This month, CIIA final level candidates in 16 different countries put their heads down over the CIIA final level examinations questions. The 439 candidates for exam one and 458 for exam 2 sat the examinations in a range of 9 languages, and now have a nervous wait to see if they have joined the ranks of the 2500 graduates that have received the CIIA designation since 2001.

While all candidates complete the same examinations, and the same rigorous standards are applied worldwide, the path to the CIIA varies from country to country. Every national society in the ACIIA has a different history, range of activities and experience with education programs. Several have a large pool of experienced members and a well-known diploma, others are establishing their first training program and want to do so at an international level. The ACIIA does not expect a one-size-fits-all approach to work in this environment: through its accreditation system, the CIIA takes into account the high level of expertise that already exists in several of its member societies. Take the Japanese society (SAAJ) as an example: A founding member of the ACIIA, SAAJ has a long-standing, high quality diploma "CMA" which has been passed by 18,000 professionals.

"We have an obligation to the graduates of this program to retain its value in the market" said the SAAJ's CEO, Kiyoto Hagiwara. "There is no question of us abandoning the program, but at the same time, we want to give CMA's access to continued education with a global perspective. The ACIIA have accredited the CMA, so our graduates only need to sit the final level CIIA examinations. This allows us to work on a global level as equal partners with other competent associations, while maintaining the program that has served our market for over 20 years."

The Austrian society, (OVFA) on the other hand, has quite a different story to tell. In a small country with a small capital market, the OVFA completely revamped their education program in 2003 to establish the full CIIA program: Foundation, national and final level exams. "We were attracted by the quality of the program and the international emphasis" said Otto Lucius, head of the education. "The candidates and the market were both sceptical at first, but the value was quickly apparent and the demand grew accordingly". Success came rapidly to the OVFA; at the March 2004 exams, an Austrian candidate received the highest mark worldwide for exam 1. The highest mark for exam 2, incidently, was a CMA from the SAAJ Japan.

And the best marks of the September examinations? Have patience please - checking papers from 16 different countries takes time - results will be available at the end of November.