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Leavey Executive Center, Santa Clara University
Certified Equity Professional Institute

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Certified Equity Professional Institute

Empowering Equity Compensation Experts

The Certified Equity Professional Institute (CEPI) at the Leavey Executive Center is the premier certification body for equity compensation professionals, offering three exams designed to showcase proficiency in the equity compensation field.

Our curriculum focuses on core disciplines including accounting, equity plan design, analysis and administration, corporate and securities law, and taxation, equipping professionals with the skills needed to excel in the ever-evolving equity compensation landscape.

Whether you're looking to demonstrate foundational knowledge or achieve mastery in equity compensation, CEPI's programs offer the path to distinguish yourself as an expert in this integral part of Silicon Valley's legacy and future.

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Red parallelogram ECA & CEP

Programs

ECA Designation

The Equity Compensation Associate (ECA) designation is earned after taking the Level I exam, which tests a candidate's understanding of basic equity compensation-related issues. Following this, ECAs can continue to Level II.

Explore the ECA Designation

CEP Designation

The Certified Equity Professional (CEP) certification tests an equity professional's ability to understand the core principles of their discipline, including the design, analysis, and administration of equity plans, accounting, corporate and securities laws, and taxation.

Explore the CEP Designation

Continuing Education

Maintaining the ECA & CEP certifications requires continuing education through conferences, courses, or other industry events, helping equity professionals keep their skills and competencies up-to-date as the field evolves.

Explore Continuing Education

Upcoming Events & Deadlines

Levels I-II
Equity Compensation Associate Designation

The Equity Compensation Associate (ECA) designation is the first level in the Certified Equity Professional (CEP) certification process. Passing the ECA exam demonstrates a foundational knowledge of the equity compensation field, making it an excellent starting point for professionals looking to establish their credibility and advance their careers.

ECAs are eligible to continue their equity compensation journey by taking the Level II exam, which showcases thorough working knowledge of plan administration, transactions, and issues.

Headshot of Danielle Roseland, Proud ECA since 2022

"Investing in myself when I was new to Equity Compensation was the best decision I could have ever made."

Danielle Roseland

Proud ECA since 2022

Leavey Executive Center, Santa Clara University, Certified Equity Professional Institute
Users
Audience
New Professionals
Experienced Stock Plan Professionals
Briefcase
Experience in Equity Compensation
<2 Years
Passed Level I Exam
Handshake
Relationship with Equity Plans
Reactive
Interactive
Database
Knowledge Base
Policies, Procedures, and Routine Transactions
All Aspects of Plan Administration

Why Get Certified?

Earning an Equity Compensation Associate (ECA) or Certified Equity Professional (CEP) designation is a highly valuable investment for anyone seeking to establish themselves as an expert in the equity compensation field.

The rigorous multi-exam certification process ensures that ECA & CEP holders have a deep, comprehensive understanding of the discipline, covering everything from equity plan design and analysis to accounting, taxation, and regulatory compliance. This level of specialized knowledge is highly sought after by employers, who recognize the credential as a mark of excellence. By obtaining an ECA or CEP designation, professionals can differentiate themselves from their peers, command higher salaries, and position themselves for advanced roles with increased responsibilities.

Additionally, the ongoing continuing education requirements keep ECA & CEP holders at the forefront of industry trends and best practices, enabling them to provide exceptional value to their organizations. For those serious about succeeding in the dynamic and complex world of equity compensation, the ECA & CEP certifications are an unparalleled investment in one's career development and long-term growth.

Register for an Exam

$2.1 Trillion

Employee-owned assets in the United States

14.7 Million

Americans compensated with company equity

6,322

Private and public companies with stock options

Statistics from the National Center for Employee Ownership
Level III
Certified Equity Professional Designation

The Certified Equity Professional (CEP) certification is the premier designation for qualified equity compensation professionals. This multi-exam certification process rigorously tests a candidate's ability to understand and apply the core principles of equity compensation, including the design, analysis, and administration of equity plans, as well as related accounting, corporate, securities, and taxation concepts.

