The investment profession has always strived to evolve, and this article, published in the September 1974 issue of The Investment Analyst (Financial Analysis: Evolution of a Profession) shows just how many of the same themes have played out over the years. Ethics, autonomy, and self-regulation were important factors for the profession in 1974, and they are important issues today.
The article examines the proposals launched by the Financial Analysts Federation (FAF) of North America (a precursor to CFA Institute)- via it’s New York Society- to develop a code of ethics and standards, placing the activities and practices of the profession under the spotlight. The new proposals called for greater uniformity in the activities of investment professionals, and in professional conduct standards more widely. It introduced the idea that anyone who wanted to join the Federation should pass the CFA Level 1 Examination, rather than just being able to join up. It also argued that the industry should self-regulate, before regulation was imposed on it, and made the case for local societies to remain diverse and autonomous.
