One of the most exciting aspects of becoming a factoring broker or commercial finance consultant is how relationship-driven the business is. Success is built not just on finding prospects, but on cultivating trusted referral partners—those who will consistently send new business your way.
And where do the most valuable of these relationships come from?
Primarily from two key professional groups:
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Bank lending officers
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Accounting professionals (CPAs, bookkeepers, enrolled agents)
These are the individuals who encounter small businesses in need of factoring services every single day. They are perfectly positioned to become your referral pipeline—if you establish credibility with them early.
That is why one of your very first action steps as a new broker should be to prepare yourself thoroughly to speak with these professionals. And the best tool for gauging your readiness is the ClassMarker Proficiency Exam.
Why Your Professional Relationships Matter So Much
If you ask seasoned factoring brokers where they source their best clients, nearly all will tell you the same thing:
“Through professional referral partners.”
These relationships drive your business for several reasons:
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Bankers are often unable to approve small business loans but want to offer helpful alternatives—factoring is a perfect fit.
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Accountants see a client’s cash flow problems firsthand—and they know when factoring can save a struggling business.
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Professionals who trust you will introduce you to their clients when the opportunity arises—but only if they trust your knowledge and professionalism.
That last point is critical. You only get one chance to make a good first impression—and it must be clear that you know your stuff.
Why You Should Take the ClassMarker Proficiency Exam
You’ve Read the Guide… But Have You Retained It?
As an IACFB Academy member, you have access to world-class training materials, including the highly regarded Factoring 101 Broker’s Guide, available on Amazon. This guide provides you with:
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A comprehensive overview of the factoring industry
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The mechanics of how factoring works
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Types of clients and industries that benefit
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How factors evaluate and approve deals
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The broker’s role in the process
But reading a guide—even an excellent one—is not the same as internalizing it.
Before you start building those critical professional relationships, you need to be sure you can confidently answer questions about factoring when asked.
The ClassMarker Proficiency Exam is designed for exactly that purpose.
About the Exam
The Proficiency Exam is administered online through ClassMarker and consists of:
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50 carefully selected questions covering all aspects of factoring, based on the Factoring 101 Guide.
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A passing score of 80% or higher is required to demonstrate readiness.
What It Tests
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Fundamental terminology you’ll use in conversations.
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Understanding of factoring mechanics, including invoices, advance rates, reserves, recourse vs. non-recourse factoring.
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How factoring solves cash flow challenges and when it is the ideal solution.
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Broker roles and compensation.
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Client and factor relationships.
Why Passing the Exam Matters
1️⃣ Eliminate Self-Doubt
One of the most common fears among new brokers is that a bank officer or CPA will ask a question they can’t answer—exposing them as a beginner. This fear holds many back from actively networking.
Passing the Proficiency Exam gives you the confidence to say:
“I’m ready to speak with professionals about my industry.”
And that confidence will come through in every conversation.
2️⃣ Develop Relationships with Integrity
Bankers and accountants take great care in protecting their clients. They will only refer their clients to you if they sense:
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You are knowledgeable
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You are trustworthy
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You will represent them well
Demonstrating a professional level of factoring knowledge builds that trust quickly.
3️⃣ Build a Strong Foundation for Business Development
Once you pass the exam, you are ready to:
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Begin connecting with bank loan officers via LinkedIn.
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Attend local Chamber of Commerce and business networking events.
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Approach accounting professionals about developing reciprocal referral relationships.
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Speak with confidence about factoring during initial meetings and coffee chats.
As the saying goes:
“You only have one chance to make a great first impression.”
Make sure that first impression is that of a well-prepared factoring professional—not someone “dabbling” in the industry.
How Many Times Can You Take the Exam?
As an IACFB Academy member, you have unlimited opportunities to take the ClassMarker Proficiency Exam until you pass with confidence.
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You can review the Factoring 101 Guide and retake the exam as needed.
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Use this process as a learning loop—if you miss a few questions, go back and study those areas until you master them.
The goal is not just to “pass”—the goal is to reach the point where you KNOW your stuff and feel fully prepared to represent your services to professional referral partners.
Summary: Take This Step Early
If you are serious about building a professional, thriving factoring brokerage, do not skip this step.
Taking—and passing—the ClassMarker Proficiency Exam should be part of your first 30 days of business launch activities.
It is the best way to:
✅ Build your knowledge and confidence
✅ Ensure you are ready to speak with high-value referral partners
✅ Begin building a professional image in your local market
When you pass the Proficiency Exam, you’ll know you are ready to step into your community and start building the professional relationships that will drive your long-term success.
Your reputation is your most valuable asset in this business. Professional referral partners will help you build a pipeline of qualified leads—but they must believe in your competence.
Taking the ClassMarker Proficiency Exam is your first step toward earning that belief.
Take the exam. Prove to yourself that you’re ready. And then go build those relationships that will fuel your factoring career.