Chicago Booth CIMA Education Program 

The Chicago Booth CIMA® Education Program brings together top faculty, experienced practitioners, and a comprehensive curriculum designed to help you achieve CIMA certification and excel in your day-to-day investment practice.

The Chicago Booth CIMA Education Program is a CIMA Certification Registered Education course* that offers an online, blended learning experience for your convenience. This flexible format allows you to work at your own pace and provides you the opportunity to engage with Booth faculty through a live, recorded virtual classroom environment.


The Chicago Booth CIMA Education Program provides learnings that go beyond test preparation and covers important investment concepts at an in-depth level. Our approach provides you with clear instruction, real-world examples, ample practice, and access to a curriculum designed for success. 

Program highlights:

  • A combination of live online, on-demand, and in-person (recommended) instruction.
  • A personalized study schedule, reading list, and checklist to keep you on a successful path.
  • On-demand lectures strategically released to optimize your learning process.
  • A strong team of Chicago Booth faculty and experienced practitioners have designed and will deliver the program.


A true hybrid program, the Chicago Booth CIMA Education Program offers a combination of live online preparation and review sessions, on-demand recorded content sessions, and a recommended 2-day in-person session.**

1. Online, Live Instruction (required)
These sessions are recorded for offline viewing, but we highly recommend you attend these live sessions to stay on our recommended study schedule.

  • Foundations: We start the program with four live online foundation sessions which cover the nuts and bolts of what you need to know to progress through the program. We will develop the theories and work through practice problems together.

  • Weekly Review and Practice Problem Solving: In these sessions, we will review the main concepts covered in the weekly recorded lectures, connect the current to prior lectures, apply the concepts in real-time through practice problem solving, provide answers to your questions, and keep your study on track.

2. On-Demand Instruction (required)

  • Watch video lectures taught by a mix of tenured faculty and practitioners who are experts in their field. These videos capture each instructor’s unique style and are formatted into a series of short, digestible segments for maximum impact.

3. In-person Instruction (recommended)**

  • For additional test prep, you have the option to attend the Chicago Booth Certification Exam Prep Workshop as a free add-on to the Chicago Booth CIMA Education Program. You will review exam topics, connect topics to the formula sheet, and perform practice problems. This session is a supplement, not a substitution, for our CIMA Education Program.

CE Credit
This program is approved for 28 hours of CE credit for CFP® certification. The Investments & Wealth Institute is a CE Quality Partner of CFP Board and the sponsor of the education.

*INVESTMENTS & WEALTH INSTITUTE® is a registered mark of Investment Management Consultants Association Inc. (“IMCA”) doing business as The Investments & Wealth Institute (“The Institute”).  CIMA® and CERTIFIED INVESTMENT MANAGEMENT ANALYST® are registered certification marks of IMCA d/b/a The Institute.  As described in the CIMA Candidate Handbook, completion of an executive education program offered through a Registered Education Provider does not result in attainment of the CIMA certification nor does it award use of the certification marks.  Completion of an executive education program results in a candidate becoming eligible to sit for the CIMA Certification Exam and thereafter to complete the remaining steps for certification.

**The August and December 2020 workshops will be conducted virtually with live instruction.

CIMA certification is beneficial for experienced financial professionals from a variety of backgrounds and business models, including financial advisors, investment consultants, analysts, wealth management professionals, national and regional broker-dealer representatives, and bank/trust employees. The Booth program is open to CIMA candidates in good standing.

Investments & Wealth Institute Scholarship Fund

Investments & Wealth Institute helps eligible individuals who are passionate about growing their career through advanced education. To learn more, please visit the Investments & Wealth Institute website.

John C. Heaton

Joseph L. Gidwitz Professor of Finance
John C. Heaton studies asset pricing, portfolio allocation, and time-series econometrics. He first became drawn to this area because he was "intrigued by the idea of understanding economic phenomena both to guide policy and to help people make better decisions." His research in these areas has earned him numerous fellowships, including an Alfred P. Sloan Research Fellowship from 1993 to 1995, and a National Science Foundation Fellowship from 1993 to 1998.

Prior to joining the Chicago Booth faculty in 2000, Heaton was the Nathan S. and Mary P. Sharp Distinguished Professor of Finance at Northwestern University's Kellogg School of Management. He also has held positions at MIT's Sloan School of Management and at the Hoover Institution. Heaton is a research associate of the National Bureau of Economic Research. The practical problems investors and institutions face are a key component of his teaching.

