Many of you have encouraged your advisors’ participation in our programs, or have expressed an interest in IMCA’s designation program offerings.

IMCA delivers the premier investment consulting and wealth management designations and world-class educational offerings. Our advanced designations are offered only through the top business schools in the country.

Over the course of the year we will send you updates on our knowledge offerings. If you would like to learn more about IMCA educational opportunities please e-mail or call 303.770.3377.

IMCA Completes First-ever Job Analysis of Investment Management Consultants
released February 7, 2008

IMCA recently conducted the first-ever job analysis of investment management consultants. The purpose of the analysis was to measure and describe investment management consultants’ relevant job duties in an effort to augment IMCA’s educational offerings.

The results of the analysis provided the association with an accurate depiction of its members, defining Certified Investment Management Analyst^SM, or CIMA^®, designees as providing objective investment advice and guidance to both individuals and institutions. It was determined that CIMA professionals apply state-of-the-art investment theory and integrate a complex body of investment knowledge systematically and ethically to assist clients in making prudent financial decisions.

IMCA also was able to identify and better understand the most-relevant job-related tasks for investment management consultants. The CIMA certification process will be enhanced by these tasks, which fall into five core areas: modern portfolio theory, investment policy, measurement and selection of managers, advanced investment topics, and ethics and law.

“The findings of this analysis allow us to hone-in on the next steps for the CIMA designation,” said Dede Pahl, executive director of IMCA. “Now that we better understand the demographics of our members and their specific day-to-day responsibilities, we can move forward with an improved process."

CIMA Designation Reviewed by the Nebraska Department of Banking
released December 5, 2007

IMCA is pleased to announce that the CIMA designation has been reviewed by the Nebraska Department of Banking and was found to be acceptable for use by investment advisor representatives and broker-dealer agents in advertising and on business cards and stationery. Advisors and compliance departments can be assured that the CIMA designation has been added to the original list of designations and certifications that was published July 31, 2007.

In an amended report dated November 16, 2007, the Certified Investment Management Analyst designation awarded by Investment Management Consultants Association is now on the list. The Nebraska Department of Banking considered (1) the history and reputation of the issuing organization; (2) the experience and/or education requirements, including the material and content of the required coursework to obtain the designation; (3) the type of examination required, the complexity and length of the examination, and the method of examination delivery; (4) the time period for completing the course work and achieving the designation; (5) the continuing education requirements; (6) the ethical standards or code of ethics of the designation; and the process, if any, by which the designation may be revoked for violations of the ethical or other standards for the designation.

IMCA has been working with the department for several months to supply the appropriate information and answer questions regarding the CIMA designation. For a copy of the amended report, click here or visit the Nebraska Department of Banking and Finance’s Web site.

Media Attention Continues on Non-accredited Credentials
released July 10, 2007

Over the last year, regulators (state and federal) have been turning their attention to the proliferation of designations in the financial services arena. You may have seen an article in your local paper or a financial services publication.

The regulators are questioning the use or misuse of financial services designations by the persons holding such. A July 8 New York Times article shows the growing concern regulators have about the financial abuse of senior citizens, but there are other concerns over foreign lotteries, home repair scams, and investment schemes. In some isolated cases, an investment person has used letters or titles after his/her name to exude a certain level of competence when dealing with senior citizens, when in fact the title or set of letters is no more than that—a set of letters. In response to this ever-increasing proliferation of designations and titles, two states have started taking action—Massachusetts and Nebraska.

Massachusetts has set out to use third-party accreditation of designations used by advisors working in the senior market. “Third-party accreditation” means that an established legitimate organization is in the business of reviewing and approving/denying recognition of the bona fide status of a certification/designation program. The most common example would be the regional agencies deemed by the U.S. Department of Education to accredit institutes of higher learning; is your college or university accredited?

Certification programs can subscribe to the standards put forth by the National Commission for Certifying Agencies (NCCA) or the American National Standards Institute (ANSI); both have been recognized in federal/state regulations as accreditation bodies. Nebraska, on the other hand, is reviewing designations used by financial advisors with any consumer group—senior or otherwise. The state itself has listed a few, but is reviewing others to add to the list. And Nebraska's list of designations is only a guideline, not a requirement.

Because Massachusetts is reviewing only those designations with certain “senior” words in the title, this regulatory action does not affect the CIMA or CIMC designation for the immediate future. And, Massachusetts has recently finalized regulations in this area.

Finally, we are currently starting the process of bringing our certification process into line with the existing standards of the recognized third-party accreditations. Once that process has been completed, we will apply for accreditation. You will not see major differences in our programs as they stand today, but certain changes will occur.

IMCA Completes Inaugural CPWA Class at University of Chicago Graduate School of Business

After finishing the seven-month, managed self-study program, IMCA’s first Chartered Private Wealth Advisor, or CPWA, cohort attended the week-long classroom portion of their program March 3–7, 2008. Evaluations still are being compiled, but initial responses from the group have been very positive.

“I found the whole experience, class time, collaboration with other colleagues, and study groups to be a fantastic experience—the program has enhanced my knowledge substantially.” –Attendee of first CPWA class

The minimum experience requirement for CPWA participants is five years, but 82 percent of the students have 11 or more years of experience, and a full third of attendees have been in the business more than 20 years.

Forty-five percent of students hold the CIMA designation, 36 percent hold no other financial designation, and 20 percent hold the CFP^® designation. Fifty-two percent of CPWA students are employed by a “traditional” full-service investment brokerage company. Sixteen percent are employed by a trust company, and 25 percent come from either an independent registered investment advisory firm (14 percent) or an independent investment brokerage company (11 percent).

“Between reminding me of tools available, filling in some blanks, and furthering my knowledge in some rather complex areas, I will, if anything, have a greater confidence to address these issues with clients.” –Attendee of first CPWA class

The cohort completed the three-hour comprehensive examination on the final day. IMCA will announce the first group of CPWA designees after all examination scores have been tallied, and students have been notified of their test results and signed the CPWA license agreement adhering to the IMCA Code of Professional Responsibility.

Second CPWA Class Sells Out
The second CPWA cohort already has begun with the February–September self-study portion of the program. This cohort also sold out, though the accepted enrollment was increased in response to the increasing demand. The schedule of CPWA classes can be viewed online.

Intranet Links and Descriptions
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 page.