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Objectives and History


The Association engages in the following activities in order to contribute to the development of analytical techniques and professional standards for those engaged in securities analysis and portfolio management:

  • Research to develop analytical techniques/skills.
  • Education and examination programs for those who are/will be engaged in securities analysis and portfolio management, and the award of the CMA® (Chartered Member of the Securities Analysts Association of Japan) designation to those who achieve a required level of professional competence.
  • Promotion of the CIIA® (Certified International Investment Analyst) qualification as well as education and examination programs to those who hold the CMA designation.
  • The sponsorship of programs such as company presentations, seminars/lectures on securities analysis, etc.
  • The collection, publication, and dissemination of pertinent reference materials.
  • The exchange of views and information with counterpart associations overseas.


The Association was founded on October 15, 1962 supported by securities companies, banks, insurance companies, trust banks, and other related companies soon after two delegations of US securities analysts had visited Japan to research Japanese industries and securities markets when Japan was experiencing rapid economic growth.

Oct 1962 Tokyo Securities Analysts Association founded.
Mar 1963 First issue of Securities Analysts Journal.
Mar 1969 Reorganized into a nationwide association and name changed to "The Securities Analysts Association of Japan".
Dec 1969 Osaka branch opened.
Jul 1973 Status changed to a corporation (approved by the Ministry of Finance).
Oct 1977 First correspondence course for Level I exams introduced.
Sep 1980 Second meeting of Asian Securities Analysts Council in Tokyo.
May 1981 First CMA Level II exam (chartered members first created).
Jul 1986 First SAAJ Annual Conference held.
Jul 1987 SAAJ Standards of Professional Conduct for Securities Analysts established.
Jan 1989 First SAAJ-AIMR Joint Seminar.
Nov 1990 Outline of Education and Examinations for Securities Analysts revamped.
Jun 1992 CMA correspondence courses based on new curriculum introduced.
Oct 1992 30th Anniversary - Commemorative SAAJ Conference and 14th Asian Securities Analysts Council Conference in Tokyo.
Jun 1995 CMA correspondence courses and exams open to the general public.
Sep 1995 Awards for Excellence in Corporate Disclosure started.
Jun 1999 SAAJ Investment Performance Standards issued.
Jun 2000 Certified International Investment Analyst (CIIA®) examination/designation system established.
Jun 2000 SAAJ Standards of Professional Conduct for Securities Analysts revised.
Mar 2001 First CIIA® examination.
Jun 2002 SAAJ Standards of Professional Conduct for Securities Analysts revised.
Apr 2004 New correspondence course "Primary Education Program" launched.
CCMA (Candidate for Chartered Member of SAAJ) scheme launched.
Oct 2004 ASAF (Asian Securities Analysts Federation Inc.) Tokyo Conference held.
Apr 2005 Classroom-style teaching course "Introduction to Quantitative Analysis" introduced.
Apr 2005 SAAJ–IR Club introduced.
Oct 2005 CMA holders exeeded 20,000.
Apr 2006 Offering CMA Level I exams twice a year (spring and autumn) started.
Jan 2006 SAAJ Investment Performance Standards (SAAJ-IPS) transformed into the Japanese Translation of the Global Investment Performance Standards (GIPS).
Jun 2006 CMA Level I correspondence courses based on new curriculum introduced.
Aug 2006 Opened SAAJ membership to foreign CIIA holders. (CIIA portability system introduced.)
Jan 2007 Partial exemption from CMA correspondence course/exams for foreign CIIA holders introduced.
Aug 2007 CMA Level II correspondence courses based on new curriculum introduced.
Dec 2007 First Private Banking Seminar.
Jun 2008 CMA Kyushu Communication Network started.
Jul 2008 Special Company Presentations for Individual Investors started.
Dec 2008 Medium-term management plan formulated (five years up to 2012).
Mar 2009 21st SAAJ-CFA Institute/CFAJ Joint Seminar held (discontinued hereafter).
The core computer system come into operation.
Oct 2009 SAAJ's online video presentation service started up from the 24th SAAJ Annual Conference.
Nov 2009 CMA Tokai Communication Network started.
Jan 2010 1st SAAJ International Seminar
Feb 2010 'Basic Modern Portfolio Theory Course' commenced.
Oct 2010 CMA Hokuriku Communication Network started.
Nov 2010 CIIA 10th Anniversary Seminar in Tokyo.
Feb 2011 'Basic Derivatives Course' commenced.
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