CIIA Certification: Certified International Investment Analyst Course Details
CIIA Certification - The Certified International Investment Analyst (CIIA) certification is offered by the Association of Certified International Investment Analysts (ACIIA). The CIIA certification exams are conducted two times a year internationally - March and September. The CIIA certification is an international professional certification that is recognized and accepted in 34 countries across the globe in the domain of investment analysis.
In order to obtain the Certified International Investment Analyst accreditation, an individual is required to successfully clear a number of requisite examinations which focus on the various subject areas and topics that are essential for professionals in the domain of investment analysis. The CIIA certification exams are conducted twice a year and must be cleared in the chronological order prescribed by the ACIIA.
CIIA India
The ACIIA is essentially an umbrella body for both regional and national associations of professionals in the domain of investment and represents over 60,000 people around the globe. The CIIA certification and associated exams are prevalent in 34 countries around the world. CIIA India is governed by the Association of International Wealth Management of India or AIWMI. Therefore, registrations, exams and other online and offline activity for CIIA India is also undertaken by this organization.
CIIA Eligibility
In order to be eligible for CIIA certification, candidates need to satisfy a number of requirements for eligibility. The basic requirement for eligibility is that candidates need to have completed their undergraduate education and must have experience in the professional domain of investment analysis or a related area. Apart from this, the major eligibility requirements are:
The individual must have at least three years of professional work experience in the area of portfolio management, financial analysis or investment in general.
The individual must successfully clear all the requisite sets of CIIA certification exams.
The individual must be a member of CIIA participating regional/national society.
For CIIA India, the national society is the Association of International Wealth Management of India or AIWMI. Therefore, CIIA certification aspirants need to obtain AIWMI membership before they are eligible for CIIA India.
Some candidates who meet certain requisite AIWMI standards are exempt from giving the CIIA examinations in order to obtain the CIIA certification. This is known as the ‘Experienced Qualified Candidate’ or EQC route of entry and is for finance professionals who have a specialized qualification in finance and at least three years of relevant work experience.
CIIA Registration
In order to register for CIIA India, candidates need to first obtain membership status with the Association of International Wealth Management of India or AIWMI. There are three types of memberships to AIWMI for prospective applicants. Only professional and charter members are eligible for CIIA India certification. Student members can enrol for the examinations but will not be granted certification status until the remaining professional experience requirements are fulfilled.
AIWMI Membership
Type of membership | CIIA exam fees | |
Indian nationals | Foreign nationals | |
Charter membership | INR 59,000 | USD $1,000 |
Professional membership | INR 11,800 | USD $236 |
Student membership | INR 3,000 | - |
Upon obtaining membership status with AIWMI, candidates can register for the CIIA India examinations for CIIA certification. Registration for CIIA India is carried out in the online mode where candidates are required to fill out the registration form and pay the requisite registration fee. Candidates can register using any valid email account.
CIIA Exam Dates
The CIIA certification exams are conducted two times a year internationally. These two sessions for prospective Certified International Investment Analysts are in the months of March and September annually. The exam dates for the CIIA certification are released by the Association of Certified International Investment Analysts. These dates differ with the location of CIIA certification exam administration; the dates for the exam conducted in Europe, South America and Africa differ from the exam dates for CIIA India and Asia.
CIIA Exam Dates: CIIA 2023
CIIA Session Month | Europe/Africa/South America Exam Date | Asia Exam Date |
September | September 15, 2023 | September 16, 2023 |
CIIA Exam Dates: CIIA 2024
CIIA Session Month | Europe/Africa/South America Exam Date | Asia Exam Date |
March | March 8, 2024 | March 9, 2024 |
September | September 20, 2024 | September 21, 2024 |
CIIA Exams
There are two different sets of exams that prospective Certified International Investment Analyst aspirants need to successfully clear in order to earn the CIIA certification. These are:
The common knowledge exams
The national/regional exam
The common knowledge exams for CIIA course focus upon the various skills and knowledge which is needed for investment marketing professionals and is common in all countries of practice. These CIIA certification exams are divided into the Foundation level and the Final level of examinations. There are a total of 5 exams that constitute the common knowledge exams.
The national/regional exam is set by the concerned regional association of the country and focuses on the specific market associated with the nation. This covers various topics associated with the regulation, taxation, local and legal market practices as well as the cultural environment of the specific financial market.
The various topics covered by these exams and the exam duration has been listed below.
Foundation Level Exams
CIIA Exam | Topics covered | CIIA course duration |
Exam 1 | Equity valuation and analysis Financial accounting and statement analysis Corporate finance | 3 hours 10 minutes |
Exam 2 | Fixed income valuation and analysis Economics | 2 hours 40 minutes |
Exam 3 | Derivative valuation and analysis Portfolio management | 3 hours 10 minutes |
Final Level Exams
CIIA Exam | Topics covered | Duration |
Exam 1 | Corporate finance Economics Financial accounting and statement analysis Equity valuation and analysis | 3 hours |
Exam 2 | Fixed income valuation and analysis Derivative valuation and analysis Portfolio management | 3 hours |
National/Regional Level Exam
CIIA Exam | Topics covered | Duration |
Exam 1 | Regulation Ethics Financial statements analysis Market structures and instruments | 3 hours |
CIIA Fees
The fees associated with CIIA India have been published by AIWMI. These CIIA fees are not internationally applicable for all other national societies associated with the Association of Certified International Investment Analysts and is specific to CIIA India.
