Course Content & Exams
The common knowledge exams are divided into two levels — the Foundation and Final Level. Examined are essential skills and knowledge required for professionals working in investment markets common in all countries.
The national / regional exam is set by individual societies and examines local regulations, taxation, market practices and the cultural environment.
Foundation Level
Multiple-choice, calculation, discursive & short essay questions.
Exam | Duration | Topics |
|---|---|---|
Exam 1 | 3h 10m | Equity valuation • Financial statements • Corporate finance |
Exam 2 | 2h 40m | Fixed income valuation • Economics |
Exam 3 | 3h 10m | Derivatives • Portfolio management |
Holders of relevant qualifications may be exempt. Contact your local society.
National / Regional Exam
Set by individual societies to test local knowledge.
Exam | Duration | Topics |
|---|---|---|
Exam 1 | 3h | Regulation • Ethics • Financial statements • Market structures & instruments |
Final Level
Full & mini-case study questions plus in-depth essays.
Exam | Duration | Topics |
|---|---|---|
Exam 1 | 3h | Corporate finance • Economics • Financial statements • Equity valuation |
Exam 2 | 3h | Fixed income • Derivatives • Portfolio management |
Examination Dates
2025
- September
Europe/SA/Africa – 19 September 2025
Asia – 20 September 2025
2026
- March
Europe/SA/Africa – 6 March 2026
Asia – 7 March 2026 - September
Europe/SA /Africa – 18 September 2026
Asia – 19 September 2026
2027
- March
Europe/SA/Africa – 12 March 2027
Asia – 13 March 2027 - September
Europe/SA/Africa – 17 September 2027
Asia – 18 September 2027
2028
- March
Europe/SA/Africa – 10 March 2028
Asia – 11 March 2028 - September
Europe/SA/Africa – 15 September 2028
Asia – 16 September 2028
2029
March
Europe/SA/Africa – 9 March 2029
Asia – 10 March 2029September
Europe/SA/Africa – 14 September 2029
Asia – 15 September 2029
2030
- March
Europe/SA/Africa – 8 March 2030
Asia – 9 March 2030 - September
Europe/SA/Africa – 20 September 2030
Asia – 21 September 2030
Pass Rates (Final Exams)
2025
- March 2025 — Final 1: 60.94% | Final 2: 56.48%
- September 2025 — Europe/SA/Africa: 19 Sep | Asia: 20 Sep
2024
- March 2024 — F1: 78.30% | F2: 64.64%
- September 2024 — F1: 64.23% | F2: 43.65%
2023
- March 2023 — F1: 85.95% | F2: 80.23%
- September 2023 — F1: 42.03% | F2: 54.22%
2022
- March 2022 — F1: 76.76% | F2: 75.55%
- September 2022 — F1: 82.22% | F2: 46.34%
Study References & Downloads
- Syllabus & Literature
- CIIA Examination Syllabus 2025
- CIIA Examination Syllabus 2024
- CIIA Reference Literature
Examinations: All CIIA exams are provide by the Centre of International Examinations (CIE) in Switzerland. The International Examination Committee (IEC) of industry professionals oversees the process.
Study
The recommended proportionate study hours for each topic are included to provide an indication of the necessary relative coverage of the individual topic areas.
The recommended total hours of study for the Foundation Exams is 400 hours and for the Final Exams is 250 hours.
Corporate Finance | 10% |
Economics | 10% |
Financial Accounting and Financial Statement Analysis | 15% |
Fixed lncome Valuation and Analysis | 15% |
Equity Valuation and Analysis | 15% |
Derivative Valuation and Analysis | 15% |
Portfolio Management | 20% |
Total | 100% |