What Is a CIC?
The credential of Chartered Investment Counselor is given to persons who operate as investment advisors and have advanced portfolio management skills. The Investment Adviser Association (IAA) administers the Chartered Investment Counselor (CIC) program.
The Investment Adviser Association is a non-profit organization representing only federally registered investment advisory businesses.
The award is intended to recognize professionals with extensive expertise as financial advisors and portfolio managers.
What Does an Investment Counselor Do?
The Chartered Investment Counselor (CIC) is a recognized and acknowledged designation for investment advisers with advanced portfolio management skills.
The charter is designed to recognize professionals who work for IAA member companies and whose major responsibilities are covered by the Investment Advisers Act of 1940, which includes the adviser's fiduciary and ethical obligations to his customers and his skills and talents.
The IAA gives the CIC designation to outstanding investment advisors who have demonstrated expertise in investment advice and advanced portfolio management.
Those with a CIC certification have a high degree of portfolio management experience. A chartered investment counselor (CIC) is an investment advisor with at least five years of experience, a CFA credential, and has completed a series of exams.
The Investment Counsel Association (ICA) awards the CIC designation when a candidate has worked as a member of the Investment Counsel Association of America (ICAA) and completed tests in economic theory, portfolio management and analysis, taxation, and accounting standards.
Qualifications and Requirements
To become a Chartered Investment Counselor, an individual must have all of the following conditions:
There are no educational prerequisites or exams to become a CIC. Candidates must maintain their designation by adhering to ethical and professional standards and providing evidence of employment certification every year.
Importance of a CIC
The ICA has sanctioned and endorsed an investment advisor with a CIC certification as an adequate, competent, and trusted investment and financial planning resource.
Individuals with CIC accreditation must adhere to stricter ethical requirements, which means they will always act in their client's best interests.
The credential is important because it assures clients that their investment advisor has the skills and experience to provide quality advice and manage their portfolio effectively.
The CIC designation is also a valuable marketing tool for investment advisors, as it can help them stand out from the competition and attract new clients.
Many investment firms require their advisors to have a CIC designation, so it can also be helpful for career advancement.
The Bottom Line
The CIC designation is a professional credential earned by investment advisers who have demonstrated expertise in investment advice and advanced portfolio management.
The credential is important for clients and advisors, as it assures clients that their advisor has the skills and experience needed to provide quality advice. It can help advisors stand out from the competition and attract new clients.
There are no educational prerequisites or exams to become a CIC, but candidates must have five years of experience and pass the Chartered Financial Analyst (CFA) tests. Candidates must also adhere to ethical and professional standards.
FAQs
1. What is Investment Adviser Association?
The Investment Adviser Association (IAA) is a trade association that represents the interests of SEC-registered investment adviser firms. The IAA's members include firms that advise mutual funds, pension plans, endowments, foundations, and other institutional and individual investors.
2. How do I become a Chartered Investment Counselor?
To become a Chartered Investment Counselor, an individual must have a minimum of five years of experience and pass the Chartered Financial Analyst (CFA) tests. Candidates must also adhere to ethical and professional standards.
3. What do Chartered Investment Counselors do?
The CIC designation is a professional credential earned by investment advisers who have demonstrated expertise and provide investment advice and advanced portfolio management.
4. What is the importance of a CIC designation?
The credential is important for clients and advisors, as it assures clients that their advisor has the skills and experience needed to provide quality advice. It can help advisors stand out from the competition and attract new clients.
5. Are there any educational requirements or exams to become a CIC?
No, there are no educational prerequisites or exams to become a CIC.