CIIA Fees: Regular Route
Type of CIIA fees | Amount |
CIIA fees: Registration | INR 29,500 |
CIIA fees: Foundation exam | INR 17,700 |
CIIA fees: Final exam | INR 51,920 |
CIIA fees: National exam | INR 5,900 |
Total CIIA fees | INR 1,05,020 |
CIIA Fees: Experienced Qualified Candidate Route
Type of CIIA fees | Amount |
CIIA fees: Registration | INR 29,500 |
CIIA fees: Final exam | INR 51,920 |
Total CIIA fees | INR 81,420 |
CIIA Syllabus
The various topics which fall under the category for quantitative analysis and statistics as published by ACIIA are not separately examined but instead are incorporated into questions associated with other topics in the CIIA exam syllabus. Therefore, it is necessary for prospective Certified International Investment Analyst candidates to have a thorough understanding of these mathematical concepts and numerical procedures in order to succeed in the CIIA exams.
CIIA Syllabus: Quantitative Analysis and Statistics
Subject Area | Topics |
Algebra | Financial mathematics language; Greek letters; basic terminology (constants, variables, coefficients); algebraic operations, algebraic transformations; equations (linear inequalities, system of equations with one unknown and two unknown variables); indexed notations, sums, products; simple, compounded, continuous returns. |
Functions | Graphs of a function (slope, x/y axis, intercept); constant, linear, inverse, quadratic, power, exponential, logarithmic functions. |
Derivatives and Integrals | First, second, partial derivative; concave, convex functions, inflection point; integrals. |
Statistics and probabilities | Graphics (pie chart, histogram, diagram; quantile, quartile, percentile, mean, mode, median; skewness); covariance, correlation coefficient; linear regressions (simple, multiple); concept of probability; simple, weighted, arithmetic, geometrical means; dispersion measures (for example: variance, standard deviation and shortfall); expected value; binomial and normal distribution; statistical tests. |
The CIIA certification exams cover seven broad subject areas which are associated with portfolio management, financial analysis and investments. These are:
Financial Accounting and Financial Statement Analysis
Corporate Finance
Equity Valuation and Analysis
Economics
Fixed Income Valuation and Analysis
Derivative Valuation and Analysis
Portfolio Management
The detailed CIIA syllabus and the topics associated with these subject areas have been listed in the table below.
CIIA Syllabus
Subject Area | Topics | |
Financial Accounting and Financial Statement Analysis |
| |
Corporate Finance |
| |
Equity Valuation and Analysis |
| |
Economics |
| |
Fixed Income Valuation and Analysis |
| |
Derivative Valuation and Analysis |
| |
Portfolio Management |
| |
CIIA Study Material
The Association of Certified International Investment Analysts has published a number of reference books and titles that prospective CIIA certification aspirants can refer to in order to prepare for the CIIA exams. These books have been divided according to the 7 different broad areas of study which constitute the CIIA syllabus. These topics are covered in the common knowledge exams. The national/regional exams, however, for CIIA India, will feature more specific subject areas associated with the Indian investment market. The recommended reference books for the CIIA exams have been listed below according to the associated subject area in the CIIA syllabus.
Financial Accounting and Financial Statement Analysis
This subject area for the CIIA certification exams revolves around the use and the analysis of various information associated with financial statements as well as the preparation and features of such statements.
CIIA 2023: Reference Books
Title, edition | Author | |
Financial statement analysis and security valuation, 5th edition | Penman Stephen | |
The Analysis and Use of Financial Statements, 3rd edition | White, Sondhi and Fried | |
International financial reporting and analysis, 6th edition | Alexander David, Anne Briton, Ann Jorissen | |
Business analysis and valuation using financial statements, 5th edition | Palepu Krishna, Paul Healy, and Victor Bernard | |
Corporate finance: A valuation approach | ENNINGA Simon and Oded SARIG | |
IFRS/IAS Accounting Standards | ||
Corporate Finance
This CIIA certification area of study is associated with the different components and fundamental features of corporate finance. This includes aspects like valuations, capital budgeting and discounted cash flow in a corporate environment.
CIIA 2023: Reference Books
Title, edition | Author | |
Principle of Corporate Finance, 10th edition | Brealey and Meyers and Allen | |
Multinational Business Finance, 13th edition | Eiteman, Stonehil and Moffett | |
Equity Valuation and Analysis
This area of study requires candidates to have a working knowledge and understanding of markets and equity shares. This includes the various valuation techniques used in the same such as ratio based valuation models, dividend discount models and the free cash flow model.
