Translating the aspirations and circumstances of diverse households into desirable investment decisions is a daunting task. Accomplishing the same task for institutions with many stakeholders, which are regulated by various authorities, is equally perplexing. Put-simply, the investment process is not easily programmable- an efficient procedure. A natural place to look for quality investment procedures is in the offices Of professional investors. Better yet, we choose to examine the approach of the Association for Investment Management and research (AIMR), which was established by a merger of the Financial Analysts Federation (FAF) with the Institute of chartered financial Analysts (ICFA), The AIMR administers three examinations for those who wish to be certified as chartered financial analysts (CFAs). To become a CFA, a candidate must pass exams at Levels I, II, and III, and show a satisfactory record of experience. The AIMR helps CFA candidates by organizing classes and compiling reading materials. Our analysis in this chapter is compiled along the lines of the AIMR model. ......

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