Certified IRA Services Professional (CISP)
To establish a much-needed, industry-recognized standard of knowledge and competency for IRA professionals, ABA Professional Certifications and Ascensus developed the Certified IRA Specialist Professional (CISP) designation. Earning a Certified IRA Services Professional (CISP) credential helps wealth and trust professionals demonstrate their expertise in IRAs. The CISP certification indicates that a financial professional is well-informed on traditional IRAs as well as SEP-IRA and SIMPLE IRA. They are also knowledgeable about IRA fees, investing, plan portability, and distributions.
Who is an individual retirement account (IRA)?
An individual retirement account (IRA) can be the foundation of a great retirement plan. However, it takes a skilled financial planner to match a client up with the right IRA for their retirement. The Certified IRA Services Professional (CISP) designation can help separate financial advisors who know IRAs from those who may be less familiar. Here’s how the CISP works, what it means, and how to get it.
Job Roles for Certified IRA Services Professional (CISP)
Many people who earn a CISP work as bank trust officers, helping individuals plan for a financially secure retirement. They may also be employed as bank branch managers, trust administrators, or advisors in financial planning firms.
Why pursue your CISP designation?
Consider these professional benefits and values of certification:
- Career Enhancement
- Continuing Education (CE) Database
- New CISP Referral Incentives
- CISP Discount
The candidate can also visit and learn the value of ABA certification.
Learning Objectives
The CISP advisory board has determined that a competent IRA services professional’s expertise includes the following knowledge areas.
- Employer Plans – SEP and SIMPLE (10%)
- IRA Documentation and Maintenance Requirements (10%)
- IRA Contributions (15%)
- Retirement Plan Portability (25%)
- IRA Distributions (20%)
- IRA Fees and Investments (10%)
- Retirement Planning Considerations (10%)
Learning Path
American Bankers Association (ABA) offers a nationally recognized designation in areas including wealth management and trust, compliance, risk management and bank marketing. The followings are the certifications which are offered by ABA:
Certified IRA Services Professional (CISP) Exam Format
The Certified IRA Services Professional (CISP) exam contains 150 multiple choice questions that candidates must complete within three hours. Instant “Pass/Fail” outcome provided for most computer-based exams at test sites. Occasionally, instant outcomes are not provided while statistical analysis is conducted. Official score reports delivered via email within 6 weeks after the close of the exam window. The CISP exam fee is $550. Retaking the exam in event of a failing grade costs $300. Applicants must wait 90 days to retake the test. There is no limit to the number of retakes. But applicants have to pass within three years of the first attempt or re-apply and pay the full fee.
Eligibility requirement
Four (4) years of dedicated IRA operational or technical experience
OR
Two (2) years minimum of dedicated IRA operational or technical experience AND 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
CISP Course Outline
The knowledge areas below are the basis for the Certified IRA Services Professional (CISP) exam. These knowledge areas were derived from a job analysis study of the IRA services profession and were validated by the CISP Advisory Board.
Employer Plans – SEP and SIMPLE (10%)
- Eligibility
- Contributions
- Portability
- Distributions
- Reporting
- Plan establishment and maintenance
- Employer tax benefits
IRA Documentation and Maintenance Requirements (10%)
- Plan establishment and maintenance
- IRA disclosure statements and notices
- Beneficiary designation
- Electronic documentation
- Reporting and associated penalties
IRA Contributions (15%)
- Contribution eligibility
- Deductibility and other tax issues
- Excess contributions rules and penalties
Retirement Plan Portability (25%)
- Transfers
- Rollovers
- Conversions
- Recharacterizations
IRA Distributions (20%)
- General taxation and withholding rules
- Required Minimum Distributions (RMD)
- Beneficiary distribution rules
- Penalties and penalty exceptions
IRA Fees and Investments (10%)
- Prohibited transactions and prohibited investments
- Fees and disclosure rules
- Nontraditional investment issues
- Account valuation requirements
Retirement Planning Considerations (10%)
- Beneficiary selection
- Trusts as beneficiaries
- Estate and income taxation
Exam Policies
The candidate who is preparing for the Certified IRA Services Professional (CISP) exam should view the ABA privacy policies and Exam change policy. These include the policies regarding cookies, updates, certifications, re-certifications, transfer, cancellations, securities, etc.
Certified IRA Services Professional (CISP) FAQ
Certified IRA Services Professional (CISP) Preparatory Steps
Let us have a look at a handful of resources for the Certified IRA Services Professional (CISP) exam.
ABA Official Site
The candidate preparing for Certified IRA Services Professional (CISP) exam should visit the official website of the American Bankers Association (ABA). The official site provides information which is reliable and helpful to the candidate. It offers preparation resources, course outline, exam details, sample questions, eligibility requirement, practice test etc.
CISP Study Resources
The Certified IRA Services Professional (CISP) study guide is also a good source for preparing for the examination. The CISP exam assesses not only your knowledge of the topics on the exam outline but also your application of that knowledge. Following are the guides which the candidate can refer to:
CAMS Virtual Classroom
Now, this becomes the most significant part of any preparation guide. As a result, ABA also provides candidates with training and events. ABA offers Certified IRA Services Professional (CISP) training programs on most of its exams and certifications. For the CISP exam, the candidate can opt for the following:
CISP Sample Questions
Also, ABA offers sample questions of all exams and certifications. For the Certified IRA Services Professional (CISP) exam, ABA offers sample questions which the candidate can find here! The candidate can get an idea that what type of question will come in the exam.
Practice Test
We all know that with learning and understanding the exam content it is also necessary to practice it. In other words, to perform well in the exam practice test and assessing yourself using mock tests is important. Moreover, there are many websites out there that provide free Certified IRA Services Professional (CISP) practice exam tests. Here, Testprep training also provides practice tests for the Certified IRA Services Professional (CISP) exam. This will help you in pointing out your weak points and then get perfection in them.