How to get a Chartered Investment Manager (CIM) designation

There are many employment opportunities for those who choose to become finance professionals. Should they choose to pursue further studies and obtain other related credentials, even more opportunities open up.

One of the professional designations that can open more doors for the hardy financial planner or advisor is that of Chartered Investment Manager or CIM. The CIM designation is the educational benchmark for finance professionals who wish to offer investment and portfolio management services. As an internationally recognized credential, the CIM allows its titleholders to seek employment opportunities anywhere in the world.

In this guide, learn what it takes to earn the CIM designation, its benefits, and how it can shape your career – then you can make an informed decision as to whether to pursue it or not.

Introduction to the CIM certification

What is a Chartered Investment Manager? A CIM is a finance professional who provides portfolio management services to clients, with a particular specialization in providing high-level investment strategies. CIMs typically have very wealthy clients or large organizations who enlist their services and assist them in making informed investment decisions, among other tasks.

What does a Chartered Investment Manager do?

A Chartered investment manager is a type of financial advisor with specialized skills and services. CIMs consult with individual clients and corporations to assist them with crucial elements of financial planning and investment strategy. Some of tasks that a CIM can do for clients include:

• asset allocation
• due diligence on investments
• adhering to ethical practices
• risk analysis and mitigation
• measuring investment performance

How to become a Chartered Investment Manager

There are a few steps involved when you embark on your journey toward becoming a CIM:

Step 1. Get a requisite bachelor’s degree

The starting point is to acquire a bachelor’s degree in finance or a related field. You can use this guide to certified financial planning courses in Canada if you don’t have a degree yet.

Get a degree that is relevant to finance or investing, such as:

• accounting
• asset management
• business management
• data analytics
• economics
• math
• risk management
• statistics

Step 2. Gain relevant work experience

Once you have earned a bachelor’s degree, the next step would be to gain sufficient experience in the finance industry. You can start as an intern or entry-level position with a bank, investment firm, wirehouse, or other financial institution.

It's important that you gain the relevant work experience that helps you get familiar with the workings of the finance industry. In an ideal setting, a senior colleague like a portfolio manager can serve as your mentor. They can help build your skills in financial research and analysis and help you gain practical knowledge about financial markets and portfolio management.

Step 3. Sharpen your skills and increase your financial knowledge

Due to the highly competitive nature of the finance industry, some CIM candidates think it useful to have a master's degree when applying for investment manager positions. Whether you choose to pursue a master's degree in finance or have other credential options, continuing education can be helpful when obtaining CIM designation.

With enough experience and other credentials, you may then take specific CIM courses from the Canadian Securities Institute (CSI). In terms of the courses, CSI offers two possible pathways to getting the CIM title:

Pathway 1:

• Canadian Securities Course
• Wealth Management Essentials
• Advanced Investment Strategies
• Certificate in Advanced Investment Advice
• Portfolio Management Techniques
  • Graduation to Chartered Investment Manager (CIM) designation -

Pathway 2:

• Canadian Securities Course
• Investment Management Techniques
• Portfolio Management Techniques
  • Graduation to Chartered Investment Manager (CIM) designation -

Aspiring CIMs have a maximum period of five years to apply for the CIM title after they pass the Portfolio Management Techniques examination. Those who do not meet the CIM requirements within five years after taking the PMT exams will have to retake the PMT course and exams before being considered for the CIM title.

Step 4: Get work experience in investment management

CIM candidates who successfully completed the final PMT course and passed the examination are not immediately granted the title of CIM. Instead, they have five years to apply for the CIM designation.

The five-year period is meant for them to gain at least two years of experience in an investment management role. This setup is also designed to allow CIM candidates to apply what they’ve learned through their previous work experience and CSI courses.

If the five-year period expires before a candidate gets the minimum required experience, candidates will have to retake the PMT course and pass the PMT examination. Aspiring CIMs can obtain their investment management experience in roles like:

• investment advisor
• investment strategist
• mutual funds wholesaler
• portfolio manager
• product specialist or manager
• research analyst
• senior equity and fixed-income trader

Step 5: Apply and earn the CIM designation

After you have completed the CIM educational and experience requirements, you may start the certification process. You must agree to the code of ethics and trademark rules for using the designation.

Once you apply and pay for the appropriate fees, the Canadian Securities Institute verifies your educational and work experience requirements and issues your annual license and registration as a CIM.

Step 6. Maintain your CIM title

After successfully completing the courses and exams, CSI requires CIM holders to maintain their status. This means keeping their registration updated and remaining in good standing as a member of the CIM organization, Chartered Managers Canada (CMA). CSI requires CIMs to pay a registration fee and recommit to the professional code of ethics – both of which are done yearly.

Finally, CSI also requires Chartered Investment Managers who are already working to complete at least 30 hours of educational training annually. This 30-hour requirement consists of 20 hours of continuing education for professional development and 10 hours of instruction in regulatory compliance.

