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American Academy of Financial Management

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The American Academy of Financial Management is a USA based Board of Standards, certifying body, and accreditation council dedicated to the finance sector and management professionals. [1] [2] [3]

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 [4] has exclusively been a US certifying body and board of standards that issues its designations and awards from the USA offices.

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. [5] AAFM recognition and accreditations are granted exclusively by the AAFM USA Board of Standards.[6]

To qualify to use the designation(s) members must either have come through one of the AAFM recognized university programs (such as Universities within AACSB, ACBSP, EQUIS, AICPA and American Bar Association etc), or through a CHEA or equivalent government recognized executive educational program, 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 AACSB International Accreditation Agency and the ACBSP Accreditation Agency along with other international government recognized and accredited groups such as the GBR China, ACCE, AABFS and IIFM. [7]

The AAFM Board was the first to introduce the CWM Chartered Wealth Manager Certification and trademarked program. [8] 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. [9]

The AAFM Board of Standards USA 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. [10] The AAFM also has mutual cooperation agreements with the Arab Academy of Banking and Financial Services which is owned by the UN Recognized League of Arab States [11], The India Institute of Financial Management, the African Economists Association ACCE, and many more such as Aristotle University, Macquarie Graduate School of Management, Avans School of International Studies (ASIS), Hong Kong University, Royal Melbourne Institute of Technology, and Diamond Graduate Law School LLM Online Program.

Criticism

In October 2010, the Wall Street Journal published an article exposing the practice of advisors using questionable credentials that discussed the AAFM extensively.[12] The article investigated the membership of AAFM's Global Board of Academic Advisors & Professors, noting that it included numerous individuals who had never given their authority to appear on the association's website. The founder of the AAFM, George Mentz, is quoted to support the finding that many standards boards, AAFM included, award credentials without requiring applicants to undergo any sort of assessment or examination. Representatives of both the CFA Institute and the CFP Board, which administer Chartered Financial Analyst and Certified Financial Planner certificate programs, respectively, were quoted in the article denying claims made on the AAFM website that they had a special affiliation with the AAFM.

References

  1. ^ "The RIA's Compliance Solution Book: Answers for the Critical Questions‎ - Page 274"
  2. ^ "US Department of Labor - BLS Career Information"
  3. ^ "California Government Career Guide"
  4. ^ "AAFM US Government Trademark Reference"
  5. ^ "Directory of Global Professional Accounting and Business Certifications‎ by Wiley and Co. - Page 264"
  6. ^ "US Government Department of Labor Occupational Outlook Handbook, 2009‎ - Page 106"
  7. ^ "The human resources glossary: the complete desk reference for HR executives - Page 23 William R. Tracey"
  8. ^ "US Government Trademark Reference for CWM "
  9. ^ "The ElderLaw Portfolio Series, Volume 1‎ - Page 25-16Harry S. Margolis "
  10. ^ "Thomas Jefferson School of Law - Masters in Law and partnership with the American Board of Standards USA www.aafm.us - AAFM"
  11. ^ "Diplomatic Alliance with AABFS and League of Arab States"
  12. ^ "Is Your Advisor Pumping Up His Credentials - October 16, 2010"
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