Maine Investment Professionals Form Local Chapter ofBoston Security Analysts Society and AIMR...

Business Editors

CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--May 15, 2000

Citing expansion of the investment profession and growing demand for the prestigious Chartered Financial Analyst(TM) professional designation from Maine to Manila, security analysts in Maine have formed a local

With 17 charter members, the Maine Chapter intends to provide educational and professional-development services to Maine-based financial analysts, portfolio managers and other investment professionals, including AIMR's 94 individul members in Maine (78 of whom are CFA(R) charterholders) and the 53 CFA candidates in the state. Administered by AIMR, the CFA Program requires candidates to pass three graduate-level examinations in investment analysis and decision-making over at least three years, among other requirements.

With the addition of the Maine group, AIMR now has 95 member societies and chapters in 21 countries, including 65 societies and chapters in the U.S. and 11 in Canada. The Maine Chapter plans to offer continuing education for CFA charterholders and support for CFA candidates, according to chapter president Joel S. Harris, CFA, portfolio manager and research analyst at H.M. Payson & Co. in Portland. Maine Chapter members also will have access to programs and events sponsored by the Boston Society, one of the three largest member societies of AIMR.

"Five years ago, this would not have been a reality," said Harris. "But the increasing popularity of the CFA designation and the growth of the investment profession in Maine have created a momentum that is spreading interest throughout the state. The idea of a Maine Chapter of AIMR has been enthusiastically received by CFA charterholders and candidates alike.

"Now that we have a critical mass of local CFA charterholders, we feel we will be able to fulfill an expanding need for continuing education programs at convenient locations for the state's investment professionals," Harris said. "And with the high regard with which the CFA designation is held, we wanted to serve as a support to CFA candidates."

The CFA designation is the leading professional mark sought by investment analysts worldwide. More than 31,000 professionals in 88 countries currently hold the CFA designation - half of whom have earned it in the past 10 years. This year, a record-breaking 73,000 candidates from 135 countries are enrolled in the program.

CFA exams are administered each June, with 230 exam sites in 70 countries planned for the year 2000. Candidates must pass a series of three, six-hour exams covering investment ethics, securities analysis (both equity and fixed-income), financial accounting, quantitative analysis, economics and portfolio management. The exams are administered in three levels and must be taken sequentially over at least three years.

Candidates typically spend 250 to 300 hours preparing for each exam. They also must agree to abide by the AIMR Code of Ethics and Standards of Professional Conduct and must have worked in the investment field for at least three years.

In addition to increasing participation in the CFA Program and promoting high standards of professional conduct, the Maine Chapter has two initial objectives, Harris said.

"We plan to become a key resource for CFA charterholders and candidates in our state, providing for continuing education and social interaction," he said. "And although our members will continue to be active with the Boston Society, we hope to create an identity as a local institution and grow to the point where we can become a full-fledged society."

AIMR "satellite" chapters may advance to independent society status once they have more than 35 members.

Thomas A. Bowman, CFA, AIMR's president and chief executive officer, said, "The investment professionals who have formed the Maine Chapter have demonstrated a commitment to professional excellence and a commitment to uphold AIMR's high standards of ethical conduct. The chapter will have a positive influence on the knowledge, standards and professionalism of the entire investment industry in the region."

The Association for Investment Management and Research is the leading non-profit professional organization for investment practitioners worldwide. AIMR's 42,000 members are financial analysts, portfolio managers and other investment professionals in 95 countries. Headquartered in Charlottesville, Va., AIMR has a staffed office in Hong Kong and is preparing to open an office in Europe. In addition to its CFA Program, AIMR is renowned for its stringent professional conduct standards and for its industry-leading advocacy and standard-setting work encouraging full and fair disclosure of financial information for investors and anyone involved in investment decision-making. More information on AIMR is available by calling 800-247-8132 or 804-951-5499 or visiting www.aimr.org.

The Boston Security Analysts Society is a non-profit association founded in 1946 as a forum for the exchange of information for the investment community. BSAS has more than 3,000 members, including portfolio managers, analysts and members of various associated professions. It was a founding chapter of AIMR.