What can you do with a CIM designation?

Those who get CIM status become investment advisors who are aptly skilled, knowledgeable and qualified to provide wealth management services for more affluent and sophisticated clients.

Is the CIM designation recognized internationally?

Yes. The designation of Chartered Investment Manager is recognized and respected all over. In fact, the CIM designation is currently recognized in 170 countries worldwide. Those who wish to pursue a career as a CIM can find employment anywhere in the world – if an organization is hiring. The CIM title is one of a few other career paths that allow you to practice finance abroad.

How long does it take to get CIM certification?

Depending on the individual finance professional’s educational background and work experience, the time it takes to become a CIM will vary from person to person. For instance, those who have no background in finance will have to make a career change and take education programs to earn a finance-related bachelor’s degree.

Meanwhile, finance professionals who have worked for years as investment or portfolio managers and have finance-related degrees can likely complete the courses and exams in way less time.

Add to their work experience and college years the time needed to complete three or four courses for CIM designation, which on average is around 450 hours of learning. Once candidates have successfully completed the courses and their associated exams, they have up to five years to apply for the designation.

The Canadian Securities Institute mandates that CIM candidates have at least two years’ worth of experience in investment management, taken within the past five years. This work experience can include applying or supervising any aspect of the investment management process.

Benefits of earning the CIM designation

Apart from becoming very adept at developing and managing comprehensive financial plans for your clients, the CIM designation provides you with these benefits:

• a listing in CSI’s CIM directory, making it easier for prospective clients to find you and verify your qualifications
• the right to use the CIM trademark designation in all your marketing materials to promote your credentials
• exclusive access to the CIM Member portal, which provides online resources and customizable marketing materials to help build your practice and promote your services to clients
• free access to webinars via CSI Live, so you can stay updated about industry trends and best practices
• free access to the CIM Networking Group on LinkedIn
• access to CSI Podium, which enables you to hold your own webinars
• use of the CE (Continuing Education) Tracker Tool, to assist in obtaining and tracking your CE requirements and thereby maintaining your CIM designation
• opportunities to be featured in CSI’s national advertising campaigns, to increase awareness about the CIM title

Here’s a short video from the Canadian Securities Institute that briefly explains the benefits of a CIM designation:

What is the average salary of a CIM in Canada?

The average salary for a Chartered Investment Manager in Canada starts at $117,001 per year, which is equivalent to $60 per hour.

Finance professionals who have the CIM designation can earn a starting salary of $86,624 a year and more experienced CIMs can earn as much as $194,757 per year. CIM salaries can vary depending on which province or region the job is located.

What are the skills required of a CIM?

To be a successful CIM, financial planners need a mix of the requisite education and work experience. Having the right skills likewise contribute to a CIM being successful in their career. Here are some skills that CIMs and those pursuing this certification can find useful for their role:

Data analysis

The bulk of the work of CIMs will be assessing opportunities and weighing the potential risks of investments and investment decisions. CIMs must be able to analyze data and ascertain the moves that will result in the best outcomes for clients.

People skills

CIMs with excellent people skills can find new clients and onboard them effectively. Good interpersonal skills are also essential for CIMs to strengthen existing client relationships.

Communication

CIMs should be able to express themselves clearly through written and verbal communication. They must also know how to be concise when informing clients and dispose of unnecessary fluff or irrelevant information in their correspondence. Such skills are essential to build and maintain trust with clients and colleagues.

Stress management

The competitive and ever-evolving nature of finance makes it a hotbed for stressful situations that can affect your health. CIMs should know how to manage stress, especially since they make investment decisions for large organizations and high-net-worth clients.

Decision-making ability

Although CIMs work with a team, in many instances it falls to them to make the final decision on their clients’ investments and investment strategies. This makes the ability to make timed and informed decisions crucial to a CIM’s success.

Researching skills

As CIMs work in a dynamic environment, they should have the knack for finding out all there is to know about investments and the impact of their decisions. CIMs must also be constantly aware of the latest industry trends, news, and any changes in compliance requirements. For instance, more clients are leaning towards more socially responsible investments, so savvy CIMs would seek to explore this trend for opportunities.

Confidence

A confident CIM can better handle the assets of high-net-worth clients and the large volumes of transactions. Confidence allows CIMs to make independent, albeit sound and well-informed financial decisions for clients.

Is the Chartered Investment Manager designation worth it?

There is no easy yes or no to answer this question. If it’s a matter of financial reward, then the compensation one receives as a CIM can be worth it. However, the salary is not the only factor for a finance professional’s long-term success and happiness.

Ultimately, it’s up to the individual to decide whether it's worth the time, effort, and energy they must exert to obtain CIM certification.

Is the Chartered Investment Manager a career path you’d consider? Let us know in the comments