CIMAc e r t i f i e d i n v e s t m e n t m a n a g e m e n t a n a l y s t

Candidate HandbookEffective May 2010

Candidate Handbook

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Table of Contents ABOUT INVESTMENT MANAGEMENT CONSULTANTS ASSOCIATION (IMCA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

ABOUT THE CERTIFICATION COMMITTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

INDEPENDENT TESTING AGENCY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

NONDISCRIMINATION POLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

THE CIMA CERTIFICATION PROGRAM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

ELIGIBILITY APPEALS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

EXAMINATION ADMINISTRATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

SCHEDULING AN EXAMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

RESCHEDULING OR CANCELLING AN EXAMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

MISSED APPOINTMENTS AND CANCELLATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

INCLEMENT WEATHER, POWER FAILURE OR EMERGENCY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

HOLIDAYS: NO EXAMINATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

ASSESSMENT CENTER LOCATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

SPECIAL ARRANGEMENTS FOR CANDIDATES WITH DISABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

TELECOMMUNICATION DEVICES FOR THE DEAF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

ABOUT THE EXAMINATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

TAKING THE EXAMINATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

IDENTIFICATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

SECURITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

EXAMINATION RESTRICTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

MISCONDUCT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

COPYRIGHTED EXAMINATION QUESTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

PRACTICE EXAMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

TIMED EXAMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

CANDIDATE COMMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

AFTER THE EXAMINATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

PASS/FAIL SCORE DETERMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

SCORES CANCELLED BY IMCA OR AMP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

IF YOU PASS THE EXAMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

IF YOU DO NOT PASS THE EXAMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

CONFIDENTIALITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

DUPLICATE SCORE REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

CIMA CERTIFICATION RENEWAL REQUIREMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

EXAMINATION AND STATUS APPEALS PROCESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

CIMA CERTIFICATION FEE SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

REQUEST FOR SPECIAL EXAMINATION ACCOMMODATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

DOCUMENTATION OF DISABILITY-RELATED NEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Rev . 5/27/2010

Candidate Handbook

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About Investment Management Consultants AssociationSM (IMCA®)Investment Management Consultants Association (IMCA) was established in 1985 to deliver the premier investment consulting and wealth management credentials, and world-class educational offerings through membership, conferences, research, and publications . IMCA sets the standards for the investment management consulting profession and provides investment consultants with the credentials and tools required to best serve their clients .

Since 1988, IMCA has been authorizing the use of the Certified Investment Management AnalystSM  or CIMA® certification to experienced financial consultants who successfully complete the CIMA certification program and meet other certification requirements .

The CIMA professional is one who provides investment advice and guidance to individuals and institutions . This professional integrates a body of investment knowledge and applies it to specific client needs . The CIMA advisor uses investment theory to assist clients in making prudent investment choices .

About the Certification CommitteeThe Certification Committee is an autonomous volunteer committee authorized by the IMCA Board of Directors and charged with the development and maintenance of IMCA certification programs . The committee is responsible for setting the initial and ongoing requirements that candidates and certificants must meet in order to earn and maintain the rights to use the CIMA certification .

Independent Testing AgencyIMCA has contracted with Applied Measurement Professionals, Inc . (AMP) to assist in the development, administration, scoring, and analysis of the CIMA certification program’s Qualification and Certification Examinations .

Nondiscrimination policyIMCA and AMP do not discriminate among candidates on the basis of race, color, creed, gender, religion, national origin, disability, marital status, or any other characteristic protected by law .

The CIMA Certification programThe CIMA certification program requires that candidates meet all eligibility requirements, a Qualification Examination be passed, an education program be successfully completed, a Certification Examination be passed, a license agreement be

signed and submitted, and that renewal requirements be met on an ongoing basis .

All candidates must:

• Complete and submit an application that requests contact information, work experience including the details of three (3) years of financial services experience, and disclosure of any complaints and regulatory actions . Submission of an application will result in a background check conducted by IMCA’s legal staff .

• Remit the appropriate application fee (see Fee Schedule for current fees: www .IMCA .org/main/do/CIMAfeeschedule) with the application . The application is valid for two years from the date it is received by IMCA . The application is reviewed to verify that the applicant meets the program requirements . Applicants will either be accepted into, or denied from, the program .

• Pass an online Qualification Examination . The first Qualification Examination fee is included in the application fee . A candidate may sit for this examination as often as necessary, but retesting fees (see Fee Schedule for current fees: www .IMCA .org/main/do/CIMAfeeschedule) apply and there is a 30-day waiting period between tests . If a candidate does not take the Qualification Examination within two years of submitting an application, the application will expire and the candidate must reapply to the program, including payment of fees .

• Select a Registered CIMA Certification Education Provider and register for a class with that educational provider, after passing the Qualification Examination . Details about Registered Education Providers’ programs can be found online at www .IMCA .org/main/do/CIMAeducation . Fees are set by and payable to the education providers . Education providers notify IMCA of candidates who have successfully completed their education program .

• Submit a Certification Examination Application and Certification Examination fee to IMCA and subsequently pass a criterion-based Certification Examination, after successfully completing the education component . The Certification Examination is administered during testing windows two–three times per year online at national testing centers . A Certification Examination fee must be submitted with the Certification Examination Application (see Fee Schedule for current fees: www .IMCA .org/main/do/CIMAfeeschedule) .

• Be subject to a second background check, sign and submit a license agreement and agree to adhere to IMCA’s Code of Professional Responsibility, Standards of Practice, and Rules and Guidelines for the Use of the Marks.

An overview of the CIMA certification process is depicted in the diagram on page three .