CIIA 2023: Reference Books
Title, edition | Author | |
Investments, 6th edition | Sharpe, Alexander and Bailey | |
Corporate Finance, 10th edition | Brealey and Meyers and Allen | |
Investments, 10th edition | Bodie, Kane and Marcus | |
International Investment, 6th edition | Solnik and Mcleavey | |
Economics
The subject area of economics is primarily associated with the concepts which are used in macroeconomic analysis. Additionally, the IS-LM model and its features are an important area of study for the CIIA certification exam.
CIIA 2023: Reference Books
Title, edition | Author | |
International Economics, Theory and Policy, 10th edition | Krugman and Obstfeld | |
Macroeconomics, 10th edition | Mankiw | |
Macroeconomics, 6th edition | Blanchard | |
Macroeconomics, 12th edition | Dornbusch, Fischer and Startz | |
Fixed Income Valuation and Analysis
This CIIA certification exam subject area focuses on the features and characteristics of fixed income securities and associated interest rate and risk related measures which are employed in fixed income markets.
CIIA 2023: Reference Books
Title, edition | Author | |
Investments, 6th edition | Sharpe, Alexander and Bailey | |
Investments, 10th edition | Bodie, Kane and Marcus | |
Bond Markets, Analysis and Strategies, 9th edition | Fabozzi Frank, J. | |
Options, Futures and Other Derivatives, 9th edition | Hull J. | |
Active Credit & Portfolio Management, A practical guide to credit risk management strategies | Felsenheimer Jochen, Gisdakis Philip and Zaiser Michael | |
Derivation Valuation and Analysis
This area of study for CIIA certification revolves around the types and characteristics of futures, and options. Additionally, the important features of these types are an important aspect for study such as the risk management, pricing, valuation and other investment strategies.
CIIA 2023: Reference Books
Title, edition | Author | |
Fundamentals for Futures and Options Markets, 8th edition | Hull J. | |
Investments, 6th edition | Sharpe, Alexander and Bailey | |
Investments, 10th edition | Bodie, Kane and Marcus | |
Bond Markets, Analysis and Strategies, 9th edition | Fabozzi Frank, J. | |
Options, Futures and Other Derivatives, 9th edition | Hull J. | |
Portfolio Management
For the CIIA certification exam, an understanding of the various important building blocks for portfolio management is integral. This includes aspects like diversification, market efficiency, risk/return relationship, pricing models, and risk measures.
CIIA 2023: Reference Books
Title, edition | Author | |
Investments, 6th edition | Sharpe, Alexander and Bailey | |
Investments, 10th edition | Bodie, Kane and Marcus | |
International Investment, 6th edition | Solnik and Mcleavey | |
Active Portfolio Management, 2nd edition | Grinold and Kahn | |
Asset and Liability Management Tools | Scherer | |
Investment Management | Fabozzi, F.J. | |
Innovations in Pension Fund Management | Muralidhar, A.S. | |
CIIA Result
The result for the CIIA certification exams is released internally and results for CIIA India are released by AIWMI. The CIIA exam result does not feature any specific scores or cutoff. Instead, it only features a pass or fail result. ACIIA has not made any specific selection criteria or marking scheme public regarding the CIIA certification exams.
CIIA Past Trends
The CIIA certification exams are highly competitive and intensive in nature. Therefore, the pass rate for the CIIA exams tends to be rather low. The pass rate trends for the Final exams for CIIA 2023 have been published by the Association of Certified International Investment Analysts.
CIIA Pass Rates
CIIA Exam Session | Final 1 Pass Rate | Final 2 Pass Rate |
| March 2023 | 85.95% | 80.23% |
| September 2022 | 82.22% | 46.34% |
| March 2022 | 76.76% | 75.55% |
| September 2021 | 57.45% | 70.35% |
| March 2021 | 72.84% | 69.19% |
| March 2020 | 87.43% | 66.25% |
| September 2020 | 60.24% | 68.22% |
| March 2019 | 54.42% | 57.91% |
| September 2019 | 49.58% | 57.77% |
| March 2018 | 45.16% | 50.00% |
March 2017 | 46.30% | 63.47% |
September 2017 | 37.12% | 40.06% |
CIIA Salary
The CIIA salary is commendable amongst salaries for finance professionals and the CIIA certification has been known to improve the employability of certificate holders by around 90% according to the Association of Certified International Investment Analysts. In many countries, the CIIA salary is comparable to that of a Certified Financial Analyst or CFA certificate holder. The CIIA salary in India and around the world generally varies with the level of experience of the candidate as well as the organization of employment. It has also been observed that the CIIA salary is usually higher for professionals in countries like UK and USA. The average CIIA salary ranges from 7 to 12 lacs per annum in India.
CIIA India Contact Information
For candidates who want to pursue CIIA certification and have doubts regarding the same for CIIA India, contact information for the Association of International Wealth Management of India or AIWMI has been provided as it is the national society for India which falls under the umbrella body of the Association of Certified International Investment Analysts (ACIIA).
AIWMI Contact Information
Address | Regus, Level 9, Platina, Block G, Plot C-59 Bandra-Kurla Complex Mumbai 400051 |
Telephone number | +91 809 766 1200 |
Contact name | Neha Kaira |
ciia@aiwmindia.com | |
Web page |
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