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.
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.
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:
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.
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.
Type of membership
Annual membership fee
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 8, 2019
March 9, 2019
September 20, 2019
September 21, 2019
CIIA Exam Dates: CIIA 2020
March 6, 2020
March 7, 2020
September 18, 2020
September 19, 2020
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
Equity valuation and analysis
Financial accounting and statement analysis
3 hours 10 minutes
Fixed income valuation and analysis
2 hours 40 minutes
Derivative valuation and analysis
Final Level Exams
National/Regional Level Exam
Financial statements analysis
Market structures and instruments
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
CIIA fees: Registration
CIIA fees: Foundation exam
CIIA fees: Final exam
CIIA fees: National exam
Total CIIA fees
CIIA Fees: Experienced Qualified Candidate Route
CIIA fees: Registration
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
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.
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
Equity Valuation and Analysis
Fixed Income Valuation and Analysis
Derivative Valuation and Analysis
The detailed CIIA syllabus and the topics associated with these subject areas have been listed in the table below.
Principles and standards
Income statement and foreign currency transactions
Consolidated financial statements
Major financial flows and accounting adjustments
Analysis of management performance
Corporate finance and value creation
Investment discount rate
Investment decision criteria
Mergers and acquisitions
The organization of value creation
Equity market and structure
Equity market equilibrium
Practical application: equity market equilibrium
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
Credit-risk and mortgage securitization
Fixed income portfolio management strategies
Swaps and credit derivatives
Modern portfolio theory
Asset / liability management
International investments and value at risk
Performance measurement and evaluation
Choice of investment manager
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.
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
Financial statement analysis and security valuation, 5th edition
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
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.
Principle of Corporate Finance, 10th edition
Brealey and Meyers and Allen
Multinational Business Finance, 13th edition
Eiteman, Stonehil and Moffett
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.
Investments, 6th edition
Sharpe, Alexander and Bailey
Corporate Finance, 10th edition
Investments, 10th edition
Bodie, Kane and Marcus
International Investment, 6th edition
Solnik and Mcleavey
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.
International Economics, Theory and Policy, 10th edition
Krugman and Obstfeld
Macroeconomics, 10th edition
Macroeconomics, 6th edition
Macroeconomics, 12th edition
Dornbusch, Fischer and Startz
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.
Bond Markets, Analysis and Strategies, 9th edition
Fabozzi Frank, J.
Options, Futures and Other Derivatives, 9th edition
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.
Fundamentals for Futures and Options Markets, 8th edition
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.
Active Portfolio Management, 2nd edition
Grinold and Kahn
Asset and Liability Management Tools
Innovations in Pension Fund Management
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
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
Regus, Level 9, Platina, Block G, Plot C-59
+91 809 766 1200
Your brochure has been successfully mailed to your registered email id .
The Question containing Inaapropriate or Abusive Words
Question lacks the basic details making it difficult to answer
Topic Tagged to the Question are not relevant to Question
Question drives traffic to external sites for promotional or commercial purposes
The Question is not relevant to User
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile