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American Academy of Financial Management

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The American Academy of Financial Management, or AAFM as it is known, holds the status of a Board of Standards certifying body and professional association dedicated to the finance sector and finance professionals. According to the statistics in the latest annual report[1] AAFM claim's it membership of approximately 200,000 is active in over 140 countries. The association maintains training centers and key offices in: Hong Kong, USA, Singapore, Dubai, Beijing PRC, Mexico, and more.[2] More than 2/3rds of the association's membership is now offshore, with the AAFM website listing their fastest growing membership regions as Asia and Middle-East.

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 of Louisiana. The academy association has been established in accordance with the laws of the United States as a professional association, and is subsequently governed by a Board of Standards, a membership code of ethics and a written standards of practice. In most countries AAFM is required to operate as a ‘society’ or non-profit association[3], with the members of the local or regional chapter making up the ‘owners’ of the society.

The AAFM's recognized professional board certifications[4] and designations are used while observing US Supreme Court cases such as (Ibanez vs. Florida) which applies to generalized financial planning certifications. [5]

Graduate Post Nominal designations

Unlike other board certifying organizations such as the CFA Institute and the CFP Institute, who are probably seen as AAFM's most significant competitors, the AAFM offers multiple professional designations to members who qualify, instead of a sole qualification. The 20 or so professional designations that AAFM offers are actually registered trademarks owned by the association and it's membership.

To qualify to use the designation(s) members must either have come through one of the AAFM Accredited University Finance programs (such as Universities within AACSB[6], ACBSP[7], etc), through an Executive Training Program, or in some rare cases through grandfathering by way of board/peer review. AAFM is best recognized for its designations being in alliance with the AACSB International Accreditation Agency, the ACBSP Accreditation Agency, and listed and disclosed with various authorities such as: Investor Education[8], , Department of Labor[9], or National Association of Securities Dealers (NASD)[10]. Individual Universities have also partnered with AAFM on Executive Education, Diploma and Degree programs, such as the partnership maintained by Thomas Jefferson School of Law in California [11]

AAFM Designations are available as executive certification courses for accredited degree holders in: North and South America as well as Asia, India, and the Middle East through a variety of so-called licensed education providers. AAFM does not disclose the process by which it qualifies partner institutions or providers.


Chartered Wealth Manager

The CWM is only available for wealth managers with an accredited masters degree, law degree, CPA, PhD or specialized executive training.

Chartered Asset Manager (Chartered Fund and 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 Manager

The MFM is only available for financial 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.

Master Financial Professional

The MFP is only available for financial managers or 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.

Chartered Compliance Officer

The CCO is only available for Compliance Officers with an accredited masters degree, MBA, law degree, CPA, PhD or specialized executive training. It is a qualification designed to educate and qualify the professional in respect to legal and regulatory compliance, along with enterprise risk management.

Chartered Private Equity Specialist

The CPES is a newly minted professional qualification designed for the rapidly growing popular Private Equity market, available to working professionals with an accredited masters degree, MBA, law degree, CPA, PhD or specialized executive training.

The American Academy of Financial Management has mutual cross- recognition agreements from the AACSB[12] and ACBSP[13]. Thus, AAFM has over 561 registered and recognized accredited certification degree programs worldwide through the AACSB and ACBSP alliance with the 2 major Business [14] Accreditation Agencies Worldwide.[15] AAFM has mutual cooperation agreements in place with multiple Universtities globally including the Macquarie Graduate School of Management, Avans School of International Studies (ASIS)[16], Hong Kong University, Royal Melbourne Institute of Technology, Diamond Graduate Law School LLM Online Program. AAFM qualifications are recognized by the China Bankers Association or The Asian Banker [17], the Monetary Authority of Singapore, the Dubai Stock Exchange or Dubai Financial Market[18], the Kuwait Institute of Banking Studies, The Royal Society of Fellows [19] the Dubai Quality Group[20] and numerous other professional and trade associations. In 2004, the AAFM was featured in the Wall Street Journal as being on the forefront of the Wealth Management training while also granting Lawyers, CPA's and even CFA's some advanced standing via board articulation agreements. [21]

The AAFM operates businesses, offices, etc that are registered and recognized by those countries where they operate including United States of America, United Arab Emirates, Singapore, India, China, Hong Kong, Kuwait, Greece and other locations.

Standards

The AAFM requires a college degree to be a candidate for certification. Most major insurance and financial planner organizations require a college education for membership these days [22]. The American Academy recognizes graduates from listed AACSB or ACBSP government recognized business schools and universities [23]. Such graduates typically have already successfully completed 30 or more graduate level courses [24] and exams along with ethics and professionalism [25] courses to earn a degree to then be eligible for professional certification.

The AAFM is registered with the European Quality Framework organization [26], and is required to work closely with standards organizations in each country where they are active such as Dubai Quality Group in the United Arab Emirates. and in many cases is required to be licensed locally by organizations such as The Public Authority for Applied Education and Training.

AAFM Registered providers also must comply with such standards as stipulated in the member charter. AAFM providers such as the College of Financial Planning are compliant with local Australia government standards PS 146 and the DFS 50104.

Accredited Education and Certification

Due to global cross-recognition legal recognition agreements with the 2 major accrediting agencies AACSB and ACBSP which accredit over 560 of the best business school programs worldwide AACSB International & AAFM Global Alliance Press Release & | ACBSP Accreditation Body 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.

References

  1. ^ "Annual Report of Membership Activity 2008"
  2. ^ "About AAFM"
  3. ^ "Hong Kong Companies Registry listing AAFM as a non-profit society"
  4. ^ "US Bureau of Labor Statistics"
  5. ^ "Ibanez Case"
  6. ^ "AACSB"
  7. ^ "ACBSP"
  8. ^ "NASD Investor Education
  9. ^ "Department of Labor BLS
  10. ^ "NASD Designations Pages and Disclosures"
  11. ^ "Thomas Jefferson School of Law - Masters in Law and partnership with AAFM"
  12. ^ "AACSB Press Release and Agreement"
  13. ^ "ACBSP"
  14. ^ "AACSB Agreement"
  15. ^ "AACSB Accredited Registered Programs
  16. ^ http://punt.avans.nl/index.php?option=com_content&task=view&id=9544&Itemid=2
  17. ^ "Asian Bankers and AAFM Alliance"
  18. ^ "Dubai Financial Markets
  19. ^ "Royal Society"
  20. ^ "Dubai Quality Group
  21. ^ "AAFM Wall Street Journal Article"
  22. ^ "Degree Requirements for Financial Planners"
  23. ^ "CHEA"
  24. ^ "USA Government Accreditation Facts"
  25. ^ "Ethics for Members"
  26. ^ European Quality Framework
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