The future of reserve studies is here today - Although the reserve study industry has existed for more than thirty years the reserve study profession was born only in 2015 with the issuance of the ICBI reserve study principles and standards. One of the characteristics that must exist to be recognized as a profession is the existence of professional level standards. ICBI is an independent 501(c)(3) organization with a sole purpose to establish standards for long term budgeting, including reserve studies.
ICBI’s Generally Accepted Reserve Study Principles and Generally Accepted Reserve Study Standards are the foundation upon which a profession could be built. Reserve Study Principles establish the fundamental building blocks of the reserve study process. Reserve Study Standards establish the performance standards that professionals must adhere to in order to perform the reserve study process in accordance with established principles. ICBI has also partnered with two other organizations to create the necessary structure to support a profession that is independent of any single dominant group of individuals or trade organization.
ICBI standards require that members obtain continuing education. ICBI has partnered with Associated Reserve Planners to provide the education, The US affiliate of Associated Reserve Planners - ARP-USA develops education courses in compliance with ICBI standards. Part of ARP-USA’s charter Is that all members must comply with ICBI standards in order to qualify for membership. Associated Reserve Planners is an international trade organization formed in Canada in 2011 to address the educational requirements of the ICBI standards. Associated Reserve Planners USA (ARP-USA) also held its first annual conference in 2019. ICBI was a sponsor of that conference. Visit ARP-USA at http://arp-usa.org/.
The Budgeting Professionals Credentialing Board (BPCB) was formed specifically to establish a professional credential for budget professionals. BPCB has created the Registered Reserve Consultant (RRC) credential which is issued only to individuals who have completed a required series of educational courses designed to provide training in all technical areas applicable to the reserve study process and have proven their knowledge by passing a comprehensive test of knowledge. The RRC differs from other reserve study designations that do not require a test of knowledge and technical training. The RRC represents the highest level of professionalism for reseve preparers. Visit BPCB at http://www.budgetcredential.org/.