IMHO: So you’ve done the Company Directors’ Course. Now what? (Institute of Directors)
IMHO: So you’ve done the Company Directors’ Course. Now what?
A first-hand account of the Chartered Member Assessment, with practical tips on expectations and how to approach it.
I’ve lost count of how many people have asked me about the Institute of Directors Company Directors’ Course (CDC) since I completed it – and even more have asked what’s actually involved in the optional Chartered Member Assessment (CMA) that follows.
What surprised me was how many people completed the CDC but had not gone on to do the assessment. Most weren’t sure what to expect, so it was easy to put it off. I found myself in the same position, reaching out to understand how the process worked.
If you’re looking for the same, here it is.
The Company Directors’ Course
The CDC is the best professional development I have done. It is five and a half intensive days covering governance, strategy, finance, law and culture, brought to life through boardroom simulations that feel surprisingly real.
The days are long. Mock board meetings run into the evenings and board packs that need to be read before the next morning arrive overnight. You need to dedicate the full week to it. The facilitators are excellent, so it is not as daunting as it sounds.
What also makes it worthwhile is the cohort. The CDC brings together a diverse group: experienced directors alongside those just starting out, from the private sector, public sector and elected office. You build strong connections over the week.
For those who complete the CDC, the next step is the CMA, which leads to the ‘CMInstD’ designation. If you begin the process within six months of completing the CDC, it is included in the course fee.
The exam
With Christmas approaching, I made the mistake of deferring the exam until the final week of the six-month window. If you have not sat a formal exam since university, it can feel like a nerve-wracking prospect.
The exam is held at an official examination centre. When I arrived on a Saturday afternoon, there were about a dozen people sitting exams – most completing electrician qualifications. One other person from my CDC cohort was there too, which was reassuring.
The exam is open book. You are given a clean copy of the Four Pillars of Governance Best Practice and the relevant sections of the Companies Act. What you don’t have is time to rely on them. Sixty multiple-choice questions in 75 minutes gives enough time to think, but not enough to search.
The questions cover four areas: corporate governance (12 questions), finance (21 questions), law and compliance (20 questions), and risk governance (seven questions).
The system is straightforward. It shows your remaining time, which questions you have answered, which you have bookmarked and which are still blank. That visibility is helpful when you are under pressure.
A few things I have been telling others preparing to sit it:
Do a first pass at pace. Bookmark the questions you are uncertain about and come back to them.
Know the index of the Four Pillars. On your second sweep, use the pen and paper provided to note relevant page numbers from the book’s index. Some questions required me to cross-reference more than one section and writing the page numbers down avoided constant flipping back to the index.
Brush up on your financials. Finance accounts for more than a third of the exam and most questions cannot be answered from the Four Pillars. The questions didn’t require calculations, but you need to be comfortable with financial statements and what they are telling you about the business.
I had initially assumed I’d finish with time to spare. In reality, I used almost every minute.
Results arrive by 5pm the same day. Mine came through at 4:57pm. Scoring 92% – well above the 70% pass mark – was a relief.
The assignment
Passing the exam triggers an email from the IoD asking when you would like to receive the assignment. From the date you nominate, you have exactly three weeks to submit.
The assignment is based on a fictitious board pack. You step into the role of a director preparing for a board meeting and respond to five questions across core governance areas.
The word allocation reflects weighting: strategy is 750 words (25%), finance and legal is 600 words (20%), board effectiveness and dynamics is 750 words (25%), and risk and ethics are 450 words each (15% each).
I found it engaging. The more time I spent away from the material, the more I noticed on subsequent reads. The materials are deliberately imperfect. Part of the task is identifying where governance has drifted.
It tests judgement: identifying whether strategy is grounded in reality, whether capital decisions stack up, whether risks have been accounted for, and where board dynamics do not align with good governance practice.
The hardest part for me was the word limit. Three thousand words across five questions, with 10% leeway. It seems generous at first, until you realise every question feels like it deserves more space.
You are asked to think like a director, not write like a novelist. Bullet points are encouraged, but I spent more time editing my responses than writing them – tightening language, prioritising key points and keeping everything focused on governance.
You do not receive a grade. You either pass or you don’t. The marker’s feedback on my assignment noted that I had demonstrated the “depth and breadth of critical thinking in the competencies required of a Chartered Member” and provided “insightful responses at an appropriate governance level in all areas”.
Is it worth doing?
You cannot use the Chartered designation until you hold a qualifying board role, but the assessment does not expire. You can upgrade to Chartered Member when the right opportunity comes along.
For anyone building a governance career, that external validation carries weight. Experienced Chartered Members often say the designation signals that you have done the work, understand the material and can demonstrate it.
The IoD estimates around 30 hours of preparation for the exam and another 15 to 30 hours for the assignment. That feels about right, although I spent longer on the assignment.
If you do the assessment right away while the content is fresh, it is much easier. My advice if you have completed the CDC and have not yet started the assessment: do it sooner rather than later.
If you are weighing up the CDC, the assessment or have questions about either, feel free to get in touch.
Tim McCready MInstD is Director of Business & Entrepreneurship at the Asia New Zealand Foundation. He is also director of CrammedCity Consulting, advising boards, executives and government agencies on strategy, trade and investment. Tim is a columnist for the New Zealand Herald, writing on trade, geopolitics, capital markets and innovation, and is convenor of judges for the 2degrees Auckland Business Awards. He is a Member of the Institute of Directors.
