IMCA recently announced some changes to the Certified Investment Management Analyst^SM certification program. The questions below will provide you with more information about those changes. Click directly on the question to find the answer. For frequently asked questions regarding the process for attaining the CIMA^® designation, click here. For frequently asked questions regarding the CIMA and/or CIMC^® certification renewal process, click here.

 

Q	I have heard that IMCA is changing its CIMA certification program. Why?
A	IMCA’s board of directors recognized the value of obtaining third-party accreditation for the CIMA certification program more than two years ago. Third-party accreditation is the defining distinction for designations, and it will strengthen the CIMA designation by building upon its 20-year history and preparing it for the demands of the future. IMCA has already instituted some changes, including forming a certification committee and commissioning and conducting a job-analysis study to identify the key responsibilities of a CIMA professional. Additional changes will be instituted in 2009 to meet third-party accreditation standards. These changes allow the CIMA program to become more open, transparent, fair, objective, and impartial, and they will be communicated to current designees and new CIMA candidates in early 2009.
Q	What other designations are accredited?
A	You may find a listing of accredited designations on the Web sites of the National Commission for Certifying Agencies (NCCA) or the American National Standards Institute (ANSI). The Financial Industry Regulatory Authority (FINRA) also hosts a comprehensive list of financial designations, including accredited designations, on its Web site.
Q	Will there be any changes to the ethical requirements for the designation?
A	There are no additional requirements for new applicants in regards to ethics. All designees must continue to adhere to the IMCA Code of Professional Responsibility and Standards of Practice. For each certification renewal period occurring on or after July 1, 2009, designees must sign a renewal agreement and agree to continue adherence to the IMCA Code of Professional Responsibility.
Q	What are the changes to the certification renewal process?
A	IMCA will implement some changes to the CIMA/CIMC renewal requirements to simplify and streamline the renewal process and provide designees with more flexibility. All designees will continue to be responsible for completing and reporting 40 continuing education (CE) hours for every two-year certification renewal period, and two of those hours must be ethics CE. Commencing July 1, 2009, CIMA/CIMC designees will no longer be required to report a minimum number of IMCA-sponsored CE hours. In addition, CIMA/CIMC designees will be required to submit a Certification Renewal Application that includes a license renewal fee, disclosure of all past or current violations, and a signed statement that IMCA’s Code of Professional Responsibility and Standards of Practice have been adhered to. For full renewal details under the new system, download the Certification Renewal Application (PDF). These new certification renewal rules do not apply for a designee until his/her first full two-year certification renewal period beginning on or after July 1, 2009.
Q	Which designations are impacted by the certification renewal changes?
A	Only IMCA’s CIMA and CIMC designations will be impacted by the new rules. Chartered Private Wealth AdvisorSM (CPWASM) designees will continue to obtain and report CE under their current rules.
Q	Can you provide me with details to help me understand how the certification renewal changes impact current designees?
A	Yes. A special “CIMA Transition Center” has been created on IMCA’s Web site with more details about the changes, including specific details for your certification renewal period. To visit the center, click here. In addition, you will receive personalized communication from IMCA regarding your specific CE requirements as you near your certification renewal period expiration.
Q	When do the certification renewal changes take effect?
A	All changes to the certification renewal process will commence on July 1, 2009. However, they impact only current designees whose two-year certification renewal period begins on or after July 1, 2009.
Q	Why did IMCA decide to make changes to the certification renewal process?
A	IMCA decided to institute changes to the CIMA/CIMC designation renewal requirements to be in alignment with third-party accreditation standards and in an effort to simplify and streamline the renewal process and provide designees with more flexibility.
Q	With certification renewal changes what happens to the 6+ Rule?
A	Designees with six or more years of certification will continue to operate under the current 6+ Rule until their first full, two-year certification renewal period occurring on or after July 1, 2009. For more information on IMCA’s 6+ Rule, click here.
	CIMA Certification FAQs
	If you do not find the answer to your specific question below, please e-mail your question to IMCA's Certification Department or call 303.770.3377. How long has the CIMA program been in existence? Do other organizations offer the designation? Where is the education portion of the program offered? How many people currently hold the CIMA designation? What are the qualifications for becoming a CIMA professional? What does the application process consist of? What are the costs associated with the program? Can my company reimburse my tuition? What does the curriculum consist of? How long is the classroom session? What type of exam is the final and how is it graded? How long will I have to wait for the Level II exam results? What do I do if I fail the final exam? Does the CIMA course count for continuing education (CE) credit for other designations? Once I become certified, how do I maintain my designation?

