Claritas Pilot Candidate FAQs
1. Who is CFA Institute?
CFA Institute is the global association of investment professionals that sets the standard for
professional excellence and credentials. The organization is a champion for ethical behavior in
investment markets and a respected source of knowledge in the global financial community.
CFA Institute has more than 111,000 members in 141 countries and territories, including
102,000 CFA charterholders, and 136 member societies. For more information, visit
2. Who is the Claritas Investment Certificate for?
The Claritas Investment Certificate is designed for those in the financial services industry who
work in association with investment decision makers and would benefit from gaining a deeper
understanding on the purpose of the industry, the essentials of how it works and their roles and
responsibilities within it. This includes, but is not limited to:
Sales & Marketing
Legal & Compliance
3. How does the Claritas Investment Certificate compare to the CFA Program?
The CFA Program is a globally recognized, graduate level curriculum that provides a strong
foundation of real-world investment analysis and portfolio management skills along with the
practical knowledge you need in today’s investment industry. The CFA Program is a designation
intended for industry participants who are accumulating or have obtained at least four years of
experience in analyzing and making investment decisions.
The Claritas Investment certificate is designed for financial service industry participants who
work in association with investment decision makers and who may not have any formal
investment industry training. The new certificate will provide individuals with a fundamental
understanding of the investment industry and investments. Please see the program syllabus for
4. Is the certificate a stepping stone to the CFA Program?
The certificate will not carry any credits or waivers for the CFA Program. It is a fundamental
course of a different level of difficulty and focus. It is therefore not a direct stepping stone but
may be useful as an essential course for those entering and working in the industry.
5. How does the certificate compare to the CIPM Program at CFA Institute?
CIPM is a practice focused professional level CFA Institute designation designed for those
involved in work relating to performance measure of investments. The Claritas Investment
certificate is a new program from CFA Institute that is much more general in scope than the
6. What are the entrance requirements for the Claritas Certificate Program?
There are no entry requirements.
7. What is the cost for my participation in the pilot phase?
Your cost, which is substantially discounted for the pilot phase, will be USD $225 ($200 for the
pilot plus $25 for shipping and handling), representing a significant discount from the $685 rate
for the program.
8. What does the program involve?
The Claritas Investment Certificate is an easy-to-use, online self-study program including reading
materials and the exam.
It will involve:
Up to 100 hours of self-study from an interactive e-book, which can also be made
available in print for an additional cost.
Access to supporting study tools, including motivational multimedia videos, end-of-
chapter questions, an online mock exam and additional practice assessments.
A two-hour multiple-choice examination at a network of global test centers. A certificate
of knowledge awarded to everyone who passes the exam.
9. What is the earliest date that I can register for the pilot? What is the cut-off deadline?
You need to inform AIMSE that you wish to participate by making payment through the AIMSE
website from now until November 15, 2012.
10. How do I register and pay for the exam?
Enrollment for the Claritas Investment Certificate pilot program is now open. AIMSE members
will make payment through the AIMSE website (www.aimse.org). An email confirming receipt
of payment will then be sent by AIMSE to participants. In December 2012, AIMSE will provide
each participant a unique voucher via email in addition to advising you to register for the exam
on the CFA Institute website in January, 2013 using this voucher.
11. What study materials do I receive and when? Once you have informed AIMSE that you wish to
participate in the exam, you will receive a “starter pack” in early December, 2012 to allow you
ample study time. This pack will contain a printed book with the first 8 chapters of the
curriculum. Once you have registered for the exam on the CFA Institute website with your
unique voucher in January, 2013, you will receive an e-book containing the entire curriculum.
You can also order a full print version at an additional cost but use of the e-book materials is
12. What is the cost of the full print version of the curriculum?
The cost is $90.00 plus the cost of shipping and any applicable taxes. The e-book is included at
no additional cost.
13. What is in the e-book?
The e-book is an interactive delivery of the curriculum and will contain the curriculum modules
along with end-of-chapter quizzes and motivational multimedia videos that will aid in the
candidates learning and will launch directly from the e-book.
With the e-book, candidates have the advantage of learning through more interactive modules
since the curriculum format adapts to newer & better learning styles. It also is convenient for
the candidates to be able to access the curriculum through their mobile devices, smart phones,
iPads etc. and study on-the-go to accomplish a better work-study balance.
14. Are there any supporting learning materials to the e-book?
Yes, they will include motivational multimedia videos, end-of-chapter quizzes, an online mock
exam and additional practice assessments.