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Candidate schedulescomputer-based exam

with testing firm

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Eligibility AppealsApplicants can appeal a denial into the CIMA certification program through the Admissions Appeals Process as follows:

IMCA Legal Staff will notify the Applicant of the Appeal Process in its notice of application denial .

Appeal Process

If the application is not accepted due to a pending matter, the applicant will be invited to reapply when the matter is resolved . There is no appeal to this decision .

If the application is not accepted for any other reason, the applicant will be notified of the following appeal process:

• The applicant has 60 days from the date of non-acceptance to notify IMCA staff of their desire to appeal the decision (Notice of Appeal);

• The applicant has 30 days after Notice of Appeal to provide an explanation as to why an appeal should be considered as well as any new and/or additional information that should be considered; Ruling on the appeal must occur within 60 days of receipt of the complete Appeal;

• The ruling on the Appeal is final;

• If the initial ruling is upheld, the applicant is eligible to reapply in two (2) years from the date of the initial ruling .

Examination AdministrationQualification and Certification Examinations are delivered by computer at more than 170 AMP Assessment Centers located throughout the United States and Canada . Examinations to be delivered in other countries are handled on a case-by-case basis . There are no application deadlines and a candidate may submit an application for the program, register for the Qualification Examination, register for the Certification Examination, and pay the fees at any time upon meeting prerequisites .

Examinations are administered by appointment only Monday through Friday and at least one Saturday per month at all locations at 9 a .m . and 1:30 p .m ., Central Time . Available dates will be provided when a candidate schedules an examination . Candidates are scheduled on a first-come, first-served basis . The first-time Qualification Examination fee is included in the CIMA certification program application fee . An additional fee is charged for each retest .

IMCA will provide each Registered Education Provider a list of candidates who have passed the Qualification Examination .

Certification ExaminationCandidates must apply to and be accepted by IMCA to take the Certification Examination after successfully completing a Registered Education Program . Certification Examinations are administered during two–three testing windows per year at AMP testing centers throughout the United States and Canada, by appointment only . Dates and times are announced on IMCA’s Web site: www .IMCA .org/main/do/CIMAcertificationexam . Available dates will be provided when a candidate schedules an examination . Candidates are scheduled on a first-come, first-served basis (see Fee Schedule for current fees: www .IMCA .org/main/do/CIMAfeeschedule) .

Scheduling an ExaminationOnce eligibility has been confirmed by IMCA, AMP will send candidates a postcard and email with a telephone number and a Web site for use in scheduling an examination appointment . An e-mail will be sent if an e-mail address has been provided .

Candidates may visit AMP’s Web site at www .goAMP .com and click on ‘Candidates’ . Candidates should follow the prompts on the Web site to schedule the examination appointment .

Candidates may also call AMP at 888 .519 .9901 to schedule an examination appointment . This toll-free number is answered from 7 a .m . to 9 p .m . (Central Time) Monday through Thursday, 7 a .m . to 7 p .m . on Friday, and 8:30 a .m . to 5 p .m . on Saturday .

When scheduling an examination, candidates should be prepared to confirm a location and a preferred date and time for testing . Candidates are told the date and time of the examination when they call or go online to schedule an examination . If candidates provide an e-mail address, they will receive an e-mail confirmation of the appointment .

Depending on availability, If you contact AMP by your examination may be 3:00 p.m. Central Time on... scheduled as early as...

Monday Wednesday

Tuesday Thursday

Wednesday Friday/Saturday

Thursday Monday

Friday Tuesday

If special accommodations are required, candidates need to complete the Request for Special Examination Accommodations form included in this handbook and submit it to IMCA at least 45 days prior to the desired examination date .

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Rescheduling or Cancelling an ExaminationExamination fees are nonrefundable . A candidate who is unable to test as scheduled may opt to reschedule .

• A candidate may reschedule the examination once at no charge by calling AMP at 888 .519 .9901 at least two (2) business days prior to a scheduled computer administration . The following schedule applies .

AMP must be contacted by 3 p.m.

If the examination Central Time to reschedule the is scheduled on... examination by the previous...

Monday Wednesday

Tuesday Thursday

Wednesday Friday

Thursday Monday

Friday Tuesday

• A candidate who wishes to reschedule a second time, who appears more than 15 minutes late for an examination and cannot be admitted, or who fails to report for the scheduled examination must contact IMCA to give notice of their intention, pay an examination fee, and then schedule a date with AMP .

Missed Appointments and CancellationsA candidate will forfeit the examination registration and all fees paid to take the examination under the following circumstances .

• The candidate wishes to reschedule an examination but fails to contact AMP at least two business days prior to the scheduled testing session;

• The candidate wishes to reschedule a second time;

• The candidate appears more than 15 minutes late for an examination; or,

• The candidate fails to report for an examination appointment .

Candidates must contact IMCA to give notice of their intention, pay an examination fee, and then schedule an examination date with AMP to re-register .

A written explanation of extenuating circumstances may be submitted for special consideration by IMCA . Please send such requests to IMCA at:

IMCA—Testing Suite 500 5619 DTC Parkway Greenwood Village, CO 80111

Inclement Weather, power Failure or EmergencyIn the event of inclement weather or unforeseen emergencies on the day of an examination, AMP will determine whether circumstances warrant the cancellation, and subsequent rescheduling, of an examination . The examination will usually not be rescheduled if the Assessment Center personnel are able to open the Assessment Center .

