM Board has never directly provided training, but as a global provider of certification, standards, and accreditation, the AAFM has recognized hundreds of approved providers. The AAFM Board is in articulation alliance with the ] International Accreditation Agency and the ] Accreditation Agency along with other international government recognized and accredited groups such as the GBR China, ACCE, AABFS and IIFM. <ref>[http://financialanalyst.org/accreditationalliances.html
"References to AACSB and ACBSP Press Releases"]</ref><ref></ref>


== Certifications/designations ==
The AAFM Board was the first to introduce the CWM Chartered Wealth Manager Certification and trademarked program. <ref></ref> The CWM wealth management designation is similar to financial planning training but is intended as a graduate certification and program in high net worth consulting. <ref></ref>
{{see also|Professional certification in financial services#GAFM Designations}}
The AAFM awarded a number of its own designations, including chartered asset manager (CAM), chartered market analyst (CMA), chartered portfolio manager (CPM), chartered trust and estate planner (CTEP), chartered wealth manager (CWM), and master financial professional (MFP).<ref name = "WSJ2010" />


Some of these designations were available to anyone with an accredited degree or license in finance, investments, securities, economics, or accounting upon payment of a fee.<ref name = "WSJ2010" /> CWM certification normally involved about 80 hours of online study, although holders of certain professional designations, such as a ] (CFA) or ] (CPA), needed only to take a test and pay a fee; and anyone with sufficient professional experience could skip the test and get the designation by only paying fees.<ref name = "WSJ2004" /> Those with a degree that involved at least some business coursework could also take an AAFM certification course, pay a fee, and receive an MFP.<ref name = "WSJ2010" />
The AAFM Board of Standards also recognizes individual universities who are recognized by the AAFM Accreditation Commission to offer AAFM Executive Education, Diploma or Degree programs in conjunction with graduate certifications. e.g., Thomas Jefferson School of Law in California. <ref></ref> The AAFM also has mutual cooperation agreements with the AABFS Arab Academy of Banking and Financial Services which is owned by the UN Recognized ] <ref></ref>, The India Institute of Financial Management <ref></ref>
, the African Economists Association ACCE <ref></ref>
, and some other accredited programs such as ]. <ref></ref>


According to the ] (FINRA) eight designations were "offered and recognized by the issuing organization" (i.e., AAFM).<ref name = "FINRA">
*{{Cite web
|url = http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_cam
|title = CAM
|archive-url = https://web.archive.org/web/20140727162742/http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_cam
|archive-date = July 27, 2014 }}
*{{Cite web
|url = http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_rfs
|title = RFS
|archive-url = https://web.archive.org/web/20140727161636/http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_rfs
|archive-date = July 27, 2014 }}
*{{Cite web
|url = http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_MFP
|title = MFP
|archive-url = https://web.archive.org/web/20140814022727/http://www.finra.org/Investors/ToolsCalculators/ProfessionalDesignations/DesignationsListing/DesignationDetails/pc_MFP
|archive-date = August 14, 2014 }}
*{{Cite web
|url = http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_CWM
|title = CWM
|archive-url = https://web.archive.org/web/20140819083953/http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_CWM
|archive-date = August 19, 2014 }}
*{{Cite web
|url = http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_CTEP
|title = CTEP
|archive-url = https://web.archive.org/web/20140819083057/http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_CTEP
|archive-date = August 19, 2014 }}
*{{Cite web
|url = http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_CMA
|title = CMA
|archive-url = https://web.archive.org/web/20140819083942/http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_CMA
|archive-date = August 19, 2014 }}
*{{Cite web
|url = http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_CPM
|title = CPM
|archive-url = https://web.archive.org/web/20140819083731/http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_CPM
|archive-date = August 19, 2014 }}
*{{Cite web
|url = http://www.finra.org/investors/toolscalculators/professionaldesignations/designationslisting/designationdetails/pc_FAD
|title = FAD|url-status = dead}}{{Dead link|date = October 2018 |bot = InternetArchiveBot |fix-attempted = yes }}</ref>
FINRA does not state on these pages that they, or anyone else, recognises them.<ref name = "FINRA" /> FINRA does state that it does not approve or endorse any professional credential or designation listed on its website.<ref>{{cite web
| url = http://www.finra.org/Investors/ToolsCalculators/ProfessionalDesignations/
| title = FINRA Designations Lookup
| access-date = August 21, 2014
}}</ref>


