The Academy of Finance (AOF) is one of the twelve professional divisions of the Midwest Business Administration Association (MBAA).  The MBAA annual meetings have been held in Chicago, IL each spring since the mid 1960s.  The AOF was founded on March 16, 1990 with the approval of the organization’s constitution.  The original name of the organization was the Midwest Academy of Finance and Insurance but the name was shortened to The Academy of Finance in 2001.

The AOF is the sponsoring organization of the Journal of Finance Issues (JOFI).  In the early 1990s the organization’s publication was essentially a proceedings of the papers presented at the annual meetings. The original name of the publication was the Midwest Review of Finance and Insurance. 

Over time with pressure from university deans and accrediting bodies, the AOF was encouraged to create a new journal with far more rigorous standards for publication.  With the proceedings  being continued in electronic form, a brand new journal  with its own editors and board of directors was created.  From 2003-2010 more rigorous double-blind review was instituted and the name of the publication was changed to the Journal of the Academy of Finance.  In 2011 the AOF voted to open the Journal to all researchers whether they were members of the AOF or not.  The current name of JOFI was adopted for the 2012 issue to make the title unique and prevent confusion with another publication.

In the fall of 2012, the publication contracted with the publisher to make the publication electronically searchable.  It is hoped that making the publication available to students and researchers electronically will make the excellent quality research articles useful  to students and faculty researchers in the future.