Candidates may visit AMP’s Web site at www .goAMP .com prior to the examination to determine if AMP has been advised that any Assessment Centers are closed . Every attempt is made to administer the examination as scheduled; however, should an examination be cancelled at an Assessment Center, all scheduled candidates will receive notification following the examination regarding rescheduling or reapplication procedures .

If power to an Assessment Center is temporarily interrupted during an administration, your examination will restart where you left off in scrambled order and you may continue the examination .

Holidays: No ExaminationsThe examinations are not offered on the following holidays:

January 1 New Year’s DayMartin Luther King Day (USA)Presidents’ Day (USA)Good Friday Memorial Day (USA)July 4 Independence Day (USA)Labor Day (USA)Columbus Day (USA)Veterans’ Day (USA)Thanksgiving Day (and the following Friday) (USA)December 24 Christmas EveDecember 25 Christmas DayDecember 31 New Year’s Eve

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Assessment Center LocationsAMP Assessment Centers have been selected to provide accessibility to the most candidates in all states and Canadian Provinces in major metropolitan areas . Domestic AMP Assessment Centers are typically located in H&R Block offices . A current listing of AMP Assessment Centers, including addresses and driving directions, may be viewed at AMP’s Web site located at www .goAMP .com . Specific address information will be provided when a candidate schedules an examination appointment .

Special Arrangements for Candidates with DisabilitiesIMCA and AMP comply with the Americans with Disabilities Act and strive to ensure that no individual with a disability is deprived of the opportunity to take the examination solely by reason of that disability . AMP will provide reasonable accommodations for candidates with disabilities .

Wheelchair access is available at all Assessment Centers . Candidates with visual, sensory, or physical disabilities that would prevent them from taking the examination under standard conditions may request special accommodations and arrangements . To request special accommodations, complete the Request for Special Examination Accommodations and Documentation of Disability forms included in this handbook and submit the completed forms with your application form and fee . Please inform AMP of your need for special accommodations when calling to schedule your examination .

Telecommunication Devices for the DeafAMP is equipped with Telecommunication Devices for the Deaf (TDD) to assist deaf and hearing-impaired candidates . TDD calling is available 8:30 a .m . to 5 p .m . (Central Time) Monday–Friday at 913 .895 .4637 . This TDD phone option is for individuals equipped with compatible TDD machinery .

About the ExaminationsThe CIMA certification program includes two examinations, the Qualification Examination and the Certification Examination . The Qualification Examination is a two-hour examination and has 50 multiple-choice questions and 10 non-scored, pretest questions . The Certification Examination is a four-hour examination and has 100 multiple-choice questions and 10 non-scored, pretest questions .

Each examination item (question) is related to an area of work performed by an investment management consultant . The tasks have been identified through a job analysis . All examination items are written in a four-option, multiple-choice format .

Several examination item types are incorporated into the examinationinations . These include:

• One Best Response

• Direct Question

• Incomplete Statement

• Complex Multiple-Choice

• Situational Set

The examination items test the examinationiners knowledge and skills at various levels, including recall, application, and analysis .

• Recall items test the recognition of and remembering specific facts, generalizations, theories, and principles .

• Application items test interpretation or application of data . They often include calculations or other problem-solving and require identification of the components and relationships among data .

• Analysis items test the evaluation of data and problem-solving . They typically require judgment about the best course of action .

Learning Objectives The topics included in the following table have been derived from a job analysis survey of knowledge and skills needed by CIMA professionals to fulfill work requirements . The topics are subject to testing in the CIMA certification program examinationinations and should be covered by Registered Education Programs .

The numbers and percentages listed beside the topics below indicate the percentage of examination items devoted to the topic category .

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Qualification Examination— Detailed Content OutlineMAKE PORTFOLIO RECOMMENDATIONS BASED ON MODERN PORTFOLIO THEORY (38%)Analyze the Components of Returns (8%)

Explain the components of total and real return, including efficient asset selection, Arbitrage Pricing Theory (APT), capital allocation line (CAL), capital market line (CML), Capital Asset Pricing Model (CAPM)

Discuss historical (nominal and real) returns and growth of a dollar for various asset classes

• Explain the effect on individual stocks: index construction, inflation adjusted returns, correlation, and diversification

• Measure historical returns• Explain the effect of returns on long-run accumulation• Explain the time value of money

Explain the equity premium

Discuss the empirical evidence regarding risk and return in global markets

Recommend Asset Selection and Allocation (18%)Identify client objectives and determine asset allocation

• Explain the steps involved in the allocation of assets• Discuss spending policy and its implications on asset

allocation• Discuss how asset allocation differs for various clients and

entities• Discuss strategic versus tactical asset allocation, including

buy-and-hold, constant mix, and constant proportion portfolio insurance (CPPI)

Discuss portfolio rebalancing• Discuss the benefits and costs of rebalancing• Discuss rebalancing methodologies and considerations

Formulate and Recommend Tax-Efficient Strategy (12%)Explain the components and importance of tax efficiency

• Understand key features of U .S . Tax Code (e .g ., capital gains, ordinary income, capital losses, avoidance and deferral of taxes)

• Understand tax-efficient principles on equity and fixed-income investments, including the calculation of pre- and after-tax returns

• Compare and contrast separate accounts, private accounts, and mutual funds, including realized and unrealized gains and losses

Implement tax-efficient strategies• Calculate tax using ordinary income rates• Calculate tax when there is a penalty exposure for early

withdrawal• Distinguish taxes on before and after retirement distributions• Calculate the net present value of currently taxable

investment for comparison purposes

DEVELOP AND RECOMMEND AN INVESTMENT POLICY FOR A CLIENT (INDIVIDUAL OR INSTITUTIONAL) (10%)Explain the Components of an Investment Policy Statement (IPS) (10%)

