Certified IRA Services Professional (CISP)
Certified IRA Services Professional (CISP)
Certified IRA Services Professional CISP Exam
To qualify for a CISP credential, the applicants need to pass a 150 question, multiple-choice test. Students get 3 hours to appear for this exam and can use a calculator. These are computer-based exam, and the result is declared immediately after the exam at the test site.
The official results are received in six weeks. The test covers seven major topics.
- Employer plans, including SEP and SIMPLE plans - 10%
- IRA documentation and maintenance requirements. - 10%
- IRA eligibility and contribution requirements. - 15%
- Retirement plan portability including transfers, rollovers, conversions and characterizations - 25%\
- This topic covers distributions. This tests knowledge on taxes, withholding rules, required minimum distributions, death distribution rules and penalties. - 20%
- Fees and Investments, rules, fees and prohibited transactions. - 10%
- Estate Planning, choosing beneficiaries, trusts and estates and income taxes. - 10%
CISP Costs
ABA members get a discount on classes. It is $1595 for members and $1795 for non-members. However, an applicant with 4 years of IRA experience can skip the classes altogether.
There is a $295 application fees and $550 exam fees for all applicants.
Exam retake costs $300 and can only be done after 90 days. There is no limit to the number of retakes, but the applicant has to pass within 3 years of first attempting the exam. Otherwise, he has to start again and pay the application fees and the exam fee again.
Applicants also have to agree to adhere to a code of ethics. They also need to take 24 credits of continuing education, equal to 20 hours of study, every three years.
An annual fee of $199 membership fee must also be paid.
Although it is not mandatory to have a CISP certification to work in the retirement planning field, it is considered an advantage to have a certification, and many firms prefer to have their staff as certified.
IRA advisors may choose to get other certifications like Certified Financial Planner, Certified Retirement Services Professional and Certified Trust and Financial Advisor. These alternatives to the CISP certificate may provide more distinction, at the price of additional study.
Exam Format and Information
| Exam Name Certified IRA Services Professional (CISP) | Exam Code CISP |
| Exam Duration 180 minutes | Exam Format Multiple Choice Questions |
| Exam Type Recommended for IRA Services | Number of Questions 150 Questions |
| Exam Retake Allowed with retake fees of $300 | Exam Fee $500 USD+ $295 application fees |
Exam Language English | Validity Renewed every year by taking continuing education |
Certified IRA Services Professional (CISP) FAQs
What is Certified IRA Services Professional CISP certification?
Certified IRA Services Professional CISP exam demonstrates the candidate skills and abilities in the IRA service field. This exam has been designed for professionals having knowledge in IRA documentation and maintenance requirements, IRA distribution & contribution, retiring plans considerations, etc.
What is the eligibility requirement for the Certified IRA Services Professional CISP 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
How many questions will be there on Certified IRA Services Professional CISP exam?
In this exam there will be 150 multiple choice questions.
What is the cost for the Certified IRA Services Professional CISP examination?
This exam will cost you $550 USD.
What is the time duration for the Certified IRA Services Professional CISP exam?
You will get maximum 3 hours to complete the exam.
What is the CISP exam course outline?
The topics covered in this exam include:
• 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%)
Is there any retake fees for the CISP exam?
Yes, for retakes the fees is $300 USD.
What is the exam retake policy?
To retake the exam, you must have to wait a minimum of 90 days before the next scheduled exam date. You can give the exam as many times as you want, there is no limit. And, you must pass the exam within a 3 year period from the date of your first exam attempt or a new application and full fee is required.
What is the passing score for the ABA Professional certification exams?
For all the ABA Professional Certification exams the score is on a scale ranging from 200 to 800, with the passing score set at 500.
What is the process of maintaining Certified IRA Services Professional CISP exam?
To maintain CISP certification, you must have 24 CE credits every three (3) years, annual renewal fee and adherence to the Professional Code of Ethics.
What is the annual renewal fee for CISP exam?
The annual renewal fee is $249 USD.
What is exam cancellation policy?
If you want to reschedule or cancel the exam then, you must contact Scantron at least 2 business days before the scheduled appointment. If you cancel or reschedule a testing appointment in more than 2 business days in advance is subject to a $50 fee. And, cancelling or rescheduling less than 2 business days in advance of an appointment is not allowed.
How much time it takes to get the exam result?
ABA exam are computer based exam so an instant pass/fail outcome is provided. And, the official score results are delivered via email within 6 weeks after the close of the exam window.
Can I take the computer-based certification exam on at home or at work?
No. The computer-based exams are only offered at Scantron Test Sites during the defined date range noted on the exam schedule.
Why there is use of computer-based testing in ABA exams?
Computer-based testing gives candidates advantages in scheduling and option of taking the exam any day and time during a 30-day testing window that best fits your schedule, subject to availability.
Is accommodation available for individuals with disabilities at the computer-based testing centers?
Yes, all the U.S. testing centers are fully accessible and compliant with the Americans with Disabilities Act (ADA). So, you must submit your request for reasonable accommodations, along with supporting documentation with your exam application.
How to register for the computer-based exam?
You can apply for an exam at Scantron Test Site. Once approved by ABA Professional Certifications, you will receive registration information via email from Scantron. The email will contain your unique login id and password which will help you register at your preferred test site on the day and time of your choosing.
For how long is the license valid after purchase?
Once purchased, the practice exams can be access for the lifetime.
Can we try the free test before purchasing the practice exam?
Yes testprep training offers free practice tests for Exam which can be used before the final purchase for complete test.
Do you provide any preparation guidance for this certification exam?
Yes our experts frequently blog about the tips and tricks for exam preparation.
Why ABA certifications?
ABA promotes industry excellence and continuous career development for bankers through a wide range of job-specific professional certifications. These certifications are developed by experts in the financial services industry and are acknowledged industry-wide as the symbol of excellence in banking skills and knowledge.
Do you offer any discount on the bulk purchase?
Yes we offer nearly 50% discount for the order more than 10 products at a time. You can reach the testprep training Helpdesk for more details. The member of support staff will respond as soon as possible.
Is there any assistance from Testprep Training in terms of exam preparation?
Yes, Testprep Training offers email support for any certification related query while you are preparing for the exam using our practice exams. Your query will be handled by experts in due course.
Does Testprep Training offer Money Back Guarantee for the Exam Simulator?
Yes, we offer a 100% unconditional money back guarantee. In case you are not able to clear the exam for then you can request for the full refund. Please note that we only refund the cost of product purchased from Testprep Training and not the Exam cost.