Deutsche Vereinigung für Finanzanalyse und Asset Management

The Deutsche Vereinigung für Finanzanalyse und Asset Management (DVFA) is the professional association of capital market experts in Germany. Founded in 1960 as the association of financial analysts in Germany, it represents individual investment professionals rather than companies, distinguishing it from most other industry associations. With around 1,400 to 1,500 members, it is the largest association for financial and investment analysis in Germany. The DVFA sees itself as an independent voice in the capital market, encapsulated in its central claim "Verantwortung im Kapitalmarkt" (Responsibility in the Capital Market). The association's main task is to strengthen the German capital market by identifying structural weaknesses and developing and publishing solutions. It works through commissions on corporate analysis, sustainable corporate governance (ESG), real estate, and financial markets, which are further divided into specialist committees. The DVFA advocates lean regulation supplemented by market-oriented best practice standards. It is a leading force behind best practice initiatives such as standards for financial research, company valuation in M&A transactions, and fairness opinions. The DVFA is represented in numerous bodies, including the advisory board of the German Federal Financial Supervisory Authority (BaFin) and the Issuer Market Advisory Committee of Deutsche Börse AG. It is registered in the German Lobby Register under number R001197. A core pillar of the DVFA is its academy, the DVFA Akademie, a wholly owned subsidiary. Since its founding in 1987, the academy has offered more than 120 different training and further education programs and has certified over 6,000 individuals. It provides recognized certifications such as the Certified International Investment Analyst (CIIA), Certified Risk Manager (CRM), and Certified Credit Risk Analyst (CCrA). Between 2019 and 2022 alone, the DVFA trained and certified more than 500 ESG specialists. The academy aims to ensure the education and continuous professional development of investment professionals in Germany, thereby strengthening Germany as a financial center. The DVFA is a member of the European umbrella organization EFFAS (European Federation of Financial Analysts Societies), which has more than 18,000 members across Europe, and of the ACIIA (Association of Certified International Investment Analysts), a global network of more than 60,000 investment professionals. The association is governed by an executive board and specialist boards, with an ombudsman council and an advisory board. Its methods, such as the DVFA result for adjusted annual earnings and the DVFA/SG cash flow statement, have been widely used in business practice, particularly before the adoption of international accounting standards.

The Deutsche Vereinigung für Finanzanalyse und Asset Management (DVFA) was founded in 1960 as the association of financial analysts in Germany. From its inception, it was designed as an association of individual professionals rather than companies, a structure that continues to distinguish it from most other German industry associations. Its central claim, "Verantwortung im Kapitalmarkt" (Responsibility in the Capital Market), reflects its self-image as an independent voice in the capital market. In 1987, the DVFA launched its first investment training program in cooperation with the Technical University of Darmstadt. This marked the beginning of what would become the DVFA Akademie, which today offers recognized education and further training certifications across a broad range of topics for investment professionals. The academy has since become a wholly owned subsidiary of the DVFA e.V. Over the decades, the DVFA has been instrumental in developing practical standards for financial analysis and corporate governance. In 1990, its Commission for Financial Analysis, together with the Working Group on External Corporate Reporting of the Schmalenbach-Gesellschaft/Deutsche Gesellschaft für Betriebswirtschaft (SG), published a joint recommendation for determining an adjusted annual result. This "DVFA result" was widely used for comparing stock corporations and calculating price-earnings ratios before the establishment of International Financial Reporting Standards. In 1995, this concept was supplemented by a schema developed jointly with the Accounting Committee of the Bundesverband deutscher Banken (Association of German Banks), resulting in the "DVFA-Ergebnis Banken je Aktie" (DVFA result for banks per share). The simplified cash flow statement according to DVFA/SG is still used today, particularly by employee representatives and works councils. The DVFA also developed a Corporate Governance Scorecard (CG-Scorecard) to measure the degree of compliance with corporate governance standards. In recent years, the DVFA has expanded its focus to include sustainable corporate governance (ESG). Between 2019 and 2022, it trained and certified more than 500 ESG specialists. The association has also been active in international networks, becoming a member of the European Federation of Financial Analysts Societies (EFFAS), which represents more than 18,000 members across Europe, and the Association of Certified International Investment Analysts (ACIIA), a global network of more than 60,000 investment professionals. It has contributed to the development of international professional qualifications such as the Certified International Investment Analyst (CIIA), Certified Risk Manager (CRM), and Certified Credit Risk Analyst (CCrA). As of the early 2020s, the DVFA has around 1,400 to 1,500 members, making it the largest association for financial and investment analysis in Germany. It is registered in the Lobby Register of the German Federal Government under number R001197. The association continues to work through commissions on corporate analysis, ESG, real estate, and financial markets, and is represented in bodies such as the advisory board of BaFin and the Issuer Market Advisory Committee of Deutsche Börse AG.

• 2022

  DVFA is led by a three-member executive board and six specialist boards.

• 2019

  Start of period in which DVFA trains and certifies more than 500 ESG specialists (2019–2022).

• 1995

  DVFA result concept supplemented by a schema for banks, developed with the Association of German Banks.

• 1990

  DVFA and Schmalenbach-Gesellschaft publish a joint recommendation for an adjusted annual result (DVFA result).

• 1987

  DVFA launches its first investment training program in cooperation with TU Darmstadt; the DVFA Akademie is established.

• 1960

  DVFA founded as the association of financial analysts in Germany.

Independent professional association and standard-setter for investment professionals in Germany, advocating responsible capital markets and lean regulation complemented by best practice standards.

• Certified International Investment Analyst (CIIA)

  Internationally recognized professional qualification for investment professionals.

• Certified Risk Manager (CRM)

  Certification for risk management professionals.

• Certified Credit Risk Analyst (CCrA)

  Certification for credit risk analysts.

• DVFA Akademie training programs

  Over 120 different education and training programs offered since 1987.

• DVFA result (DVFA-Ergebnis)

  Method for determining adjusted annual earnings, widely used before IFRS.

• DVFA/SG cash flow statement

  Simplified cash flow statement used by employee representatives and works councils.

• Corporate Governance Scorecard (CG-Scorecard)

  Tool for measuring compliance with corporate governance standards.

1. 1DVFA e.V. Investment Professionalsdvfa.de
2. 2Deutsche Vereinigung für Finanzanalyse und Asset Management - Wikipediade.wikipedia.org
3. 3Deutsche Vereinigung für Finanzanalyse und Asset Management - Wikidatawikidata.org