The CISI's Investment Administration Qualification and its international equivalent will, from 10 January 2011, be known as the Investment Operations Certificate also known as the IAQ.
The first ever IAQ (also known as the Merit Award until 2000) exam, the Introduction to Securities & Investment, was held in London on 20 December 1990. Fifty one candidates attended and 40 (78%) passed first time. To date over 166,000 IAQ exams have been taken.
The CISI's market research overseas has also demonstrated that globally the term "operations" is recognised immediately, whereas "back office" and "administration" are either not recognised or generate a negative connotation, implying those in financial services administrative roles are of secondary importance
Simon Culhane, Chartered FCSI and CISI CEO said:
"We wanted to reflect the shift in perception which has occurred in the sector over the last few years in recognising the pivotal role played by those working in the operations area of the industry. I think our members working in the back office would agree that the importance of their roles has often been downplayed at the expense of those working in the advisory or front office.
"A financial services business cannot achieve its objectives without a sharp, highly qualified operations function. The IAQ helped to shape the careers of thousands who have chosen to enter the industry through the operations area. In its new guise the IOC will continue to assist employees to perform their roles to the highest professional level, long into the future."
Lynne Hill, MCSI and Chair IAQ Qualification Assessment Board, said:
"For the past 20 years the IAQ has been a leading industry qualification made up of a number of well established technical units which collectively provide excellent coverage of the securities and investment industry. This gives candidates the opportunity to develop knowledge and skills to enhance their performance and aid progression within their chosen career path."
Kevin Petley, Chartered FCSI, currently serves on the CISI exams panel for the IAQ subjects Crest Settlement and Global Securities Operations and has been involved in the exam panel for many years. Kevin works in the Markets Supervision Department of the Central Bank of Ireland.
He said:
"The IAQ has helped thousands of financial service employees to progress their careers. I have been associated with the IAQ since it was first introduced in the early 90s and I am delighted that as the operations area of the sector develops into its own professional identity, the name will also be evolving. In its new incarnation as the IOC I look forward to it continuing to do so globally as well as in the UK and Ireland.
"The IAQ has become a benchmark for operations practitioners. For firms, I believe it is an extremely cost effective way of helping staff gain industry knowledge as well as recognition of their achievements. In previous companies, I have helped scores of individuals gain this qualification and would thoroughly recommend it to both firms and their staff."
The IAQ has been running for over 20 years principally as a UK examination. However, since 2010, almost 40% of IAQ exams have been taken internationally, reflecting the global importance of operations.
The qualification has been delivered over the years in 62 countries besides the UK and those countries where the uptake of the IAQ is the highest are India, Singapore and UAE.
The IAQ/IOC is a practitioner-led programme for administration and operations staff. It equips individuals with an overview of the financial services industry and its regulation, as well as providing a detailed picture of this particular industry sector.
The qualification is composed of three units: the Introduction to Securities & Investment, which is the introductory unit and a foundation qualification in its own right, a regulatory unit (either FSA Financial Regulations or Principles of Financial Regulation) and a technical unit.