15. Will CFA Institute provide any training for this certificate?
CFA Institute does not engage in any sort of training for the programs it offers. As is the case of
the CFA and CIPM programs, CFA Institute will leave Claritas test prep to other organizations.
The Claritas Investment Certificate is designed as an easy-to-use online self-study program. To
aid in learning, the candidates will also get access to supporting study tools, including
motivational multimedia videos, end-of-chapter questions, an online mock exam and additional
16. What is the timeframe for actually taking the exam?
The timeframe to sit for the exam at Pearson VUE test centers around the world, subject to
availability, is from March 25 –April 25, 2013. You will be able to schedule a date and time for
the exam through the CFA Institute website.
17. Can I get a refund if I decide not to take the test?
Refunds are not available, nor is your registration transferrable once you have registered on the
CFA Institute website, and during this pilot phase you must take the exam between March 25
and April 25th, 2013.
18. What pass rate does CFA Institute expect for this certificate? What is the policy for retaking
the exam if someone fails the test in first attempt?
The Claritas Investment certificate has a rigorous, in-depth curriculum and would thoroughly
test the knowledge of a candidate. The actual pass score will be determined through a process
of Standard Setting once the certificate is rolled out globally. CFA Institute expects to have a
pass rate of around 65-75% for this certificate.
If a candidate is unsuccessful in their first attempt, they would have to register again to re-sit
the examination. The candidate will pay a full fee for retaking the exam.
19. Is there any continuing education related to the certificate? Any affiliate membership with
Not at this point but this is something that we may offer in coming years.
20. Will I have any continuing responsibilities to retain my certificate, such as continuing
education or an annual code of conduct statement?
No, the course is a certificate that demonstrates mastery of a body of knowledge at the time of
21. If I participate in the pilot, it was communicated that I might be asked to provide feedback to
CFA Institute. Could you give me more detail on what that might entail?
During the pilot partner program, CFA Institute is eager to gather feedback from both the
employer sponsors as well as program participants. Throughout the pilot partner phase, CFA
Institute plans to use a combination of qualitative and quantitative market research
methodologies to gather feedback as outlined above. Below are examples of the type of
research that may take place and in which you may be asked to participate:
• On-site exam center survey (test center experience feedback)
• Online surveys of participants
• In-person focus groups and/or one-on-one interviews
22. Do you need a strong level of English to sit the exam?
A competence in English is needed to undertake the English language examination.
23. Will my employer or AIMSE be notified that I plan to take the test and of my results once I sit
for the exam?
No, they will not, but due to required study time, and your initiative in regard to this
professional development activity, this is something you may want to share or discuss with your
24. Can I be reimbursed by my employer?
This would be something you can choose to pursue and discuss with your employer.
25. When will the exam results become available?
Results for pilot participants will be available in July 2013. For those who take the test after the
Claritas Investment Certificate global launch, preliminary results will be available at the test
centers on the day of the exam.
26. How will I receive my results?
CFA Institute will email you, at the address you provide at time of registration, once your results
are available. You will need to login at the CFA Institute website to view your results. Successful
candidates will receive their certificates shortly after their results become available on the CFA
27. How do I communicate to others the fact that I have passed the exam and hold the Claritas
Once you pass the exam, you will receive a physical Claritas Investment Certificate. You may feel
free to frame and display this certificate as you would any other official program certificate. You
may also choose to include the statement “Earned ClaritasTM Investment Certificate” in
documents or communications related to your professional accomplishments or professional
development wherever appropriate. However, unlike other programs offered by CFA Institute,
the Claritas trademark is not appropriate to be used as a designation following an individual’s
name (for example, “John Smith, Claritas” is not a proper use). Detailed usage guidelines will be
available on the CFA Institute website before the first certificates are awarded in July 2013.
28. How is taking the exam during the pilot different than post pilot?
There is no difference. The candidates taking the exam post the pilot phase will study and be
tested on the same curriculum as the pilot participants. As in the pilot, successful candidates will
receive their certificates shortly after their results become available on the CFA Institute
29. Who may I contact for any questions or additional information?
If you have additional questions or would like more information, please feel free to contact your
fellow AIMSE colleagues, Chris Newman at Chris_Newman@troweprice.com or Alejandra Arguello
at email@example.com. Of course you and may always contact the AIMSE office directly at
Also, you may visit the Claritas Investment Certificate landing page at www.cfainstitute.org/claritas
for more information`.