Explain the importance of developing and adhering to an IPS

Describe the components of the IPS (e .g ., fund objectives, allowable asset classes, target asset allocation, benchmarks, special restrictions, rebalancing protocol)

ANALYZE PERFORMANCE MEASUREMENT AND RECOMMEND THE SELECTION OF MANAGERS (12%)Analyze Performance Measurement and Attribution (12%)

Analyze investment returns• Explain and calculate rolling-period returns compared with

annual returns• Explain and calculate time-weighted and dollar-weighted

rates of returns• Explain and calculate arithmetic returns and geometric

average returns

ANALYZE AND RECOMMEND SPECIFIC INVESTMENTS (24%)Assess Fixed-Income Markets (12%)

Evaluate price risk and reinvestment risk• Understand characteristics of bonds, including basic

features, coupon structures, payment methods, options• Understand types of bonds, including federal, state,

municipal, corporate, international, collateralized mortgage obligation

• Understand the valuation of bonds and other fixed-income securities

• Calculate bond yields, including reinvestment rate assumptions

• Identify the types of risks associated with fixed-income securities

Assess Equity Markets (12%)Describe market capitalization and risk/return characteristics of developed and developing countries, foreign and domestic investments

Explain the changes over time in correlations between foreign and domestic stocks, including multinational corporations, effects on diversification

Analyze the benefits and risks of domestic and international investing

Explain advantages and disadvantages of international diversification, including “home bias,” exchange-rate risk, real and perceived barriers

Apply risk management approaches to domestic and international investing

ANALYZE ETHICAL AND LEGAL IMPLICATIONS (16%)Apply Ethical Considerations

Advise clients of the importance of full disclosure

Inform clients of conflicts of interest

Apply the IMCA Code of Professional Responsibility and Standards of Practice

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Identify Legal ConsiderationsDefine fiduciary responsibilities for individual trust, foundation, endowment, ERISA plan clients, including the principal-agent relationship

Identify action that may cause a consultant to be identified as a fiduciary

Identify prohibited transactions under applicable legislation (e .g ., ERISA)

Apply the applicable investment industry laws and regulations (e .g ., ERISA, UPIA, UMIFA, UPMIFA, federal and state regulatory agencies)

TOTAL PERCENTAGE OF 50 QUESTIONS 100

Certification Examination— Detailed Content OutlineMAKE PORTFOLIO RECOMMENDATIONS BASED ON MODERN PORTFOLIO THEORY (45%)Analyze the Components of Returns (5%)

Explain the components of total and real return, including efficient asset selection, Arbitrage Pricing Theory (APT), capital allocation line (CAL), capital market line (CML), Capital Asset Pricing Model (CAPM)

Discuss historical (nominal and real) returns and growth of a dollar for various asset classes

• Explain the effect on individual stocks: index construction, inflation adjusted returns, correlation, and diversification

• Measure historical returns• Explain the effect of returns on long-run accumulation• Explain the time value of money

Explain the equity premium

Discuss the empirical evidence regarding risk and return in global markets

Estimate the effects of taxes and transaction costs on returns

Analyze Risk and Beta (14%)Evaluate the concept of risk

• Explain the concept of risk• Compare the ability, willingness, and/or the need to assume

risk

Analyze various risk measurements• Evaluate standard deviation as a measure of risk, including

single security and asset classes• Explain annual return volatility for various types of

investment portfolios, including correlations, variances, and covariances

• Explain the difference between volatility and downside risk, including probability of negative return, semi-variance

Apply Monte Carlo simulation and other forms of risk budgeting• Discuss the uses, advantages, and disadvantages of value-at-

risk (VaR) and Monte Carlo simulations• Explain the relationship between time horizon and the level

of portfolio risk

Calculate beta• Calculate beta and explain its relevance• Discuss factors impacting return and risk (e .g ., book-to-

market ratio, earnings’ yield, value and growth stocks)• Compute up- and down-capture ratios

Recommend Asset Selection and Allocation (15%)Identify client objectives and determine asset allocation

• Explain the steps involved in the allocation of assets• Discuss spending policy and its implications on asset

allocation• Discuss how asset allocation differs for various clients and

entities• Discuss strategic versus tactical asset allocation, including

buy-and-hold, constant mix, and constant proportion portfolio insurance (CPPI)

Forecasting expected returns• Discuss macroeconomic conditions and the impact on

portfolio decisions• Determine the universe of asset classes appropriate for the

client• Determine the capital market expectations, including the

expected return forecast for a given portfolio

Analyze and recommend the efficient portfolio selection• Analyze the role of correlation in determining portfolio risk/

return, including the correlation and covariance between two assets

• Explain the advantages and disadvantages of a multiple-asset-class portfolio

• Explain the impact of diversification on systematic and nonsystematic risk

Discuss portfolio rebalancing• Discuss the benefits and costs of rebalancing• Discuss rebalancing methodologies and considerations

Formulate and Recommend Tax-Efficient Strategy (5%)Explain the components and importance of tax efficiency

• Understand key features of U .S . Tax Code (e .g ., capital gains, ordinary income, capital losses, avoidance and deferral of taxes)

• Understand tax-efficient principles on equity and fixed-income investments, including the calculation of pre- and after-tax returns

• Compare and contrast separate accounts, private accounts, and mutual funds, including realized and unrealized gains and losses

Implement tax-efficient strategies• Calculate tax using ordinary income rates• Calculate tax when there is a penalty exposure for early

withdrawal• Distinguish taxes on before and after retirement distributions• Calculate the net present value of currently taxable

investment for comparison purposes

Discuss the importance of asset location with respect to tax efficiency

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Apply Behavioral Finance Theory (6%)Discuss the differences between the behavioral finance investment framework and the traditional finance framework

