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ELIGIBILITY AND APPLICATION
PROCESS FOR CERTIFICATION AS A
DAILY MONEY MANAGER The American Association of Daily Money Managers (AADMM) has
started a certification program as part of its mission to meet the
public and community need for daily money management services in an
ethical manner by providing information and education to members and
developing a network of dedicated professionals. All correspondence
and questions related to certification should be directed to:
American Association of Daily Money Managers (AADMM)
174 Crestview Dr.
Bellefonte, PA 16823-8516
Toll free: 877-326-5991
Fax: 814-355-2452
Email: info@aadmm.com Website:
www.aadmm.com QUALIFICATIONS
The applicant for certification must meet the following
requirements:
| A. |
High School
diploma or equivalent |
| B. |
A minimum of
1500 hours of paid daily money management work
experience in the last three (3) years |
| Or |
| A. |
High
School diploma or equivalent |
| B. |
A
minimum of 1250 hours of paid daily money
management work experience in the last three (3)
years, plus a maximum of 250 eligible pro bono
or volunteer hours in the last three years. |
APPLICATION
Submission of the Certification Application is the
first step toward earning certification as a daily money
manager. The Certification Application is available for
download on the AADMM website
www.aadmm.com. The
application fee is $300 for members of the American
Association of Daily Money Managers and $450 for
non-members, and if accepted, includes admission to one
exam.
If your application is not accepted, the AADMM will
retain $50 for administrative fees and will refund the
balance paid.
All fees connected with the certification program are
subject to change without notice.
THE EXAMINATION
Once deemed eligible, the applicant will be required
to sit for an examination consisting of 100
multiple-choice questions based on content related to
bill paying, basic finance/bookkeeping, payroll and
taxes, types of expenses, and standards of practice. A
detailed outline of the exam content is found in the
Candidate Information Bulletin available for download on
the AADMM website. You must have a scaled score of 75 to
pass the exam.
Unsuccessful candidates may retake the examination. The
retesting fee is $100 for members and $200 for
non-members.
THE AADMM CERTIFICATION EXAMINATION
TESTING AGENCY
Professional Credential Services, Inc. (PCS) is the
professional testing agency contracted by AADMM to
assist in the development, processing, scoring, and
analysis of the certification examination. All
correspondence and questions related to examination
scheduling forms, test development, administration,
scoring and reporting should be directed to:
American Association of Daily Money
Managers (AADMM)
174 Crestview Dr.
Bellefonte, PA 16823-8516
Toll free: 877-326-5991
Fax: 814-355-2452
Email: info@aadmm.com
Website: www.aadmm.com
STATEMENT OF NONDISCRIMINATION
AADMM and PCS do not discriminate among candidates on
the basis of age, gender, sexual orientation, race,
color, religion, national origin, disability or marital
status.
APPROVAL TO TAKE THE EXAMINATION
Once your application has been submitted, if approved
by AADMM, you will receive written notice of eligibility
to sit for the examination. An application may be
returned if it is incomplete, illegible, or received
after the application deadline. Allow 4 weeks for AADMM
to review your application and supporting materials. If
not approved, you will receive written notice from AADMM
outlining the deficiencies.
You will receive written notification of your
application acceptance recapping the exam location, date
and time of your examination. It will also contain your
test confirmation number. If you have not received your
admission documentation at least ten working days prior
to your test date, you should contact AADMM for further
instruction.
Applicants may postpone taking the exam until a future
date provided they register at least 15 days ahead of
exam date.
NOT APPROVED TO TAKE THE EXAMINATION
In the event the application is denied by AADMM, the
application fee will be returned minus a $50
administrative charge.
SPECIAL ACCOMMODATION REQUEST AND DOCUMENTATION
Applicants requiring special accommodations under the
Americans with Disabilities Act of 1991 must use the
check-off the box on the certification application and
submit with the application form a written request that
explains the nature of the disability and the type of
accommodation he/she feels is appropriate. If you are
eligible to sit for the exam, you will be contacted by
AADMM regarding your requirements.
APPLICATION FEE
The Certification Application fee is $300 for members
of the American Association of Daily Money Managers and
$450 for non-members, payable to AADMM. If your
application is not accepted, AADMM will retain $50 for
administrative services and will refund the balance
paid.
EXAM TIME AND LOCATION FOR 2008
- Saturday, May 3 – Chicago, Illinois
(Concurrent with the Business Basics Workshop)
Four Points Sheraton Chicago O’Hara Airport - limited seats
available
Hotel
Information
- Saturday, July 26 – Providence, Rhode Island
(Concurrent with the Business Basics Workshop)
Sheraton Providence Airport Hotel
Hotel
Information
- Friday, November 7 – Orlando, Florida
(In conjunction with the Annual Conference)
Embassy Suites-Jamaican Court
Sign-in begins at 1:15 pm
Doors Closed and no further admittance 1:45 pm.
