The Investment Management Consultants Association announced Jan. 27 that the cumulative pass rate for its CIMA qualification exam was 63%, and 58% for the CIMA certification exam.

This was the first time the Denver organization published its cumulative pass rates.

The association said that the 2010 pass rates for the two exams are comparable to those reported for the Chartered Financial Analyst designation and Certified Financial Planner certification.

In 2010, the CFA cumulative pass rate was 42%, and the CFP certification exam cumulative pass rate was 52%.

These pass rates reflect an aggregation of all examinations reported for 2010 and all examination levels required.

CIMA certification signifies that a person has met experience, education, examination and ethics requirements for advanced investment advisers and consultants.

CIMA professionals work with individual or institutional clients and have demonstrated advanced competence in making portfolio recommendations based on investment theory, developing investment policies for individual and institutional clients, analyzing performance measurement and recommending the selection of an investment manager, analyzing and recommending specific investments and applying ethical and legal responsibilities.

The initial certification process includes a background check and demonstration of three years of experience in financial services.

The CIMA qualification exam must be completed before a candidate is eligible to attend the registered education component at the University of Pennsylvania's Wharton School.

A CIMA certification exam is administered to those candidates who have successfully completed the registered education component.

To maintain certification, CIMA certificants also are required to report 40 hours of continuing education every two years and to maintain adherence to the investment consultant association's code of ethics and its standards of practice.

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