Discuss the implications of various investor attributes (e .g ., overconfidence, house money effect, regret, disposition effect, cognitive dissonance) on an individual investor’s investment performance and behavior

DEVELOP AND RECOMMEND AN INVESTMENT POLICY FOR A CLIENT (INDIVIDUAL OR INSTITUTIONAL) (10%)Explain the Components of an Investment Policy Statement (IPS)

Explain the importance of developing and adhering to an IPS

Describe the components of the IPS (e .g ., fund objectives, allowable asset classes, target asset allocation, benchmarks, special restrictions, rebalancing protocol)

IPS preparation and Recommendation for ClientsDiscuss different approaches to situational profiling, including sources of wealth, measures of wealth, and stage of life

Discuss investment objectives, spending policy, and other client constraints

Discuss the role of capital market expectations in the IPS

Prepare and recommend an IPS for clients, including the asset allocation

ANALYZE PERFORMANCE MEASUREMENT AND RECOMMEND THE SELECTION OF MANAGERS (17%)Analyze Performance Measurement and Attribution (9%)

Analyze investment returns• Explain and calculate rolling-period returns compared with

annual returns• Explain and calculate time-weighted and dollar-weighted

rates of returns• Explain and calculate arithmetic returns and geometric

average returns

Analyze risk-adjusted measures• Explain the use of performance measures based on total risk• Calculate and compare various types of risk (e .g ., variance

and standard deviation, beta, downside deviation)• Analyze the strengths and weaknesses of different types

of analysis, including R-squared coefficient, Sharpe ratio, M-squared ratio, Sortino ratio, Jensen’s alpha (CAPM), Treynor ratio, Appraisal ratio

Analyze appropriate benchmarks• Determine benchmarks to measure individual managers,

including normal portfolio analysis, performance attribution analysis, investment style analysis

• Describe advantages and disadvantages of using indexes as benchmarks

• Create and explain a custom benchmark for a client’s portfolio

Perform attribution analysis on a client’s portfolio• Analyze various types of attribution analysis, including risk-

adjusted measures, peer group comparisons, scattergrams, and floating bar charts

• Explain factors affecting analysis

Perform Manager Search and Selection (8%)Analyze manager search methodology

• Recommend standard criteria for manager/index selection, including qualitative and quantitative criteria

• Describe the advantages and disadvantages of using active manager databases and other research

• Explain the components of the individual manager interview

Evaluate investment management styles• Describe active versus passive styles, including growth,

value, large-cap, small-cap, mid-cap, domestic, international, high-quality, low-quality, high beta, low beta

• Determine management structure (e .g ., core/satellite, multimanager)

• Implement active or passive investment-management strategies, including tracking error, single-index regression, multiple-index optimization

• Evaluate the use of separate accounts and mutual funds

Evaluate the initial and ongoing due diligence process for manager selection

Evaluate style analyses, including returns-based and holdings-based styles

ANALYZE AND RECOMMEND SPECIFIC INVESTMENTS (20%)Assess fixed-income markets (6%)Evaluate price risk and reinvestment risk

• Understand characteristics of bonds, including basic features, coupon structures, payment methods, options

• Understand types of bonds, including federal, state, municipal, corporate, international, collateralized mortgage obligation

• Understand the valuation of bonds and other fixed-income securities

• Calculate bond yields, including reinvestment rate assumptions

• Identify the types of risks associated with fixed-income securities

Analyze uses of duration and convexity• Calculate and evaluate duration• Calculate and evaluate convexity• Analyze duration/convexity of a portfolio of assets or

liabilities• Explain the importance of expected yield volatility• Synthesize the immunization of assets and asset/liability

management

Assess Equity Markets (8%)Describe market capitalization and risk/return characteristics of developed and developing countries, foreign and domestic investments

Assess advantages and disadvantages of investing in emerging markets, including correlation between currency and asset return, skewness and kurtosis, global versus international

Explain the changes over time in correlations between foreign and domestic stocks, including multinational corporations, effects on diversification

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Analyze the benefits and risks of domestic and international investing

Explain advantages and disadvantages of international diversification, including “home bias,” exchange-rate risk, real and perceived barriers

Apply risk management approaches to domestic and international investing

Measure total return from foreign portfolio investing, including exchange rate gains/losses

Analyze Alternative Investments and Derivatives (6%)Describe differences between alternative and traditional asset classes

• Describe alternative investment strategies, including hedge funds, future funds, venture capital funds, private equity, real estate, commodities

• Understand the difference between accredited and non-accredited investors

• Understand tax issues of hedge funds and other alternative investments

Compare and contrast the major alternative asset strategies, including offshore investing, derivatives, futures markets, options markets

Analyze trends in alternative assets and their importance, including the effect on target portfolio beta or portfolio allocation

Recommend hedge fund/alternative-asset strategies in a client’s portfolio, including legal and regulatory issues

Distinguish between speculation and hedging

ANALYZE ETHICAL AND LEGAL IMPLICATIONS (8%)Apply Ethical Considerations

Advise clients of the importance of full disclosure

Inform clients of conflicts of interest

Apply the IMCA Code of Professional Responsibility and Standards of Practice

Identify Legal ConsiderationsDefine fiduciary responsibilities for individual trust, foundation, endowment, ERISA plan clients, including the principal-agent relationship

Identify action that may cause a consultant to be identified as a fiduciary

Identify prohibited transactions under applicable legislation (e .g ., ERISA)

Apply the applicable investment industry laws and regulations (e .g ., ERISA, UPIA, UMIFA, UPMIFA, federal and state regulatory agencies)

TOTAL PERCENTAGE OF 100 QUESTIONS 100

Taking the ExaminationsExaminations will be given by computer at an AMP Assessment Center . Candidates do not need computer experience or typing skills to take the examinations . On the day of the examination appointment, candidates must report to the Assessment Center no later than the scheduled testing time . Candidates should look for signs indicating AMP Assessment Center Check-in . A candidate who arrives more than 15 minutes after the schedule testing time will not be admitted.

