Revamp for investors qualifications

Revamp for investors qualifications

Revamp for investors qualifications THERE has been a significant update to not one, but two major investment examinations.
First is the Certified Investment Management Analyst (CIMA) certification. Its revamp places new importance on alternative investments, as well as risk management – while the work experience minimum requirement has been dropped.

CIMA, which is run by the Investment Management Consultants Association, in its current form involves job-task analysis across 750 advisors and places the emphasis on alternative products, discretionary authority, behavioural finance and risk management. Now candidates will be able to sign up for the program without requiring the previous three year minimum level of work experience. According to Sean Walters, the executive director of the IMCA, the certification is growing as the “most relevant credential for discretionary advisors.”

Elsewhere, the North American Securities Administrators Association has also introduced a host of changes to its examinations which are aimed at investment advisor representatives and securities agents.

The association has updated its series 63, 65 and 66 exams.

Series 63, which is aimed at securities agents, will now focus less on RIA regulation and add more of a spotlight to definitions. Series 65, which is meant for candidates who want to be investment advisor representatives, will now focus more on private funds and asset-backed securities, in addition to a wider variety of investments and resale restrictions. Finally, Series 66 will now place a greater focus on different client types, exempt reporting, estate planning and alternative investments.

In addition, Series 63 and 65 have maintained a minimum of 72 per cent to be scored in order to achieve a pass. However, Series 66 has dropped its pass rate from 75 per cent to 73 per cent.