The Investment Management Consultants Association announced that the cumulative pass rate for its CIMA qualification exam was 63% and the for the CIMA certification exam was 58%.
This marked the first time that the Denver-based organization publicly released its cumulative pass rates.
The organization said that the 2010 pass rates for the two exams are comparable to those reported by the Chartered Financial Analyst designation and Certified Financial Planner certification. In 2010, the CFA cumulative pass rate was 42% and the CFP certification exam cumulative pass rate was 52%.
These pass rates reflect a cumulative of all examination tests reported for 2010 and all examination levels required.
“For several years our volunteers have been enhancing the CIMA certification process in response to a rising level of expectation for advanced knowledge and competence in investment management,” said Sean Walters, the executive director and chief executive officer of IMCA. “An examination process that is fair, objective, and rigorous is one measure of our success in this regard. Our ultimate goal is to meet international standards for certification bodies.”
CIMA certification signifies that an individual has met experience, education, examination, and ethics requirements for advanced investment advisors and consultants. CIMA professionals work with individual or institutional clients and have demonstrated advanced competency in making portfolio recommendations based on investment theory, developing investment policies for individual and institutional clients, analyzing performance measurement and recommending the selection of an investment manager, analyzing and recommending specific investments, and applying ethical and legal responsibilities.
The initial certification process includes a background check and demonstration of three years of experience in financial services.
The CIMA qualification exam must be completed before a candidate is eligible to attend the registered education component at the University of Pennsylvania’s Wharton School. A CIMA certification exam is administered for candidates who have successfully completed the registered education component. Additionally, CIMA certificants are required to report 40 hours of continuing education every two years, and continue to adhere to IMCA’s code of ethics and its standards of practice to maintain their certification.