National Federation of Municipal Analysts

about the NFMA

Background:

The National Federation of Municipal Analysts (Federation) was chartered in 1983. It is a not-for-profit association with the goals of promoting professionalism in municipal credit analysis and furthering the skill level of its members through educational programs and industry communication, providing an informed perspective in the formulation of legal and regulatory matters relating to the municipal finance industry, and facilitating the flow of information between investors and issuing entities.

Organization:

The Federation comprises six constituent societies:

Boston Municipal Analysts Forum; (BMAF)
California Society of Municipal Analysts; (CSMA)
Chicago Municipal Analysts Society; (CMAS)
Minnesota Society of Municipal Analysts; (MSMA)
Municipal Analysts Group of New York; (MAGNY)
Southern Municipal Finance Society. (SMFS)

Members of constituent societies are automatically members of the Federation. In addition, individuals not located in proximity to a constituent society may join the Federation as affiliated individuals.

The Constitution of the NFMA in Adobe Acrobat format.

Membership:

Membership in the Federation totals nearly 1,000, representing the major participants in the municipal market, including institutional investors, bond rating agencies, bond insurance companies, portfolio managers, investment banking firms and financial advisors.

Publications:

In 1990, the Federation published the Disclosure Handbook for Municipal Securities, updated in 1992, with a desire to communicate to the municipal bond industry the information needed by analysts to make informed investment decisions. In 1994, the Federation published secondary market disclosure forms covering 15 separate sectors in the municipal bond market. In addition, the Federation regularly publishes membership directories and newsletters for its members.

Educational Programs:

An annual conference is held each spring in various locations. Attendance ranges from 275 to 300. Introductory and advanced seminars are held periodically throughout the country. In 1995, the Federation expanded its programs to include credit symposiums, organized like investors' tours, to be conducted in locations of interest to the municipal market.

Federation Address:

National Federation of Municipal Analysts
Lisa Good, Executive Director
P.O. Box 14893
Pittsburgh, PA 15234
Phone: 412-341-4898
Fax: 412-341-4894
Email: lgood@nfma.org