Certified Investment Management Analyst®

The peak international, technical portfolio construction certification program

Are you involved in any aspect of constructing multi-manager portfolios? If so, Certified Investment Management Analyst® - CIMA® - certification offers an unrivalled opportunity to formally equip yourself with the knowledge, skill and expertise to build better quality investment portfolios, and be recognised for it.

CIMA certification is the peak, international technical portfolio construction certification program designed for investment management analysts - that is, those involved in any aspect of constructing multi-manager portfolios, whether practitioner or advocate. There are already more than 8,000 CIMA certificants globally.

Stand For MoreTM - more knowledge, skill and expertise - with CIMA certification.

Graham Rich
Dean, Portfolio Construction Forum

P.S. Enrolment for the next intake closes 30 June 2020 - Join us for a free info webinar to find out more, on 26 June.

- Who should undertake CIMA certification?
- A quick introduction
- Recommended prior learning and time commitment
- The curriculum
- The process and timetable
- The costs
- Enrol now
- Download the flyer
- Contact us for more information

 

Who should undertake CIMA certification?

CIMA certification is ideally suited to investment management analysts - that is, those involved in any aspect of constructing multi-manager portfolios, whether practitioner or advocate. This includes:

Practitioner investment management analysts:

  • investment advisers, researchers/analysts and portfolio managers from private wealth management companies;
  • fund analysts and asset consultants from fund research and fund investment consulting firms;
  • fund researchers/analysts and portfolio managers from multi-manager funds management, superannuation, and investment platform companies

Advocate investment management analysts:

  • funds management professionals who work with practitioner investment management analysts.

CFA vs CIMA certification?

Both CFA and CIMA are highly respected credentials, with complementary history, focus and distinctives. Not surprisingly, there are many “dual citizens”.

CIMA certification is especially suited to those involved in designing, building and managing multi-manager portfolios of managed funds. Although it is a global certification, those who complete the program in Australia do so with a distinct Australian academic perspective, and specialist education support through the process.

The Certified Financial Analyst (CFA) designation has more focus on the analysis of individual securities and the building of portfolios of securities (including as managed funds). It is ideally suited to those who wish to further a career in financial analysis and investment management.

Because CIMA certification has a very specific focus, it has around one third of the total volume of learning of the CFA program, hence most candidates can complete their CIMA certification within 12 months, compared to three years for the CFA designation.

 

A quick introduction

Today more than ever, quality investment portfolio construction requires a commitment to best practice continuing education and certification, because the investment world is ever changing and – entirely reasonably – individual investors are expecting and relying on superior professional standards to be met by those who design, build and manage their investment portfolios, to help them achieve their life goals and financial wellbeing.

Certification is the formal process of recognising an individual’s successful demonstration of superior knowledge and competence across a validated, best-practice body of knowledge and curriculum. CIMA candidates must meet best-practice ethical standards, have a minimum three years of relevant experience, pass two formal exams, and commit to a code of professional responsibility in order to reach certification - and then, they must recertify every two years by showing that they have abided by a code of professional responsibility and completed 40 hours of approved continuing education.

That’s why CIMA certficants Stand For MoreTM - more knowledge, more skill, more expertise - when it comes to designing, building and managing multi-manager portfolios.

Who is involved?

  • Portfolio Construction Forum - In Australia and New Zealand, CIMA certification and accredited continuing education is managed and delivered by Portfolio Construction Forum, the specialist, independent, investment continuing education, accreditation and certification service. The Forum’s specialist academic research unit, the Investment Management Research Program, in collaboration with Macquarie University Business School, delivers the core educational component of the CIMA certification program in Australia and NZ.

  • Investments & Wealth Institute - The CIMA certification mark is owned by the Investments and Wealth InstituteTM, the Denver, USA-based international professional association, advanced education provider, and certification board for financial advisers, investment consultants, and wealth managers.

  • CIMA Society of Australia - CIMA certificants in Australia and NZ are encouraged to be members of the CIMA Society of Australia, an affiliate of the Institute, and the professional community for Certified Investment Management Analysts in Australia and New Zealand. Portfolio Construction Forum is CIMA Society’s strategic partner in the management and delivery of CIMA certification and accredited continuing education services.

  • Forum CIMA Bursary Partners - The significant value of advanced portfolio construction knowledge, skills and expertise for practitioners - resulting in better quality investment portfolios - is recognised by our Forum CIMA Bursary Partners, whose support helps ensures that CIMA certification is within financial reach of all practitioners by reducing the enrolment fee by 50%.

- AMP Capital
- BlackRock
- Colonial First State Investments
- Fidelity International
- Financial Services Council
- Franklin Templeton Investments
- Lazard Asset Management
- Magellan Asset Management
- Nikko Asset Management
- T. Rowe Price
- UBS Asset Management

Why become a CIMA certificant?   (1.5 mins)

 

Financial mathematics and statistics are a significant component of the CIMA curriculum. It is difficult to complete the program successfully unless you have previously studied tertiary level statistics, financial maths, pure maths, or maths as part of a technical degree (e.g. engineering, architecture, finance, econometrics, etc). It’s ok if you’re very rusty - candidates are provided with specific financial mathematics and statistics study resources - so as long as you study those resources, it should come back to you (much like a language!).

