What makes the CFA charter the gold standard of the investment industry? Posing this question to industry professionals might lead to a range of responses: the challenging exams; the unwavering focus on ethical conduct and professionalism; the constant evolution of the curriculum, which stands out for its breadth and depth when compared to other designations. A CFA charterholder, however, might respond with a familiar CFA exam-like answer: all of the above.

While these characteristics have carried the CFA charter to the top of the list of designations most sought after within the industry, it’s the work done by local societies around the world and their members that continuously enhances the quality and prestige of the designation. Whether it’s local advocacy initiatives or events catered to industry professionals, these societies are the pillars on which the charter’s reputation rests.

CFA Society Toronto is one of these prominent societies, and both stands out for its accomplishments and for carrying out CFA Institute’s mission in the economic capital of Canada. Last year, the Society marked its 80th anniversary. It’s worth celebrating this milestone by noting some interesting Society facts to fully appreciate its evolution over the years.

Changing Names

Did you know that, unlike most societies around the world, CFA Society Toronto is older than the CFA charter itself? The CFA designation just recently turned 50, and the first CFA exam was written in 1963 at the University of California, Los Angeles. Our Society came into being in 1936, back when it was called the Security Analysts Association of Toronto. It’s no surprise that Toronto, as the financial hub of Canada, took the lead in establishing a professional organization in the aftermath of the 1929 Wall Street crash.

“The CFA designation just recently turned 50, and the first CFA exam was written in 1963 at the University of California, Los Angeles”

It wasn’t until 1954 that the association officially joined the National Federation of Financial Societies, the predecessor of CFA Institute. At that time, our Society had only 106 members. Now there are more than 9,000, making it the second largest society in the world. That’s a cumulative annual growth rate of more than 40 per cent over the last 60 years.

As the years progressed and the industry matured, the Security Analysts Association of Toronto became the Toronto Society of Financial Analysts in the 1960s. It changed its name again in 2005 to the Toronto CFA Society and, finally, to CFA Society Toronto in 2012.

Evolving Objectives

Did you know what the Society’s main objectives were when it was first established in 1936? Two key objectives specified in its original constitution were “to provide a means of formal discussion of problems relating to the treatment and presentation of financial statistics” and “to study and investigate the theoretical and practical problems of our bond and stock markets.” The mission has now evolved into providing a forum for education, information, and communication that’s centred on the needs of investment professionals whose expertise now expands a lot more than just stocks and bonds. Promoting the CFA charter has also become an important part of the Society’s mission.

CFA Society Toronto will continue to evolve and enhance CFA Institute’s mission. As the CFA charter gains even more prominence as the gold standard in the industry, our Society will continue to be one of the charter’s strongest supporters. While that is a source of pride for us as members, it’s also our responsibility to support CFA Society Toronto and CFA Institute to continue along our path of excellence in the investment industry. After all, it’s one thing to become the gold standard, but maintaining that standard is a whole different ball game.