IDEAS
For frequently asked questions regarding the CIMA/CIMC license renewal process, click here.
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How long has the CIMA program been in existence? |
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Since 1988. |
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Do other organizations offer the designation? |
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No, IMCA holds exclusive rights to the CIMA designation.
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Where is the education part of the program offered? |
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At The Wharton School, University of Pennsylvania, and at the Haas School of Business, University of California, Berkeley |
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How many people currently hold the CIMA designation? |
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Approximately 5,500. This number steadily has increased over the last few years as awareness about the program has grown. Each class has 45–50 students and IMCA now offers 20 classes per year. |
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What are the qualifications for becoming a CIMA? |
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At least three years of investment consulting experience, defined as spending a material amount of business hours on the investment consulting process. This experience includes, but is not limited to the following: developing asset allocation strategies, writing investment policy statements, conducting manager searches, performance measurement and evaluation. Candidates also must have a clean U-4, defined either as answering "no" to all questions on the FINRA Form U-4, or providing satisfactory explanations concerning any "yes" answers. |
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What does the application process consist of? |
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First, the candidate must complete the CIMA application and submit it to IMCA with payment in full. The candidate then will receive the study materials and must pass the Level I exam before being placed in a class. A student has three attempts to achieve a passing score of 70 percent or above. After passing the Level I exam and before attending the Level II class, candidates will receive additional study materials to prepare. |
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What are the costs associated with the program? |
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2008 rates are $6,430 for IMCA members and $6,535 for nonmembers. Cost for IMCA membership is $395 per year. Costs include tuition, room and board, study materials, and testing fees. Travel is not included. Prices are subject to change. IMCA membership, though not required for certification, is highly recommended. |
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What does the curriculum consist of? |
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Asset allocation, investment policy, manager search and selection, performance measurement and attribution, behavioral finance, risk management, derivatives, legal and regulatory environment and ethics. |
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How long does the program last? |
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The classroom portion of the program lasts five-and-a-half days. Wharton classes always begin on Sunday at 10 a.m. and end on Friday at 12:30 p.m., when the four-hour final exam is taken. Classes at UC Berkeley typically start Monday and end on Saturday with the final exam. |
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What type of exam is the final and how is it graded? |
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The four-hour final exam is a written test of both the qualitative and quantitative aspects of the program. There are no multiple-choice or true-or-false questions. Each class is graded independently and the passing grade varies from class to class. |
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How long will I have to wait for the Level II exam results? |
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Approximately 10 weeks from the date you take the exam. |
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What do I do if I fail the final exam? |
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You do not have to retake the class but will be required to retake the exam within two years of your original Level II class date. |
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Does the CIMA course count for CE credit for other designations? |
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Yes. Attaining the CIMA designation has been pre-approved for 60 hours of continuing education for the CFP® designation. IMCA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org. For more information on NASBA standards, click here. |
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Once I become certified, how do I maintain my designation? |
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You will be required to recertify every two years by earning 40 hours of continuing education, at least 20 of which must be through IMCA-sponsored events. |
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CIMA/CIMC License Renewal FAQs
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If you do not find the answer to your specific question below, please e-mail your question to IMCA's Recertification Department or call 303.770.3377.
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When does my license renewal period begin? |
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Your license renewal start date is the first day of the month that the license is effective, runs for two years, then expires on the last day of the renewal month. The current period for each individual licensee is available in the My IMCA section of the Web site. |
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What are the continuing education requirements? |
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There are three requirements to renew the CIMA/CIMC license. Each licensee must do the following:
The CE reporting, the disciplinary disclosure, and payment must be received prior to the expiration date of the licensee’s current two-year reporting period. All reported CE hours must be processed by IMCA on or before the expiration date of the renewal period in order to avoid license expiration. For more specific information regarding CE requirements visit the CE Requirements section of the Web site. |
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How can I accumulate IMCA continuing education hours? |
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A listing of acceptable IMCA-sponsored continuing education programs can be found here. |
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What subject matter is acceptable for non-IMCA continuing education hours? |
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A listing of acceptable non-IMCA-sponsored continuing education programs can be found here. |
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Do CE hours earned for other designations I hold count toward the CIMA/CIMC designation as well? |
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As long as CE subject matter is related to investment consulting, the earned CE can count. A comprehensive listing of education topics can be found here. |
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How do I receive CE credit for volunteer work done through the Evelyn Brust Financial Research and Education Foundation (EBF)? |
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The EBF is not affiliated with IMCA; however, non-IMCA-sponsored CE hours may be earned for participating in volunteer activities. Click here for more information. |
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What paperwork is necessary to report continuing education I have completed? |
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Each licensee is responsible for submitting CE documentation for both IMCA-sponsored and non-IMCA-sponsored programs. Documentation must be mailed or faxed to IMCA. IMCA’s contact information and more information on reporting CE can be found on the Web site. |
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How can I keep track of my continuing education credit? |
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Licensees may check the continuing education hours that IMCA has accepted toward license renewal by logging into his/her My IMCA account on our Web site. |
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How long does it take for my CIMA/CIMC record to be updated once I submit the appropriate CE documentation? |
