100+ Free CISP Practice Questions

Pass your ABA Certified IRA Services Professional exam on the first try — instant access, no signup required.

✓ No registration✓ No credit card✓ No hidden fees✓ Start practicing immediately

100+ Questions

100% Free

1 / 100

Question 1

Score: 0/0

A bank uses Form 5305-A to open a new Traditional IRA for a customer. What type of account does this IRS model agreement create?

A Traditional IRA custodial account

A Traditional IRA trust account

A Roth IRA custodial account

A SIMPLE IRA established by the employer

to track

Same family resources

More ABA Banking Certifications Prep

Continue through related practice pages, study guides, comparisons, and articles from the same exam family.

Practice Pages

CERP Certified Enterprise Risk Professional Practice200 questions CFMP Certified Financial Marketing Professional Practice200 questions CRCM Certified Regulatory Compliance Manager Practice200 questions CTFA Certified Trust and Fiduciary Advisor Practice200 questions ABA Certified AML and Fraud Professional (CAFP) Practice100 questions

2026 Statistics

Key Facts: CISP Exam

150 Qs

Approximate Question Count

ABA CISP exam information

4 hrs

Time Limit

ABA CISP exam information

70%

Passing Score

ABA CISP exam information

Sep 15-Oct 15

2026 Testing Window

ABA CISP application calendar

July 17, 2026

Application Deadline

ABA CISP application calendar

7 Domains

Blueprint Areas

ABA CISP content outline

ABA's CISP exam is built around seven weighted domains: Distributions and RMDs (25%), Contributions (20%), IRA Establishment and Documentation (15%), Reporting and Tax Forms (15%), IRA Types (15%), Employer Plan Rollovers and Direct Trustee Transfers (5%), and IRS and DOL Regulations (5%). The September 15-October 15, 2026 testing window requires applications by July 17, 2026, candidates must hold either two years of IRA experience plus qualifying education or four years of dedicated IRA experience, and 2026 candidates must know the SECURE 2.0 Roth catch-up rule for high earners that takes effect this year, the post-2024 inherited-IRA final regulations, and current QCD and contribution indexing.

Sample CISP Practice Questions

Try these sample questions to test your CISP exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1A bank uses Form 5305-A to open a new Traditional IRA for a customer. What type of account does this IRS model agreement create?

A.A Traditional IRA custodial account

B.A Traditional IRA trust account

C.A Roth IRA custodial account

D.A SIMPLE IRA established by the employer

Explanation: Form 5305-A is the IRS model custodial account agreement for a Traditional IRA. Form 5305 is the trust version of the same agreement. Using the model form means the bank does not need a private letter ruling on the document.

2Which IRS model form does a bank use to open a Roth IRA structured as a trust account?

A.Form 5305

B.Form 5305-R

C.Form 5305-RA

D.Form 5305-SA

Explanation: Form 5305-R is the IRS model trust agreement for a Roth IRA. Banks that prefer to act as custodian rather than trustee use Form 5305-RA, the custodial Roth equivalent.

3An employer wants to adopt a SEP using a designated financial institution model. Which IRS form does the employer use to establish the plan?

A.Form 5305-SIMPLE

B.Form 5305-SEP

C.Form 5305-SA

D.Form 5304-SIMPLE

Explanation: Form 5305-SEP is the IRS model SEP plan adoption agreement that an employer signs to create a Simplified Employee Pension. Each participating employee then has an underlying Traditional IRA established with Form 5305 or 5305-A.

4A new IRA owner wants the bank to act as trustee with full investment discretion using a customized non-model document. What disclosure timing rule applies?

A.The bank must give the disclosure statement at least 7 days before account opening or refund all contributions on request within the 7-day revocation period

B.The bank may deliver the disclosure statement up to 30 days after the first contribution

C.The bank does not have to deliver a disclosure statement when using a customized document

D.The disclosure statement is required only for Roth IRAs

Explanation: Treasury Regulation 1.408-6 requires a disclosure statement and a 7-day revocation period. The owner can revoke the account during that period and receive a full refund of contributions without adjustment for fees or losses.

5An IRA owner names her three adult children as primary beneficiaries with no specified percentages. The plan document is silent on how to split the account. How should the bank pay the proceeds at death?

A.Equally among the three children

B.To the oldest child first

C.To the children's mother as default

D.To the IRA owner's estate

Explanation: When primary beneficiaries are named without percentages and the plan document is silent, the standard industry default and the typical model document language is to divide the account in equal shares per stirpes among the named primary beneficiaries.

