Is REFM certification worth it? Well, it depends on your goals. Some people want to become real estate agents and are looking for the right certification to help them achieve this goal. Others might want to learn more about financial modeling. Either way, a real estate certification can boost your career and make you stand out from the competition. Listed below are the pros and cons of each. To learn more, read this article.
There are many benefits of earning CCIM certification. Not only does it make you more marketable, but you can also increase your earning potential. It can increase your referral business by over $50 million. To obtain CCIM, you must take four classes, each lasting four days. The courses vary in cost, ranging from $150 to more than $1,500. There are also discounts available for CCIM members. You will also receive the CCIM magazine and commercial analytic tools. However, it is not necessary for residential agents to obtain this certification.
The CCIM institute is growing rapidly. More than 13,000 members and 50 chapters in 30 countries represent the worldwide community. There are more than 8,600 CCIM designees and nearly nine thousand candidates pursuing the designation. This number has nearly doubled in five years and is expected to reach nearly 19,000 by year’s end. CCIM designation holders also have access to a leading mapping and demographics program. The Site to Do Business is used by more than 1,500 industry professionals daily.
CCIM certification is a credential that gives you substantial credibility in the real estate industry. It’s particularly useful for commercial brokers and lenders, but it also benefits investors. Syndications, for instance, raise private money for a down payment, and then split it among several investors. Accredited investors are more savvy and sceptical of investors, so CCIM certification may be an added advantage. Aside from your increased credibility, a CCIM designation can also help you secure new clients and deal opportunities.
While achieving CCIM designation requires more work and time, you can make the process work around your life. The CCIM certification can take up to a year to complete, but it’s a worthwhile investment if you have the time and are willing to put in the time and effort. Once you have your credentials in place, you can begin pursuing your career as a CCIM. Take the time to learn all that you can before you apply for a CCIM designation.
To receive the CCIM designation, you must meet the education requirements and complete the Comprehensive Exam. The education requirements traditionally occurred in classrooms throughout the country, but are now available online. After completing your education, you must also substantiate your years of experience in commercial real estate. To qualify, you must submit evidence of your experience, including personal transactions. Pass the Comprehensive Exam and you can call yourself a CCIM.
CCIM core courses are not designed for financial modeling
CCIM core courses are not specifically for financial modeling. Rather, they are designed for commercial brokers with little or no background in finance. If you are interested in financial modeling, you should consider taking an REFM course. Unlike REFM, CCIM’s core courses are not geared toward financial modeling. However, REFM does offer elective credits that can count towards the CCIM designation.
CI 101, the first of the CCIM core courses, teaches you how to use the Cash Flow Model to make sound investment decisions. You will learn about such concepts as IRR, NPV, Capital Accumulation, and Annual Growth Rate of Capital. In addition, you will learn how to measure investment value and performance, as well as market analysis and taxation issues. CCIM is the equivalent of a PhD in commercial real estate.
The CCIM Institute also offers a magazine that covers market trends and innovations. CCIM University Outreach programs allow you to access the latest research and industry standards on commercial real estate. Several articles on CCIM’s website are vetted by industry experts, and pre-designed financial models are available online. You can also access online lectures for financial modeling. These resources can help you decide what type of training is right for you.
CCIM Institute’s comprehensive examination tests the candidate’s knowledge of the principal elements of CI 101 to CI 104. The CCIM Comprehensive Examination is the last step in earning the CCIM designation. It is an exam that takes one to three years to complete and requires passing a portfolio of work. The test is offered twice a year in U.S. cities. The comprehensive exam is a full day exam.
For professional development, the CCIM Institute offers classroom and online instructor-led courses. The CCIM Institute also offers blended learning courses, which are partly on-site and partially online. These options are designed to meet the needs of any busy professional who wishes to advance their career. The online courses are self-paced, allowing students to choose the pace and environment that works best for them. The CCIM Institute also offers financial assistance to those who qualify. Applications for scholarships will be posted in September 2021.
CCIM course is not recommended for REFM certification
Whether a CCIM course is necessary for REFM certification depends on your current background. If you don’t have a finance degree, a CCIM course will be of little use to you. However, if you’ve been working as a commercial broker for a few years, a CCIM course may be a good way to refresh your skills and boost your professional profile.
The CCIM designation program offers various methods for studying and passing the Comprehensive Exam. Courses can be taken in a classroom, online without an instructor, or a combination of both. Online courses are often more convenient than classroom courses and allow you to choose your own schedule. To determine your exact requirements, you must apply for and join the Institute. Membership costs vary, but you can expect to pay approximately $650 annually.
CCIM course is cheaper
In addition to a CCIM course being cheaper than refm certification, there are many benefits to becoming a member of the CCIM Institute. Membership offers access to commercial analytic tools, the CCIM Magazine, and discounts on CCIM courses. CCIM certification requires a CCIM portfolio and application, which can cost upwards of $13,000. If you plan to specialize in residential real estate, however, joining the Institute is likely to be cheaper.
CCIM is the preferred designation for commercial brokers with no finance degree. It is a certification that focuses on strategic evaluation of occupancy and investment life cycles. The course includes coursework on the full range of real estate investing, including refinancing, capital improvements, and disposition. Students will learn how to conduct decision-making analyses, forecast investment performance, and analyze risk and leverage. There are online quizzes and a final exam to assess whether or not a course is worth the money.
In addition to the CCIM exam, the CCIM Institute provides several study groups and courses for real estate professionals. Candidates can attend Course Concepts Review courses to gain a foundation for later CCIM courses. Chapters also conduct study groups, and the Ward Center for Real Estate Studies is named for Robert L. Ward, CCIM, who served as president of the CCIM Institute from 1978 to 1988. During his tenure, he taught CCIM students for more than 30 years.
The CCIM designation requires a rigorous educational program. Traditionally, CCIM classes were taught in classrooms around the country. These classes are now available online. After you complete the coursework, you must substantiate your commercial real estate experience by submitting a portfolio of completed transactions. After the CCIM course is complete, you will receive your certification and attend a “Pinning Ceremony” to celebrate your achievement.