Who is the CIMA® Certification Commission and What Do They Do?
Sep 3, 2024 4:00:00 PM
Each Certified Investment Management Analyst® (CIMA®) certified professional has a role to play in fortifying the financial planning industry’s reputation, which includes, among other things, collective professionalism and ethics. The unique perspective each certified advisor brings to their portfolio construction and management efforts, the way they embody their commitment to excellence, and how they practice unwavering devotion to ethics are important lynchpins in a project much larger than themselves: the industry’s overall success in meeting client needs and expectations.
There is nothing more critical than maintaining the well-deserved trust of the public — and CIMA certified professionals, by design, make major contributions towards earning that trust every day, year in and year out.
But this begs an important question. If CIMA certified professionals are industry standard bearers, who maintains the rigor, prestige, and ongoing importance of the standard itself? Who shoulders the responsibility of safeguarding and continuously enhancing the CIMA certification?
Gatekeepers of Excellence
The architects and stewards of the CIMA certification program are found in a small and diverse group of distinguished industry professionals — collectively known as the CIMA Certification Commission. This all-volunteer group of industry experts, academic professionals, and certified financial service practitioners are the brain trust and governors of the CIMA certification program. Acting primarily as a policy-making and strategic board, the Commission is responsible for development of the CIMA certification's body of knowledge, which drives the curriculum for registered education providers and the blueprint for the certification exam. The Commission is also responsible for setting forth the requirements for admission, exam policies, overseeing the administration of exams, and ensuring compliance with best practices of certification standards.
The CIMA Certification Commission operates autonomously from the Investments & Wealth Institute Board of Directors, allowing it to focus on maintaining the CIMA program’s high standards without undue or unexpected influence, an important hallmark of best practice certifications. In fact, the CIMA certification is accredited by ANAB (ANSI National Accreditation Board), the largest multi-disciplinary accreditation body in the western hemisphere. ANAB’s rigorous requirements, based on the ISO/IEC 17024 accreditation standard for personnel certifications, helps provide a third party stamp of approval on the quality of the certification by ensuring, among other things, impartiality, independence, transparency, accountability, and fairness in the certification program processes.
Currently, there are 11 CIMA Certification Commission members who serve staggered three-year terms, with a maximum of two consecutive terms. At a minimum, 50% of the commission members must be CIMA certified professionals in good standing. The Commission meets regularly, either in person or via teleconference, to discuss and vote on matters related to the certification program, with quorums required for any vote. Decisions are made by a majority of those present. The Commission can form subcommittees for specific tasks such as exam development, helping ensure that the Commission's work is thorough and specialized.
Specific Roles and Responsibilities of the CIMA Certification Commission
Setting Certification Standards: The Commission establishes the policies and procedures for earning and maintaining the CIMA certification. This includes defining eligibility criteria, recertification requirements, and articulating the ethical standards for certified professionals.
Examination Oversight: The Commission oversees the development, administration, and scoring of the CIMA certification exams. They ensure that these exams meet rigorous psychometric standards, maintaining their validity and reliability. (Psychometrics is the science of measuring intelligence, attitudes, and personality traits.)
Policy Decision-Making: Critical decisions related to the certification program, such as changes to exam content, certification requirements, and recertification processes, are made exclusively by the Commission. These decisions cannot be delegated to any other organization.
Ethics and Disciplinary Actions: The Commission is also responsible for enforcing ethical standards among CIMA certified professionals. This includes handling disciplinary actions and making admissions policy related to compliance issues, ensuring all CIMA certified professionals adhere to the Code of Professional Responsibility. It delegates disciplinary enforcement to the Professional Review Board, which is another volunteer group that manages the disciplinary process, and it delegates management of the admissions process to the Ethics Board — a third group of certified professionals who act in a volunteer capacity in carrying out its functions.
Maintaining Certification Integrity: The Commission actively monitors the activities of Registered Education Providers to ensure that there are no conflicts of interest or misleading promotions.
Through these measures, the CIMA Certification Commission continuously nurtures the credibility, relevance, and prestige of the CIMA designation, ensuring it remains a cornerstone of excellence in the financial advisory profession.
How Are CIMA Certification Commissioners Chosen?
The CIMA Certification Commission’s effectiveness hinges on the diversity and expertise of its members, so the role of the CIMA Certification Commission Nominating Committee is crucial. The Nominating Committee is composed of current Commission members. When vacancies need to be filled, they present a slate of candidates to the full Certification Commission, which then votes to elect new members. The Nominating Committee works to ensure that the selected nominees reflect a diverse range of qualifications and qualities.
Gender Representation: The Commission is committed to achieving gender balance. There are no strict quotas, yet the aim is to achieve a fair representation of the industry’s gender diversity.
Ethnic Diversity: Similarly, a variety of ethnic backgrounds is valued by the Commission, helping ensure the CIMA certification is shaped by voices reflecting the full spectrum of the communities served by the financial services industry.
Geographic Reach: Given CIMA’s international scope, the Commission finds value in nominees from a diversity of locales — including those outside the United States. This global perspective helps the Commission address the unique challenges faced by financial professionals across the global marketplace.
Business Model: Moreover, the commission values diversity in practice type, aiming to include representatives from large wirehouse firms, independent advisors, sole practitioners, educational institutions, and those involved in specialized roles such as money management or wholesaling. This variety ensures that the commission’s decisions are informed by a wide range of professional experiences. Meanwhile, the Commission seeks both seasoned professionals and more recently certified professionals to serve, in order to benefit from a blend of deep industry knowledge and fresh perspectives on emerging trends. Finally, the Commission looks for specific attributes that align with the CIMA program’s needs, whether that be expertise in exam development, industry thought leadership, or enjoying a large, meaningful professional network.
What is the Relationship between the Institute Board of Directors and the CIMA Certification Commission?
Strategic Alignment: The Board of Directors and the Certification Commission are distinct — yet also collaborate to ensure that the certification process aligns with the organization's strategic goals.
Resource Allocation: The Institute’s Board may allocate resources to support the Certification Commission's activities, ensuring that it has the necessary tools to maintain the premium standards of the CIMA certification process.
Feedback and Improvement: The Certification Commission occasionally provides feedback to the Institute’s Board on trends and challenges in the field, which can inform the Institute’s strategic decisions and policy development. This feedback loop helps the organization adapt and evolve in response to changes in the industry and regulatory environments.
Overall, this working synergy between the two entities helps guarantee the certification processes are robust, transparent, and aligned with the Institute’s overall goals and purpose.
Who Makes Up the CIMA Certification Commission?
The Investments & Wealth Institute is proud to recognize the outstanding group of CIMA Certification Commission members currently serving:
The CIMA Certification Commission — Empowering Professionals and Shaping an Industry
“By focusing on the goals of providing practical education, lifetime learning, and world-class networking opportunities – not just passing an exam — the CIMA Certification program is light-years ahead of other designations,” says Commission Chair, James LaFleur.
Indeed, the CIMA Certification Commission is the backbone of the prestigious CIMA certification program, ensuring it remains the gold standard in the investment management industry. The Commission’s meticulous oversight, from setting certification standards to maintaining the ethical integrity of those who earn and hold the designation, reflects a much deeper commitment. By empowering CIMA certified professionals to consistently meet and exceed client expectations, the Commission ultimately fosters broadening societal trust in the capacities of the investment and wealth management industries — underscoring the value of these services to the greater public and solidifying the CIMA certification as a mark of excellence in the financial profession.