Coleman D. Ross
Professional Designation
Examination, Experience, Ethics,
and Education Requirements
Certified Public Accountant
In
1967, I attained my Certified
Public Accountant license and certificate (no. 2959)
from the North Carolina State Board of Certified Public Accountant Examiners,
after passing the AICPA’s Uniform CPA Examination in 1966 and completing
two years of audit experience with Price Waterhouse. I renew my
certificate as an active CPA annually by completing at least 40 hours
of continuing professional education, including professional ethics study. The
topics of the four examinations that comprised the Uniform CPA Examination
that I completed follow:
- Accounting Theory
- Accounting Practice
- Auditing
- Business Law
In connection with my role as a Price Waterhouse audit partner, I held the following additional CPA licenses during time periods that those licenses were required because of client responsibilities: Connecticut (no. 2881; October 1977 – December 1999), Florida (no. ACR001177; January 1976 – March 1977), Louisiana (no. B-12542; January 1978 – December 1980), Massachusetts (no. 15596; April 1993 – June 1994); New York (no. 071446; February 1994 – February 2002), and Vermont (no. 001-0898; September 1990 – July 1999).
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Chartered Financial Analyst Program
The Chartered Financial Analyst program is offered by the CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to candidates who meet experience, ethical, and educational requirements. I enrolled in the CFA program because I though it would be difficult and challenging and I haven’t been disappointed. I have completed two of the three CFA examinations and am not certain if I will work to complete the program, given my current focus as an independent director. The designation program requires the completion of three examinations, offered annually, covering these topics:
- Portfolio Management
- Portfolio Performance Presentation
- Analysis of Equity, Debt, Derivative, and Alternative Investments
- Corporate Finance
- Financial Statement Analysis
- Economics
- Quantitative Methods
- Ethical and Professional Standards
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Chartered Property Casualty Underwriter
Associate in Reinsurance
Associate in Insurance Accounting and Finance
Associate in Regulation and Compliance
The Chartered Property Casualty Underwriter designation is offered by The American Institute of Chartered Property Casualty Underwriters to candidates with three years or relevant experience who pass required examinations and subscribe to the AICPCU’s ethical standards. I attained my CPCU designation in 1999 while serving as the audit partner for XL Capital, a large Bermuda-based property-casualty insurer, and Trenwick Group, a property-casualty reinsurer, after having started the program several years earlier. As a CPCU, I participate in the AICPCU’s Continuing Professional Development program.
In
addition to the CPCU designation, I also attained the Associate
in Reinsurance, Associate
in Insurance Accounting and Finance, and Associate
in Regulation and Compliance designations from the Insurance Institute
of America, which is a companion organization to the AICPCU. These
are offered to candidiates who pass examinations in four, four, and
three, respectively, property and liability insurance-related courses
in each program (eight examinations in total and six examinations
beyond the CPCU requirements). I
attained the ARe designation in 2004 during my “second” retirement
and after years of service on the AICPA’s Reinsurance Auditing and
Accounting Task Force and working with and for reinsurers. I also attained the ARC designation during my "second" retirement, as Syncora Guarantee was facing regulatory oversight in 2009 during its financial difficulties. I had
previously attained the AIAF designation in 1998 while serving as the
engagement partner for XL Capital and Trenwick Group.
The subjects of the 16 examinations that I completed follow:
Chartered Property Casualty Underwriter:
- Ethics, Insurance Perspectives, and Insurance Contract Analysis
- Personal Property and Liability Insurance and Risk Management
- Commercial Property Insurance and Risk Management
- Commercial Liability Insurance and Risk Management
- Insurance Operations
- Legal Environment of Insurance
- Management
- Accounting and Finance
- Economics
- Insurance Issues and Ethics
Associate in Reinsurance:
- Principles of Reinsurance
- Reinsurance Practices
- Accounting and Finance
- Insurance Operations
Associate in Insurance Accounting and Finance:
- Statutory Accounting for Property and Liability Insurers
- Insurance Operations
- Insurance Information Systems
- Insurance Company Finance
Associate in Regulation and Compliance:
- Insurance Regulation
- Statutory Accounting for Property and Liability Insurers
- Insurance Operations
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Associate of the Chartered Insurance Institute
Chartered Insurance Practitioner
Fellow of the Chartered Insurance Institute
The Associate in the Chartered Insurance Institute (ACII), as well as the Chartered Insurance Practitioner, designations are held by individuals who have completed the Advanced Diploma in Insurance program of the London-based Chartered Insurance Institute and who meet educational, experience, and ethical requirements. In 2005, I completed the Advanced Diploma in Insurance program and received both of these designations.
