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Credit Institute of Canada

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Credit Institute of Canada
AbbreviationCIC
FormationJune 11, 1928
TypeNot-for-profit
PurposeCredit Management and Education
HeadquartersToronto, Ontario, Canada
WebsiteOfficial Website

The Credit Institute of Canada (CIC) is a not-for-profit organization created by a special Act of Parliament on June 11, 1928. The CIC provides credit management resources, education and certification to its members and is the only organization that grants official designations to professionals in the Canadian credit management field.[1]

History

The post-war era of the 1920s saw a dynamic growth of business across Canada where an increased need for credit management arose. Members of the C.C.M.T.A. (Canadian Credit Men's Trust Association Ltd.) realized that in order to build on the credit profession, it was necessary to establish an institution dedicated to the needs of the credit managers. By December 1927, an application was made to the Dominion of Canada to formally incorporate and recognize the Institute as a non-profit professional association. On June 11, 1928, a Special Act of Parliament (Chapter 76 of the Statutes of Canada, 18-19 George V, Part 2) was passed, and the Canadian Credit Institute was born. The first three chapters of the Institute – Toronto Chapter, Montreal Chapter and British Columbia Chapter – were established in 1929. As the need for sound credit management increased, additional chapters of the CIC were added across the country.

Since 1928 the Institute has undergone numerous changes. Originally belonging to the C.C.M.T.A. (now known as Creditel of Canada Ltd.) the Institute has since become completely independent. The name of the Institute has changed twice from the Canadian Credit Institute to the Canadian Institute of Credit and Financial Management and finally to the Credit Institute of Canada.[2]

Organization

Membership and Designations

CIC members adhere to a code of ethics[3] and professional conduct to ensure the good character and reputation of the credit and financial Professional. In order to stay active, members must participate in and report to CIC’s professional development program. The following designations are offered to qualified members:

  • Certified Credit Professional, CCP – Formerly known as the FCI (Fellow of the Credit Institute), the CCP designation is granted to members who have passed a comprehensive certification program. This includes acquiring the required education and at least five years of work experience in a credit position.
  • Certified Credit Professional, CCP (Emeritus) - Since 1929 the CIC has bestowed on worthy members a special designation that is the highest honour the Institute can award. This initially started out to be the Fellow, Credit Institute (FCI) designation. In 1992 this was changed to FCI (Emeritus) and later to CCP (Emeritus). The CCP (Emeritus) designations are conferred on deserving individuals for distinguished and meritorious service in the advancement of credit education and the credit profession in Canada.
  • Credit Specialist Certificate, CRSP – The CRSP Certificate is granted to those who have successfully completed the first five courses of the CCP Program and have acquired at least three years of practical experience.
  • Associate Credit Institute, ACI

Affiliate membership is also granted to persons interested in credit-related seminars, conferences, networking opportunities and/or the balance of membership benefits available to Credit Institute of Canada members.

Education

The Credit Institute of Canada offers a variety of programs in credit and financial education through the Program of Professional Studies.

  • Certified Credit Professional (CCP) Program aims to provide the management skills in a role of credit management. Two of the eight courses are in-depth credit management courses while each of the remaining six core courses focuses on accounting, economics, communications, law, finance and management information system respectively. Combining five years of work experience in a credit position, this program ultimately leads to the CCP designation.
  • Credit Basics Program is designed for entry-level to intermediate credit personnels. It provides the opportunity to learn the basics of credit and a foundation for the CCP Program.
  • Short Modules are a series of short online courses on a variety of credit- and finance-related topics offered to interested persons.

Scholarships are offered through The Canadian Credit Institute Education Foundation (CCIEF), a federally registered Canadian charity established in 1967. The CCIEF’s mandate is furthering credit education and making sure it is accessible to individuals across Canada with program content that is current, professional and valuable. The scholarship committee consists of four active members of the Credit Institute of Canada, each holding a Credit Institute designation.[4]

The CIC has established partnerships with CGA-Canada[5] and the Canadian Construction Association[6].The following post-secondary institutions recognize CIC’s professional education and designations by listing CIC's courses in their own course calendars: University of Toronto,[7] McMaster University,[8] Simon Fraser University,[9] Southern Alberta Institute of Technology,[10] Northern Alberta Institute of Technology,[11] and Fanshaw College[12].

Chapters

Chapter Year Established Website
Toronto 1929 http://www.cictoronto.org/
British Columbia 1929 http://bc.creditedu.org
Montreal 1929 http://montreal-quebec.creditedu.org
Saskatchewan 1931 http://www.cicsask.ca/
Edmonton 1931 http://edmonton.creditedu.org
Calgary 1935 http://calgary.creditedu.org
Manitoba 1937 http://manitoba.creditedu.org
Hamilton & District 1963 http://hamilton.creditedu.org
Conestoga 1966 http://conestoga.creditedu.org
Quebec City 1967 http://montreal-quebec.creditedu.org
Ottawa 1971 http://ottawa.creditedu.org
South Western Ontario 1976 http://swo.creditedu.org
Atlantic 1986 http://atlantic.creditedu.org
Ottawa 2011.
Logo of the Ottawa 2011 National Conference.

National Conference

A National Conference is held by the Credit Institute of Canada every two years in an effort to encourage communications and the exchange of information within the credit industry. The next conference themed "Credit to Our Country" is scheduled on June 14–17, 2011 in Ottawa.

See also

Certified Credit Professional

References

  1. ^ CIC History; See Chapter 76 of the Statutes of Canada, 18-19 George V, Part 2
  2. ^ CIC History
  3. ^ CIC code of ethics
  4. ^ About CCIEF
  5. ^ CGA-BC Other Accepted Courses
  6. ^ Canadian Construction Association Gold Seal Certification Accredited Courses
  7. ^ University of Toronto Continuing Education - Accrediting Institutions and Associations
  8. ^ McMaster University Centre for Continuing Education - Management Studies Affiliated Associations
  9. ^ Simon Fraser University Continuing Studies - Professional Designations
  10. ^ SAIT Continuing Education - Accounting - Fellow of the Credit Institute Designation
  11. ^ NAIT Credit Management Designation Program
  12. ^ Financial Services, Insurance and Law
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