IdentificationTo gain admission to the Assessment Center, candidates must present two forms of identification, one with a current photograph . Both forms of identification must be current and include the candidate’s current name and signature . All candidates will be required to sign a roster for verification of identity .

Acceptable forms of photo identification include a current driver’s license with photograph, a current state identification card with photograph, a current passport, or a current military identification card with photograph . Employment ID cards, student ID cards, and any type of temporary identification are NOT acceptable as the primary form of identification but are acceptable as the secondary form .

Candidates must have proper identification to gain admission to the Assessment Center . Failure to provide appropriate identification at the time of the examination is considered a missed appointment . There will be no refund of examination fees .

SecurityIMCA and AMP maintain examination administration and security standards that are designed to assure that all candidates are provided the same opportunity to demonstrate their abilities . The Assessment Center is continuously monitored by audio and video surveillance equipment for security purposes .

The following security procedures apply during the examination:

• Examinations are proprietary . No cameras, notes, tape recorders, Personal Digital Assistants (PDAs), pagers, or cellular phones are allowed in the testing room .

• Only non-programmable calculator models without alpha-key or printing capability will be allowed for use during the examination .

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• No guests, visitors, or family members are allowed in the testing room or reception areas .

• No personal items, valuables, or weapons should be brought to the Assessment Center . Only keys and wallets may be taken into the testing room and AMP is not responsible for items left in the reception area .

Examination Restrictions • Pencils will be provided during check-in . Use of a cellular phone or any other electronic devices is strictly prohibited and will result in dismissal from the examination .

• Candidates will be provided with scratch paper to use during the examination . Scratch paper will be provided one piece at a time . Candidates must return the scratch paper to the supervisor at the completion of testing, or they will not receive a score report . No documents or notes of any kind may be removed from the examination room .

• No questions concerning the content of the examination may be asked during the examination .

• Eating, drinking, or smoking will not be permitted in the Assessment Center .

• Candidates may take a break whenever needed, but candidates will not be allowed additional time to make up for time lost during breaks .

MisconductIndividuals who engage in any of the following conduct may be dismissed from the examination, their scores will not be reported, and examination fees will not be refunded .

Misconduct includes, but is not limited to, when a candidate:

• creates a disturbance, is abusive, or otherwise uncooperative;

• displays and/or uses electronic communications equipment such as pagers, cellular phones, PDAs, etc .;

• gives or receives help or is suspected of doing so;

• talks or participates in conversation with other examination candidates;

• attempts to record examination questions or make notes;

• attempts to take the examination for someone else; or

• is observed with notes, books, or other aids .

Copyrighted Examination QuestionsAll examination questions are the copyrighted property of IMCA . It is forbidden under federal copyright law to copy, reproduce, record, distribute, or display these examination questions by any means, in whole or in part . Doing so may subject candidates to severe civil and criminal penalties .

practice ExaminationAfter a candidate’s identification has been confirmed, the candidate will be directed to a testing carrel . The candidate will be instructed on-screen to enter a candidate identification number . The candidate will photograph him/herself which will remain on the screen throughout the examination session . This photograph will also print on the candidate’s score report .

Prior to attempting the examination, candidates will be given the opportunity to practice taking an examination on the computer . The time used for this practice examination is not counted as part of the examination time or score . When the candidate is comfortable with the computer testing process, the candidate may quit the practice session and begin the timed examination .

Timed ExaminationFollowing the practice examination, the candidate will begin the timed examination . Before beginning, instructions for taking the examination are provided on-screen .

The best method to prepare for delivery of a presentation is to

write it the morning of the meeting.

develop the presentation over a week.

present it to a colleague as a rehearsal.

outline ideas and speak when called.

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Candidate’s Picture

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The computer monitors the time spent on the examination . The examination will terminate if the candidate exceeds the time allowed . Candidates may click on the “Time” box in the lower right of the screen or select the Time key to monitor their time . A digital clock indicates the time remaining to complete the examination . The Time feature may be turned off during the examination .

Only one examination question is presented at a time . The question number appears in the lower right of the screen . Choices of answers to the examination question are identified as A, B, C, or D . Candidates must indicate their choices by either typing in the letter in the response box in the lower left of the computer screen or clicking in the option using the mouse . To change an answer, a candidate may enter a different option by

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pressing the A, B, C, or D key or by clicking on the option using the mouse . A candidate may change an answer as many times as wanted during the examination time limit .

To move to the next question, a candidate must click on the forward arrow (>) in the lower right of the screen or select the NEXT key . This action will move the candidate forward through the examination question by question . If a candidate wishes to review any question or questions, click the backward arrow (<) or use the left arrow key to move backward through the examination .

An examination question may be left unanswered for return later in the examination session . Questions may also be bookmarked for later review by clicking in the blank square to the right of the Time button . A candidate can click on the hand icon or select the NEXT key to advance to the next unanswered or bookmarked question on the examination . To identify all unanswered and bookmarked questions, repeatedly click on the hand icon or press the NEXT key . When the examination is completed, the number of examination questions answered is reported . If not all questions have been answered and there is time remaining, the candidate can return to the examination and answer those questions . Candidates should provide an answer for each examination question before ending the examination . There is no penalty for guessing .