Originally from Canada, Heaton earned a bachelor's degree in commerce at the University of Windsor in 1982, a master's degree in economics from the University of Western Ontario in 1984, and a PhD in economics from the University of Chicago in 1989. He joined the Chicago Booth faculty in 2000. Outside of academia, Heaton enjoys music, skiing, and sailing.

Kathleen Fitzgerald

Adjunct Associate Professor of Strategic Management

Kathleen Fitzgerald is known at the University of Chicago as a superb educator. She brings a remarkably wide array of experience as an educator and a practitioner to the classroom. She has taught courses in Investments, Corporate Finance, Financial Accounting, Money and Banking, International Finance and Financial Management.

She is currently teaching for the University of Chicago Booth School of Business and the University of Chicago Law School. Her past experience includes the University of Massachusetts, Rochester Institute of Technology, and several Universities in Barcelona, Spain.

Kathleen also holds the position of Director of Academic Support at the University Of Chicago Booth School Of Business in Chicago, London and Hong Kong in which she prepares students of Chicago Booth Executive MBA program for the rigors of Chicago’s quantitative approach to finance, economics, statistics, and marketing.

Her professional experience includes auditing and tax consulting at Ernst & Young, LLP and forensic accounting consulting at Chicago Partners.

Kathleen graduated from the University of Massachusetts in Amherst with a Bachelor’s Degree in Economics in 1990 and a MBA in 1994. She passed the Unified C.P.A. examination in 1994 and holds a Masters in Business Administration from the University of Chicago.

Veronica Guerrieri

Ronald E. Tarrson Professor of Economics and Willard Graham Faculty Scholar
Veronica Guerrieri studies macroeconomics, labor and financial market frictions, search theory, dynamic contracting, and growth theory. "Coming from Europe, the malfunctioning of labor markets has always attracted my attention," she says. "My research explores frictional labor markets and other market imperfections."

Guerrieri won the "Bernácer Prize" in 2015 for the best European economist under 40 in macroeconomics and finance, the "Carlo Alberto medal" in 2013 for the best Italian economist under 40, the “Alfred P. Sloan Research Fellowship” in 2011, the “Excellence Award in Global Economic Affairs” in 2010 from the Kiel Institute for the World Economy Guerrieri is a managing editor of the Review of Economic Studies since 2017, and a member of the board of editors of the Journal of Economic Literature since 2014. She is also the co-director of the Macro Initiative of the BFI.

Guerrieri earned her bachelor's degree summa cum laude and master's degree in economics from Università Commerciale Luigi Bocconi in Milan in 2000 and 2001, respectively, and a PhD in economics from Massachusetts Institute of Technology in 2006. She joined Chicago Booth in 2006, she has been a Research Associate of the National Bureau of Economic Research since 2013, and she has been a consultant at the Federal Reserve Bank of Chicago since 2014. She has been a visiting professor at MIT, Yale, LSE, NYU, CREI and EIEF and a Visiting Scholar at the Federal Reserve Bank of Minneapolis.

Lubos Pastor

Charles P. McQuaid Professor of Finance and Robert King Steel Faculty Fellow

Lubos Pastor is Charles P. McQuaid Professor of Finance at the University of Chicago Booth School of Business. At Chicago Booth, he also serves as Co-Director of the Fama-Miller Center for Research in Finance, Director of the Center for Research in Security Prices (CRSP), and a member of the CRSP Indexes Advisory Council. Outside Chicago Booth, he is a member of the Bank Board of the National Bank of Slovakia, Research Associate at the National Bureau of Economic Research, and Research Fellow at the Centre for Economic Policy and Research. He has served as President of the Western Finance Association and Director of the American Finance Association. He is an Associate Editor of the Journal of Financial Economics and a former Associate Editor of the Journal of Finance and the Review of Financial Studies.

Professor Pastor’s research focuses mostly on financial markets and asset management. He has written on a broad range of topics such as liquidity risk, political uncertainty, stock price bubbles, stock volatility, return predictability, technological revolutions, income inequality, populism, portfolio choice, performance evaluation, returns to scale in active management, indexing, learning, and IPOs. His articles have appeared in the American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, Journal of Political Economy, Review of Financial Studies, and other outlets. His research has been awarded numerous prizes, such as two Smith Breeden Prizes, three Fama/DFA Prizes, Whitebox Advisors Selected Research Prize, Goldman Sachs Asset Management Prize, Barclays Global Investors Prize, Rothschild Caesarea Center Best Paper Award, Jacobs Levy Center Best Paper Prize, two Geewax, Terker & Co. Prizes, two Marshall Blume Prizes, the NASDAQ Award, the QMA Award, and the Q Group Award.

