| Revision as of 16:18, 3 June 2013 view source178.18.250.167 (talk) Beyond My Ken is subject to COI investigation. See Controversy - Need new experienced editor to review and confirm this articles veracity and citations. Please do not UNDO without doing your required due diligence and research.← Previous edit | Revision as of 16:35, 3 June 2013 view source Theroadislong (talk | contribs)Autopatrolled, Extended confirmed users, Page movers, New page reviewers, Pending changes reviewers, Rollbackers256,406 edits Reverted 1 edit by 178.18.250.167 (talk): Revert legal threats please discuss on talk page. (TW)Next edit → | ||
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| The '''American Academy of Financial Management''' is a ]-based board of standards, certifying body, and accreditation council dedicated to the ] sector and management professionals.<ref name= "WSJ2004">{{Citation | url = http://online.wsj.com/article/SB109883075169856486.html | title = Is Your Wealth Manager Certifiable? | journal = The ] | date = October 27, 2004 | page = D1}}.</ref> |
The '''American Academy of Financial Management''' is a ]-based board of standards, certifying body, and accreditation council dedicated to the ] sector and management professionals.<ref name= "WSJ2004">{{Citation | url = http://online.wsj.com/article/SB109883075169856486.html | title = Is Your Wealth Manager Certifiable? | journal = The ] | date = October 27, 2004 | page = D1}}.</ref> Coverage by the mainstream media has focused mainly on the low requirements for obtaining one of the ]s it confers.<ref name="WSJ2004" /><ref name="WSJ2010" /> | ||
| <ref>{{Citation | url = http://news.efinancialcareers.com/us-en/107469/thinking-of-being-a-wealth-manager-here-are-some-things-clients-want/ | title = AAFM and wealth management accreditation standards explained in media by E-Financial Careers and Dice.com NYSE Traded Company}}.</ref> <ref>{{Citation | url = http://www.advisorfyi.com/2013/05/2940/ | title = AAFM double accredited standards explained by National Underwriter Summit Business Media media}}.</ref> <ref>{{Citation | url = http://news.careers.nasdaq.com/newsandviews_item/wpNewsItemId-119178#.UayyTYbnZp8 | title = NASDAQ News about AAFM and Certification Standards}}.</ref> Older news coverage by one mainstream media outlet has challenged the AAFM's acceptance of accredited business school exams and courses for obtaining one of the ]s it confers.<ref name="WSJ2004" /><ref name="WSJ2010" /> | |||
| ==History== | ==History== | ||
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| Some of these designations are available to anyone with an accredited degree or license in finance, investments, securities, economics, or accounting upon payment of a fee.<ref name = "WSJ2010" /> The CWM certification normally involves about 80 hours of online study, although holders of certain professional designations, such as a ] or ], need only take a test and pay a fee; although anyone with sufficient professional experience can skip the test and get the designation by only paying fees.<ref name="WSJ2004" /> Those with a degree that has involved at least some business coursework may also take an AAFM certification course, pay a fee, and receive an MFP.<ref name = "WSJ2010" /> | Some of these designations are available to anyone with an accredited degree or license in finance, investments, securities, economics, or accounting upon payment of a fee.<ref name = "WSJ2010" /> The CWM certification normally involves about 80 hours of online study, although holders of certain professional designations, such as a ] or ], need only take a test and pay a fee; although anyone with sufficient professional experience can skip the test and get the designation by only paying fees.<ref name="WSJ2004" /> Those with a degree that has involved at least some business coursework may also take an AAFM certification course, pay a fee, and receive an MFP.<ref name = "WSJ2010" /> | ||
| ==Requirements as Published by FINRA Financial Industry Regulatory Authority== | |||
| The FINRA monitors and publishes a list of financial designations along with their educational requirements and other details. <ref>{{Citation | url = http://apps.finra.org/DataDirectory/1/prodesignations.aspx | title = FINRA Regulatory Body - Education Reference Guide Showing all US Certifications and Requirements}}.</ref> The AAFM has submitted eight professional designations to the FINRA educational department for publication. The FINRA publication shows the name of the credential, the acronym, experience required, educational requirements and the qualifying accreditation agency degree programs, the AAFM acceptance of AACSB, ABA, and ACBSP degrees, and the complaint process. While FINRA does not recognize any credential, the FINRA does monitor and publish the standards and educational requirements for certification. <ref>{{Citation | url = http://apps.finra.org/DataDirectory/1/prodesignations.aspx | title = FINRA Regulatory Body - Education Reference Guide Showing AAFM Certifications and Requirements - FINRA does not endorse any certification such as CFA, CFP, or AAFM certifications but does monitor and publish their education, exam and experience requirements and standards}}.</ref> | |||
| ==Criticism== | ==Criticism== | ||
| In October 2010, the '']'' published an article detailing the use of questionable credentials by financial advisors that discussed the AAFM extensively.<ref name="WSJ2010">{{Citation | url = http://online.wsj.com/article/SB10001424052748703927504575540582361440848.html | title = Is Your Advisor Pumping Up His Credentials? | newspaper = The ] | date = October 16, 2010}}.</ref> The article noted that the AAFM included among its Global Board of Academic Advisors & Professors several individuals who had never given their permission to be listed as board members. The article criticized the practice of many standards boards, AAFM included, of awarding credentials without requiring applicants to undergo any sort of assessment or examination, quoting the AAFM's founder, George Mentz, as evidence of this practice. A claim on the AAFM website that it had a special |
