From 10 January next year, the CISI’s Investment Administration Qualification (IAQ) and its international equivalent will be known as the Investment Operations Certificate.
The first IAQ, also known as the Merit Award until 2000, called the Introduction to Securities & Investment, was held in London on 20 December 1990. Fifty one candidates attended and 40 (78%) passed first time, according to CISI.
The CISI said it had taken the decision to rename the qualification because of a change in the perception of the word “administration”. According to its own research, 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, 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.”
