CIIA, or Certified International Investment Analyst, is an international designation often referred to as the European equivalent of the CFA title. So far in Poland, it has been most popular among holders of the Investment Advisor license, since they can proceed directly to the third (final) stage of the exam. Thanks to the efforts of ZMID, since May 2018, this privilege has also been extended to licensed Securities Brokers (who will be able to take the exam for the first time in autumn). I am speaking with Łukasz Juras, fund manager at Rockbridge TFI and a newly certified CIIA holder, about the meaning of the CIIA title, its recognition, structure, difficulty, and benefits.
The CIIA title is held by far fewer people than the CFA – in Poland about 30 people (CFA – 420), and worldwide about 9,000 (CFA – 120,000).
Do you think this is due to the lower prestige of the title, the relatively short (18-year) history of the awarding organization (ACIIA), or weaker “marketing”? Or maybe, on the contrary, the title is more elite and the exam harder?
Indeed, many more people worldwide hold the CFA designation than the CIIA. This is certainly due to the greater recognition of the CFA, especially among young people – students and recent graduates of economics faculties – which influences their later career choices. The CFA’s long tradition and strong brand presence explain this phenomenon. Students in economics programs often encounter textbooks written by foreign authors holding the CFA title, which further enhances its reputation and recognition.
In the case of CIIA, at least in Poland, the situation is somewhat different. From my observation, it’s a certification aimed at a narrower target group. Theoretically, anyone can pursue it, but in practice, only individuals holding the Investment Advisor license (issued by the Polish Financial Supervision Authority – KNF) have taken the exam so far, likely because they can proceed directly to the final stage. Since May 2018, this also applies to licensed Securities Brokers.
The CIIA certificate is sometimes referred to as the European equivalent of the CFA. Do you agree with that? What exactly makes it “European”? You don’t have to study U.S. accounting standards (US GAAP) like for the CFA, right?
I think CIIA is called the European equivalent of CFA mainly because it enjoys strong popularity and recognition across Europe (especially Western Europe). Indeed, the focus in accounting standards is on IFRS (International Financial Reporting Standards), but it’s not true that U.S. standards are completely omitted. Candidates will often encounter comparisons and differences between IFRS and US GAAP.
It’s worth noting that the word “International” in the certification’s name reflects its global scope. That obliges candidates to be familiar with multiple accounting approaches – a key aspect for analyzing and evaluating investments. The CFA, in fact, follows a similar philosophy.
The CFA is globally recognized, especially in the U.S. How well-known is CIIA? In the U.S., few seem to know about it. Is it more recognizable in Europe than the CFA?
CIIA is best recognized in Western Europe (Germany, France, Switzerland, Spain, Portugal, the U.K.) and in Asia (China, Japan, Vietnam, Hong Kong). Comparing it directly to CFA is difficult since in some countries CIIA is better known, while in others the CFA prevails.
The exam in Poland is organized by ZMID. What does it look like?
In general, the CIIA exam consists of three parts: the Foundation exam, the Final exam, and a component covering the specifics of the local market and ethics. In Poland, candidates with an Investment Advisor or Securities Broker license can proceed directly to the final exam. This exempts them from taking the Foundation and Local Market parts, leaving only the most difficult – the final stage.
What does the final exam look like?
The final part (like the foundation) consists of two modules, which can be taken on the same day or separately at subsequent sessions. The fee must be paid in advance for both modules.
The first module covers accounting, corporate finance, equity analysis, and economics.
The second module focuses on fixed income, derivatives, and portfolio management.
Each module lasts exactly three hours (with a two-hour break if both are taken on the same day). The number of questions varies, but each module always totals 180 points.
Questions are open-ended. Typically, a module contains three or four tasks presenting practical problems, each followed by detailed sub-questions. Answers may take the form of essays, calculations, or tables.
Once registered, candidates receive study materials. What is their scope? Which part is the hardest?
Candidates receive about 2,000 pages of preparation materials for the final exam. The syllabus is similar to that of the CFA and Poland’s Investment Advisor exam. Which part is hardest depends on individual strengths, but no part is treated leniently. The materials go into more depth than many standard textbooks and emphasize practical applications of theories and models.
The CIIA exam can be taken in Polish (while CFA is English only). Candidates also receive a formula sheet (unlike CFA). It’s held twice a year (CFA – once, except for Level I). So it might seem easier or faster to complete. How practical and difficult is it really?
The level of difficulty is subjective, but I’d say the CIIA final exam is harder than the Investment Advisor exam. The formula sheets don’t make things much easier – since time is very limited, flipping through 110 pages of formulas is impractical.
Exam questions resemble real-world problems faced by analysts and fund managers.
As for the language, yes – you can write your answers in Polish, but the questions are always in English.
I’ve heard CIIA described as an informal international extension of the Investment Advisor license. Would you say it’s a “fourth stage” of DI or the European equivalent of CFA?
CIIA is a valuable title in its own right. The preparation process provides a wealth of practical and well-presented knowledge. However, given the overlap with CFA and DI content, one could say it’s both an informal “fourth stage” of the DI and a European counterpart of the CFA.
A requirement for CIIA is 3 years of professional experience. So it’s probably not suited for students who just want to stand out, but rather for professionals already active in the market. What’s your view?
For most students, the main obstacle is the lack of a DI or MPW license – obtaining one should be the first step toward the CIIA.
That said, CFA also requires several years of professional experience, yet many students start taking CFA exams while still studying.
Holding a CIIA title allows you to be listed as a broker or advisor (after a supplementary exam). Conversely, brokers and advisors can proceed directly to the CIIA final exam. Is it worth getting one of those licenses first?
Yes – having a KNF-issued license (DI or MPW) greatly simplifies the CIIA path. First, it exempts you from two exam parts; second, it significantly reduces total costs.
As for which license to pursue: the DI (Investment Advisor) is advantageous because the subject matter closely overlaps with CIIA. However, obtaining the MPW (Broker) license is quicker (a single-stage exam), though in that case, the candidate will need much more preparation for the CIIA final exam.
To what extent can the CIIA help in successful investing? How do such certifications compare to practical experience?
Of course, no license – however elite or prestigious – guarantees consistently good investment decisions. However, holding such certifications demonstrates broad knowledge of investing, economics, and finance, which, combined with professional experience and persistent daily work, allows one to expect sound investment decisions over the long term.