Abbreviation CIC Type Not-for-profit | Formation June 11, 1928 | |
Motto RES MERCATORUM ET OPIFICUM Purpose Credit Management and Education Headquarters Toronto, Ontario, Canada | ||
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.
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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.
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:
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.
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.
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 last conference was held in Ottawa in June 2011. The next conference themed "Reaching Great Heights in Credit" is scheduled on June 11–14, 2013 at Jasper Park Lodge.