Investment Management Consultants Association (IMCA®) is sending you this complimentary e-newsletter in appreciation of your support and interest in IMCA’s investment consulting and wealth management credentialing programs. Education & Training Leader is a compendium of industry-related news and information that addresses the field of financial services credentialing and presents additional information about IMCA’s knowledge offerings. If you would like to learn more, please e-mail Lara Davies or call 303.850.3081.

In this issue:

IMCA Raises Standards for CIMA Certification Program
IMCA implemented changes to the Certified Investment Management AnalystSM (CIMA®) certification program on July 1, 2009. These changes stem from the findings of a job analysis survey conducted by IMCA in 2007, and are designed to meet third-party accreditation standards. The CIMA certification program was developed more than 20 years ago and is built upon experience, education, examination, and ethical requirements. Candidates must continue to successfully complete the education portion of the program, offered in conjunction with The Wharton School, University of Pennsylvania, and the Haas School of Business, University of California, Berkeley. However, candidates enrolled after July 1 must also pass a criterion-based certification examination, which was developed from the findings of the job analysis. The certification examination is designed to objectively test a level of knowledge, skill, and competency needed by an advanced investment professional in the real world. Learn more.

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The New Steps to Certification
Step One—Submit Initial CIMA Application, Fee, and Undergo Background Check
The first step includes completing and submitting the initial application and undergoing a background check. Under the new system, the application fees for the program are unbundled and paid separately during each step of the process. The initial application fee for IMCA members is $105, while nonmembers pay $500. Applicants must show a minimum of three years of client-centered experience in the financial services industry. After an applicant’s application is approved and the background check is complete, he/she will become a candidate and begin preparing for the Qualification Examination.

Step Two—Attempt and Successfully Pass the CIMA Qualification Examination
Candidates will have two years to successfully pass the online Qualification Examination and may use a variety of pre-study materials for the program, including self-study books, tutoring from third-party providers, and a soon-to-be-launched IMCA online preparation course.

Step Three—Schedule into and Complete the CIMA Education Program with Registered Education Provider
Upon passing the Qualification Examination, candidates will contract directly with a Registered Education Provider to complete the education portion of the CIMA program. Both The Wharton School at University of Pennsylvania, and the Haas School of Business at University of California, Berkeley, will continue to offer the CIMA certification education program. Candidates will work directly with the education providers to schedule into a class and will pay the registration fee directly to the provider.

Step Four—Submit Certification Examination Application and Fee and Successfully Pass Certification Examination
Once a candidate has successfully completed the education portion of the program, the next step in the process is to prepare for and successfully pass a comprehensive Certification Examination. The Certification Examination will be administered during the months of May and November in 2010 and is designed to test the ability of candidates to demonstrate a level of competence as an advanced investment professional. IMCA members will pay a $475 fee to take the exam, while nonmembers will pay $675. After a candidate’s application is approved and his/her background check is complete, he/she will be eligible to sit for the Certification Examination.

Step Five—Sign License Agreement, Submit Initial Certification Fee, and Agree to Adhere to IMCA’s Code of Professional Responsibility, Standards of Practice, and Rules and Guidelines for Use of the Marks
After passing the Certification Examination, candidates receive a license agreement to use the CIMA and Certified Investment Management Analyst marks. To complete this process, the candidate must pay an initial licensing fee of $105, sign a license agreement, and adhere to IMCA’s Code of Professional Responsibility, Standards of Practice, and Rules and Guidelines for Use of the Marks. When IMCA receives this information, a certification renewal date is set for the individual that coincides with his/her birth month.

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The Unbundled CIMA Certification Program Fee Schedule
The CIMA certification program offers a flexible, pay-as-you-go system that allows a candidate to budget accordingly and progress at his/her own pace. The cost for certification can range anywhere from approximately $7,000 to $11,000, depending on a candidate’s preferences. Prices are subject to change and details regarding current fees are outlined below:

1. CIMA Certification Program Application Fee
     -$105 current IMCA members
     -$500 nonmembers
     -$500 with IMCA membership ($395 annual membership, $105 application fee)

2. Qualification Examination Fee
     -First-time testing fee included in application fee
     -Fee for each retake attempt is $125 for current IMCA members, $175 for nonmembers 
     -Pre-study resources are available for additional fees

3. Registered Education Providers Education Program Fees
     -The Haas School of Business—$4,995 (does not include room and board)
     -The Wharton School—$7,950 (includes room and board)

4. Certification Examination Fee
     -$475 current IMCA members
     -$675 nonmembers
     -Fee for each retake attempt is $475 for current IMCA members, $675 for nonmembers

5. Initial Licensing Fee
     -$105 current IMCA members
     -$500 nonmembers

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FAQs About IMCA’s Certification Changes
Why broaden the experience requirement beyond strict investment consulting experience?
A major component toward meeting third-party accreditation is to ensure that all certification standards are consistent with the 2007 job analysis of IMCA members. One of the findings of the job analysis is that CIMA professionals work in a variety of different roles in financial services, from institutional investment management consultants to business executives within financial services firms. As a result, IMCA has broadened the experience requirement for applying to the CIMA certification program.