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Please allow at least two weeks from receipt of the CE submittal in the IMCA office for your CIMA/CIMC record to be updated. You may check the CE hours that IMCA has accepted toward your renewal by logging into your My IMCA account on our Web site at any time. |
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Why can’t I see my CE information on the Web site? |
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Only licensees in good standing can review his/her CE information in the My IMCA section of our Web site. Be sure to check the current two-year license renewal period dates that show in your online record. Only CE credit earned within the current two-year period will display. |
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Can I get advanced CE approval for a non-IMCA-sponsored program I plan to attend? |
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Yes. You can request pre-approved CE credit for future non-IMCA-sponsored programs by submitting a detailed agenda (which includes subject matter and associated clock time). The request can be via fax, e-mail or letter to the Director of Recertification at IMCA. You will be notified in writing of the pre-approved non-IMCA-sponsored CE credit. |
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Are there any fees associated with license renewal? |
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One of the requirements to renew the CIMA/CIMC license is to pay a renewal fee of $500 for the next two-year period. (This fee is waived for those designees who have maintained IMCA membership over the previous two years.) |
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When I complete my CE requirement, am I formally notified of my next license renewal period? |
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Yes. Upon meeting all the requirements to renew the CIMA/CIMC license, a confirmation letter is mailed to the licensee’s address of record advising him/her of the new two-year license renewal period and reminding him/her of the new CE requirement. |
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What happens if I cannot complete the CE requirement within the two-year license renewal period? |
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If you are a few CE credits short of your 40-hour CE requirement, you might consider registering for and accessing IMCA audio broadcasts, worth one IMCA-sponsored CE hour each. If, however, you cannot complete the requirements, you may apply for an extension. An extension application may be requested from the Recertification Department at IMCA by calling 303.770.3377 or via e-mail. |
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If I receive notice to cease use of the license, what are my options? |
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If a former CIMA licensee wishes to reinstate his/her right to use the CIMA marks, there are two options available. A reinstatement application indicating which option is selected must be completed and returned to IMCA along with the appropriate fees to begin the reinstatement process. Visit the Reinstatement page of our Web site for more information. There is no reinstatement for the CIMC license. |
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What is the new 6+ Rule I’ve heard about? |
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IMCA has modified its continuing education (CE) requirements in an effort to better-serve our CIMA and CIMC designees who have shown their dedication to the marks and to the industry. IMCA events provide the highest-level, topic-focused agendas and knowledge to assist the investment management consultant community, and we realize the importance of providing flexibility in how that content is delivered. The “6+ Rule” is a new policy that stipulates that those who have been certified for more than six years and whose license renewal period began after January 1, 2008, can complete and report a minimum of 20 IMCA-sponsored CE credit hours over the span of their next two two-year renewal periods. The former policy stipulated a minimum of 20 IMCA-sponsored CE credit hours for each two-year renewal period. |
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Can you provide me with details to help me understand the changes? |
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In other words, over four years (which equals two renewal periods), designees with six or more years of certification are required to complete and report the usual 80 CE credit hours, of which only 20 must be IMCA-sponsored. Previously, at least 40 of those CE credit hours during those two renewal periods needed to be IMCA-sponsored. |
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Who is affected by the Rule? |
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The new policy affects CIMA/CIMC designees with six or more years of certification, whose renewal period begins after January 1, 2008. |
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When does the Rule take effect? |
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The new policy was implemented on January 1, 2008, but it begins on your next renewal period following that date. Therefore, if you have been certified for six or more years, and your next renewal period begins in October 2008, the rule does not apply to you until October 2008, and you will need to continue accumulating CE credit hours under the current policy. |
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How do I know if I qualify for the new 6+ Rule? |
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All CIMA/CIMC designees who have been certified for six or more years and whose renewal period began after January 1, 2008, should receive a letter from IMCA explaining the new policy. If you believe you qualify for the policy and have not yet received confirmation from IMCA, please contact IMCA’s recertification department at 303.770.3377 or recertification@imca.org. If you do not receive confirmation from IMCA, please continue accumulating CE credit hours under the current policy. |
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Why did IMCA decide to implement the Rule? |
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IMCA designation requirements are built around the “four E’s”, which require designees to meet an experience, education, examination, and ethics requirement. IMCA’s programs offer advanced investment content, and our continuing education requirements have always supported the character of our educational opportunities. By implementing this policy change, IMCA felt that applying the tools and techniques of the CIMA program over an extended time period of more than six years counted significantly toward an in-depth understanding of advanced investment consulting content and practice. Therefore IMCA felt it was important to recognize the dedication of designees who have maintained six or more years of certification. |
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What was the reasoning behind six years? |
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Just as there is an experience requirement to obtain the CIMA designation, IMCA believes it is important for designees to show their commitment to certification through experience. Six years is an appropriate amount of time for designees to fine-tune their skills and demonstrate an in-depth understanding of advanced investment consulting content and practice. IMCA provides a variety of educational opportunities throughout the year and we believe the topics at our conferences are relevant to designees in all stages of their career. After six years as a CIMA professional, we believe it is the right and responsibility of the designee to pursue the most appropriate CE opportunities for his/her job responsibilities. |
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Will IMCA do away with its IMCA-sponsored CE credit requirement in the future? |
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IMCA will continue to provide world-class educational offerings through its various events. At this time, IMCA still requires IMCA-sponsored CE credit be obtained for all designees. Although the amount of required IMCA-sponsored CE credits has changed for designees with six or more years of certification, we do not anticipate alleviating the IMCA-sponsored CE requirement. We are aware of the needs of our designees and our certification committee will continue to evaluate our CE requirement process on a regular basis. Future changes to IMCA CE requirements will be made with the best interest of our designees and the public in mind. |
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