It is often argued that ACIIA has developed a truly
global designation and standard for investment
professionals. What does this mean? How
do we achieve this aim?
Essentially, what we mean is that we provide
training and examinations which ideally
suit the global investment professional.
The first step to achieving this is defining
an examination syllabus and training which
are global in their scope of application,
while remaining both practical and relevant
for the global investment professional.
While there are inevitably differences in applications
of techniques and methodologies around
the world, there is also a strong degree
of agreement regarding the general applicability
of a wide range of concepts and techniques.
I always say that wherever I am lecturing
in the world, around 80 percent of my
material will always be relevant (i.e.
around 20% needs to be country-specific).
The structure of the CIIAŽ designation
(15 hours common knowledge; 3 hours national
specific examination) broadly corresponds
to my own experience. Furthermore, while
we must focus upon material that is both
practical and relevant, it is not enough
to focus only upon current practice and
what is currently observed in markets.
Our syllabus must also reflect principles
which have the power to be applied in
changing environments; enabling candidates
to structure future problems that arise
in the development of their own or regional
markets. In my own work, for example,
I have often found it highly beneficial
to structure and model a particular problem
within a factor model framework. The differing
factor-types applicable to the differing
markets and phenomena provide the means
of conceptualising the particular issues
to be analysed. Similarly, understanding
the principles associated with derivatives
hedging will provide the structure, basis
and framework to extend applications to
differing scenarios and hedging types.
