In 1984, a small group of lease professionals, members of the Western Association of Equipment Leasing (WAEL), started the Certified Lease Professional (CLP) Program, a designation that identifies and recognizes individuals within the leasing industry who have demonstrated their competency through testing, conduct and continued education. They recognized the importance of raising the professional standards and encouraging continuing education within the leasing industry. This group, with the support of WAEL, created the first CLP study tool (a three-ring binder) and created a comprehensive six-hour exam.

During the first ten years of the program about 30 leasing professionals sat for and passed the exam. In 1994, the association decided to make the CLP Program a part of its Education Committee. Bob Teichman, CLP, current president of the CLP board of directors, was the Education Committee chair when that change was made. That year, the CLP Home Study Guide was extensively rewritten and was subsequently published as the Leasing Professionals’ Handbook.

Over the next five and a half years, interest in the importance of the program really took off. More than 180 leasing professionals’ passed the CLP exam and received their CLP designation. In 1999, WAEL, now the United Association of Equipment Leasing (UAEL), introduced the CLP Program to the entire leasing industry.

In May 2000, the CLP Foundation was established as the official governing body for the Certified Lease Professional Program, which includes testing, certification and re-certification of lease professionals who qualify for the CLP designation. Our mission is to:

The CLP Foundation is supported by its members and is governed by a board of directors. The current board of directors consists of CLPs elected by the membership and CLPs appointed by supporting industry associations. The Eastern Association of Equipment Lessors (EAEL), National Association of Equipment Leasing Brokers (NAELB) and the UAEL lend their full support to the foundation.

Eligibility
The eligibility requirements to take the CLP test are straightforward. An eligible candidate must have at least five years combined experience in equipment leasing or commercial finance, have acceptable character, ability and a solid reputation in the industry. Then, candidates must pledge in writing to adhere to the CLP Standards of Professional Conduct.

Anyone who is serious about their career in equipment leasing should consider applying for certification. While having the letters “CLP” after one’s name offers recognition and acceptance, the knowledge gained is invaluable in the furtherance of any leasing professional’s career. The certification exam covers 16 subjects, including history, lease classification, pricing, credit, law, documentation, collections, accounting, lease company management, and portfolio management, among others. Passing the CLP exam and receiving the certificate is proof the leasing professional is well-informed and knowledgeable in all practical aspects of the equipment leasing industry.

Preparation
The path to achieving the CLP designation is not an onerous one, but not necessarily challenge free. It is recommended that a CLP candidate start their studies at least 75 to 90 days prior to sitting for the exam. The Foundation has many study tools available to assist candidates with their preparation. The Certified Lease Professionals’ Handbook, which was written by lease professionals, who are experts within their sectors of the leasing industry, was completed in June 2004.

In May 2005, select chapters were updated for a second printing. The Body of Knowledge, an in-depth outline of the Equipment Leasing Industry, can be downloaded from the foundation’s website, www.clpfoundation.org. This is an excellent guide for candidates to follow throughout their study program. Candidates also need to be sure they are comfortable with solving for rate, yield, the concept of Present Value, etc., on a calculator or computer-based program, such as TValue or SuperTRUMP. The Education Library on the CLP website lists several books that show how to best utilize a financial calculator or use TValue.

Another way to prepare for the exam is with a “buddy” or a group of peers. Each holds the other accountable. Many have found this a great source of encouragement in their studies.

Our Mentor Program is designed to assist the CLP candidate answer specific questions that arise during their initial study. Mentors are assigned to a candidate matching their strengths to the candidate’s weaknesses.

We also have a very special program called the “Anonymity Program.” This program was set up for those very “visible” leasing professionals who may be concerned about not passing the exam the first time and would like to study and sit for the exam anonymously. The foundation is willing to accommodate those candidates.

Review classes are available as final preparation before sitting for the exam. The foundation offers the CLP Master Review one-day class at different locations around the country for small groups studying to sit for the exam. This review is also offered by our supporting associations, free of charge to those who attend their annual conferences.

The CLP Foundation offers a convenient exam location each month in different parts of the country. The written exam is scheduled for a full day with two breaks, one in the morning and one in the afternoon with a lunch break. The exam consists of multiple choice, true/false, short answer, problem-solving and essay questions.

New Initiatives
This past year was another exciting year for the Foundation. In June, The CLP Foundation signed an agreement with the Canadian Finance & Leasing Association (CFLA). The agreement allows the CFLA to use foundation products as well as the designation of CLP; a good thing for the industry in both countries. Jim McCommon, CLP and Jim Merrilees, CLP, both former CLP Foundation board presidents, developed this program.

We also signed an agreement with Access To Credit Initiative (ATCI) establishing a Ukrainian Certified Leasing Specialist (UCLS) program for the Ukraine (ATCI is a USAID funded project.) Within the UCLS program, ATCI and the CLP Foundation have worked together to establish the Certified Leasing Specialist (CLS) designation. Bob Teichman, CLP worked diligently to bring this opportunity to the foundation.

These programs coincided with our goal for 2006 of brand imaging and spreading the word about the Foundation.

The CLP designation sets the standards for professionalism in the leasing industry. It identifies and recognizes individuals within the leasing industry who have demonstrated their competency through continued education, testing and conduct. The letters CLP behind your name represent a visible recognition of this professional achievement and status. Your clients, customers, peers and employer will know of your commitment to excellence. Most importantly, you will have the self-satisfaction in knowing that you are designated in the leasing industry. Almost 300 leasing professionals have studied for and successfully passed their CLP exam, met all of the requirements and earned their Certified Lease Professional designation.

CLP is the only designation in the entire leasing and finance industry that recognizes those few people who have strived to be the best in the business.

Cynthia “Cindy” W. Spurdle brings more than 20 years experience in the equipment leasing industry. As the executive director of the CLP Foundation, a not-for-profit foundation, Spurdle manages the Certified Lease Professionals’ Program. She has served in this position since the formation of the foundation in 2000. In 1998, after serving as a director and officer on the NAELB board for five years, Spurdle was hired as its first executive director. Her leasing experience began with The Wrigley Group Ltd., an independent broker/lessor, as vice president managing a limited partnership established with a local corporation to lease equipment manufactured by their subsidiaries nationwide. After becoming president in 1988, Spurdle added four more subsidiaries to the Limited Partnership, growing the total portfolio to $22 million.