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Revision as of 04:28, 5 November 2006
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The American Academy of Financial Management, or AAFM as it is known, is a professional association dedicated to the finance sector and finance professionals. It has membership in over 140 countries, and is recognized by most governments in the countries where members reside.
Background
The AAFM was founded in 1996, via a merger between the American Academy of Financial Management & Analysts (AAFMA) and the Founders Advisory Committee of the Original Tax and Estate Planning Law Review.
The AAFM is a professional association governed by a Board of Standards and a membership code of ethics and standards of practice. The AAFM operates in most countries as a ‘society’ or non-profit association, with the members of the local or regional chapter making up the ‘owners’ of the society. At all times the AAFM and its members are accountable to the community and to the board of standards. The Academy’s legal and operational structure is somewhat dictated by a landmark US Supreme Court case (Ibanez vs. Florida) and this case also dictates the use of the AAFM marks as respect its members.
Graduate Post Nominal designations
The American Academy of Financial Management maintains more than 20 designations in the finance arena, with highly specialized role-based post-nominal awards.
Members must either have come through one of the AAFM Accredited University Finance programs (such as Universities within AACSB, ACBSP, etc), through an Executive Training Program, or in some rare cases through grandfathering by way of board/peer review.
One of the fastest growing professional bodies, AAFM is best recognized for its designations being listed with various authorities such as: Investor Education, Dept. of Labor, or National Association of Securities Dealers (NASD).
The following designations are the only certifications in their field that have reached worldwide acceptance North and South America as well as Asia, India, and the Middle East.
Chartered Wealth Manager
The CWM is only available for wealth managers with an accredited masters degree, law degree, CPA, PhD or specialized executive training. The Chartered Wealth Manager board certification program was featured in the Wall Street Journal in 2004. It has also been featured in The Beijing Times, South China Post, The Hindu National, El Norte Mexico, Financial Times, and the Arab Times.
Chartered Asset Manager
The CAM is only available for asset managers with an accredited masters degree, law degree, MBA, CPA, PhD or specialized executive training.
Chartered Portfolio Manager
The CPM is only available for portfolio managers with an accredited masters degree, MBA, law degree, CPA, PhD or specialized executive training.
Master Financial Professional
The MFP is only available for financial planning managers with an AACSB or ACBSP accredited degree, ABA law degree, MBA, CPA, PhD or specialized executive training.
The AAFM has mutual legal recognition agreements with over 560 accredited and registered business schools to convey this credential to registered graduates of these top institutions.
Certified Market Analyst
The Certified Market Analyst or Chartered Market Analyst credential is only available for financial analysts and market analysts with an earned & accredited masters degree, law degree, MBA, CPA, PhD or specialized AAFM executive training. The CMA has a focus on technical and fundamental analysis. Requirements are very high which include: graduate education, ethics, continuing education, and vast experience with research, publications and investments.
Chartered Trust and Estate Planner
The CTEP is only available for estates and trust managers with an accredited degree, law degree, MBA, CPA, PhD or specialized executive training. Trust and estates experience and knowledge is required.
Registered Financial Specialist
The RFS is only available for financial planning managers with an accredited degree, MBA, law degree, CPA, PhD or specialized executive training. Criteria for this award includes ethics, continuing education, testing, education, and degree.
Legal and Other Recognition
The American Academy of Financial Management has mutual cross- recognition agreements from the AACSB and ACBSP. Thus, AAFM has over 561 registered and recogized accredited certification degree programs worldwide through the AACSB and ACBSP alliance with the 2 major Business Accreditation Agencies Worlwide. See References Below.
For historical and resource purposes, The AAFM and the CWM Certified Wealth Manager programmes have been featured in the Wall Street Journal, The Financial Times Asia, The Hindu National, The El Norte Latin America, The China Daily, and the Arab Times. AAFM also has ABA accredited law school courses that lead to certification.
From the standpoint of educational criteria, AAFM has always required a college degree from an AACSB or ACBSP accredited business school or equivalent accreditation. Moreover, The AAFM maintains that 60% of their membership holds an MBA, CPA, PhD, CMA, LLM, MS, MSc., law license, or Law Degree. As a legal note, AAFM has co-existence trademark agreements with the financial analyst institute and the financial planner insurance organization. (See Reference and Links Below)
AAFM was featured in the Wall Stree Journal along with New York University for their wealth management training and offering the CWM board certification (Certified Wealth Manager). AAFM recognizes training from the Society of Trust and Estate Practitioners of the United Kingdom for the AAFM CTEP Chartered Trust and Estate Planner designation.
Standards
Other major insurance and financial planner organizations are only now (2007) requiring a college education after 30 years of granting financial planner credentials to those who took only 5-6 courses. In contrast, an AACSB or ACBSP business school graduate would need over 30 college level courses and exams along with ethics and professionalism courses to earn a degree to then be eligible for board certification.
Accredited Education and Certification
Due to global cross-recognition agreements with the the 2 major accrediting agencies AACSB and ACBSP which accredit over 560 of the best business school programs, the Certification of MFP Master Financial Planner Professional from the American Academy of Financial Management is available to AACSB and ACBSP business school graduates with finance or financial services related concentrations.
External links
- AAFM Official Site
- AAFM Middle-East
- AAFM Hong Kong Board
- AAFM Asia
- AAFM India
- AAFM China
- AAFM Taiwan
- AAFM Latin South America Spanish
- AACSB International Alliance
- AAFM USA Wealth Management & Trust & Estates Training
- AAFM Singapore Wealth Management Training
- AAFM Hong Kong Wealth Management Courses
- AAFM Wall Street New York - Corporate Certification Courses