Since receiving my ACII designation, I have begun the process of becoming a Fellow in the Chartered Insurance Institute. The most significant steps in the three-year process that follow my receipt of the Advanced Diploma in Insurance include undertaking continuing professional development, recording a major qualification achievement, and completing a business ethics program.
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Chartered Life Underwriter
Chartered Financial Consultant
Chartered Advisor in Philanthropy
The Chartered
Life Underwriter,
as well as the Chartered
Financial Consultant,
designations are offered by the Solomon S. Huebner School of The American
College to candidates with relevant experience who pass required examinations
and subscribe to the school’s ethical standards and ongoing continuing
education requirements. I attained my CLU designation in 1980, while
serving as the audit partner for both Connecticut General and Phoenix
Mutual Life, and my ChFC designation in 1992, while serving as the
national leader of our firm’s insurance practice and as the audit
partner for State Mutual Life. The requirements of the ChFC designation
required me to complete three examinations beyond the CLU designation.
While enrolled in The American College’s MSFS program at its Richard D. Irwin Graduate School, which is more fully described in the Education section, I also completed the school’s Chartered Advisor in Philanthropy designation. The designation required me to complete three charitable giving courses (nine semester hours) and meet experience and ethics requirements. I started the program in 2003, both as an adjunct to my MSFS studies and to support my fundraising efforts on behalf of the Boy Scouts of America. I completed the last examination in July 2006 and received the designation in September 2006.
The subjects of the sixteen examinations that I completed follow:
Chartered Life Underwriter
- Economic Security and Individual Life Insurance
- Income Taxation
- The Financial System in the Economy
- Individual Life Insurance
- Life Insurance Law
- Group Benefits
- Planning for Retirement Needs
- Investments
- Fundamentals of Estate Planning
- Planning for Business Owners and Professionals
Chartered Financial Consultant
- Fundamentals of Financial Planning
- Income Taxation
- The Financial System in the Economy
- Individual Life Insurance
- Planning for Retirement Needs
- Investments
- Wealth Accumulation Planning
- Fundamentals of Estate Planning
- Planning for Business Owners and Professionals
- Financial Planning Applications
Chartered Advisor in Philanthropy
- Charitable Giving
- Charitable Giving Applications
- Charitable Giving: Managing the Tools,
the Applications, and the Relationships
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Certified Internal Auditor
Certified Financial Services Auditor
The Certified Internal Auditor program is offered by The Institute of Internal Auditors to candidates who meet experience, educational, and ethical standards. I
completed the program in 2007, having started it during my "second" retirement
to support my service as an independent director and financial expert
serving on audit committees. The four examinations in the CIA program cover these topics:
- Conducting the Internal Audit Engagement
- The Internal Audit Activity’s Role in Governance, Risk, and Control
- Business Analysis and Information Technology
- Business Management Skills
I also attained the Certified
Financial Services Auditor designation from the IIA in 2002. The
institute requires qualified CFSA candidates complete an examination
covering audit practices and methodologies for banking, insurance, and
securities industries.
As a member of The Institute of Internal Auditors, I am subject to the IIA's Code of Conduct. As a CIA and CFSA in non-practicing status, I have no continuing education requirements for these designations, although I do meet my continuing education requirements as a CPA.