By successfully completing the CEP certification, professionals prove their expertise and gain recognition within the industry. Employers greatly value the CEP credential, as it signifies a deep understanding of the intricate equity compensation landscape and the ability to navigate its complexities effectively.

Headshot of Josue Villatoro, Proud CEP since 2023

"Transitioning to the issuer side of the industry... proved to be instrumental in bridging the knowledge gap between both facets of the industry."

Josue Villatoro

Proud CEP since 2023

Leavey Executive Center, Santa Clara University, Certified Equity Professional Institute
Users
Audience
Experienced Stock Plan Professionals
Briefcase
Experience in Equity Compensation
Passed Level I & II Exams
Handshake
Relationship with Equity Plans
Proactive
Database
Knowledge Base
Complete Understanding of All Knowledge Domains

How to Earn Your ECA or CEP Designation

Register

Take the first step in obtaining your ECA or CEP designation. There are no formal requirements to register, but we recommend 1, 2 and 3 years of equity compensation experience.

Register Now

Prepare

Upon registering for an exam, you’ll get access to the included study packet and several reference materials. Then, use those materials to study from the comfort of your own home, at your own pace.

Prepare for the Exam

Take the Exam

CEP Exams are offered twice per year - in May and November. You’ll have the option to sit for each exam in person at a Pearson Vue testing center or on a personal computer through ProctorU remote proctoring.

Take the Exam

CEPI Advisors

The Certified Equity Professional Institute (CEPI) draws on an array of expertise in order to ensure that the certification program is relevant and keeps pace in the ever changing world of equity compensation.

Nathan O'Connor

Managing Director
Equity Methods

CEPI Advisory Board Chair

LinkedIn Icon

AmyLynn Flood

Partner
Vialto Partners

CEPI Advisory Board Chair Elect

LinkedIn Icon

Barbara Baksa

Executive Director
NASPP

LinkedIn Icon

Lamont Walker

Director of Equity Programs
Lyft, Inc.

LinkedIn Icon

Career & Growth
Continuing Education

Maintaining the ECA & CEP certifications requires completing at least 30 hours of required continuing education every two years. This ongoing professional development ensures that designees keep their skills and knowledge up-to-date as the equity compensation field continues to evolve. These continuing education opportunities, which can include conferences, courses, exams, and other industry events, allow ECA & CEP professionals to stay ahead of the curve, expand their expertise, and provide even greater value to their employers and clients.

Headshot of Victoria Teterya, Proud ECA since 2022

"I am truly excited to keep learning and meeting other like-minded individuals in our industry."

Victoria Teterya

Proud ECA since 2022

Leavey Executive Center, Santa Clara University, Certified Equity Professional Institute
Clock
Time
30 Hours
Calendar
Cadence
Every 2 Years
Tag
Administrative Fees
$250 (waived after 15 hours of volunteer work)
Laptop
Track Continuing Education
Online via CEPI Connect
Top Companies Employing CEPs

CEPI Honor Roll

The CEPI is proud to recognize companies that employ the highest number of Certified Equity Professionals (CEPs), showcasing their commitment to excellence in equity compensation management. These organizations understand the value of having certified professionals who possess in-depth knowledge of complex equity compensation issues, including regulatory compliance, taxation, and plan design. By employing CEPs, companies ensure they have the expertise to navigate the intricate landscape of equity compensation effectively, minimizing risks and optimizing their equity programs.

Is your company interested in having more Certified Equity Professionals on staff? Contact us about group rates and other benefits.

Numbers are updated bi-annually. Companies are eligible for the CEPI Honor Roll with 11 or more CEPs.
Company Active CEPs
Morgan Stanley at Work 198
Fidelity 157
Charles Schwab 56
J.P. Morgan 21
Carta 19
UBS 19
Aon 18
Infinite Equity 16
Stock & Option Solutions 15
Bank of America 14
Network & Learn
Annual CEPI and Silicon Valley NASPP Symposium

The Annual Symposium is a unique one-day equity compensation event hosted each summer.

