Member firms must be qualified by experience and practice to advise and assist public agencies on financing capital improvements and in issuing bonds, as their primary business.
- The firm must provide evidence of technical and professional competence to the satisfaction of the Board of Directors.
- The firm must provide financial advisory services as its primary business.
- Member firms must be completely independent, ethically and actually, from bond underwriters, securities dealers, brokerage firms and banks that buy tax-exempt bonds for resale and from legal, engineering and accounting firms.
Member firms do not include:
- Firms that do not derive substantially all of their income from direct billings to state and local governments for independent financial advisor services.
- Firms having personnel affiliated with any firms in the Redbook’s MUNICIPAL BOND DEALERS section.
- Firms that also provide legal, accounting, credit enhancement and engineering advisory services and for which financing is incidental.
Qualified employees of member firms may become Certified Independent Public Finance Advisors (CIPFA). The employee must be a current employee of the firm, have worked for the member firm for two years not less than 75 percent full time, and have continuously performed financial advisory services for a period of two years. A Bachelors degree or six years of experience in public finance, successful completion of the Certification Test, plus other eligibility standards are required.
Associate, Academic and Other Members
Individuals or organizations not qualified to be firm or professional members may become associate, academic or other members, if they meet the standards for such membership established by the board of directors. (A separate membership application is available for this membership class.)
The annual dues for NAIPFA Firm Members are based on the number of professionals employed by the firm. A professional employee is defined as someone employed by a member firm in a professional capacity, whether or not that person has been certified.
An Associate membership is available to individuals or organizations who are not eligible for firm membership under Article 4.2 of the NAIPFA Bylaws. Entities qualifying for associate membership may provide a service and/or tangible productsto issuers of municipal debt (either directly or indirectly) or may be engaged in the provision of credit rating, bond insurance, or other credit enhancement services to public sector clients. An
Academic membership is available to individuals actively engaged in teaching Public Administration or Finance at an accredited community college, college or university.