In October 2010, '']'' published an article detailing the use of questionable credentials by financial advisors that discussed the AAFM extensively.<ref name = "WSJ2010">{{Citation | url = https://www.wsj.com/articles/SB10001424052748703927504575540582361440848 | title = Is Your Advisor Pumping Up His Credentials? | newspaper = The Wall Street Journal | date = October 16, 2010}}.</ref> The article noted that the AAFM included among its Global Board of Academic Advisors & Professors several individuals who had never given their permission to be listed as board members. The article criticized the practice of many standards boards, AAFM included, of awarding credentials without requiring applicants to undergo any sort of assessment or examination, quoting the AAFM's founder, George Mentz, as evidence of this practice.
==Credentials Lists, Disclosure, Accredited Education, Continuing Education, Trademark Agreements, Exams, and Criticism ==


A claim on the AAFM website that it had a special affiliation with both the ] and the ], which administer ] and ] certificate programs, respectively, was rebutted by representatives of both organizations in the article. The CFP Board said that the AAFM had once helped provide continuing education for CFPs, but that it hasn't done so since 2006.<ref name = "WSJ2010" /> Some of the individuals listed in a board of advisors told the WSJ they had no idea they were listed and hadn't agreed to it.<ref name = "WSJ2010" />
On October of 2004, the ] discussed the USA ] certification programs of the ], ] , the ] and the ]. <ref></ref> Since 2004, the AAFM was the first to integrate ABA accredited law school education as a path to various AAFM board certifications. <ref></ref>


The AAFM has countered that individuals listed on its board of advisors did consent to be listed, posting emails from two individuals on its website.<ref>{{Citation | url = http://aafm.us/wsj.html | publisher = American Academy of Financial Management | title = Recognized by Wall Street Journal Again}}.</ref> The organization also posted to its website part of the signature page of a document agreeing that the Association for Investment Management Research (the precursor to the CFA Institute) would not contest the AAFM's trademarks, with the signature itself blanked and replaced with the type-written statement, "Signed by Sharon Glover, who must have been Jeannie Andersons Boss at the time" .<ref>{{Citation | url = http://aafm.us/CFAlegalagreementgloveranderson.JPG | format = JPEG | title = CFA Contract | publisher = AAFM}}.</ref> What appears to be a version of the same faxed agreement can be found on the GAFM website, with a signature by "Sharon Glover" and the handwritten information "VP & Assoc. General Counsel 1/5/04".<ref> GAFM website</ref>
On October 16th, 2010, the ] published a their internal reference guide featuring a large list of USA certifications, designations, and credentials used in the financial industry. <ref></ref> As stated by the Wall Street Journal reference guide, some of the designations, such as the AAFM Certifications, are FINRA disclosed and monitored. Various AAFM USA disclosed designations from the ] governmental regulatory website are also included in the Wall Street Journal Reference Guide. The AAFM Board of Standards certification requirements of accredited education and exams have been publicly disclosed for over 6 years
<ref></ref>
<ref></ref> to varying governmental authorities, including the NASD and FINRA and also the Wall Street Journal list. <ref></ref> Also in October of 2010, the ] published a second article exposing the practice of advisors using questionable credentials and discussed the AAFM and the AAFM certification requirements of double accreditation.
<ref></ref> The article reported on the membership criteria of various organizations and also contacted some AAFM Faculty Award Winners who also consented to be Honorary Global Advisors for AAFM. Legally, honorary award recipients or honorary advisors are not allowed to speak on behalf for AAFM or any organization under the ]. The AAFM official press release section shows copies of written letters of award acceptance and honorary advisor consent from all those who were contacted and the AAFM rejects any claims by publicly showing the documented evidence. <ref></ref>


