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.
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.
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.
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.
"Investing in myself when I was new to Equity Compensation was the best decision I could have ever made."
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.
Employee-owned assets in the United States
Americans compensated with company equity
Private and public companies with stock options
"Transitioning to the issuer side of the industry... proved to be instrumental in bridging the knowledge gap between both facets of the industry."
How to Earn Your ECA or CEP Designation
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.
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.
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.
"I am truly excited to keep learning and meeting other like-minded individuals in our industry."
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.
- 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.
- 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.
- 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.
- Materials are updated from the sourcing information SMEs provide in the item development process.
- 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.