Alas, because the CISM exam has only been given once (earlier this summer), and haven't yet heard any reliable reports from those who sat for this first go-round, I don't yet have much to add on this credential to my original opinions. Also, ISACA (the parent organization) hasn't yet published info about how many takers sat, how many people passed, and so forth.
Thanks for reminding me that this exam has come and gone. I'll make a point of looking into it further and of reporting on it in the next month or two -- hopefully with more information than is available to me right now. Visit http://www.isaca-london.org/cism.htm for the latest info on the program from ISACA itself, and you'll see what I mean.
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This was first published in August 2003