Credit Institute of Canada
Encyclopedia
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.
s. 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.
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.
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.
The CIC has established partnerships with CGA-Canada
and the Canadian Construction Association.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
, McMaster University
, Simon Fraser University
, Southern Alberta Institute of Technology
, Northern Alberta Institute of Technology
, and Fanshaw College.
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
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.
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 managerCredit manager
A credit manager is a person employed by an organization to manage the credit department and make decisions concerning credit limits, acceptable levels of risk and terms of payment to their customers. In companies, the role of Credit manager is variable in its scope...
s. 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
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
(Chapter 76 of the Statutes of Canada
Statutes of Canada
The Statutes of Canada consists of the compilation of all the federal laws of Canada passed by the Parliament of Canada since Confederation in 1867. The Revised Statutes of Canada is the consolidation of the Statutes of Canada incorporating amendments and Acts that have been added since the last...
, 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.
Membership and Designations
CIC members adhere to a code of ethics 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 ProfessionalCertified Credit ProfessionalCertified Credit Professional is the Canadian designation awarded to professionals in the credit management field by the Credit Institute of Canada . A CCP designation holder is a member of the Credit Institute of Canada and is bound by that organization's Code of Ethics. The CCP designation was...
, 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.
The CIC has established partnerships with CGA-Canada
Certified General Accountants Association of Canada
The Certified General Accountants Association of Canada is the umbrella organization for Certified General Accountants. CGA-Canada represents 73,000 members and students living and working in Canada, and more than 80 countries around the world...
and the Canadian Construction Association.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
University of Toronto
The University of Toronto is a public research university in Toronto, Ontario, Canada, situated on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution of higher learning in Upper Canada...
, McMaster University
McMaster University
McMaster University is a public research university whose main campus is located in Hamilton, Ontario, Canada. The main campus is located on of land in the residential neighbourhood of Westdale, adjacent to Hamilton's Royal Botanical Gardens...
, Simon Fraser University
Simon Fraser University
Simon Fraser University is a Canadian public research university in British Columbia with its main campus on Burnaby Mountain in Burnaby, and satellite campuses in Vancouver and Surrey. The main campus in Burnaby, located from downtown Vancouver, was established in 1965 and has more than 34,000...
, Southern Alberta Institute of Technology
Southern Alberta Institute of Technology
-Academics:SAIT Polytechnic offers two full baccalaureate degrees , four applied degrees, 66 diploma and certificate programs, 32 apprenticeship trades and 1,600 continuing education and corporate training courses....
, Northern Alberta Institute of Technology
Northern Alberta Institute of Technology
The Northern Alberta Institute of Technology is located in Edmonton, Alberta, Canada and provides technical training and applied education designed to meet the demands of Alberta's industries...
, and Fanshaw College.
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 |