General Information


The National Federation of Municipal Analysts (NFMA) was chartered in 1983.

The NFMA is a not-for profit association of municipal analyst societies and affiliated individual members. The NFMA’s mission is to enhance the professional development and analytical contributions of municipal market participants through best-in-class educational programs, networking opportunities, and targeted advocacy, while promoting diverse thoughts, perspectives, and representation for the benefit of an equitable and inclusive municipal bond industry. A continuing commitment to diversity, equity, and inclusion is critical to deepening our relevance, credibility and effectiveness as we strive to achieve this mission.

 Since NFMA’s inception, our goals have been:

  • To promote professionalism in municipal credit analysis,

  • Through our educational programs, to further the skill level of our members and to provide a platform by which analysts can exchange ideas,    

  • To advocate, when appropriate, issues of importance to the municipal finance industry, and

  • To facilitate the flow of information among market participants, especially in terms of better issuer disclosure.

How the NFMA Meets its Stated Mission...

In furtherance of its mission, the NFMA provides support to members and others in the municipal finance community in the following ways:

  • A Diversity, Equity and Inclusion Committee is working to identify and implement ways of recruiting, advancing and retaining a more diverse membership.
  • The New Member Advancement Committee works to establish mentorship for newer municipal analysts, and to reach out to universities to encourage students to consider the municipal analyst profession.
  • Unemployed members may apply to have dues waived until employment is found.
  • A job bank is made available for all members, free of charge.
  • Discounted registration fees for unemployed members.
  • Government employees may apply for discounted registration to NFMA educational events.
  • Students may apply for discounted registration to NFMA educational events.
  • The NFMA holds an Introduction to Municipal Bond Credit Analysis each Fall. This event, which has been held annually since 1987, is open to new analysts, seasoned analysts seeking to broaden their knowledge bases, bond sales, trading and support staff, government employees and students.


The NFMA comprises eight constituent societies:

Members of constituent societies are automatically members of the NFMA. In addition, individuals not located in proximity to a constituent society may join the NFMA as Affiliated Individuals or Associate Member.

The NFMA is governed by its constitution. Please click here to view the constitution: Constitution

NFMA members are required to abide by the Code of Ethics and Standards of Professional Conduct established by the CFA Institute (and adopted with permission of the CFA Institute by the NFMA effective August 4, 2019), with the exception of Article VII, unless applicable to individuals as a CFA Institute Members or Candidates. Please click here for the code of ethics: Code of Ethics

Financial Statements

The NFMA's 990 statements prepared for the IRS are available for public inspection.  Financial statements are available at the following links:


Membership in the NFMA totals nearly 1200, 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.  Beginning in 2013, the NFMA began a Student Membership category.


The NFMA has been a strong advocate of improved disclosure in the municipal market since its inception. Throughout its history, the NFMA has issued comment letters and position statements on relevant topics in the municipal market. In 1990, the NFMA 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 NFMA published secondary market disclosure forms covering 15 separate sectors in the municipal bond market. Commencing in 2000, the NFMA began a series of Recommended Best Practices Papers and White Papers dealing with the various sectors in the municipal bond market. These papers are typically products of months of drafting and review by committees composed of experts from our membership and other market participants.  

In addition, the NFMA publishes electronic newsletters for its members three times per year.

Educational Programs:

An Annual Conference is held each spring in various locations. Attendance ranges from 300 to 400. The Introduction to Municipal Bond Credit Analysis has been held each fall since 1987 and Advanced Seminars are held each fall and January throughout the country. To see the Event Calendar, click here.


The NFMA has presented awards annually since 1984.  Each year the Awards Committee convenes to determine which individuals or entities further the goals of the NFMA for the advancement of the municipal bond industry. To view the recipients of NFMA industry and service awards, click here. To view the recipients of NFMA Disclosure Awards, click here.

NFMA 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: [email protected]