6An IRA owner divorces and forgets to update her beneficiary form, which still names her ex-spouse. She dies with no contingent beneficiary listed. Under the typical IRA plan document, who receives the IRA?

A.The ex-spouse, because the beneficiary designation controls the IRA

B.The owner's estate by default

C.The owner's children, who become beneficiaries by operation of law

D.The Department of Labor as escheat agent

Explanation: Unlike employer plans governed by ERISA, IRAs follow the named beneficiary on the bank's records. State revocation-on-divorce statutes generally do not automatically remove the ex-spouse from a federally regulated IRA either, so the ex-spouse takes the account.

7A bank wants to amend its customized IRA plan agreement to incorporate SECURE 2.0 changes. What must the bank do for existing IRA owners?

A.Provide an amended plan document or summary of amendments to each existing IRA owner

B.Close and reopen each IRA under the new document

C.Notify only owners who are currently taking RMDs

D.No action is required because amendments take effect automatically

Explanation: When a financial institution amends its IRA agreement, it must give existing account owners an amended plan document or a written summary of the changes. This preserves the contractual notice required by Treasury Regulation 1.408-6.

8A customer wants to fund a Traditional IRA with appreciated stock she already owns in her individual brokerage account. What does IRC Section 408 allow?

A.Annual IRA contributions must be made in cash; in-kind property contributions are not permitted except for rollovers

B.She may contribute the stock at fair market value and use the gain as a deductible contribution

C.She may contribute the stock and the basis becomes the IRA contribution amount

D.She may contribute up to $7,000 of stock per year as long as she also contributes $1,000 in cash

Explanation: Section 408(a)(1) requires regular IRA contributions to be made in cash. The only time in-kind property is allowed is when it represents a rollover of the same property received from another retirement account.

9A bank IRA administrator notices that an IRA application is missing a Social Security number. What is the appropriate next step?

A.Hold the application and request the missing TIN before opening the account

B.Open the account and report the missing TIN later on Form 5498

C.Open the account using the customer's date of birth as a substitute

D.Open the account and apply 24% backup withholding to all future activity

Explanation: A valid TIN is required to establish the IRA so the bank can satisfy IRS reporting on Forms 5498 and 1099-R. Best practice and bank policy is to hold the application until the customer supplies the missing TIN.

10A 47-year-old single individual has $90,000 of taxable compensation in 2025. Assuming no other limits apply, what is the maximum regular Traditional IRA contribution she can make for 2025?

A.$7,000

B.$8,000

C.$6,500

D.$23,000

Explanation: The 2025 regular IRA contribution limit is $7,000 for individuals under age 50. The additional $1,000 catch-up only applies to individuals age 50 or older, so this 47-year-old is capped at $7,000.

About the CISP Exam

The CISP is ABA's professional certification for bank IRA administrators who establish and service Traditional, Roth, SEP, SIMPLE, Inherited, and Coverdell ESA accounts. The exam measures whether candidates can apply current Internal Revenue Code rules and SECURE Act 1.0 and 2.0 changes to documentation, contribution and distribution processing, RMD calculation, beneficiary payouts, employer plan rollovers, and IRS reporting on Forms 5498, 1099-R, 5329, and 8606.

Assessment

Approximately 150 multiple-choice questions with four answer choices each; ABA may include unscored pilot items per its standard certification policy

Time Limit

4 hours

Passing Score

70%

Exam Fee

$500-700 (ABA member discount) (American Bankers Association (ABA))

CISP Exam Content Outline

25%

Distributions and RMDs

Qualified vs nonqualified distributions, required minimum distribution calculation, beneficiary payouts, the 10% premature distribution penalty, and Section 72(t) exceptions including SECURE 2.0 additions.

20%

Contributions

Regular and catch-up contributions, rollover and transfer contributions, conversions, recharacterizations, and current annual contribution and income limits.

15%

IRA Establishment and Documentation

IRS model forms 5305, 5305-A, 5305-R, 5305-RA, 5305-SA, 5305-SEP, and 5305-SIMPLE, plus required disclosures, beneficiary designations, and account-opening procedures.

15%

Reporting and Tax Forms

Form 5498 contribution reporting, Form 1099-R distribution reporting with proper distribution codes, Form 5329 additional taxes, and Form 8606 nondeductible-basis tracking.