==Affiliations and collaborations==
As for exams and assessment, the ] and the ] and ] double accredited business schools require exams and assessment for all courses and degrees as per accreditation guidelines. Therefore, ] disclosed AAFM designations such as MFP require accredited education that includes exams from accredited institutions. <ref></ref> The ] references the MFP AAFM Designation as the only designation from a certifying board to require and double accredited education and the inclusive exams from ] and ]. <ref></ref>
Global Academy of Finance and Management (GAFM)'s certifications and trademarks are owned by Colorado, USA-based International Board of Standards (IBS), a certifying body which is in operation around 40 countries globally. IBS is a charter member signatory to the Washington, D.C. based ] (CHEA) and has agreement with the Kansas, USA based ] (ACBSP) since 2004.<ref name=DFT1>{{Cite web|url=https://www.ft.lk/it-telecom-tech/Jeevan-receives-GAFM-Master-Fintech-Professional-certification/50-725357|title=Jeevan receives GAFM 'Master Fintech Professional' certification|accessdate=November 27, 2024|work=]|date=3 November 2021}}</ref>


GAFM supported ‘Asian Digital Finance Forum and Awards 2023’ which was held at ] in ].<ref name=DFT2>{{Cite web|url=https://www.ft.lk/financial-services/AFTA-hosts-Asian-Digital-Finance-Forum-and-Awards-2023/42-746800|title=AFTA hosts 'Asian Digital Finance Forum and Awards 2023'|accessdate=November 27, 2024|work=]|date=28 March 2023}}</ref>
] financial media also investigated the financial designation and education marketplace in the USA and stated that the AAFM Board USA promotes and requires accredited education from government backed institutions, and both Benziga and the Wall Street Journal in it's guide to credentials<ref></ref> state the AAFM promotes accreditation and asks the consumer to determine if their ] has government backed education, degrees, diplomas and licenses <ref></ref>

Over the last decade, dozens of other national or international press references from newswires such as ] and ] write about or reference the AAFM ] and are available on Google News Archives
<ref>[http://www.google.com/search?hl=en&as_scoring=r&as_maxm=10&q=%22american+academy+of+financial+management%22&as_qdr=a&as_drrb=q&as_mind=24&as_minm=9&as_maxd=24&sa=N&tbs=nws:1,ar:1
"AAFM in the National and International Press"]</ref>


The AAFM Board of Standards USA has contractual legal trademark agreements with both the ] and the ] which protect the AAFM trademark brand and certifications worldwide while the AAFM claims no direct affiliation with either group. <ref></ref> Further, The FPSC ] which owns the CFP mark and program in parts of ] and ] still publicly recognizes specific AAFM credentials for CE <ref> </ref>


==References== ==References==
Line 39: Line 103:


==External links== ==External links==
* * {{official website|http://www.aafm.us/}} (now the Global Academy of Finance and Management)
*


{{DEFAULTSORT:American Academy Of Financial Management}}
] ]
] ]
] ]
] ]
]
]

Latest revision as of 03:59, 12 December 2024

US certifying body

American Academy of Financial Management
AbbreviationAAFM
Formation1996
Dissolved2015
TypeCertifying and accreditation body
PurposeProfessional certifications
HeadquartersColorado Springs, Colorado
Region served United States and overseas
LeaderGeorge Mentz
WebsiteAAFM

The American Academy of Financial Management (AAFM) was a US-based board of standards, certifying body, and accreditation council focused on the finance sector and wealth management professionals. AAFM was superseded by the Global Academy of Finance and Management (GAFM).

History

The AAFM was founded in 1996 through a merger of the American Academy of Financial Management & Analysts (AAFMA) and the Founders Advisory Committee of the Original Tax and Estate Planning Law Review.

In January 2015, the AAFM sold its intellectual property to the Global Academy of Finance & Management – the logo for which is the same as that of the AAFM with different letters – and the International Board of Certification Standards, which now awards the AAFM's certifications in the United States.

The AAFM offered multiple professional membership, certifications, and designations. Members had to have come through one of the AAFM-recognized university programs or through a government-recognized executive educational program, although the board waived these requirements in some cases. The AAFM board has never directly provided training, but has recognized hundreds of approved providers.

Certifications/designations

See also: Professional certification in financial services § GAFM Designations

The AAFM awarded a number of its own designations, including chartered asset manager (CAM), chartered market analyst (CMA), chartered portfolio manager (CPM), chartered trust and estate planner (CTEP), chartered wealth manager (CWM), and master financial professional (MFP).