Why require a Qualification Examination?
The Qualification Examination under the previous system was known as the “Level I” examination, which was developed to ensure that all candidates attained a minimum level of knowledge before immersing themselves in the classroom. IMCA’s Certification Committee developed this new Qualification Examination using the topics identified as being essential knowledge competencies for investment professionals. Any of the topics tested on the Qualification Examination also will appear on the Certification Examination.

Why separate education providers during the process?
Accreditation standards state that the education providers should be separate from the credentialing organization in order to minimize conflicts of interest. Under the new system, individuals or companies work directly with the education provider to schedule into a class. The education provider teaches the class much in the same manner it always has, and informs the candidate and IMCA when an individual has successfully completed their requirements.

Why add a Certification Examination to the process?
Both the Qualification Examination and the Certification Examination were developed using the findings of a job analysis of investment management professionals conducted by IMCA in 2007. The requirement that we implement a criterion-based examination that objectively tests a level of knowledge, skill, and competency needed by an advanced investment professional in the real world, is perhaps the most fundamental requirement of accreditation. For more on how the CIMA examinations are developed, read IMCA’s “Focus on Certification Accreditation” article in the May/June 2009 issue of Investments & Wealth Monitor.

Why are the “rights to use the marks” such a big deal?
No matter what designation or certification marks you hold, you may have noticed that the credentialing organization stresses the importance of proper use of the marks. As perhaps the most valuable asset of the organization, the CIMA trademarks belong to IMCA, but when an individual meets our certification standards, they are given a limited license for use of these trademarks. If the individual fails to meet those standards, the right to use the trademarks can be rescinded. If IMCA fails to protect its trademarks, IMCA’s right to use the marks may be compromised. Ultimately it is of benefit to you, the professional, that we consistently monitor and enforce proper use of the trademarks.

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New CIMA Informational Resources Available for Distribution
IMCA has developed a new informational brochure about the CIMA certification program, which you can view online. If a firm would like to order hard copies of this new brochure for dissemination to advisors/consultants, IMCA will provide these copies at no charge. In addition, IMCA has updated its CIMAconsultant.org Web site for firms who would like to link to CIMA information from their intranet site. If you know candidates currently in the CIMA certification program, you may want to direct them to one of IMCA's independent review course providers.

In addition, IMCA staff and/or volunteers are available for presentations or seminars about the value of the CIMA certification program, or for the educational seminars listed below. To find out more about these seminars and presentations (which can be delivered live or via audio conference or Webinar, please e-mail Lara Davies or call 303.850.3081. 

  • Financial Services Designations and Certifications—An Overview
  • Voluntary Certification vs. Professional Licensing—What’s the Difference?
  • Industry Research Roundup: Financial Advisors and Consultants (summary of research describing advisory marketplace changes, institutional consultants, professional designations within financial services, etc.)
  • Industry Research Roundup: Consumers and Clients (summarize studies on the value of advice and what consumers look for in an advisor, demographic shifts in clients, client communication and trust, etc.)

Registration Now Open for Fifth CPWA Cohort
Registration is now open for IMCA’s Chartered Private Wealth AdvisorSM (CPWASM) program with the self-study portion commencing in October 2009 followed by the 5-day education program in March 2010. The CPWA designation is an advanced program created specifically for financial advisors and consultants who work with high-net-worth clients on the life cycle of wealth: accumulation, preservation, and distribution. The content offers a challenging educational program focused on advanced wealth management topics, including the following: asset protection, executive compensation plans, stock options, tax-efficient portfolios, charitable planning, tax planning, and advanced estate and gift planning. 

The program begins with an approximately six-month-long pre-study program and concludes with a 5-day in-class session at the Gleacher Center in downtown Chicago, home of The University of Chicago Booth School of Business Executive Education program. Program faculty include both Chicago Booth professors and experienced practitioners—wealth managers, retirement planning specialists, investment managers, tax experts, and estate-planning and asset-protection attorneys.  Click here to download the core topic list and application.

IMCA Hosts Essentials of Investment Consulting Certificate Program Webinar
IMCA is hosting a Webinar demonstration of the Essentials of Investment Consulting Certificate Program on July 15, 2009 at 1 PM EDT. Participants will learn the features of this online course designed specifically for financial services professionals who wish to enhance their fundamental knowledge of core topics related to the investment consulting process. The learning platform incorporates a comprehensive set of educational content and self-evaluation tools into an online, self-study environment. There are 12 learning modules organized within an online learning center, with each module offering written educational content, a key themes discussion area, and an application assignment (along with a self-assessment tool). There also are three quizzes offered during the 12-module online learning path, and several audio recordings presented by subject-matter experts.

Learners can use the Essentials of Investment Consulting learning center in whatever way they choose:

  • As a resource for understanding topics that support the field of investment consulting
  • As a tool to help prepare for IMCA’s CIMA certification program
  • As a comprehensive certificate program

For complimentary registration for the Webinar please e-mail Lara Davies or call 303.850.3081.

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Resources for Education and Training Providers
Corporate training departments can access quick links and short descriptions of IMCA's educational programs, designations, and other investment consulting and wealth management offerings on IMCA's Training Resources Web page.
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IMCA—Investment Management Consultants Association delivers the premier investment consulting and wealth management designations and world-class educational offerings through membership, conferences, research, and publications.

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