Q	How long has the CIMA program been in existence?
A	For more than 20 years. The first class of CIMA designees graduated in 1988.
Q	Do other organizations offer the designation?
A	No, IMCA holds exclusive rights to the CIMA designation.
Q	Where is the education portion of the program offered?
A	Level I of the CIMA designation program consists of a self-study portion, while the Level II education is administered through The Wharton School, University of Pennsylvania, and the Haas School of Business, University of California, Berkeley.
Q	How many people currently hold the CIMA designation?
A	There are approximately 5,700 CIMA designees. This number continues to increase steadily as awareness about the program grows. Each class has 45–50 students and IMCA offers approximately 15 classes per year.
Q	What are the qualifications for becoming a CIMA professional?
A	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. The qualifications will change beginning July 1, 2009. Click here for more information.
Q	What does the application process consist of?
A	First, the candidate must complete the CIMA designation program application and submit it to IMCA with payment in full. Once accepted into the program, the candidate will receive the Level I study materials. All candidates must pass the Level I exam before being able to attend a class. A student has unlimited attempts to achieve a passing score of 70 percent or above. Each attempt after the initial attempt incurs a $125 fee. After passing the Level I exam and before attending the Level II class, candidates will receive additional study materials to prepare. The application process will change beginning July 1, 2009. Click here for more information.
Q	What are the costs associated with the program?
A	Effective January 1, 2009, rates for the program are $6,600 (IMCA members), $6,995 (nonmembers who choose to join IMCA), or $7,125 (nonmembers). Until July 1, 2009, rates include tuition, room and board, study materials, and testing fees. Travel expenses are not included. Prices are subject to change. IMCA membership, though not required for certification, is highly recommended, as IMCA members will save hundreds of dollars in discounts for educational programs and renewal fees. To find out more about IMCA’s membership benefits, click here. This pricing structure will change beginning July 1, 2009. Click here for more information.
Q	Can my company reimburse my tuition?
A	IMCA does not negotiate any reimbursement programs. A candidate may arrange a reimbursement program directly with his/her employer.
Q	What does the curriculum consist of?
A	Asset allocation, investment policy, manager search and selection, performance measurement and attribution, behavioral finance, risk management, derivatives, legal and regulatory environment, and ethics.
Q	How long is the classroom session?
A	The classroom portion of the program lasts five-and-a-half days. The Wharton School classes begin on Sunday at 10 a.m. and end on Friday at 12:30 p.m., when the final exam is administered. Classes at the Haas School of Business begin on Monday at 8 a.m. and end on Saturday with the final exam from 8 a.m.–noon.
Q	What type of exam is the final and how is it graded?
A	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. The examination process will change beginning July 1, 2009. Click here for more information.
Q	How long will I have to wait for the Level II exam results?
A	Approximately 10 weeks from the date you take the exam. This timeline will change beginning July 1, 2009. Click here for more information.
Q	What do I do if I fail the final exam?
A	You do not have to retake the class. You may retake the exam a maximum of two times, but all attempts must be completed before December 31, 2010. The retake process will change beginning July 1, 2009. Click here for more information.
Q	Does the CIMA course count for continuing education (CE) credit for other designations?
A	Yes. The CIMA designation program provides CE credit for IMCA’s CIMC and CPWA designations. In addition, the attainment of the CIMA designation has been pre-approved for 60 hours of CE credit for the CFP® designation. Upon successful completion of the CIMA designation program, IMCA will report your CE hours to CFP Board of Standards. IMCA also 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. For more information on NASBA standards, click here.
Q	Once I become certified, how do I maintain my designation?
A	You will be required to recertify every two years by earning 40 hours of CE, at least 20 of which must be through IMCA-sponsored events. Two of those 40 hours must be ethics hours. These requirements will change for designees whose next two-year certification renewal period begins on or after July 1, 2009. Click here for more information.
	CIMA/CIMC License Renewal FAQs
	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. When does my two-year certification renewal period begin? Are there any fees associated with certification renewal? What are the continuing education (CE) requirements? How can I accumulate IMCA-sponsored continuing education hours? What subject matter is acceptable for continuing education? Do CE hours earned for other designations I hold count toward the CIMA/CIMC certification renewal as well? Is there a link on the IMCA Web site to pre-approved industry course providers? What paperwork is necessary to report continuing education I have completed? Is there a list of Web site “hot buttons” to various forms required for certification renewal? To report CE hours do I have to use multiple CE forms for multiple events? How can I keep track of my continuing education credit? How long does it take for my certification record to be updated once I submit the appropriate CE documentation? Why can’t I see my CE information on the Web site? Can I get advanced CE approval for a program I plan to attend? Is there more to certification renewal than just reporting CE hours? How do I receive a Certification Renewal Application and invoice form? Can I process my Certification Renewal Application online? When I complete my certification renewal am I formally notified of my next two-year certification renewal period? What happens if I cannot complete my certification renewal requirement within the two-year renewal period? What happens if I do not pay the certification renewal fee? What happens if I do not sign the Certification Renewal Application? If I receive notice to cease use of the certification, what are my options? What is the 6+ Rule and who does it affect? How do I know if I qualify for the 6+ Rule?
