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Chartered Investment Counselor: Who They Are and What They Do

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Updated October 09, 2025

Definition

The Chartered Investment Counselor (CIC) is a professional certification for financial professionals that was awarded by the Investment Advisor Association, but it's no longer offered.

What Is a Chartered Investment Counselor (CIC)?

The chartered investment counselor (CIC) is a designation that was awarded to qualifying financial professionals by the Investment Adviser Association (IAA) until 2025. The IAA established the CIC program to recognize the experience of professionals in the investment counsel industry. The Investment Wealth Institute (IWI) petitioned the North American Securities Administrators Association (NASAA) to replace the CIC designation with the IWI's certified investment management analyst (CIMA) title, and the petition was granted.

The IAA continues to maintain the CIC designation, but it's no longer being offered to new applicants.

Candidates had to meet certain professional criteria to become a CIC when the designation was offered, including holding the Chartered Financial Analyst (CFA) designation. There were no educational requirements, but CICs had to fulfill continuing education requirements as prescribed by the IAA.

Key Takeaways

The chartered investment counselor is a designation that was awarded to qualifying financial professionals by the Investment Adviser Association until 2025.
CIC candidates had to work with an IAA member firm for at least one year and had to have at least five years' experience working in an eligible profession, such as an investment adviser.
Applications had to be accompanied by a letter of reference from a senior member of the firm, and the candidate must have spent more than 50% of their time as an investment counselor and portfolio manager.
There were no educational requirements, but the candidate had to be a CFA.
CICs had to provide annual employment certifications to retain the certification and could not be under disciplinary proceedings.

The Chartered Investment Counselor (CIC) Program

The IAA launched the chartered investment counselor program in 1975. It was designed in association with the Chartered Financial Analyst Institute.

The purpose of the program was to promote and recognize professionals who worked in the investment counseling industry.

Important

The CIC award was intended to identify individuals with significant experience as investment counselors and portfolio managers.

The designation was awarded to individuals with qualifications and experience consistent with those outlined in the Investment Advisers Act of 1940. This includes the fiduciary and ethical responsibility an adviser has to their clients, as well as their experience and skills.

Professionals qualified for the designation after working for an IAA-recognized firm for at least one year and having at least five years of experience in an eligible position, such as an investment adviser. The candidate was also required to:

Be a CFA
Provide a letter of reference from a senior executive at their firm
Spend more than half their time investing in counseling and managing a portfolio

There were no educational requirements to become a CIC, and there was no exam. Candidates had to adhere to ethical and professional standards and provide proof of employment certification every year to retain their designations. CICs could not be subject to disciplinary proceedings at any point during their careers.

As fiduciaries, chartered investment counselors had to provide personalized, unbiased advice that was in the client's best interest. As part of the application process, candidates had to identify their job responsibilities, such as economic research and securities analysis. Candidates also had to provide work and character references and complete an ethics questionnaire.

Certified Investment Management Analyst (CIMA) Requirements

The IWI requested that NASAA add its CIMA designation to its list of eligible certifications as the CIC designation was being discontinued for new candidates. The request was approved, and certified investment management analysts qualify for a NASAA testing exemption.

These candidates must meet several requirements to qualify for the CIMA designation. A minimum of three years' experience in financial services is required, and candidates must have completed an executive education course provided by an institution that's approved by the IWI. They must then complete 40 hours of continuing education every two years.

The Investment Adviser Association

Founded in 1937, the Investment Advisor Association played a major role in the enactment of the Investment Advisers Act of 1940. The stated purposes of the Investment Adviser Association are to:

Promote high integrity, public responsibility, and competence in the advisory industry
Represent the profession through the development, formulation, and enactment of legislation
Provide benefits, services, and products that assist and add value to member firms as they conduct their business.

Why Did the IAA Discontinue the CIC Certification?

The IAA hasn't discontinued the CIC certification. It still recognizes it, but it's no longer accepting new candidates into the CIC program.

What Is the IAA?

The Investment Adviser Association is a nonprofit organization that exclusively represents the interests of federally registered investment advisory (RIA) firms. Its membership consists of more than 600 firms that collectively manage in excess of $20 trillion for a wide variety of individual and institutional investors.

Is an Exam Required to Become a CIMA?

CIMA applicants must pass a closed-book final certification exam. They can take the exam online or in person.

The Bottom Line

Evolution is inevitable in almost all areas of life, and financial professionals are no exception. CIC designees are still working and available for assistance in 2025. The certification has not been discontinued. It's just not being offered to new candidates.

Don't overlook the assistance of a certified investment management analyst (CIMA) as well if you find yourself in need of a financial professional.

Article Sources

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North American Securities Administrators Association. "Request for Public Comment on Proposed Amendments to the NASAA Model Rule: Examination Requirements for Investment Advisor Representatives." Page 2.
FINRA. "Chartered Investment Counselor (CIC)."
Investment Adviser Association "Chartered Investment Counselor (CIC) Designation."
FINRA. "Certified Investment Management Analyst (CIMA)."

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