Exam Starts 2:00 pm
Exam ends 4:00 pm.
EXAMINATION
- The examination is in pencil and paper form, 100
four-choice, multiple-choice questions
- Two (2) hours will be allotted to complete the exam
- The examination will also contain 10 pre-test
questions which will not be calculated into the scoring
process. These questions are for the gathering of
statistical data only and will be interspersed
throughout the examination test form.
- The examination will be closed book.
- All questions are weighted equally.
- There is no penalty for guessing so it is to your
advantage to answer every test question.
EXAMINATION CONTENT
The 100 multiple-choice certification examination
consists of the following content areas with an
approximation of the percentage and number of
questions per content area. You must have a scaled
score of 75 to pass the exam.
| Content Summary
|
Percentage |
Number of Questions |
| 1. Bill Paying |
20% |
20 |
| 2. Basic
Finance/Bookkeeping |
20% |
20 |
| 3. Payroll and Tax Basics
|
10% |
10 |
| 4. Types of Expenses
|
20% |
20 |
| 5. Standards of Practice
|
30% |
30 |
Detailed Content Outline
| 1.
|
Bill Paying (tasks) |
| |
A.
|
Understand various bill-paying theories,
i.e.: |
| |
|
1. |
Pay bill as they come in versus when they
are due |
| |
|
2. |
Pay all bills at the beginning of the month |
| |
|
3. |
Change due dates to meet cash flow
requirements |
| |
B. |
Understand methods of payment and their pros
and cons, i.e.: |
| |
|
1. |
By
check |
| |
|
2. |
Electronic transfer (ACH – Automatic
Clearing House, wire transfers, etc) |
| |
|
3. |
Using online bill-pay |
| |
|
4.
|
Automatic drafts from bank or credit card |
| |
C. |
Document and methods of keeping track of
payments, i.e.: |
| |
|
1.
|
Accounting software |
| |
|
2. |
Copying
checks |
| |
|
3. |
Check
register |
| |
|
4. |
On-line
confirmation |
| |
|
5. |
Scanning |
| |
|
6. |
Control
statements |
| |
|
7. |
Duplicate
checks |
| |
|
8. |
Bank
statements |
| |
|
9. |
Printing
payment confirmations |
| |
D. |
Determine how the bill-paying bank account
will be funded, i.e.: |
| |
|
1. |
Setting
up a client |
| |
|
2.
|
Understand and determine the source of
income/revenue (i.e. investment income,
social security, payroll, etc.) |
| |
E. |
Know how to handle vendor issues, i.e.: |
| |
|
1. |
Late
payments |
| |
|
2. |
Un-posted/lost
payments |
| |
|
3. |
Unauthorized
charges on client account (bank, credit
card, bills, etc.) |
| |
|
4. |
Bills
due but have not been received |
| |
|
5. |
Negotiate
with creditors |
| |
F. |
Know how to prevent and deal with identity
theft, i.e.: |
| |
|
1. |
Have
client be aware of how to prevent being
exploited (do not call list, limit exposure
on mailing list, order credit reports, etc.) |
| |
|
2.
|
Know who to contact (file police report,
cancel credit cards, etc.) |
| 2.
|
Basic Finance/Bookkeeping |
| |
A. |
Perform monthly bank reconciliation, i.e.: |
| |
|
1.