Devin G. Pope

Professor of Behavioral Science and Economics
Devin Pope studies a variety of topics at the intersection of economics and psychology. He has published work in top economics outlets such as the American Economic Review, Quarterly Journal of Economics, Journal of Political Economy, and Review of Economic Studies. He has also published in psychology and multidisciplinary outlets such as Management Science and Psychological Science.


Using primarily observational data, Pope studies how psychological biases play out in field settings and economic markets. Examples include left-digit bias and projection bias in car markets and time inconsistency in housing markets.


Prior to joining the Chicago Booth faculty in 2010, Pope was on the faculty at the Wharton School at the University of Pennsylvania. He earned a PhD in economics from UC Berkeley in 2007 and a BA in economics from Brigham Young University in 2002.

Pietro Veronesi

Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance
Pietro Veronesi is the Chicago Board of Trade Professor of Finance at the University of Chicago, Booth School of Business. He is also a research associate of the National Bureau of Economic Research and a research fellow of the Center for Economic and Policy Research. Additionally, he is a former director of the American Finance Association and co-editor of the Review of Financial Studies.

Veronesi conducts research that focuses on asset pricing, stock and bond valuation under uncertainty, bubbles and crashes, return predictability and stochastic volatility. Most recently, he has been interested in studying, both theoretically and empirically, the interaction between government interventions and the behavior of asset prices. His work has appeared in numerous publications, including the Journal of Political Economy, American Economic Review, Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He is the recipient of several awards, including the 2015 AQR Insight award, the 2012 and 2003 Smith Breeden prizes from the Journal of Finance; the 2008 WFA award; the 2006 Barclays Global Investors Prize from the EFA; the 2006 Fama/DFA prizes from the Journal of Financial Economics; and the 1999 Barclays Global Investors/Michael Brennan First Prize from the Review of Financial Studies.

Professor Veronesi teaches both masters- and PhD-level courses. He is the recipient of the 2009 McKinsey Award for Excellence in Teaching.

His undergraduate work was in economics at Bocconi University where he received a laurea magna cum laude with honor in 1992. He earned a master's degree with distinction in 1993 from the London School of Economics. He joined the Chicago Booth faculty upon obtaining his PhD in Economics from Harvard University in 1997.

Ira S Weiss

Clinical Professor of Accounting and Entrepreneurship

Ira Weiss specializes in tax strategy, financial accounting, mutual fund taxation, and private equity investing. He teaches advanced MBA courses in both tax strategy and entrepreneurship at Chicago Booth, and helps support the entrepreneurial community through his work as the Faculty Director of Hyde Park Angels, an angel investing group affiliated with the Polsky Center for Entrepreneurship.

Weiss has been the recipient of numerous teaching awards, and his research has appeared in the Wall Street Journal and on CNN, as well as in the Journal of Accounting and Economics and Review of Accounting Studies.

Weiss feels it is important for students in his tax class to walk away knowing how to structure business decisions in the most tax-efficient manner, taking into account all other costs. He cites one significant use for the tools he teaches in class: learning how to structure merger and acquisition transactions. Students also learn many useful tax planning techniques for their personal financial decisions, such as whether they can deduct the cost of MBA tuition off their taxes. While teaching taxes and business strategy, he often is able to include some of the structures from real private equity deals to demonstrate the power of effective tax planning.

Weiss has held positions at the accounting/consulting firms of Ernst & Young and Coopers & Lybrand, and serves on the boards of Concerro and Retel Technologies.

He earned a bachelor's degree in accounting from the University of Illinois in 1992. He received an MBA in 1999 and a PhD in 2001, from the Chicago Booth. He holds a CPA from the state of Illinois.

Outside of the classroom, he enjoys college basketball, mountain biking, Middle East politics and religions, and neuro-linguistic programming.

John Nersesian

CFP®, CIMA®, CIS, CPWA®, Head of Advisor Education, PIMCO

John Nersesian is head of advisor education at PIMCO, providing advanced wealth management and investment consulting education to financial professionals. Prior to joining PIMCO in 2019, he was senior managing director of wealth management services for Nuveen Investments. Previously, he was a first vice president at Merrill Lynch Private Client Group, where he also led advanced training for financial consultants. He served as a board member of the Investments and Wealth Institute (IWI, formerly IMCA) from 2006–2017 and as chairman for the 2014–2015 term, and he is a faculty member for the IWI Certified Private Wealth Advisor (CPWA) and Certified Investment Management Analyst (CIMA) education programs held at Yale University and The University of Chicago. He has 35 years of investment and financial services experience and holds an undergraduate degree in business and economics from Lehigh University.