Candidate CommentsDuring the examination, online comments may be provided for any question by clicking on the button displaying an exclamation point (!) to the left of the Time button . This opens a dialogue box where comments may be entered . Comments will be reviewed, but individual responses will not be provided . Note: candidates will not be given additional time to make comments .

After the ExaminationsAfter completing either the Qualification Examination or the Certification Examination, candidates are asked to complete a short evaluation of their examination experience .

Initially, scores will be reported by AMP in written form only by U .S . Mail . Scores are not reported over the telephone, by electronic mail, or by facsimile . [Special Note: For approximately the first six months (July 1 through December 31, 2009, for the Qualification Examination and a similar period of time after the first Certification Examination testing window), score reports will be delayed]. After this initial period, Qualification Examination and Certification Examination score reports will be provided immediately after candidates complete their examination .

Candidates’ score reports will indicate a “pass” or “fail .” A candidate’s pass/fail status is determined by the raw score . Candidates must achieve a passing score on the Qualification Examination to be qualified to apply to a Registered Education Provider for the education component of the program . Candidates must achieve a passing score on the Certification Examination to complete the certification process .

pass/Fail Score DeterminationThe methodology used to set the minimum passing scores for the Qualification Examination and the Certification Examination is the Modified Angoff method, applied during the performance of a Passing Point Study by a panel of experts in the field . The experts evaluated each question on the examination to determine how many correct answers are necessary to demonstrate the knowledge and skills required to pass this examination portion . A candidate’s ability to pass the examination depends on the knowledge and skill demonstrated, not on the performance of other candidates .

Passing scores may vary slightly for each version of the examination . To ensure fairness to all candidates, a process of statistical equating is used . This involves selecting an appropriate mix of individual questions for each version of the examination that meet the content distribution requirements of the examination content blueprint . Because each question has been pretested, a difficulty level can be assigned . The process then considers the difficulty level of each question selected for each version of the examination, attempting to match the difficulty level of each version as closely as possible . To assure fairness, slight variations in difficulty level are addressed by adjusting the passing score up or down, depending on the overall difficulty level statistics for the group of scored questions that appear on a particular version of the examination .

Scores Cancelled by IMCA or AMpIMCA and AMP are responsible for the validity and integrity of the scores they report . On occasion, occurrences, such as computer malfunction or misconduct by a candidate, may cause a score to be suspect . IMCA and AMP reserve the right to void or withhold examination results if, upon investigation, violation of its regulations is discovered .

If You pass the Examination

Qualification ExaminationCandidates who pass the Qualification Examination will receive an e-mail from IMCA that informs them of their eligibility to enroll in a Registered CIMA Certification Education Provider’s program .

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IMCA will provide a list of all candidates who pass the Qualification Examination to Registered Education Providers .

After passing the Qualification Examination and receiving the eligibility notice from IMCA, candidates should contact a Registered Education Provider to enroll in an education program . The Registered Education Providers can be accessed online at www .IMCA .org/main/do/CIMAeducation, and are listed in alphabetical order as follows:

1 . Haas School of Business University of California, Berkeley Susan Quinn, 510 .643 .6153, Quinn@haas .berkeley .edu

2 . The Wharton School University of Pennsylvania Wharton Customer Care: 215 .898 .1776

Certification ExaminationThe testing agency will notify IMCA of all candidates who pass the Certification Examination . IMCA will then send those candidates a letter of congratulations and a CIMA License Agreement which must be signed and returned with the initial license fee for the first certification period .

If You Do Not pass the ExaminationCandidates who do not pass the examinations will be provided a list of topics that merit additional study . Candidates should contact IMCA to apply for and pay the fee for a retest . Once IMCA has processed the request, candidates can contact AMP to schedule a retest during one of the testing windows .

See the “Rescheduling or Cancelling an Examination” section on page 5 for instructions to schedule a retest date .

ConfidentialityInformation about candidates for testing and their examination results are considered confidential . Studies and reports concerning candidates will contain no information identifiable with any candidate, unless authorized by the candidate .

Duplicate Score ReportCandidates may purchase additional copies of their results at a cost of $25 per copy . Requests must be submitted to AMP in writing . The request must include the candidate’s name, Candidate ID, mailing address, telephone number, date of examination, and examination taken . Submit this information with the required fee payable to AMP in the form of a money order or cashier’s check . Duplicate score reports will be mailed within approximately two weeks after receipt of the request and fee .

CIMA Certification Renewal RequirementsThe CIMA® and Certified Investment Management AnalystSM marks must be renewed every two years . The requirements to renew the CIMA license are as follows:

Each CIMA licensee must:

1 . Complete and report a minimum of 40 hours of qualifying continuing education (CE) during the two-year certification renewal period, two of which must be ethics credits . Visit www .IMCA .org for additional information .

2 . Disclose any federal/state regulatory actions or complaints (e .g ., FINRA) .

3 . Pay a certification renewal fee .

All CIMA professionals are required to submit a Certification Renewal Application that includes the license renewal fee, disclosure of all past or current violations, and a signed statement that indicates a continued adherence to IMCA’s Code of Professional Responsibility, Standards of Practice, and Rules and Guidelines for Use of the Marks. See the Fee Schedule on page 14 for certification renewal fees . Failure to meet the renewal requirements will result in loss of the right to use the CIMA marks .

Certification renewal requirements may change at the discretion of IMCA’s Certification Committee . CIMA licensees will be notified in advance of changes .

