Practice Exam
Certified IRA Services Professional (CISP)

Certified IRA Services Professional (CISP)

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Certified IRA Services Professional (CISP) Practice Exam

The Certified IRA Services Professional (CISP) is a credential offered by the American Bankers Association that shows a person’s expertise in managing and servicing Individual Retirement Accounts (IRAs). It demonstrates that the holder understands the rules, regulations, and best practices related to opening, maintaining, and handling retirement savings accounts. This certification helps professionals guide customers in making smart and compliant decisions about their retirement funds.
In simpler words, CISP proves that someone knows how retirement savings accounts work and how to handle them properly. It helps financial service workers provide accurate advice, avoid mistakes with regulations, and give customers confidence in managing their retirement money safely and effectively.

 

Who should take the Exam?

This exam is ideal for:

  • Bank employees who work with customer retirement accounts
  • Financial advisors and planners
  • Retirement account specialists or consultants
  • Wealth management associates
  • Branch managers and assistant managers in banks
  • Trust officers handling personal financial accounts
  • Customer service staff in investment firms

 

Skills Required

  • Basic knowledge of banking and finance
  • Attention to detail and accuracy with regulations
  • Customer communication and support skills
  • Ability to understand and apply complex rules
  • Ethical and responsible financial behavior
  • Analytical and problem-solving abilities

 

Knowledge Gained

  • Detailed understanding of IRA types and structures
  • Legal and tax rules related to IRAs
  • How to set up and manage IRA accounts
  • Reporting and compliance requirements
  • Customer service best practices for retirement planning
  • Risk management and fraud prevention in retirement accounts


Course Outline

The Certified IRA Services Professional (CISP) Exam covers the following topics - 
 

Domain 1. Employer Plans - SEP and SIMPLE (10%)

Domain 2. IRA Documentation and Maintenance Requirements (10%)

Domain 3. IRA Contributions (15%)

Domain 4. Retirement Plan Portability (25%)

Domain 5. IRA Distributions (20%)

Domain 6. IRA Fees and Investments (10%)

Domain 7. Retirement Planning Considerations (10%)

 

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Certified IRA Services Professional (CISP) FAQs

Some experience in customer or financial services is helpful.
1

You can grow into senior wealth manager or financial planner roles.
 

No, investment and wealth management firms also value it.
 

Yes, it shows verified expertise in handling retirement accounts.
 

Yes, it can support a move into the banking or financial services sector.
 

Yes, it can lead to promotions or specialized roles in financial services.
 

Yes, if they are starting careers in banking or wealth management.
 

Banking, investment, financial advisory, and trust services.
 

IRA specialist, financial advisor, and bank branch officer.
 

It teaches tax rules related to retirement accounts, but not full tax filing.
 

No, it focuses on financial knowledge, not technology.
 

Yes, it gives a solid foundation to start in retirement planning roles.
 

Anyone who manages or services retirement savings accounts.
 

Basic financial knowledge helps, but it’s not mandatory.
 

Yes, it is recognized across the banking and financial industry in the U.S.