Q	When does my two-year certification renewal period begin?
A	Your certification renewal start date is the first day of the month that the certification is effective. The period runs for two years (24 continuous months), then expires on the last day of the renewal month. The current period for each individual designee is available in the “My IMCA” section of the Web site.
Q	Are there any fees associated with certification renewal?
A	Yes. Designees are responsible for paying a $500 fee for every two-year certification renewal period. This fee is waived for designees who have maintained IMCA membership at all times throughout their two-year (24 continuous months) certification renewal period. For designees whose certification renewal period begins on or after July 1, 2009, the fees will be $105 for IMCA members or $500 for nonmembers. Nonmembers who wish to join IMCA may pay a $500 fee, which includes a two-year certification renewal fee ($105) and a one-year IMCA membership ($395). For full renewal details under the new system, download the Certification Renewal Application (PDF).
Q	What are the continuing education (CE) requirements?
A	Each designee must complete and report 40 hours of continuing education during their two-year designation renewal period. The CE must include a minimum of 20 IMCA-sponsored hours and two ethics hours. For designees whose two-year certification renewal period begins on or after July 1, 2009, there is no minimum IMCA-sponsored requirement. However, these designees are still responsible for completing and reporting 40 hours of CE (including two hours of ethics) per each two-year certification renewal period. Those who have held the CIMA/CIMC designation for more than six years may find out more about their specific CE requirements by clicking here. All CE hours must be reported to IMCA prior to your two-year designation renewal period expiration date. For more specific information regarding CE requirements, click here.
Q	How can I accumulate IMCA-sponsored continuing education hours?
A	IMCA offers a number of conferences and audio broadcasts each year. These events offer an advanced breadth and depth of topics, a high caliber of speakers, and consistently high overall evaluation scores. For a listing of acceptable IMCA-sponsored continuing education programs, click here.
Q	What subject matter is acceptable for continuing education?
A	The programming at IMCA conferences is accepted for continuing education and is convenient for designees to obtain. A listing of acceptable non-IMCA-sponsored continuing education topics can be found by clicking here.
Q	Do CE hours earned for other designations I hold count toward the CIMA/CIMC certification renewal as well?
A	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 by clicking here.
Q	Is there a link on the IMCA Web site to pre-approved industry course providers?
A	No. IMCA approves non-IMCA-sponsored programs on a case-by-case basis. However, 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 sent 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.
Q	What paperwork is necessary to report continuing education I have completed?
A	Each designee is responsible for submitting CE documentation for both IMCA-sponsored and non-IMCA-sponsored programs. Paperwork for IMCA-sponsored CE credits is available to participants at IMCA events, and IMCA is currently developing an online platform for reporting CE from IMCA events electronically. Non-IMCA-sponsored hours may be reported to IMCA through the Non-IMCA Continuing Education Hours Submittal Form. Documentation must be mailed or faxed to IMCA. IMCA’s contact information and more information on reporting CE can be found by clicking here.
Q	Is there a list of Web site “hot buttons” to various forms required for certification renewal?
A	Forms and online access for reporting IMCA-sponsored CE are available only to participants at IMCA events. The form for reporting non-IMCA-sponsored CE can be downloaded by clicking here, or you may click on the “Submit Your CE Hours” button in the right column of any page in the “CIMA” section of the Web site.
Q	To report CE hours do I have to use multiple CE forms for multiple events?
A	IMCA conferences allow you to quickly and conveniently report your CE through the forms you receive onsite. For instructions on reporting non-IMCA-sponsored CE, click here.
Q	How can I keep track of my continuing education credit?
A	You may check the continuing education hours that IMCA has accepted toward certification renewal by logging into your “My IMCA” account. You can log in to “My IMCA” from any page on the Web site by clicking the “My IMCA” link in the top right-hand corner of the Web site. Once you have logged in, click on the “CIMA Details” link on the front page or the “CIMA” link in the left-column navigation to check your CE status.