The certification period runs for two years (24 continuous months), pro-rated the first cycle based on your birth month, and expires on the last day of the renewal month .

Examination InquiriesIf you have reason to believe that an examination was scored incorrectly, you may request a hand scoring for $50 . A request for hand scoring can be made by calling 303 .850 .3066 within 30 days of the release of the examination results . In the event that there is a discrepancy between the hand-scored and machine-scored results, the hand-scored results will prevail .

Examination materials are not available for review because of security issues . AMP and IMCA staff members will not discuss specific examination items and there are no appeal procedures to challenge individual examination items, answers, or a failing score .

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CIMA CERTIFICATION FEE SCHEDULE (as of July 1, 2009) For the most up-to-date information, please visit IMCA’s Web site: www .IMCA .org/main/do/CIMAfeeschedule .

Overview of the CIMA® Certification ProgramInitial Certification

Step 1

CIMA Application and Background Check Application Fee:$105 current IMCA member$500 nonmember$500 with IMCA membership

Step 2CIMA Qualification Exam First-time testing fee included in application fee;

retesting fee is $125 for IMCA members; $175 for nonmembers.

Step 3

CIMA Education Program Tuition is paid directly to Registered Education Provider (the Haas School of Business, University of California, Berkeley; The Wharton School, University of Pennsylvania).

Step 4CIMA Certification Exam Certification Examination fee:

$475 IMCA member fee$675 nonmember fee

Step 5

Licensing agreement and adherence to IMCA’s Code of Professional Responsibility, Standards of Practice, and Rules and Guidelines for the Use of the Marks

Initial licensing fee is paid and certification renewal date is set. Note: License agreement must be signed to receive certification.

Recertification

Step 1

Pay CIMA Certification Renewal Fee. Fee is paid at the beginning of renewal period.

Certification License Renewal Fee:$105 current IMCA member$500 nonmember$500 with IMCA membership

Step 2Report 40 hours continuing education (CE) credit earned during previous two-year certification renewal period

Note: For acceptable CE topics visit www.IMCA.org.

Step 3

License agreement and adherence to IMCA’s Code of Professional Responsibility, Standards of Practice, and Rules and Guidelines for the Use of the Marks; disclose violations, if any

Note: Certification Renewal Application Disclosure must be signed to receive recertification.

IMCA Examination, page 15

REQUEST FOR SpECIAL ExAMINATION ACCOMMODATIONS

If you have a disability covered by the Americans with Disabilities Act, please complete this form and the Documentation of Disability-Related Needs on the reverse side so your accommodations for testing can be processed efficiently. The information you provide and any documentation regarding your disability and your need for accommodation in testing will be treated with strict confidentiality.

Candidate InformationSocial Security # __________ – _______ – ____________ Requested Assessment Center:______________________

Name (Last, First, Middle Initial, Former Name)

Mailing Address

City State Zip Code

Daytime Telephone Number

Special AccommodationsI request special accommodations for the __________________________________________________________ examination.

Please provide (check all that apply):

______ Special seating or other physical accommodations

______ Reader

______ Extended testing time (time and a half)

______ Reduced distraction environment

______ Other special accommodations (Please specify.)

____________________________________________________________________________________

____________________________________________________________________________________

____________________________________________________________________________________

Comments: ____________________________________________________________________________________________________

Signed: _________________________________________________________________ Date: ________________________________

Return this form with your examination application and fee to: AMp, 18000 W. 105th Street, Olathe, KS 66061-7543.

If you have questions, call the Candidate Support Center at 913.895.4600

DOCUMENTATION OF DISAbILITY-RELATED NEEDS

Please have this section completed by an appropriate professional (education professional, physician, psychologist, psychiatrist) to ensure that AMP is able to provide the required accommodations.

professional DocumentationI have known __________________________________________________ since _____ / _____ / _____ in my capacity as a Examination Candidate Date

_______________________________________________________________________. Professional Title

The candidate discussed with me the nature of the test to be administered. It is my opinion that, because of this candidate’s dis-ability described below, he/she should be accommodated by providing the special arrangements listed on the reverse side.

Description of Disability: ________________________________________________________________________________________

Signed: _________________________________________________________ Title: ________________________________________

Printed Name: _________________________________________________________________________________________________

Address: ______________________________________________________________________________________________________

______________________________________________________________________________________________________________

Telephone Number: ________________________________ E-mail Address: _____________________________________________

Date: _____________________________________________ License # (if applicable): ______________________________________

Return this form with your examination application and fee to: IMCA, 5619 DTC parkway, Suite 500, Greenwood Village, CO 80111.

If you have questions, call 303.770.3377

IMCA Examination, page 16

CIMAc e r t i f i e d i n v e s t m e n t m a n a g e m e n t a n a l y s t

Investment Management Consultants Association5619 DTC Parkway, Suite 500Greenwood Village, CO 80111

P 303.770.3377F 303.770.1812

www.IMCA.org

IMCA® is a registered trademark and Investment Management Consultants AssociationSM and Certified Investment Management AnalystSM are service marks of Investment Management Consultants Association Inc. and denote the highest quality of standards and education for financial professionals. CIMA® and CIMC® are registered certification marks of Investment Management Consultants Association Inc. CPWASM and Chartered Private Wealth AdvisorSM are pending certification marks of Investment Management Consultants Association Inc. Investment Management Consultants Association Inc. does not discriminate in educational opportunities or practices on the basis of race, color, religion, gender, national origin, age, disability, or any other characteristic protected by law. 128-09-NCE © 2009 Investment Management Consultants Association, Inc.