|
Able to identify and understand bank and
client errors |
| |
B. |
Understand budget basics |
| |
C. |
Provide general organization assistance |
| |
D. |
Note other assets available to meet expenses and to
serve as a cushion |
| |
E. |
Understand how interest is calculated |
| |
F. |
Understand how to read a credit report and what
determines a credit score |
| |
G. |
Understand basic types of investments (certificate of
deposit, money market, savings plans, etc.) |
| |
H. |
Understand how to read and report on financials |
| |
I. |
Know how to work with your client’s financial
planner, insurance agent and investment advisor |
|
3. |
Payroll and Tax Basics |
| |
A. |
Knowledge of documents and information needed for
income tax preparation |
| |
B. |
Understand withholding, health insurance, etc. |
| |
C. |
Understand estimated tax protocol
(payments/requirements) |
| |
D. |
Work with tax preparer |
| |
E. |
Know when and where to go for help |
| |
F. |
Understand payroll tax |
| |
G. |
Understand employee issues, i.e.: |
| |
|
1. |
Understand difference between employees and
“independent contractors” |
| |
|
2. |
Understand employers’ responsibilities (unemployment
insurance, workers compensation, etc.) |
| |
|
3. |
Keep track of hours and pay |
|
4. |
Types of Expenses |
|
A. |
Medical Bills and Insurance Issues, i.e.: |
| |
|
1. |
Understand different types of health insurance |
| |
|
2. |
Interpret medical bills in terms of insurance
payments made |
| |
|
3. |
Understand monthly premiums for coverage (deducted
from pay, paid by client, etc.) |
| |
|
4. |
Knowledge of health insurance particulars (mechanics
of the policy, deductible, co-insurance, co-pays, etc.) |
| |
B. |
Housing Issues, i.e.: |
| |
|
1. |
Understand costs (mortgage, condo fee, upkeep,
property taxes, Homeowner’s association, etc) |
| |
|
2. |
Understand rental in senior housing (what is covered
in their monthly rental, etc.) |
| |
|
3. |
Understand home as a resource (financing options,
etc.) |
| |
|
4. |
Understand how to coordinate for outside assistance
to maintain housing environment |
|
5. |
Standards of Practice |
| |
A. |
|
Understand Code of Ethics |
|
|
| |
B. |
|
Accountability to client |
|
|
| |
C. |
|
Understand confidentiality issues (Health Insurance
Portability and Accountability Act (HIPAA), bank privacy
issues, etc.) |
|
|
| |
D. |
|
Capacity (competency) issues, i.e.: |
|
|
| |
|
1. |
Define POA versus DMM versus guardianship/conservatorship |
|
|
| |
|
2. |
Understand the options available |
|
|
| |
|
3. |
Understand when to bring in an expert (warning signs,
etc.) |
|
|
| |
E. |
|
Understand DMM liability issues |
|
|
| |
F. |
|
Understand how to treat a client (the best interests
of the client, etc.) |
|
|
| |
G. |
|
Understand Power of Attorney, i.e.: |
|
|
| |
|
1. |
Different types |
|
|
| |
|
2. |
Difference between medical and financial |
|
|
| |
|
3. |
Limitations |
|
|
| |
|
4. |
Core legal documents |
|
|
| |
|
5. |
Fiduciary responsibilities |
|
|
| |
H. |
Understand the basics of paperwork organization,
i.e.: |
| |
|
1. |
Filing system for current work |
| |
|
2. |
Understand what to keep, what to archive, what to
throw away |
| |
|
3. |
Sort mail |
| |
|
4. |
Understand storage issues (at client’s home, bank
security box, DMM responsibility, etc.) |
| |
|
5. |
Inventory assets |
EXAM STUDY REFERENCES
Many of the questions on the examination will be based
on general knowledge that can be obtained from basic
routine practice, generic accounting/finance books,
government web sites, etc.
A list of study references is included as an appendix to
this Candidate Information Bulletin. Although the list
of books and articles may include more than one
reference that covers a content area, one such reference
may be enough. You may also have resources available
that are not on the list but will adequately cover the
content area. Appendix - Exam Study
References
ON THE EXAMINATION DAY
GENERAL INFORMATION
Although every attempt is made to provide a quiet and
comfortable test environment, noise and room
temperatures may be an unforeseen distracter. It is
suggested that if you are sensitive to noise or
temperature variations, you may want to bring earplugs
and wear attire that can help you to adapt to a cooler
or warmer climate in the examination room.
REPORTING FOR THE EXAM
On the day of the exam, candidates are to report to the
confirmed exam site at the time indicated on the
official notification of eligibility.
EXAMINATION ADMITTANCE
In order to be admitted to the examination room, the
candidate must present his/her admission card and one
form of identification with a photograph and signature
(i.e. driver’s license, school or work identification
card, or passport). The identification must be current
and clearly recognizable or you may not be admitted to
test. If your photograph identification does not have a
signature, you must bring a second form of signature
identification. If you do not have proper
identification, you will not be admitted to test.
It is your responsibility to be at the exam site on
time. You will not be permitted into the examination
room after the announcements have begun. You will also
be required to sign a roster for verification of
identity.
EXAMINATION SECURITY
Failure to follow oral and written instructions at the
examination will result in your application being voided
and forfeiture of your registration fee. Conduct that
results in a violation of security or disrupts the
administration of the examination could result in the
confiscation of your test and dismissal from the
examination. In addition, your examination will be
considered void and will not be scored. Examples of
misconduct include, but are not limited to, the
following: writing on anything other than designated
examination materials, writing after time is called,
looking at another candidate's examination materials,
talking with other candidates at any time during the
examination period, and failing to turn in all
examination materials before leaving the testing room. You must not discuss or share reference materials or any
other examination information with any candidate during
the entire examination period or after the examination.