With a mix of educational and networking opportunities offered throughout the day, our attendees leave the event with new knowledge, updates on important and timely topics, and new industry connections!

Learn More about the Symposium

About Us

Since its founding, the CEPI's self study curriculum has served as the industry's educational standard. The curriculum focuses on the core disciplines of equity compensation: Accounting; Equity Plan Design, Analysis and Administration, Corporate and Securities Law, and Taxation.  Candidates can elect to complete just the first level of the program - resulting in the ECA designation, or to continue on for the remaining two levels, at which point they will have earned the CEP designation. The CEP designation is granted to individuals who have passed all three exams, and have demonstrated mastery of equity compensation related issues in all of the core disciplines.

CEPI History

The Certified Equity Professional Institute became part of the Leavey Executive Center at Santa Clara University in 1989. Santa Clara University alumni professionally involved in the equity compensation field proposed an education program for  equity compensation. They saw that there was a need to create the professional body of knowledge for the equity compensation field. Since the institute's founding, thousands of individuals have benefited from the self-study certification program. Over 2000 people have achieved the Certified Equity Professional designation and that number continues to grow annually. The CEP designation is now a widely recognized professional achievement for those involved in equity. 

Frequently Asked Questions

Earning an ECA or CEP designation indicates an individual has demonstrated a comprehensive understanding of the equity compensation body of knowledge. Organizations and individuals use Institute exams as a measurement of basic (ECA Exam), intermediate (Level II), and advanced (Level III) knowledge, skills, and abilities related to equity compensation administration.

The CEP Institute's literature uses the two terms interchangeably. The CEP certification process is structured as a series of three independent-study courses that include all reference texts and syllabi. Each course concludes with an exam, which must be passed in order to progress to the next higher course/exam level.

Study time is determined by an individual's educational background, time in the field, and other variables. When asked, CEP designees stated that each exam required an average of 40 to 50 hours of study time.

Exams are offered in weeklong exam windows that are predetermined in November and May each year.

The minimum time between your initial registration and completion of the CEP Institute Level III exam is 14 months.

Although there are no formal educational requirements, we recommend 1, 2, and 3 years of equity compensation experience for the ECA Exam, and CEPI levels II and III respectively. For more information, please see the program description.

The CEP Institute is a program of Santa Clara University’s Leavey School of Business and Administration.

There is no time limit on advancing onto the next exam; candidates may simply sign up for the exam that is scheduled to take place in May or November of each year. For further details, view the certification information handbook.

Exam questions are created by members of the CEP Institute Item Development Panel who are expert equity compensation practitioners selected by nomination and invitation.

  1. The rigorous process of exam development starts with a job analysis survey. The data gathered from the survey is used by subject matter experts (SMEs) and psychometricians to identify the domain specifications from which they generate the domain sampling, and then the task and knowledge statements from which they derive the minimal knowledge base for each level.
  2. The information is subsequently synthesized by psychometricians in collaboration with SMEs to create the exam specifications, a road map for all aspects of item (exam question) development.
  3. After item development is finished, the items are examined and evaluated by psychometricians before being evaluated by at least three SME panels and the certification council.
  4. Materials are updated from the sourcing information SMEs provide in the item development process.
  5. The psychometricians conduct statistical analyses after the exams are scored, and the findings, along with all candidate comments, item sources, and any other relevant data, are used in the SME standard-setting panel.

The CEP Institute does not currently bundle sample exam questions with its study resources. However, a number of other sources provide study materials and practice exams, which many applicants find useful. The National Center for Employee Ownership (NCEO) and NASPP (The National Association of Stock Plan Professionals) are two organizations that now offer sample questions and/or practice exams. You can browse NCEO's specific CEPI Prep Course on their website if you're interested in purchasing one to help you study for the exam. Although it is optional, many applicants have found it to be quite beneficial in getting ready for the exams.