Summary: This article introduces the Accredited Investment Fiduciary Analyst® (AIFA®) Designation Training course.
Overview
The AIFA® training program prepares students to perform assessments of fiduciary entities for conformance to prudent fiduciary standards. The curriculum is case study based, giving students hands-on experience through a mock assessment of an advisory firm using the CEFEX Electronic Assessment Form (EAF) online platform.
Participants who complete the course, successfully demonstrate their ability to complete a fiduciary assessment, and meet the prerequisites are eligible to apply for the AIFA® Designation. AIFA® Designees are the only professionals qualified to perform formal assessments and certifications under the Centre for Fiduciary Excellence (CEFEX).
Learning Objectives
Upon successful completion of the training, participants will be able to:
- Perform fiduciary assessments to verify an entity's conformity to a "Global Fiduciary Standard of Excellence"(Standard).
- Understand the importance and benefits of the Standard in the industry.
- Evaluate investment management assessment results, suggest process improvements, and facilitate certification.
- Prepare appropriate documentation associated with Level 2 Remediation and Level 3 Certification engagements.
- Apply successful strategies that help increase consulting and certification opportunities.
Training Delivery and Options
- AIFA® training is comprised of prework online modules, prework reading materials and exercises (case study), live virtual instruction, self-study and optional office hours.
- Participants should complete all prework online modules, reading materials and exercises before attending the live instruction portion of training.
- The live portion of the program is conducted virtually over three (3), two-hour sessions. The live sessions are focused largely on case study work under the supervision of an instructor.
- Participants are taught the fundamentals of conducting assessments and must complete an assessment based on a case study of a fictional investment advisory firm.
- Case study work is completed during the students’ own time between classes and students must report their findings in class.
- There is no final exam. Participants demonstrate their competence for the AIFA® Designation based on their in-class participation and final assignment (Electronic Assessment Form) submission.
Course Activities and Topics:
1. Prework online modules (approximately one hour to complete)
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- About the AIFA program and designation
- Fiduciary context for assessments
- Standards and International Organization for Standardization (ISO) approach
- Assessment and CEFEX Electronic Assessment Form (EAF)
- About CEFEX and Certification
2. Prework reading materials and exercises (case study support information)
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- Case Study documents (Student Guide, Interview Notes & Investment Philosophy)
- CEFEX Assessment Procedure
- Instructions for CEFEX EAF access
- Complete online SAFE 15
- Prudent Practices Advisor & Steward Handbooks (optional)
3. Day 1 of Live Instruction (2 hours)
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- Recap of pre-work
- Introduction to assessment methodology
- Introduction to advisor assessment case study
- Using the CEFEX EAF
4. Self-Study
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- Complete Part 1 of case study
- Office hours available on non-class days
5. Day 2 of live instruction (2 hours)
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- Case study, part 1 report out
- Introduction to advisor case study, part 2
6. Self-study
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- Complete part 2 of case study
- Office hours available on non-class days
7. Day 3 of live instruction (2 hours)
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- Case study, part 2 report out
- Overview of additional scopes of assessment: stewards, managers, service providers, etc.
- Opportunities for AIFA designees to work with clients, prospects, and CEFEX
- Wrap up and next steps
8. Final Assignment (3 to 5 hours)
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- Complete and submission of EAF assessment for case study (if not already completed by end of class)