Certified IRA Services Professional (CISP) Practice Exam
Certified IRA Services Professional (CISP)
About Certified IRA Services Professional CISP
Certified IRA Services Professional CISP exam demonstrates the candidate's skills and abilities in the IRA service field. This exam has been designed for professionals knowing IRA documentation and maintenance requirements, IRA distribution & contribution, retiring plans considerations, etc.
Eligibility requirement for the exam
For this certification candidates must have four years of dedicated IRA operational or technical experience. Or they can have two years minimum of dedicated IRA operational or technical experience with the completion of ONE of the following educational programs:
- Ascensus IRA Institute
- ABA IRA Online Institute -- In conjunction with Ascensus Retirement Services, American Bankers Association (ABA)
- Cannon Financial Institute IRA Professional School
- Integrated Retirement Initiatives IRA School
- The Entrust Trust Company IRA Academy
Course Structure
The Certified IRA Services Professional (CISP) Exam covers the latest and updated topics -
Module 1: Understanding IRA Documentation and Maintenance Requirements (13%)
- Learn about plan establishment and maintenance
- Learn about IRA disclosure statements, notices, and delivery methods
- Learn about beneficiary designation
- Learn about reporting and associated penalties
Domain 2: Overview of IRA Contributions (16%)
- Learn about contribution eligibility, limits, and deadlines
- Learn about deductibility and other tax issues
- Learn about excess contributions rules and penalties
Domain 3: Describe Retirement Plan Portability (20%)
- Learn about transfers
- Learn about Rollovers
- Learn about Conversions
- Learn about Recharacterizations
- Learn about Other transactions (e.g., repayments, recontributions)
Domain 4: Understanding IRA Distributions (20%)
- Learn about taxation and withholding rules
- Learn about required Minimum Distributions (RMD)
- Learn about beneficiary distribution rules
- Learn about penalties and penalty exceptions
Domain 5: Understanding Retirement Planning Considerations (11%)
- Learn about beneficiary selection
- Learn about trusts as beneficiaries
- Learn about estate and income taxation
Domain 6: Explain IRA Fees and Investments (10%)
- Learn about prohibited transactions, prohibited investments, and prohibited transaction exemptions
- Learn about fees and disclosure rules
- Learn about nontraditional investment issues
- Learn about account valuation requirements
Domain 7: Overview of Employer Plans - SEP and SIMPLE (10%)
- Learn about Eligibility
- Learn about employer tax benefits
- Learn about plan establishment and maintenance
- Learn about contributions
- Learn about portability
- Learn about distributions
Exam Pattern
- Exam Name: Certified IRA Services Professional
- Exam Code: CISP
- Number of Questions: 150
- Length of Time: 3 hours
- Exam Language: English
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