In an increasingly global investment environment, the Association of Certified International Investment Analysts, ACIIA* was founded with the goal of establishing a base of common standards of technical and ethical knowledge and practices and of facilitating the exchange of information among investment analysts worldwide.
The philosophy behind the development of the CIIA* education programme was that investment analysts’ activities in various countries and regions are characterized by differences in culture, practices and regulations which should be recognized and respected by market participants. The CIIA programme also seeks to promote the implementation and enforcement of high technical and ethical standards, to ensure the close relationship and mobility of investment analysts across the different markets.
The ACIIA considers professional competence and ethics as the key pillars underlying investment analysts’ activities worldwide. The association also places emphasis on investment analysts’ independence from any external undue pressure which could impair their objectivity.
The ACIIA’s recognition of the governing role of national/regional associations in their own countries/regions – irrespective of their size or the development stage of the local market – is a key factor which differentiates the association from any other entity in global capital markets. The association’s policy to respect the cultural and regulatory aspects of each country/region also helps investment analysts better understand the local factors which could affect an investment decision and thus limits the risk of such decisions being taken on the basis of wrong or incorrect views or perceptions. The close relation that the ACIIA promotes among its members, encourages not only the ongoing exchange of knowledge and experience between markets of different sizes and stages of development, but also the assimilation of the technical and ethical practices adopted in various countries/regions, thus converging towards best practice. The global CIIA programme is adopted and implemented by each of the national/regional member associations of the ACIIA, in compliance with the common principles laid down by the latter. The global CIIA education programme was developed, and is continuously reviewed, through the democratic collaboration between national/regional ACIIA member associations, which represent investment analysts around the world. The CIIA programme combines international common examinations comprising two levels (Foundation and Final) administered by ACIIA, with a national/regional specific examination, covering national/regional specific components, administered by each national/regional association.
In this context, the ACIIA has established Principles of Ethical Conduct, which incorporate globally-accepted best practices. Each national/regional association is encouraged to adopt the Principles and to use them as a model to develop or improve their own ethical codes and standards as necessary.
For the purpose of these Principles, ‘Investment analysts’ are individuals who evaluate or use financial, economic or statistical data as part of the professional practice of financial analysis, investment management, portfolio management, securities analysis, investment counselling, or other similar professions.
The ACIIA Principles consist of Fundamental Principles which lay down fundamental ethical behaviour for investment analysts and Specific Key Principles, which apply these Fundamental Principles to investment analysts’ activities. Lastly, Key Recommendations have been defined as standards which each national/regional association is recommended to adopt to give effect to each Specific Key Principle.
The ACIIA Principles seek to ensure the highest ethical conduct of investment analysts. Primarily, these principles are directed at investment analysts who are members of ACIIA associations, but they aim at setting standards for everyone in the profession, thus contributing to the integrity of global capital markets as a whole.
