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%
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?
What is the eligibility requirement for the Certified IRA Services Professional CISP exam?
How many questions will be there on Certified IRA Services Professional CISP exam?
What is the cost for the Certified IRA Services Professional CISP examination?
What is the time duration for the Certified IRA Services Professional CISP exam?
What is the CISP exam course outline?
Is there any retake fees for the CISP exam?
What is the exam retake policy?
What is the passing score for the ABA Professional certification exams?
What is the process of maintaining Certified IRA Services Professional CISP exam?
What is the annual renewal fee for CISP exam?
What is exam cancellation policy?
How much time it takes to get the exam result?
Can I take the computer-based certification exam on at home or at work?
Why there is use of computer-based testing in ABA exams?
Is accommodation available for individuals with disabilities at the computer-based testing centers?
How to register for the computer-based exam?
For how long is the license valid after purchase?
Can we try the free test before purchasing the practice exam?
Do you provide any preparation guidance for this certification exam?
Why ABA certifications?
Do you offer any discount on the bulk purchase?
Is there any assistance from Testprep Training in terms of exam preparation?
Does Testprep Training offer Money Back Guarantee for the Exam Simulator?
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