You are particularly cautioned not to do so after you
have completed the examination and checked out of the
test room, as other candidates in the area might be
taking a restroom break and still not have completed the
examination. You may not attend the examination only to
review or audit test materials. You may not copy any
portion of the examination for any reason. No
examination materials may leave the test room under any
circumstances and all examination materials must be
turned in and accounted for before leaving the testing
room. No unauthorized persons will be admitted into the
testing area. Please be further advised that all examination content
is strictly confidential. You may only communicate about
the test, or questions on the test, using the
appropriate comment forms provided by the examination
staff at the test site.
REFERENCE MATERIALS
Candidates writing on anything other than examination
materials distributed by the proctors will be in
violation of the security policies above. Reference
materials are not allowed in the testing room.
Candidates are asked to bring as few personal and other
items as possible to the testing area.
ITEMS ALLOWED IN TESTING ROOM
AADMM will provide a simple four-function hand-held
calculator to each participant to use during the exam.
No other calculators are permitted.
ITEMS PROHIBITED IN THE EXAMINATION ROOM
You may not have alcoholic beverages, electronic devices
such as cameras, walkmans, radios, tape players,
portable fax machines, cellular telephones, watches,
reproduction equipment, computers, beepers, or pagers in
the examination room. If any of the aforementioned items
are found on a candidate, the Examiner will collect it
until the end of the examination and a report will be
written documenting the incident to the AADMM. Smoking
or wearing hats/baseball caps are not permitted in the
examination room. You may not have pens, highlighters,
and pencils. Pencils will be provided on the day of the
examination.
REFUND AND RESCHEDULING POLICY
Candidates will have until the examination fee deadline
to request an examination fee rollover. The request must
be in writing and forwarded to AADMM. Requests after the
deadline will only be approved if there is an
extenuating circumstance and proper documentation is
provided such as military orders, illness, death in the
family, etc. Job requirements, planned vacations, lack
of study time, etc. are not considered extenuating
circumstances.
Refunds are not granted to candidates who fail to
schedule/reschedule their examination within the
appropriate one year timeframe or who failed to appear
or were not admitted for testing.
FOLLOWING THE EXAMINATION
SCORING AND REPORTING
A minimum scaled score of 75 must be obtained in order
to achieve a passing score. Results are confidential and
will be reported to AADMM by the testing agency. AADMM
will notify you of your results no later than one month
after the exam.
SCORES INVALIDATED BY AADMM
All irregularities as noted under Security Guidelines
will be reported to AADMM and the testing agency. Any
statistical discrepancies during the item analysis and
item performance which lead to a discovery
of candidate irregularities will be reported to AADMM.
AADMM will be the final authority on the invalidation of
any score results.
IF YOU PASS THE EXAMINATION
You will receive a “PASS” notice from AADMM with your
certificate. Numeric scores are not provided.
IF YOU DON’T PASS THE EXAMINATION
You will receive a report from AADMM with a “FAIL”
notice. In this instance a numeric score will be
provided. A diagnostic strength and weakness report
based on the content outline will be included within the
score report. Your score report will outline the next
steps for retesting. Unsuccessful candidates may retake
the examination for $100 for members and $200 for
non-members.
CONFIDENTIALITY
Examination results will not be provided over the
telephone. Results are only released to AADMM and to the
candidate.
NAME OR ADDRESS CHANGE
Any name or address change must be reported in writing
to AADMM. Failure to do so may cause a delay in the
score reporting process. Be sure to include your name as
it appears on your registration form and signature,
along with the information to be changed. For a name
change, you must submit a photocopy of a legal document
verifying the name change (i.e. marriage certificate,
divorce decree or legal document indicating a name
change).
CANDIDATE APPEAL PROCESS
Please contact PCS in writing if you wish to make a
comment concerning the test administration process or a
particular test question. You should provide your name,
address and the test date with your particular comment.
Your letter will be researched and acted upon
accordingly. You will also have the opportunity to
complete a Candidate Comment Form at the test site.
DUPLICATE SCORE REPORTS
If you have just tested and have not received your score
report within seven business days following the scoring
announcement date, you may contact AADMM in writing to
request a duplicate score report. A duplicate score
report will be sent to the address on file free of
charge until 30 days after the announcement date.
Candidates making requests after that date or to a new
address will be charged $25.00 for each duplicate score
report.
Appendix
EXAM STUDY REFERENCES
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