CCIM study guide
CCIM · Work through your exam, one topic at a time.
The CCIM Comprehensive Exam is the capstone assessment on the path to the CCIM Designation, the credential conferred by The CCIM Institute and signified by the CCIM Pin - which the Institute describes as real estate's most coveted credential. It is built for working commercial real estate professionals rather than newcomers: the Institute reports that designees average 22 years of commercial real estate experience, and more than 9,000 individuals currently hold the Designation while another 4,000 are in pursuit. The CCIM study guide has 4 sections and about 1,422 words.
01Financial Analysis for Commercial Investment Real Estate
Financial analysis questions ask you to rebuild a normalized operating statement and then test the property against lender and investor standards. Know the chain: potential gross income (PGI), less vacancy and credit loss, plus other income, equals effective gross income (EGI); EGI less operating expenses equals NOI; NOI less capital expenditures, tenant improvements, and leasing commissions equals cash flow before debt service.
354 words, about 2 min02Market Analysis for Commercial Investment Real Estate
Market analysis questions ask whether you can size supply and demand inside a defined market and predict where rents and vacancy are heading. Start with market delineation: the competitive market or submarket from which a property draws tenants, defined by geography, property type, price point, and tenant profile.
338 words, about 2 min03User Decision Analysis for Commercial Investment Real Estate
User decision analysis takes the occupier's point of view: should this business lease, buy, build, renew, relocate, or expand? The answer comes from comparing alternatives that deliver the same space program over the same time horizon, on a present-value basis.
366 words, about 2 min04Investment Analysis for Commercial Investment Real Estate
Investment analysis asks whether a deal creates value for the equity investor. Build a multi-year cash flow, add the reversion, and discount.
364 words, about 2 min