Financial Executives International (FEI) is a member-service–oriented organization based in Morristown,

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

, for senior-level financial executives in companies in varying sizes, both public and private, and in all industries. FEI operates a separate nonprofit

foundation Foundation may refer to: * Foundation (nonprofit), a type of charitable organization ** Foundation (United States law), a type of charitable organization in the U.S. ** Private foundation, a charitable organization that, while serving a good cause ...

: Financial Education & Research Foundation (FERF), which acts as an impartial financial resource for members and Foundation supporters.

History

FEI was founded as the Controllers Institute of America in 1931. The organization renamed itself in 1962 to Financial Executives Institute to reflect the expansion of responsibilities among financial executives into policy-making areas. As the global economy continued to grow in the 1960s, the group helped form the International Association of Financial Executives Institutes (IAFEI). By 2000, the organization had opened membership to financial executives from around the world and underwent another name change – Financial Executives International. In 2011, FEI had 86 chapters in cities across the United States and Canada as well as Japan. Some of the organization’s largest chapters are located in

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...

Silicon Valley Silicon Valley is a region in Northern California that serves as a global center for high technology and innovation. Located in the southern part of the San Francisco Bay Area, it corresponds roughly to the geographical areas San Mateo County ...

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

Dallas Dallas () is the List of municipalities in Texas, third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the List of metropolitan statistical areas, fourth-largest metropolitan area in the United States at 7.5 ...

and

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

. FEI launched a Japan Chapter in February 2012, marking the organization’s first expansion outside of North America. FEI is headquartered in Morristown, New Jersey, with offices in

Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

FEI Canada, which operates independently, has 11 chapters and is headquartered in Toronto, Ontario. In 1944, FEI created a separate foundation, FERF, which performs impartial and independent research on financial and strategic-management topics for a wide breadth of industries. FEI Canada's research foundation is called CFERF (the Canadian Financial Executives Research Foundation).

Financial Education & Research Foundation

The Financial Education & Research Foundation (FERF) was founded in 1944 as a separate

501(c)(3) A 501(c)(3) organization is a United States corporation, trust, unincorporated association or other type of organization exempt from federal income tax under section 501(c)(3) of Title 26 of the United States Code. It is one of the 29 types of 50 ...

nonprofit educational organization. It was established in order to provide financial solutions for the financial management profession through impartial and independent research. It frequently partners with other organizations to conduct industry research.

Research

* FERF partnered with Robert Half Management Resources on its third annual report surveying financial executives on a global scale, including 25 percent of respondents residing in

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

and 11 percent residing in

France France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...

. Key findings included: 38 percent of US companies outsourced payroll functions, 11 percent of US companies used

IFRS International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's fina ...

accounting standards and 49 percent of US respondents believed financial reforms resulting from the global financial crisis are adding to the cost of compliance. *

XBRL XBRL (eXtensible Business Reporting Language) is a freely available and global framework for exchanging business information. XBRL allows the expression of semantic meaning commonly required in business reporting. The language is XML-based an ...

serves as a freely available, open and global standard for exchanging business information. XBRL used FERF as an impartial researching arm to survey more than 300 public companies on their XBRL experiences. *

KPMG KPMG International Limited (or simply KPMG) is a multinational professional services network, and one of the Big Four accounting organizations. Headquartered in Amstelveen, Netherlands, although incorporated in London, England, KPMG is a net ...

has three lines of services, including

audit An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing ...

tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...

and advisory. The organization partners with FERF to conduct studies on financial services. Recent studies show that investors and financial executives are feeling overloaded by the volume and complexity of financial disclosure information in annual reports and other financial filings. *

Grant Thornton International Grant Thornton is the world's seventh-largest by revenue and sixth-largest by number of employees professional services networks, professional services network of independent accounting and Management consulting, consulting member firms which ...

is a global

professional services network Professional services networks are business networks of independent firms who come together to cost-effectively provide professional services to clients through an organized framework. They are principally found in law and accounting. They may ...

of independent

accounting Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...

and consulting member firms. Grant Thornton partnered with FERF to examine company methods being utilized to raise capital. *

Gartner Gartner, Inc is a technological research and consulting firm based in Stamford, Connecticut that conducts research on technology and shares this research both through private consulting as well as executive programs and conferences. Its clients ...

, an information technology research and advisory firm, partnered with FERF to conduct impartial research studies to deduce strategic solutions. Once such survey conducted among

Chief Financial Officers The chief financial officer (CFO) is an officer of a company or organization that is assigned the primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and finan ...

(CFO) found that only five percent of CIOs can authorize IT investments. This study served to gather financial executives’ perceptions on technology and key trends for improvement within the business sector.

Partnerships

* Research conducted using a 2012 survey of European and American

(CFOs) found confidence in the global economy is on the rise. However, domestic growth is among the top concerns of both American and European CFOs. * The

Center for Audit Quality Center or centre may refer to: Mathematics * Center (geometry), the middle of an object * Center (algebra), used in various contexts ** Center (group theory) ** Center (ring theory) * Graph center, the set of all vertices of minimum eccentric ...

partnered with the

Institute of Internal Auditors The Institute of Internal Auditors (IIA) is an organization which advocates, provides educational conferences, and develops standards, guidance, and certifications for the internal audit profession. History Established in 1941, the IIA today ...

and the

National Association of Corporate Directors The National Association of Corporate Directors (NACD) is an independent, not-for-profit, section 501(c)(3) founded in 1977 and headquartered in Arlington, Virginia. NACD's membership includes the entire boards of 1,700+ corporations as well as ...

along with FEI to develop fraud-fighting training tools. * The

Committee of Sponsoring Organizations of the Treadway Commission The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is an organization that develops guidelines for businesses to evaluate internal controls, risk management, and fraud deterrence. In 1992 (and subsequently re-released in 20 ...

(COSO), is organized to sponsor the National Commission of Fraudulent Financial Reporting. COSO works to provide guidance on enterprise risk management (ERM), internal control and fraud deterrence designed to improve organization performance and governance and reduce fraud in organizations. COSO is supported by five organizations, including the Institute of Management Accountants (IMA), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), the Institute of Internal Auditors (IIA) and FEI.

References

External links

* {{Official website, https://www.financialexecutives.org, name = Financial Executives International (FEI)
Financial Education & Research Foundation

Financial Executives International Canada (FEI Canada)
Service organizations based in the United States