CIIA Certification
Updated on Dec 5, 2018 - 11:42 a.m. IST by Shraya Singh
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CIIA Certification - The Certified Inernational Investment Analyst (CIIA) certification is offered by the Association of Certified International Investment Analysts (ACIIA). The CIIA certification is an international professional certification which 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 which 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. The next session for CIIA India will be conducted on March 9, 2019. 

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 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:

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  • 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 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

Annual membership fee

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. 

Click here to register for CIIA certification examinations.


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 have been released by the Association of Certified International Investment Analysts for the years 2019 and 2020. 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 2019

CIIA Session Month

Europe/Africa/South America Exam Date

Asia Exam Date

March

March 8, 2019

March 9, 2019

September

September 20, 2019

September 21, 2019

CIIA Exam Dates: CIIA 2020

CIIA Session Month

Europe/Africa/South America Exam Date

Asia Exam Date

March

March 6, 2020

March 7, 2020

September

September 18, 2020

September 19, 2020

CIIA Exams

There are two different sets of exams which 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 certification 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 which 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

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

  • Principles and standards

  • Income statement and foreign currency transactions

  • Balance sheet

  • Data analysis

  • Consolidated financial statements 

  • Major financial flows and accounting adjustments

  • Analysis of management performance

  • Financial projections

Corporate Finance

  • Corporate finance and value creation

  • Investment mechanisms

  • Investment discount rate

  • Investment decision criteria

  • Mergers and acquisitions

  • Project financing

  • The organization of value creation

Equity Valuation and Analysis

  • Equity market and structure

  • Valuation methods

  • Equity market equilibrium

  • Practical application: equity market equilibrium

Economics 

  • Concepts, major macroeconomic variable & the IS-LM model

  • Economic output and the labour market

  • The link between inflation and unemployment, economic growth and business cycles

  • Balance of payments, exchange rates, prices and interest rates

  • Economic issues explained with a simple model

  • Monetary policy

Fixed Income Valuation and Analysis

  • General principles

  • Interest rates 

  • Hybrid forms

  • Credit-risk and mortgage securitization

  • Asset-backed securities

  • Fixed income portfolio management strategies

Derivative Valuation and Analysis

  • Futures

  • Options

  • Swaps and credit derivatives

Portfolio Management

  • Modern portfolio theory

  • Investment strategies

  • Hedging strategies

  • Asset / liability management

  • International investments and value at risk

  • Performance measurement and evaluation

  • Choice of investment manager

  • Equity management

  • Alternative investments

CIIA Study Material

The Association of Certified International Investment Analysts has published a number of reference books and titles which 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 2019: 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 2019: 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 2019: 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 2019: 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 2019: 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 2019: 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 2019: 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 2018 and 2017 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 2017

46.30%

63.47%

September 2017

37.12%

40.06%

March 2018

45.16%

50.00%

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

Email

ciia@aiwmindia.com

Web page

www.aiwmindia.com

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