In October 2010, the '']'' published an article detailing the use of questionable credentials by financial advisors that discussed the AAFM extensively.<ref name="WSJ2010">{{Citation | url = http://online.wsj.com/article/SB10001424052748703927504575540582361440848.html | title = Is Your Advisor Pumping Up His Credentials? | newspaper = The ] | date = October 16, 2010}}.</ref> The article noted that the AAFM included among its Global Board of Academic Advisors & Professors several individuals who had never given their permission to be listed as board members. The article criticized the practice of many standards boards, AAFM included, of awarding credentials without requiring applicants to undergo any sort of assessment or examination, quoting the AAFM's founder, George Mentz, as evidence of this practice. A claim on the AAFM website that it had a special affiliation with both the ] and the ], which administer ] and ] certificate programs, respectively, was rebutted by representatives of both organizations in the article. | ||
| ⚫ | The AAFM has countered that |
||
| ⚫ | The AAFM has countered that individuals listed on its board of advisors did consent to be listed, posting emails from two individuals on its website.<ref>{{Citation | url = http://aafm.us/wsj.html | publisher = American Academy of Financial Management | title = Recognized by Wall Street Journal Again}}.</ref> The organization also posted to its website part of the signature page of a document agreeing that the Association for Investment Management Research (the precursor to the CFA Institute) would not contest the AAFM's trademarks, with the signature itself blanked and replaced with the type-written statement, "Signed by Sharon Glover, who must have been Jeannie Andersons Boss at the time" (''sic'').<ref>{{Citation | url = http://aafm.us/CFAlegalagreementgloveranderson.JPG | format = JPEG | title = CFA Contract | publisher = AAFM}}.</ref> | ||
| ==Controversy== | |||
| Several editors on this article have been reported for vandalism, fraud and defamation. The AAFM is in communication with the Wikimedia legal offices to correct the mistakes and this unsupervised article. <ref>{{Citation | url = http://aafm.us/wikimedialawsuit.html | format = HTML| title = AAFM Calls attention to fraud | publisher = AAFM}}.</ref> | |||
| ==References== | ==References== | ||
Revision as of 16:35, 3 June 2013
 | |
| Abbreviation | AAFM |
|---|---|
| Formation | 1996 |
| Type | Certifying and accreditation body |
| Purpose | professional certifications |
| Headquarters | 1670-F East Cheyenne Mtn. Blvd.; Box #293; Colorado Springs, CO 80906 USA |
| Region served | United States and overseas |
| Leader | George Mentz |
| Website | AAFM |
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. Coverage by the mainstream media has focused mainly on the low requirements for obtaining one of the professional designations it confers.
History
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. AAFM is a registered trademark.
Activities
The AAFM offers multiple professional membership, certifications, and designations. Members must either have come through one of the AAFM-recognized university programs or through a government-recognized executive educational program, although the board may waive these requirements in some cases. The AAFM board has never directly provided training, but has recognized hundreds of approved providers.
Certifications/Designations
The AAFM awards a number of designations, including chartered asset manager (CAM), chartered market analyst (CMA), chartered portfolio manager (CPM), chartered trust and estate planner (CTEP), chartered wealth manager (CWM), and master financial professional (MFP).
Some of these designations are available to anyone with an accredited degree or license in finance, investments, securities, economics, or accounting upon payment of a fee. The CWM certification normally involves about 80 hours of online study, although holders of certain professional designations, such as a CFA or CPA, need only take a test and pay a fee; although anyone with sufficient professional experience can skip the test and get the designation by only paying fees. Those with a degree that has involved at least some business coursework may also take an AAFM certification course, pay a fee, and receive an MFP.
Criticism
In October 2010, the Wall Street Journal published an article detailing the use of questionable credentials by financial advisors that discussed the AAFM extensively. The article noted that the AAFM included among its Global Board of Academic Advisors & Professors several individuals who had never given their permission to be listed as board members. The article criticized the practice of many standards boards, AAFM included, of awarding credentials without requiring applicants to undergo any sort of assessment or examination, quoting the AAFM's founder, George Mentz, as evidence of this practice. A claim on the AAFM website that it had a special affiliation with both the CFA Institute and the CFP Board, which administer Chartered Financial Analyst and Certified Financial Planner certificate programs, respectively, was rebutted by representatives of both organizations in the article.
The AAFM has countered that individuals listed on its board of advisors did consent to be listed, posting emails from two individuals on its website. The organization also posted to its website part of the signature page of a document agreeing that the Association for Investment Management Research (the precursor to the CFA Institute) would not contest the AAFM's trademarks, with the signature itself blanked and replaced with the type-written statement, "Signed by Sharon Glover, who must have been Jeannie Andersons Boss at the time" (sic).
References
- ^ "Is Your Wealth Manager Certifiable?", The Wall Street Journal: D1, October 27, 2004.
- ^ "Is Your Advisor Pumping Up His Credentials?", The Wall Street Journal, October 16, 2010.
- "American Academy of Financial Management FAQ". Archived from the original on 2 December 2010. Retrieved 6 December 2010.
{{cite web}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - "AAFM US Government Trademark Reference". US: PTO. Retrieved 6 December 2010.
- "Requirements". American Academy of Financial Management. Archived from the original on 2 December 2010. Retrieved 6 December 2010.
{{cite web}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - Recognized by Wall Street Journal Again, American Academy of Financial Management.
- CFA Contract (JPEG), AAFM.
