CIP Exam Guidelines

The knowledge areas below are the basis for the Certified IRA Professional (CIP) examination.

1. Employer Plans – SEP and SIMPLE (11%)
   1. Eligibility
   2. Contributions
   3. Portability
   4. Distributions
   5. Reporting
   6. Plan establishment and maintenance
   7. Employer tax benefits
      
      
2.  IRA Documentation and Maintenance Requirements (17%)
   
   1. Plan establishment and maintenance
   2. IRA disclosure statements and notices
   3. Beneficiary designation
   4. Electronic documentation
   5. Reporting and associated penalties
      
      
3. IRA Eligibility and Contribution Requirements (16%)
   1. Contribution eligibility
   2. Deductibility and other tax issues
   3. Excess contributions rules and penalties
      
      
4. Retirement Plan Portability (25%)
   
   1. Transfers
   2. Rollovers
   3. Conversions
   4. Recharacterizations
      
      
5. IRA Distribution Requirements (27%)
   
   1. General taxation and withholding rules
   2. Required Minimum Distributions (RMD)
   3. Death distribution rules
   4. Penalties and corrective measures
      
      
6. IRA fees and Investments (4%)
   1. Prohibited transactions and investment rules
   2. Investment fees and disclosure rules
   3. Investment and related issues
   4. Account valuation requirements
      
      

Exam Process

The CIP exam consists of 150 multiple choice questions and candidates have three hours to take the exam. They must get 70 percent to pass.

• Application and exam fee: $299
• Exam retake fee: $299
• If the candidate fails the exam, the candidate must wait 30 days before being eligible to retake the exam
• If a candidate fails the exam three times, she must attend another IRA Institute