However, if you have just a few maths/stats papers as part of a broader tertiary degree, or you’ve never studied statistics or maths at tertiary level, we recommend we send you a short textbook to review, to ensure you’re comfortable that you’ll be fine with the maths.

The minimum period possible to complete your CIMA certification is nine months - and it is very difficult to successfully complete the program without devoting at least 12 hours a week over that period. The timetable is below.

 

The curriculum

The CIMA curriculum covers five core topics, across 22 areas:

  1. Fundamentals
    Statistics & Methods; Applied Finance & Economics; Global Capital Markets History and Valuation

  2. Investments
    Investment Vehicles; Equity Investments; Fixed Income Investments; Alternative Investments; Options/Futures; Real Assets

  3. Portfolio Theory and Behavioural Finance
    Portfolio Theories & Models; Behavioural Finance Theory; Investment Philosophies and Styles; Tools & Strategies

  4. Risk and Return
    Attributes of Risk; Risk Measurements; Performance Measurement and Attribution

  5. Portfolio Construction and Consulting Process
    Ethics & the Code of Professional Responsibility; Client Discovery; Investment Policy; Portfolio Construction; Manager Search and Selection; Portfolio Review and Revisions

 

The process and timetable

There are five steps to initial certification:
- Enrol
- Apply
- Complete the IMAC
- Complete the Certification Exam
- Certify

1.  Enrol

In Australia and NZ, CIMA certification and accredited continuing education is managed and delivered by Portfolio Construction Forum, and candidates enrol through Portfolio Construction Forum. There are two in-takes each year, closing 30 June and 31 January.

  • An Enrolment Fee of A$5,995+GST is payable to the Forum on your enrolment being accepted.

  • Practitioners (as defined above) receive a 50% CIMA Bursary, thanks to the support of our Forum CIMA Bursary Partners, which reduces the Enrolment Fee to A$2,995+GST.

The Enrolment Fee covers:

  1. Before the IMAC course - The Forum will provide you with instructions on when and how to apply to the Institute;
  2. The IMAC - The Forum will provide you with an IMAC Study Plan and two textbooks to prep for the IMAC and, then, the IMAC online on-demand lectures, readings and scheduled live online tutorials;
  3. After you pass the IMAC Exam - The Forum will provide you with guidance on how to prepare for the Certification Exam, for which the Forum will provide you with a Certification Exam Study Plan setting out recommended preparation steps and two live, online tutorials early in the last month of the Institute’s confirmed Certification Exam window;
  4. After you pass the Certification Exam - The Forum will provide you with guidance on the final steps to complete the Program.
  5. On certification - The Forum will provide you with practical advice on how to profile your CIMA certification, send you your framed certificate, and organise your complimentary CIMA Society of Australia membership for the then current financial year.

2.  Apply

Once enrolled successfully with the Forum, the Forum will notify the Investments & Wealth Institute that you wish to apply for its approval. The Institute will undertake a background check, and require that you disclose any potential or real violations of the Institute’s Code of Professional Responsibility.

  • An Application Fee (currently US$600) is payable to the Institute. The Application Fee covers a background check and your first attempt at the global Certification Exam.

If your application is not accepted, both the Enrolment Fee you’ve paid to the Forum and the Application Fee you’ve paid to the Institute will be refunded in full.

3.  Complete the IMAC

All candidates globally must successfully complete an executive education program through a Registered Education Provider. In Australia and NZ, this is the online Investment Management Analyst Certificate (IMAC) course. The IMAC has been at the core of the CIMA certification program in Australia since it was launched by Professor Bird in Australia in 2001.

At the time you enrol to complete the CIMA program with the Forum, you are committing to a specific IMAC, as noted on the Enrolment Form. Your IMAC booking is non-transferable and non-refundable.

After two months of prep, the IMAC takes place over 90 days and consists of 25 online, on-demand lectures and regular, compulsory live online tutorials, culminating in a four-hour exam. It is delivered by Portfolio Construction Forum’s specialist academic research unit, the Investment Management Research Program, in collaboration with Macquarie University Business School, and features a selected faculty of academics from leading Australian university business schools, independent consultants and experienced practitioners.

The Forum provides candidates with an IMAC Study Plan and textbooks, access to the 25 online, on-demand lectures and associated readings, regular and compulsory live online tutorials. The Forum also administers the IMAC Exam.

If you don’t pass the IMAC Exam, the Forum will provide feedback on areas of weakness and recommended further study, and a date for you to resit the IMAC Exam. There is no resit fee.