Some of these designations were available to anyone with an accredited degree or license in finance, investments, securities, economics, or accounting upon payment of a fee. CWM certification normally involved about 80 hours of online study, although holders of certain professional designations, such as a Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA), needed only to take a test and pay a fee; and anyone with sufficient professional experience could skip the test and get the designation by only paying fees. Those with a degree that involved at least some business coursework could also take an AAFM certification course, pay a fee, and receive an MFP.

According to the Financial Industry Regulatory Authority (FINRA) eight designations were "offered and recognized by the issuing organization" (i.e., AAFM). FINRA does not state on these pages that they, or anyone else, recognises them. FINRA does state that it does not approve or endorse any professional credential or designation listed on its website.

In October 2010, The Wall Street Journal published an article detailing the use of questionable credentials by financial advisors that discussed the AAFM extensively. The article noted that the AAFM included among its Global Board of Academic Advisors & Professors several individuals who had never given their permission to be listed as board members. The article criticized the practice of many standards boards, AAFM included, of awarding credentials without requiring applicants to undergo any sort of assessment or examination, quoting the AAFM's founder, George Mentz, as evidence of this practice.

A claim on the AAFM website that it had a special affiliation with both the CFA Institute and the CFP Board, which administer Chartered Financial Analyst and Certified Financial Planner certificate programs, respectively, was rebutted by representatives of both organizations in the article. The CFP Board said that the AAFM had once helped provide continuing education for CFPs, but that it hasn't done so since 2006. Some of the individuals listed in a board of advisors told the WSJ they had no idea they were listed and hadn't agreed to it.

The AAFM has countered that individuals listed on its board of advisors did consent to be listed, posting emails from two individuals on its website. The organization also posted to its website part of the signature page of a document agreeing that the Association for Investment Management Research (the precursor to the CFA Institute) would not contest the AAFM's trademarks, with the signature itself blanked and replaced with the type-written statement, "Signed by Sharon Glover, who must have been Jeannie Andersons Boss at the time" . What appears to be a version of the same faxed agreement can be found on the GAFM website, with a signature by "Sharon Glover" and the handwritten information "VP & Assoc. General Counsel 1/5/04".

Affiliations and collaborations

Global Academy of Finance and Management (GAFM)'s certifications and trademarks are owned by Colorado, USA-based International Board of Standards (IBS), a certifying body which is in operation around 40 countries globally. IBS is a charter member signatory to the Washington, D.C. based Council for Higher Education Accreditation (CHEA) and has agreement with the Kansas, USA based Accreditation Council for Business Schools and Programs (ACBSP) since 2004.

GAFM supported ‘Asian Digital Finance Forum and Awards 2023’ which was held at Hilton Colombo in Sri Lanka.

References

  1. ^ "Is Your Wealth Manager Certifiable?", The Wall Street Journal: D1, October 27, 2004.
  2. "American Academy of Financial Management FAQ". Archived from the original on December 2, 2010. Retrieved December 6, 2010.
  3. "Home" GAFM website
  4. "Press" GAFM website
  5. "Requirements". American Academy of Financial Management. Archived from the original on December 2, 2010. Retrieved December 6, 2010.
  6. "ACBSP-Alliance-Mentz Letter" (PDF). November 13, 2004.
  7. ^ "Is Your Advisor Pumping Up His Credentials?", The Wall Street Journal, October 16, 2010.
  8. ^
  9. "FINRA Designations Lookup". Retrieved August 21, 2014.
  10. Recognized by Wall Street Journal Again, American Academy of Financial Management.
  11. CFA Contract (JPEG), AAFM.
  12. Copy of fax from C. Jeannie Anderson, Esq., Associate General Counsel, AIMR to Mr. George Mentz, AAFM, dated January 5, 2004 GAFM website
  13. "Jeevan receives GAFM 'Master Fintech Professional' certification". Daily FT. November 3, 2021. Retrieved November 27, 2024.
  14. "AFTA hosts 'Asian Digital Finance Forum and Awards 2023'". Daily FT. March 28, 2023. Retrieved November 27, 2024.

External links

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