Foundations: Modules 1-4 (live online and recorded)
  • Time Value of Money
  • Calculating Realized Returns
  • Statistics and Probability
  • Risk and Return

Course Content: Modules 5-12 (on demand)

  • Module 5: Portfolio Theory
  • Module 6: Capital Asset Pricing Model (CAPM), Multifactor Models
  • Module 7: Behavioral Finance, Market Efficiency, Market Anomalies
  • Module 8: Performance Measurement, Tax Efficient Strategies, Socially Responsible Investing
  • Module 9: Applied Economics, Global Capital Markets History and Valuation
  • Module 10: Fixed Income
  • Module 11: Alternative Investments
  • Module 12: Hedge Funds, Portfolio Construction and Consulting Process

Weekly Review and Problem Solving Sessions (live online and recorded)

  • Held once per week during Modules 5-12

Chicago Booth Final Assessments (online)

  • Candidates must pass five final quizzes and a final exam online before taking the CIMA Certification Exam
  • The quizzes are accessible after all materials from Modules 1-12 have been completed
  • The final exam is accessible after all five final quizzes have been passed

Recommended: Chicago Booth Certification Exam Prep Workshop (live online and recorded)

  • A free add-on to the Chicago Booth CIMA Education Program
  • Intensive review for the CIMA Certification Exam
  • Conducted virtually with live instruction
  • Sessions are recorded for offline viewing, but we highly recommend that candidates attend these in real-time since they are interactive and provide an opportunity to ask questions
  • Workbooks are mailed prior to the workshop

Today’s complex and global financial world requires sophisticated solutions from competent, ethical advisors in retail and institutional capacities. Against this backdrop, CIMA certification signals that an investment professional has completed a rigorous program to achieve a high level of competency, professionalism, and investment expertise. Since April 2011, CIMA certification has been recognized as one of a handful of financial services credentials in the US to meet an international standard for personnel certification (ISO 17024) and earn accreditation by the American National Standards Institute (ANSI). 

How do I earn CIMA certification?

  • Step 1: Submit a certification program application, with fee, and pass a comprehensive background check performed by Institute staff. The application is valid for two years from the date it is accepted by the Institute. The application is reviewed to verify that the applicant meets the program requirements. Applicants will either be accepted into, or denied from, the program.
  • Step 2: Complete the Chicago Booth CIMA Education Program and pass the Booth final assessments.
  • Step 3: Pass the CIMA Certification Exam. The Certification Exam is administered at local testing centers. A candidate may sit for this examination as often as necessary, but retesting fees apply, and there is a 30 day wait period between exam attempts.
  • Step 4: Demonstrate a minimum of three full years of verified professional experience in financial services or related industry, pass a second background check, complete a license agreement and agree to adhere to the Institute’s Code of Professional Responsibility and Rules and Guidelines for the Use of the Marks.

If you have not yet begun the CIMA certification process or would like more information about the Investments & Wealth Institute's advanced certification qualifications, please contact the Institute directly at (303) 770-3377 or visit www.investmentsandwealth.org.

When can I take the CIMA Certification Exam?
Candidates who have completed the education program must sit for the Certification Exam within a 90 day scheduling window. If you are unable to sit for the exam in this specified window, a rescheduling fee is required to open a new 90 day exam scheduling window. You may sit for the exam as often as necessary, but retesting fees apply, and there is a 30 day wait period between exam attempts.

 

Chicago Booth CIMA Education Program


What materials are provided?
You will gain access to multiple resources including: live online sessions, lecture videos and notes, online quizzes, numerous practice problems, and background readings including online access to two textbooks: Investments (12th ed.) published by McGraw-Hill and The Investment Advisor Body of Knowledge published by Wiley.

How do I join the live sessions online?
You will need to be able to access and use WebEx. These sessions are recorded for offline viewing, but we highly recommend you attend live to stay on our suggested study schedule.

