The Credit Institute of Canada was created by a special Act of Parliament on June 11, 1928 and is the only organization, which grants official designations to professionals in the Canadian credit field. The objective of the Institute is to provide its members with the most current and comprehensive educational programs in credit and financial management to meet the needs of students and the business community.
The crest and motto of the Credit Institute of Canada have been in use since 1928. The quartered crest shows maple leaves, a beaver, a gear wheel and a locomotive. The maple leaves and beaver reflect the national focus of the Institute. The gear wheel and locomotive are symbols of commerce. The motto is simply: affairs of merchants and craftsmen.
During the postwar era of the 1920s, the dynamic growth of business across Canada gave rise to an increased need for credit management. At the time, 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 credit managers. Their vision was an institution that would oversee the implementation and monitoring of national standards for credit management.
This vision began to take shape in early 1926, when a group of prominent credit executives met, to lay the foundation for the establishment of the Credit Institute of Canada. At that time, the designations of A.C.I M.C.I and F.C.I. for members were established, subject to government approval.
By December of 1927, an application was made to the Dominion of Canada to formally incorporate and formally 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 Credit Institute of Canada was born.
The first three chapters of the Credit Institute were established in 1929 and as the need for sound credit management began to win greater recognition, additional chapters sprang up across the country.
W.E. Davidson, CCP
1st President & Dean
|Hamilton & District||1963|
|Huron-Erie-St. Clair (now Southwestern Ontario)||1976|
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. Course studies, originally lasting two years have expanded to four years; and 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 Credit Institute of Canada.
On the day of its founding, the Institute made history by becoming the first professional association to offer a business correspondence course in conjunction with a recognized university (University of Toronto). As a pioneer in the field of offering business correspondence courses, the Institute paved the way for other professional associations to follow.
In April 1999, the Credit Institute began a new relationship under an educational agreement with CGA (Certified General Accountants Association). Under the agreement the Credit Institute added 6 courses from the foundation levels of the CGA Program to the 2 in-depth credit management courses required under the CCP (formerly FCI) Program. This exciting agreement allows students to continue their studies beyond the CCP (formerly FCI) designation towards a CGA designation and/or BAccS through the CGA partnership with the University of Calgary.
Today, the Credit Institute continues to change and evolve as the needs of the Credit Profession change. Technological advances in computers and internet have allowed us to move forward in ways no one would have believed in the days of our founders.
The Foundation was Federally chartered as a non-profit organization in 1967 to assist in furthering Credit and Financial Education in Canada. Its original mandate covered many areas of credit education but since its inception the Foundation has focused mainly on providing awards. Since 1967 the Foundation has provided over $250,000 in awards through donations and interest earned in its trust funds.
The Credit Institute of Canada's CCP (formerly FCI) designation has been recognized as a symbol of knowledge and expertise in Credit Management for over 80 years.
Designated CCP (formerly FCI) members are graduates of the CCP (formerly FCI) Program, have at least 5 years credit experience, abide by a code of ethics and participate in a professional development program.
The CCP (formerly FCI) Educational Program consists of 8 courses, 4 of which are general financial management courses, integrated from the foundation levels of the CGA (Certified General Accountants Association), and 2 in-depth credit management courses. Students who have successfully completed the CCP (formerly FCI) Program with five years of practical experience are eligible to receive the CCP (formerly FCI) designation.