CFAP Overview

The CFA Society of Philadelphia

The CFA Society of Philadelphia (CFAP; formerly Financial Analysts of Philadelphia, Inc.) was founded in 1943 to further the interchange of information and opinions among people in the investment community, to foster a high standard of ethics and to promote a clear public understanding of the functions of security analysis. We also encourage continuing education in financial analysis for practitioners. Our organization is a Charter Society of the CFA Institute and is the seventh largest Society in the U.S. with over 1700 members.

Founded in 1943

Founding Society of CFA Institute.
Ethics

CFAP has adopted the following Code of Ethics and Standards of Professional Conduct:

A Financial Analyst:

Acts with integrity, competence, dignity, and in an ethical manner when dealing with the public, clients, prospects, employers, employees, and fellow members.

Practices and encourages others to practice in a professional and ethical manner that will reflect credit on members and their profession.

Strives to maintain and improve their competence and the competence of others in the profession.

Uses reasonable care and exercises independent professional judgment.

All members of the Society are required annually to sign statements that they neither violated any of the above, nor have first-hand knowledge of violations by other members.

Organization

An elected Board of Directors presently composed of nineteen regular members is responsible for the operation of the organization. The Society's officers - President, Vice President (s), Secretary and Treasurer - are members of the Board and serve a one-year term. The remaining directors each serve three-year terms. All Directors are volunteers. Members are encouraged to participate in the activities of various committees including, Education, Program, Fixed Income, Suburban, Wilmington, Membership and those for special purposes. Click here for a list of the Society's past Presidents.

The Executive Director assists the Board, handles inquiries, program arrangements, records, mailings for the Society, website updates and implements improvements to enhance the value to all members.

Luncheon Program

CFAP offers an impressive Luncheon Program in downtown Philadelphia. We also offer a variety of Luncheon Programs in the western suburbs and in Wilmington, DE. These events emphasize investment subjects such as such as economics, a specific industry outlook, fixed income, quantitative theory and application, new investment products, international investing and new legislation. Speakers are drawn from the academic community, industry, government and from among recognized leaders in the investment industry.

Education

CFAP offers the Philadelphia CFA® Prep Course for Levels I, II, and III of the CFA® Program. The course objective is to focus, streamline and schedule a Candidate's preparation for the exam. The course is not a substitute for individual study but instead helps organize your study schedule, and reviews and summarized key issues and theories. Lectures will consist of formal presentations by the lecturer with minimum time for discussion. The lectures cover the material from the Study Session material that is detailed in the CFA Institute Study Guide.

CFAP coordinates and helps to organize informal CFA Study Groups for those candidates studying for the CFA® exams.

CFAP in conjunction with CFA Institute, offers the CFA® Scholarship Program to qualified candidates in the CFA® Program. These scholarships waive all but $100 of the fees and apply to all levels of the CFA® examination program. Click Here for details and application.

CFAP is the only CFA Institute member society in the world with a society library. The C. Stewart Sheppard Society Library was officially opened by Thomas A. Bowman, CFA, President of CFA Institute and Mrs. Maria Sheppard at a dedication ceremony in November 2002. The library is located in the offices of Fernley & Fernley 100 North 20th Street in Center City. The library is open Monday through Friday from 9am to 4pm. Please call Michelle Doty at 215-320-4980 to set up an appointment. Members are encouraged to use the library for their continual education and research needs. The library houses over 700+ financial, accounting and economic books.

Education Workshops offered throughout the year provide the opportunity for members to remain abreast of new industry knowledge and techniques. These seminars also provide credits toward the CFA Institute's current (soon to be mandatory for CFA® Charter holders) Voluntary Continuing Education Accreditation Program.

CFAP proudly launched the Executive Investment Series in the spring of 2003. This series of 5 courses is specifically designed for the investment professional who wants to sharpen his/her skills to become more productive and successful.

Investment Principles and Practices - Level I and Level II - are six-week courses designed for investment assistants; trust administrators, research assistants, personal banker, para-financial planners, and others with experience in the investment business. Level I is for individuals who are new to the investment business and Level II if for individuals who have completed Level I and/or have three years of experience in the investment management industry. Topics include: security valuation, understanding financial/investment reports, selection and timing of common stock investments, bond portfolio management, asset allocation and portfolio management. If you are interested in employees attend this course, or are interested in hosting a course, please contact mdoty@faphil.org.

The Glenmede Investment Insight Award

This research paper contest is open to all members. Both academic and practitioner papers are welcome. Winners receive a cash prize and gain peer recognition for their investment prowess and insight. Past winners include:

1996 Val de Vassal, CFA
1997 Val de Vassal, CFA
1998 Val de Vassal, CFA
1999 Patrick Kennedy
2001 Fred Poorman, Jr., CFA

The Philadelphia Investment Achievement Award

This award is given to an CFAP member who has made a significant contribution to the investment industry throughout their career. It is an honor to be chosen for this prestigious award. Past winners include:

1988 S. Francis Nicholson
1989 F. W. Elliott Farr
1990 John B. Neff
1991 Walter L. Morgan
1992 Paul F. Miller, Jr.
1993 John C. Bogle
1995 John J. F. Sherrerd
1996 Edgar Scott, Jr.
1997 Ian A. MacKinnon
1998 Jack Church
1999 W. Anthony Hitschler

Community Outreach

CFAP offers Media Seminars from time to time to educate local media reporters. This education focuses on financial aspects so that when reporters write about these topics they can do so from a better informed perspective.

In the fall of 2002, CFAP began sponsoring 10 Philadelphia City District High Schools to receive the Wall Street Journal Classroom Edition. This edition of the WSJ is specifically written for high school students about topics that interest them. However, the stories have business/financial slant to them that allows teachers to bring the real world into the classroom. CFAP is committed to educating future financial leaders.

Employment Opportunities

One of the most tangible member benefits is the opportunity to network with peers. CFAP provides a forum in which to build contacts within the profession as well as a chance to identify common challenges and to share solutions and insights.

In addition to networking, included in CFAP's Monthly Newsletter are job postings from investment firms and search firms in the Philadelphia area. These jobs are also posted on our website in a password-protected site. If you are in the market for a new position, this is the first place you should look. This service is free to investment firms in the area. For more information, contact mdoty@faphil.org

Leadership

CFAP has many active committees, offering unlimited leadership opportunities, superior networking and visibility in the industry for all members, as well as board positions and other career-building opportunities. For more information, or to volunteer for a committee, contact mdoty@faphil.org.

Publications & Communications

CFAP publishes a Monthly Newsletter and distributes it to all members. The newsletter contains the monthly program schedule and other important member news.

CFAP publishes and distributes a Philadelphia Membership Directory to its members.

CFAP maintains a dynamic website ( www.faphil.org) which features pertinent information about the society and the investment field in general. Members and guests may view the program schedule and register for events online.

CFAP has the capability to broadcast e-mail its membership to keep everyone abreast of recent developments or topics of interest.

Special Events

Throughout the year, CFAP hosts special events for its members and guests to enjoy. Recent events include, Winter Dinner, Spring Dinner, Member Cocktail Social, Mock Trading Session, Annual Meeting, and Awards Dinner.