Wisconsin Becomes 10th State to Recognize CIMA^® Certification for Investment Adviser Exam

November 13, 2026 - Denver, CO — Wisconsin has become the 10th state to adopt an updated North American Securities Administrators Association (NASAA) model rule recognizing the Certified Investment Management Analyst® (CIMA®) certification as an eligible qualification for an examination waiver for investment adviser representatives. 

 NASAA approved the addition of CIMA® to its model rule in May 2024, making it the first new voluntary professional certification added to the examination waiver list in 24 years. Because individual states must adopt the amended rule before the waiver becomes available under their respective licensing requirements, Wisconsin's adoption brings the total to 10 states where eligible CIMA® certificants can qualify for an examination waiver. 

"Each state that adopts this rule expands the opportunities for qualified CIMA® certificants to apply their credentials toward meeting professional licensing requirements," said Sean Walters, CEO of the Investments & Wealth Institute. "Wisconsin's decision reflects continued recognition of the rigorous education and expertise behind the certification, and we look forward to seeing more states follow." 

The growing regulatory recognition comes as investors place significant importance on advanced professional qualifications. According to the Institute's 2026 Client Research, conducted with Absolute Engagement, 87% of surveyed investors said it was important that their financial advisor hold an advanced professional certification, while 89% said earning such credentials should require rigorous education, experience and examination standards. 

 The CIMA® certification is designed for financial professionals seeking advanced expertise in investment management, portfolio construction and risk management. Candidates must complete an executive education program, pass a comprehensive certification examination and meet professional experience and ethics requirements. Certificants must also satisfy ongoing continuing education requirements to maintain their credential. As additional states adopt the amended model rule, eligible CIMA® certificants gain further opportunities to apply their advanced qualifications toward meeting state securities examination requirements. 

For more information, please contact: 

Carly Augeri 
Director of Marketing Communications 
707-681-1243 
5619 DTC Pkwy, Suite 600 
Greenwood Village, CO 80111 
caugeri@i-w.org 
investmentsandwealth.org 

About Investments & Wealth Institute 

Founded in 1985, Investments & Wealth Institute is the premier professional membership association, education provider, and credentialing body for financial service professionals and advisors serving high-net-worth clients. The Institute offers a wide range of programs, including award-winning events, publications, courses, and its highly regarded CIMA®, CPWA®, and RMA® certifications, annually delivering top-tier education to more than 30,000 practitioners across more than 40 countries.