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Certified IRA Services Professional CISP

Certified IRA Services Professional CISP

Free Practice Test
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  • TypeExam Format
  • No. of Questions5
  • AccessImmediate
  • Access DurationLife Long Access
  • Exam DeliveryOnline
  • Test ModesPractice
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Practice Exam
$800.00
  • TypeExam Format
  • No. of Questions209
  • AccessImmediate
  • Access DurationLife Long Access
  • Exam DeliveryOnline
  • Test ModesPractice, Exam
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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.

Percentage of Coverage

Topics

10%

Employer plans, including SEP and SIMPLE plans

10%

IRA documentation and maintenance requirements.

15%

IRA eligibility and contribution requirements.

25%

Retirement plan portability including transfers, rollovers, conversions and recharacterizations

20%

This topic covers distributions. This tests knowledge on taxes, withholding rules, required minimum distributions, death distribution rules and penalties.

10%

Fees and Investments, rules, fees and prohibited transactions.

10%

Estate Planning, choosing beneficiares, trusts and estates and income taxes.

 

CISP Costs

ABA members get discount on classes. It is $1595 for members and $1795 for non members. However, an applicant with 4 years IRA experience can skip the classes all together.

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

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.
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
In this exam there will be 150 multiple choice questions.
This exam will cost you $550 USD.
You will get maximum 3 hours to complete the exam.
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%)
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.
Yes, for retakes the fees is $300 USD.
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.
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.
The annual renewal fee is $249 USD.
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.
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.
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.
No. The computer-based exams are only offered at Scantron Test Sites during the defined date range noted on the exam schedule.
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.
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.
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.
Yes testprep training offers free practice tests for Exam which can be used before the final purchase for complete test.
Once purchased, the practice exams can be access for the lifetime.
Yes our experts frequently blog about the tips and tricks for exam preparation.
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.
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.
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.

 

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