4. Complete the Certification Exam

Once the Forum advises the Institute that you have successfully completed the IMAC, the Institute will advise its independent test administrator, PearsonVue, that you are eligible to sit the Certification Exam. PearsonVue will email you with instructions on how to book your exam date.

Candidates must sit the Certificate Exam within the Institute-determined 90-day test window (this is the attempt included in the application fee) or a Rescheduling Fee (US$225) is payable to the Institute.

The Certification Exam is a supervised, online, five-hour Certification Exam that consists of 125 multiple-choice questions and 15 non-scored, pretest questions. Your exam result is provided on-screen immediately you finish the exam - you are advised of a “pass” or “fail”.

The Forum provides candidates with a Certification Exam Study Plan setting out recommended preparation steps (based on the success of past candidates), and two live, online tutorials early in the last month of the Institute’s confirmed Certification Exam window.

If you don’t pass the Certification Exam, the Institute will email you a report showing topics that merit additional study, and the process for resitting the exam. You must wait 30 days before resitting the exam, and a Resit Fee (US$225) is payable to the Institute.

5. Certify

Once PearsonVue advises the Institute that you have passed the Certification Exam, the Institute will email you instructions to complete the following final steps:

  • document at least three years of relevant experience in financial services and pass another background check;
  • complete the Institute’s licensing agreement and agree to adhere to the Code of Professional Responsibility and Rules and Guidelines for the Use of the Marks; and,
  • pay the Institute an Initial Certification Fee (currently US$275).

Once complete, the Institute will email you to confirm your CIMA certification.

CIMA program timetable

In Australia and NZ, CIMA certification and accredited continuing education is managed and delivered by Portfolio Construction Forum, and candidates enrol through Portfolio Construction Forum. There are two in-takes each year, closing 30 June and 31 January. The minimum possible time to complete the CIMA certification program is nine months.

Plot

Recertification

Certificants must recertify every two years. There are three requirements:

  • Complete and report a minimum of 40 hours of accepted continuing education (CE) credit, including two ethics hours and one tax/regulation hour over the two-year recertification period. To help CIMA certificants meet this requirement, the Forum’s live face-to-face and online programs are accredited for “approved” CIMA CE hours which the Forum then reports to the Institute on your behalf. In faddition, the Forum CIMA CE Library - which is complimentary for certificants - contains learning activities that provide at least 20 approved CIMA CE hours each year, so certificants can meet the entire 40 hour requirement online on-demand if they wish. Any CE you complete via the Forum CIMA CE Library is also reported by the Forum to the Institute on your behalf. Plus, you can track any CE that the Forum has reported to the Institute for you via the Forum MyCE platform.

  • Complete the compliance requirements - indicate continued adherence to the Code of Professional Responsibility, and Rules and Guidelines for Use of the Marks as well as disclosing any regulatory actions or complaints.

  • Pay the Certification Renewal Fee (currently US$275) - this fee is due to the Institute however it is prepaid on behalf of CIMA Society of Australia members as long as their membership remains current for the full two-year recertification period. Non-CIMA Society of Australia members pay the Institute directly at the non-member recertification rate (currently US$895).

 

The costs

Certification cost

  • Financial calculator:  All candidates must use an Institute-approved financial calculator throughout the program: HP 10b; HP 10bII; HP 10bII Plus; HP 12C; HP 12C Platinum; HP 17B; HP 17BII; HP 17BII Plus; Texas Instrument BA II Plus: Texas Instrument BA II Plus Professional; or, Texas Instrument BA II Plus Business Analyst. Newer and older versions of these calculators will be allowed for use.

  • Enrolment fee:  A$5,995+GST, payable to the Forum at commencement. Practitioners (as defined above) receive a 50% CIMA Bursary, thanks to the support of our Forum CIMA Bursary Partners, which reduces the the Enrolment Fee to A$2,995+GST. This fee may be tax deductible.

  • Application Fee:  Currently US$600, payable to the Institute two months from commencement.

  • Initial Certification Fee:  Currently US$275, payable to the Institute after passing the Certification Exam.

  • Exam rescheduling/resit fee:  If you fail the Certification Exam or don’t sit it within the Institute’s prescribed 90-day window, there is a fee payable (currently US$225) to the Institute to resit/reschedule it.

Recertification cost

  • CIMA Society of Australia members:  Currently US$275 - this fee due to the Institute however it is prepaid on your behalf by CIMA Society of Australia, as part of your CIMA Society of Australia membership fee. So as long as you keep your CIMA Society of Australia membership current for your full two-year recertification period, you won’t have any recertification fee to pay at the time of recertification.

  • Non-CIMA Society of Australia members:  Currently US$895, payable to the Institute on recertification.

 

Enrol now

The first step in your CIMA certification journey is complete the CIMA Certification Australia/NZ Program Enrolment Form.

  • Within one to two Australian business days, the Forum will acknowledge receipt.

  • Within five Australian business days, the Forum will either confirm your enrolment in writing and send you a link to pay the Enrolment Fee, or decline your enrolment in writing with explanation.