New York Institute of Finance
The earliest record available about what is now known as the New York Institute of Finance is the introduction to a book called Stock Exchange Procedure by Birl E. Shultz, PhD. In 1936, he was the dean of the New York Stock Exchange Institute, located at 67 Exchange Place. The introduction to this manual, by NYSE president Charles Gay, documents the beginnings of the Institute. From the introduction:
“In 1921 it became evident that, for the sake of the business itself and for the sake of the thousands of young men and women employed by the Exchange and by its member firms, some method should be devised whereby they might learn the fundamentals; the reasons why they did the things which occupied their working days…”
“This was the inspiration behind the establishment of the Stock Exchange Institute. The growth of this Institute has demonstrated that it fills a real need. Through Institute classes and lectures in New York, and through Correspondence Courses available to those at a distance, instruction is furnished in all important phases of the security business. Through these facilities, any young man or woman may, while working, obtain an education in finance and allied subjects.”
In 1924, 205 graduated from the New York Stock Exchange Institute. The following year, the institute introduced the “Mock Market”, a trading simulation on the floor of the NYSE after hours becoming an integral part of the one-year training program for new employees of the exchange. By 1930 courses of the institute were extended to employees of member firms of the Exchange.
The first record of “The New York Institute of Finance” appears in the minutes of the NYSE Board of Governors meeting, October 8, 1942: “Permission has been granted to the New York Institute of Finance to use the Board of Governors meeting room for a lecture course and a portion of the Exchange Floor, after hours, for drill purposes, in connection with a course in military training which is being organized.” The New York Institute of Finance is headed by Albert P. Squier, who had been Associate Director of the Stock Exchange Institute for many years.
The New York Institute of Finance was sold from the New York Stock Exchange to Prentice-Hall in 1960. Today Pearson owns both the New York Institute of Finance and Prentice-Hall.
In 2000 New York Institute of Finance becomes FT New York Institute of Finance, only to return to the original name in 2002.
New York Institute of Finance works with several associations and organizations to complement their educational programs including:
- Market Technicians Association
- Securities Traders Association of New York (STANY)
Past delegates include:
- "Contact Us." New York Institute of Finance. Retrieved on October 4, 2009.