How many hours of study per week can I expect?
We recommend an average of 15 hours per week over the 12-week program. After successfully completing the program, you should also plan to spend additional time studying for the CIMA Certification Exam. The Chicago Booth CIMA Certification Exam Prep Workshop is designed to help you prepare for this exam.  In total, it takes most candidates 4-6 months to complete the certification process.

What if I don’t pass the Booth final exam online?
If you do not pass on the first try, you may take it again, but we recommend that you study for one week in between attempts. The maximum number of attempts is five. If you do not pass within five attempts, we will have a discussion about how to proceed.

How long will I have access to the course?
You have access to the program materials for one year from the course start date. We highly recommend, though, that you complete the course and the Certification Exam well before the one-year period. From our experience, the more time that passes after the education program finishes, the less likely it is that a candidate will complete CIMA certification. If there is a reason you don't complete the education program or pass the Certification Exam within one year, pay a fee to extend access to the course materials.

Will I receive a certificate of completion from Chicago Booth?
Yes, after you have passed the Booth exam and successfully completed the Chicago Booth CIMA Education Program.

Is the education program approved for CE credit?
Yes, this program is approved for 28 hours of CE credit for CFP® certification. The Investments & Wealth Institute is a CE Quality Partner of CFP Board and the sponsor of the education.

Is remote access available for the CIMA Certification Exam Prep Workshop?
Yes, the workshops in 2020 will be conducted virtually with live online instruction.

I had a great experience studying for the CIMA exam through the University of Chicago Booth School of Business Education Program. I was amazed at the quality of the content, the expertise of the professors, and the structure of the program. The online modules and videos made it easy for me to both stay on track and also work at my own pace. I encourage anyone who is taking the CIMA exam to consider Chicago Booth for your preparatory course.

- Logan Jones, CFP®, CIMA®, Financial Advisor, Everhart Advisors


I would definitely recommend this program to a colleague because I am a big believer in process and discipline, and if you follow the UC Booth process, attend live classes, complete the readings and videos, do the practice problems each week, you will pass the exam. UC Booth has discovered a formula for success and strikes a good balance between helping you understand the information from an academic perspective while knowing key focus areas for the exam.

Also, I felt the material was extremely relevant to working with clients and immediately applicable in my own job. It is great to have a class that you spend months with that has diverse experiences and roles within our industry. This allows us to network and build out lifelong connections after the program is over.

- Greg Goin CFP®, CIMA®, CLU®, CRPC® Advisory Solutions Director


The best part of the Booth program was the scope and thoroughness of the course. We covered a lot of material that I will be able to meaningfully utilize at our practice and in my role. The instructors were great and I thought that the hybrid model allowed for flexibility and studying at your own pace.

- Owen McCabe, Director, Astra Wealth Management Group


Chicago Booth’s history of achievement in the areas of finance and theory were the reason I choose Booth.

- John DeGroft, Senior Vice President, Merrill Lynch


The class was excellent and gave me ideas I can use to improve my business.

-Jeff Martin, President, KDM Investment


The rigor was exceptional. The challenge makes this a truly career/education enhancing building block. Wonderful to get exposure to U of C – professors/staff and curriculum.

- Cheryl Snook, AVP, Financial Advisor, Morgan Stanley


Robust curriculum, thoughtfully designed and masterfully taught. Thank you Chicago Booth! You have more than exceeded my expectations!

- Era Yoo, SVP, Northern Trust


The University of Chicago has a well-planned approach to teaching the CIMA curriculum. All of the important concepts are covered in a clear, concise format. The professors really want to make sure you understand the material and go to great lengths to provide intuition behind some of the math concepts. The class is very interactive and the faculty make themselves easily accessible throughout the class. I strongly recommend this program to anyone considering attaining the designation.

- Todd Muentzer, CIMA®, ETF Specialist


This was a great overall experience.  Kathleen does a great job presenting and reviewing the content.  It was also beneficial to connect with other students preparing for the exam.

- Jon Maldonado, Financial Advisor, UBS Financial Services


Excellent program with in-depth analysis of calculation needed for course material.

- Robert Filetti, Robert Baird


This class was far above my expectations.  This is a great value for the cost.

- Alicia Frye, Regional Business Consultant, Symmetry Partners


There are very few people that I have met that have a true depth of knowledge in their field.  Kathleen is one of them.  She is amazing in her understanding of the concepts.

- Program past participant



 

Extended Registration for the September 2020 Program

Registration for our September 9 - December 5, 2020 program is available until September 22; please register here.

Upcoming Courses

Date Fee
January 13-April 9, 2021 $4,850 Register Now