15%

IRA Types

Traditional, Roth, SEP, SIMPLE, Inherited, and Coverdell Education Savings Account rules, including eligibility, contribution mechanics, and distribution treatment for each type.

Employer Plan Rollovers and Direct Trustee Transfers

Direct trustee-to-trustee transfers, direct rollovers from qualified plans, mandatory 20% withholding on plan distributions, the 60-day rule, and the once-per-12-month indirect rollover limit.

IRS and DOL Regulations

SECURE Act 1.0 and 2.0 provisions, ERISA Title I oversight, prohibited transactions, and key Treasury and DOL guidance affecting IRA administration.

How to Pass the CISP Exam

What You Need to Know

Passing score: 70%
Assessment: Approximately 150 multiple-choice questions with four answer choices each; ABA may include unscored pilot items per its standard certification policy
Time limit: 4 hours
Exam fee: $500-700 (ABA member discount)

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

CISP Study Tips from Top Performers

1Treat the IRS model forms (5305, 5305-A, 5305-R, 5305-RA, 5305-SA, 5305-SEP, 5305-SIMPLE) as a one-page cheat sheet; many CISP questions hinge on knowing which model agreement governs which account type.

2Drill the Section 72(t) exceptions to the 10% premature distribution penalty until they are reflexive, including the SECURE 2.0 additions for federally declared disasters, domestic abuse, terminal illness, and the $1,000 emergency expense distribution.

3Practice RMD calculation using the Uniform Lifetime Table on the prior-year December 31 balance, and know when to switch to the Joint Life and Last Survivor Table for a spouse beneficiary more than ten years younger.

4Build a chart that distinguishes eligible designated beneficiaries from non-eligible designated beneficiaries under SECURE 1.0 and the 2024 final inherited-IRA regulations, including the year-1-through-9 annual RMD requirement when the owner died after the required beginning date.

5Memorize the differences between recharacterization of regular contributions, which is still allowed, and recharacterization of conversions, which the Tax Cuts and Jobs Act repealed for tax years after 2017.

Frequently Asked Questions

What are the eligibility requirements for the CISP exam?

ABA requires candidates to qualify through one of two pathways: at least two years of IRA-related work experience combined with qualifying IRA education such as the ABA IRA Online Institute delivered with Ascensus or the Ascensus IRA Institute, or at least four years of dedicated IRA work experience without the formal coursework. Applicants must complete an ABA application and sign the Professional Certifications Code of Ethics.

How many questions are on the CISP exam and how long is the testing session?

The CISP exam contains approximately 150 multiple-choice questions and candidates have a four-hour testing window. ABA scores the exam pass-fail with a 70% passing standard, and ABA reserves the right to embed unscored pilot items used for statistical research.

When is the next CISP testing window and when is the application deadline?

The next ABA CISP testing window runs September 15 through October 15, 2026. Candidates must submit a complete application and fees by July 17, 2026 to be approved in time to schedule a seat in that window.

How does the SECURE 2.0 Roth catch-up rule affect 2026 IRA processing?

Beginning in 2026, employer-plan participants age 50 or older whose prior-year FICA wages from the same employer exceeded $145,000 indexed must direct their catch-up contributions to a Roth source rather than pre-tax. The rule was originally scheduled for 2024, was delayed by IRS Notice 2023-62, and is finalized for 2026, so CISP candidates should be ready for questions about how the rule interacts with rollovers into IRAs.

How did the SECURE Act change required minimum distribution rules?

SECURE 1.0 raised the required beginning age from 70 1/2 to 72, and SECURE 2.0 raised it again to 73 starting in 2023 and to 75 beginning in 2033. SECURE 1.0 also replaced lifetime stretch distributions with a 10-year payout for most non-spouse beneficiaries, and the 2024 Treasury final regulations confirmed that beneficiaries of owners who died after the required beginning date must continue annual RMDs in years 1 through 9 in addition to the year-10 cleanout.

Which IRS forms does a CISP-certified administrator most often handle?

Form 5498 reports IRA contributions, rollovers, conversions, fair-market value, and RMD status to the IRS and account owner. Form 1099-R reports distributions with the correct distribution code. Form 5329 calculates additional taxes such as the 10% early-distribution penalty and the 25% RMD-shortfall excise tax that SECURE 2.0 reduced from 50%. Form 8606 tracks nondeductible IRA basis and Roth conversions.