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Certified Management Accountant
Certified Financial Manager
The Certified
Management Accountant program is offered by the Institute of
Management Accountants (formerly the National Association of Accountants),
as was a companion Certified
Financial Manager program, prior to its discontinuance. Each
of the designations required the completion of four examinations
(five examinations in total). I started these programs during
my ‘second’ retirement
to support my service as an independent director, and I completed
the last examinations in each program in 2007. As an active CMA and
CFM, I complete at least 30 hours of qualifying continuing professional
education each year, including two hours on ethics, and also comply
with the IMA's Statement of Ethical Professional Practice. The
five examinations required in total for these designation programs
cover these subjects:
Certified Management Accountant
- Economics, Finance, and Management
- Financial Accounting and Reporting
- Management Reporting, Analysis, and Behavioral Issues
- Decision Analysis, Information Systems, and Management Controls
Certified Financial Manager
- Economics, Finance, and Management
- Corporate Financial Management
- Management Reporting, Analysis, and Behavioral Issues
- Decision Analysis, Information Systems, and Management Controls
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Certified Treasury Professional
The Certified
Treasury Professional program is offered by the Association for
Financial Professionals (formerly the Treasury Management Association)
to candidiates who meet experience, ethical, and education requirements.
Recipients of the designation are required to complete at least 36
hours of qualifying continuing professional education every three
years. I enrolled in the program to support my service as an independent
director and financial expert serving on audit committees, and I
completed the program's examination in 2008. The examination covered
the following topics:
- Background and Environment of Treasury Management (The Role of Treasury Management; Treasury Organizational Structure; and Financial Environment)
- General Financial Analysis (Financial Accounting and Financial Planning and Analysis)
- Liquidity Management (Working Capital Management; Working Capital Tools; Payment Systems; Cash Management; and Short-term Investing and Financing Decisions)
- Treasury Technology (Treasury Management Systems and Electronic Commerce)
- Long-term Finance (Sources of Capital and Capital Structure and Dividend Policy)
- Global Finance (Global Treasury Environment and Global Treasury Organization and Liquidity Management)
- Other Areas of Treasury Management (Financial Risk Management; Operational and Insurance Risk Management; Corporate Governance and Ethics; Retirement Fund Management; and Relationship Management)
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Fellow, Life Management Institute
Associate in Insurance Accounting and Finance
The Fellow, Life Management Institute designation is offered by the Life Office Management Association to candidates who pass required examinations in general courses and a specialization course. I attained my FLMI designation in 1980 while serving as the engagement partner for Connecticut General Life and Phoenix Mutual Life, after having started the program in 1977. In addition to the requirement for a specialization course, I also completed examinations in two additional specialization courses in 1980 and 1989.
I also attained the Associate in Insurance Accounting and Finance designation offered by LOMA (together with the Insurance Institute of America) in 1998 while serving as the engagement partner for Phoenix Home Life.
The subjects of the 14 examinations that I completed follow:
Fellow, Life Management Institute general courses
- Principles of Insurance: Life, Health, and Annuities
- Life and Health Insurance Company Operations
- Legal Aspects of Life and Health Insurance
- Management Principles and Practices
- Information Management in Insurance Companies
- Economics and Investments
- Accounting in Life and Health Insurance Companies
- Mathematics of Life and Health Insurance
Fellow, Life Management Institute specialization courses
- Life Insurance Accounting
- Group Insurance
- Financial Management
Associate in Insurance Accounting and Finance
- Statutory Accounting for Life and Health Insurers
- Insurance Information Systems
- Insurance Company Finance
- Life and Health Insurance Company Operations
- Mathematics of Life and Health Insurance
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Certified Bank Auditor
The Certified
Bank Auditor designation is offered by the Bank Administration Institute
to candidates who meet educational, experience, and ethical requirements. I
attained my CBA designation (which was then the Chartered Bank Auditor
designation) in 1982 while serving as the audit partner for Hartford
National (which was subsequently renamed Shawmut National and now
is part of Bank of America) and beginning my study at The School
of Banking at Louisiana State University. To maintain the active
status of my CBA designation, I completed at least 60 hours of qualifying
continuing professional education during a two-year period and also
complied with the CBA Code of Ethics. I did not renew my CBA certification
in 2008 as my current activities as an independent director do not
involve banking.
The four examinations that I completed to receive my CBA designation covered the following topics:
- Accounting
- Auditing Principles and Practices
- Banking Law and Regulation
- General Business
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Personal Financial Specialist
In
addition to earning the Certified Public Accountant designation, I also
attained the AICPA’s Personal
Financial Specialist credential in 2006. This credential is
available to institute members who have the requisite years of experience
and education in financial planning and have passed a comprehensive financial
planning examination. I did not renew my PFS certification in 2008 as my current activities as an independent director do not involve financial planning.
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