Q	How long does it take for my certification record to be updated once I submit the appropriate CE documentation?
A	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 the Web site and clicking on the “CIMA Details” link at any time.
Q	Why can’t I see my CE information on the Web site?
A	Only designees in good standing can review their CE information in the “My IMCA” section of the Web site. If you are a designee in good standing, be sure to check the current two-year certification renewal period dates that show in your online record. Only CE credit earned within the current two-year renewal period will display.
Q	Can I get advanced CE approval for a program I plan to attend?
A	IMCA conferences are programmed with CE standards in mind, so attendees can relax into the experience of attending IMCA events with the assurance and confidence that the sessions will meet your CE needs. For non-IMCA-sponsored programs you may request pre-approved CE credit by submitting a detailed agenda (which includes subject matter and associated clock time). The request can be sent 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.
Q	Is there more to certification renewal than just reporting CE hours?
A	Yes. In addition to the CE requirement, designees must pay a two-year certification renewal fee. For designees whose two-year certification renewal period begins on or after July 1, 2009, a completed Certification Renewal Application must be submitted to IMCA with payment. It also is required that any customer disputes, disciplinary actions, court actions, or other U4 issues that initiate and/or resolve during the two-year certification renewal period must be timely reported to IMCA.
Q	How do I receive a Certification Renewal Application and invoice form?
A	IMCA will notify you in advance of your certification renewal period expiration date. Notices are distributed at 90, 60, and 30 days out from the certification renewal period expiration date. An invoice for the renewal fee is included in all notices. Certification Renewal Applications will be distributed with the invoice notices to designees whose two-year certification renewal period begins on or after July 1, 2009.
Q	Can I process my Certification Renewal Application online?
A	The Certification Renewal Application Form and Invoice will be available only in hardcopy format. It will be delivered to all designees whose two-year certification renewal cycle begins on or after July 1, 2009, 90, 60, and 30 days in advance of their certification renewal period expiration date.
Q	When I complete my certification renewal am I formally notified of my next two-year certification renewal period?
A	Yes. Upon meeting all the requirements to renew the CIMA/CIMC designation, a confirmation letter is mailed to the designee’s address of record advising him/her of the new two-year certification renewal period and reminding him/her of the next CE requirement.
Q	What happens if I cannot complete my certification renewal requirement within the two-year renewal period?
A	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. No extensions will be granted to designees whose two-year certification renewal period begins on or after July 1, 2009.
Q	What happens if I do not pay the certification renewal fee?
A	Designees who do not pay the certification renewal fee will lose their right to use the CIMA/CIMC marks. A formal cease and desist notice will be distributed to those who do not pay their renewal fee.
Q	What happens if I do not sign the Certification Renewal Application?
A	Only designees whose two-year certification renewal period begins on or after July 1, 2009, are responsible for signing and submitting the Certification Renewal Application. After July 1, 2009, designees who do not complete, sign, and submit their Certification Renewal Application before their expiration date will lose their right to use the CIMA/CIMA marks. A formal cease and desist notice will be distributed to those who do not sign and submit their Certification Renewal Application.
Q	If I receive notice to cease use of the certification, what are my options?
A	If a former CIMA designee wishes to reinstate his/her right to use the CIMA marks, there are two options available within six months of receiving the cease and desist letter: to report CE hours or to retake the Level I and Level II examinations. 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. In order to obtain reinstatement of the designation, an applicant must disclose any complaints or disciplinary actions registered against him/her. Visit the Reinstatement page of our Web site for more information. There is no reinstatement option for the CIMC license.
Q	What is the 6+ Rule and who does it affect?
A	The “6+ Rule” is a policy that stipulates that those who have been certified for more than six years and whose certification 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 certification renewal periods (In other words, 20 IMCA-sponsored CE hours over a four-year period). The former policy stipulated a minimum of 20 IMCA-sponsored CE credit hours for each two-year renewal period. All designees must continue to complete and report a minimum of 40 CE credit hours for each two-year certification renewal period. The 6+ Rule affects CIMA/CIMC designees with six or more years of certification, whose renewal period began after January 1, 2008.
Q	How do I know if I qualify for the 6+ Rule?
A	All CIMA/CIMC designees who have been certified for six or more years and whose renewal period began after January 1, 2008, receive a letter from IMCA explaining the policy. If you do not receive confirmation from IMCA, please continue accumulating CE credit hours under the current rules. If you believe that you have been certified for more than six years and therefore qualify for the 6+ Rule, but have not received a letter from IMCA, please e-mail IMCA’s recertification department.