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The development of the chartered financial analyst in the United States during the twentieth century

Lookup NU author(s): Professor Simon Hussain



This is the authors' accepted manuscript of an article that has been published in its final definitive form by Taylor and Francis , 2023.

For re-use rights please refer to the publisher's terms and conditions.


This paper examines the rise of a professional rating for financial analysts – the Chartered Financial Analyst (CFA) award. The development of a professional rating is explained here as a need to brand and distinguish those analysts who had undertaken a formal training and achieved the necessary skill-sets. Three themes are used to trace this development: the emergence of regional communities of analysts, leading to a national federation and the CFA institute in the post-war years; the development of a formal body of knowledge which could be examined formally; and the need for a code of ethics, as existed for established professions. This paper applies elements of a technological deterministic model, augmented with the concept of epistemic communities, to the emergence of the CFA.

Publication metadata

Author(s): Hussain S

Publication type: Article

Publication status: Published

Journal: Business History

Year: 2023

Volume: 65

Issue: 4

Pages: 606-635

Online publication date: 19/10/2020

Acceptance date: 23/09/2020

Date deposited: 18/10/2020

ISSN (print): 0007-6791

ISSN (electronic): 1743-7938

Publisher: Taylor and Francis


DOI: 10.1080/00076791.2020.1830063


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