Certified IRA Services Professional (CISP) FAQ
What are the Certified IRA Services Professional (CISP) certifications?
Earning a 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.
What are the job roles for the CISP credentials?
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.
What are the benefits of the CISP exam?
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.
What are the learning objectives for the CISP exam?
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%)
How many questions are there in the CISP exam?
There are 150 questions in the CISP exam.
What is the format of the ABA’s Certified IRA Services Professional (CISP) exam?
The Certified IRA Services Professional (CISP) exam is available in the form of multiple-choice.
What time period will be provided to the candidate to complete the Certified IRA Services Professional (CISP) exam?
The candidate will be given 3 hours to complete the Certified IRA Services Professional (CISP) exam.
What is the examination fee for the Certified IRA Services Professional (CISP) exam?
The CISP exam fee is $550.
What are the eligibility requirements for the Certified IRA Services Professional (CISP) exam?
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
Will the certification exams be offered in paper-and-pencil format?
No. All exams will be computer-based and offered at Scantron Test Sites.
During the exam, can I skip questions and return to them later?
Yes. Questions can be marked and returned to at a later point in the exam if time permits. Be sure to answer all questions, as only answered questions are scored.
Can I retake the exam?
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.
How can I prepare for the CISP exam?
The candidate has to follow some preparatory step which is mentioned in our tutorial i.e. visiting the official, reading and understanding related books and guides, learning objectives, trying their hands-on practice test etc.
Is there any candidate identification and authentication required at the test center?
The test center admission process requires the capture of a digital photo and digital signature from each candidate in addition to two types of personal identification. Both types of identification must have the candidate’s signature and one must be government-issued photo identification.