CIIA PASSPORT & RECOGNITION

CIIA holders worldwide are benefiting from an increasing number of services from the ACIIA members and recognition of the CIIA from regulatory authorities. Here you can find an overview of the benefits for CIIA holders available in various countries and regions and where you can find more information:

United Kingdom

Financial Skills Partnership (FSP)

There is compulsory regulation by the Financial Conduct Authority and the Prudential Regulation Authority across a range of regulated activities.

For specific activities, an Appropriate Qualifications regime is in operation whereby practitioners in the following areas must hold an appropriate qualification:

Retail Advisers (advising on / dealing in either Securities or Derivatives or advising on Packaged Products) – the CISI Level 4 Diploma in Investment Advice is recognised for these purposes as is the CISI Level 7 Diploma in Wealth Management.

Investment Managers: the CISI Level 4 Certificate in Investment Management is recognised for this purpose as are the CISI Level 4 Diploma in Investment Advice and the CISI Level 7 Diploma in Wealth Management.

Corporate Financiers (advising on investments in the course of Corporate Finance Business) – the CISI Level 3 Certificate in Corporate Finance and the joint ICAEW / CISI Level 6 Diploma in
Corporate Finance is recognised for these purposes.

Supervisors overseeing a range of operations activities: the CISI Level 3 Certificate in Investment Operations is recognised for these purposes.

For other regulated areas, where there is not an appropriate exam requirement, holding a CISI qualification is seen as adding value and can help attest to one of the strands of competence (knowledge) required as part a Fit and Proper test for Approved Persons.

Austria

Oesterreichische Vereinigung für Finanzanalyse und Asset Management OVFA

There is no regulation by the regulatory body. The financial market recognises professional designations as an added value. The Austrian Standards for Financial Research set up by ÖVFA have been declared as market standard by the Austrian regulator FMA.
More information:office@ovfa.at

Brazil

Associação dos Analistas e Profissionais de Investimento do Mercado de Capitais APIMEC

The Brazilian Securities Commission requires that all sell-side analysts be certified by an accredited entity (APIMEC) and registered in that regulatory body as from October 1, 2010. The certification (CNPI – National Certified Investment Professional) is awarded to candidates who pass the Foundation 1 and the Local Content exams. Falls under Category “C”. The Securities Commission is considering several other improvements in the regulation, among which a possible inclusion of investment consultants and asset managers.
More information:www.apimec.com.br

Chinese Taipei

The Securities Analysts Assocation, Chinese Taipei

In Taiwan it depends on the situation although it should fall under category “B” since the financial market recognizes professional designations as an added value. However, financial analysts who are engaged in securities investment analysis in mass media are required by the regulator to obtain the Certified Securities Analyst certificate. (This is compulsory regulation) for further information and details please Contact: info@aciia.org

France

Société Française des Analystes Financiers SFAF

The financial market recognises professional designations (CFAF’s training for CEFA and CIIA, CFA) as an added value. In 2009, the regulatory body set up a professional certification concerning financial analysts, asset managers, investment advisers, equity sales, compliance officers. SFAF was the first professional society to be officially recognised by the regulatory body for delivering the certification.
More information:www.sfaf.com

Germany

Deutsche Vereinigung für Finanzanalyse und Asset Management DVFA

Independent investment advisors are required to have a qualification from a university or from chambers of commerce. For others, there is no regulation by the regulatory body, but professional designations are recognized as an added value.
More information:www.dvfa.de

Greece

Hellenic Association of Certified Stockmarket Analysts HACSA

There is compulsory regulation by the regulatory body for the following specialisations: financial analyst, asset manager, investment advisor, user (gives orders for buying/selling shares etc. in the designated system) for both shares and derivatives. Financial analyst is exempted from the other 3 specialised exams (2,3,4), Asset Manager is exempted from exams 3,4 and investment advisor from exam 4, meaning that they can perform all these without the need for further exams. From 2007 Professional Designation is compulsory for the whole financial system (including banks) while from 2001-2006 it was compulsory only for brokerage companies. CIIA graduates are fully exempted from all these exams.
More information:www.hacsa.gr

Hong Kong

Hong Kong Securities Institute HKSI

There is compulsory regulation by the Securities and Futures Commission (SFC) for licensing various categories of practitioners in the securities and futures markets e.g. securities dealers, futures dealers, leveraged foreign exchange dealers, investment advisers (regarding securities and futures contracts), asset managers, corporate finance advisers, credit rating services providers, etc. As part of the licensing requirements for practitioners in the securities and futures markets, they need to meet the recognised industry qualification and pass the regulatory examination. The regulatory body recognises professional designations such as CFA, CIIA and CFP as meeting the industry qualifications. Moreover, the Hong Kong Securities and Investment Institute (HKSI) Professional Diploma in Financial Markets (PDFM) has been approved by the regulatory body as the recognised industry qualifications and local regulatory framework papers. The PDFM also satisfies the Foundation and National Examinations of the CIIA.
More information:
www.hksi.org

Japan

Securities Analysts Association of Japan SAAJ

There is no regulation by the regulatory body but the financial market recognises professional designations as an added value. While it is unnecessary to obtain any license as financial analyst, the CMA (Chartered Member of SAAJ) designation administered by the Securities Analysts Association of Japan (SAAJ), which is authorised by the Cabinet Office of the Japanese Government as a Public Interest Incorporated Association, is highly recognised by the financial market as an added value. The CIIA designation - only CMA holders are qualified to sit for the CIIA exams - is also gaining recognition as an international professional qualification in the market.Most of securities firms, investment firms, banks, and insurance companies, and major research institutes, CPA firms, universities, nonfinancial sectors (particularly IR/finance divisions) etc. strongly recommend their employees to obtain the CMA qualification. CMA holders are also encouraged to gain the CIIA qualification. There are a lot of institutions which subsidise the registration fee, exam fees, and SAAJ's annual membership fee, and/or give a chance of pay-rise to their successful candidates.
More information:
www.saa.or.jp

NEW!!
"CMA Program in Japan -New exemption scheme now available to CIIA holders" (English summary|Japanese version)

Poland

Polish Association of Brokers and Investment Advisers PABIA

There is compulsory regulation by the Polish Financial Supervision Authority. A securities broker license, awarded by the Polish FSA, is required in order to act as a securities broker. An investment advisor license, awarded by the Polish FSA, entitles to render asset management services (i.a. portfolio management, investment and pension fund management) as well as investment advisory services.
The financial market recognizes other professional designations (e.g. CIIA, CFA) as an added value.
More information:www.pabia.org.pl

Italy

Italian Association of Financial Analysts AIAF

There is no regulation by the regulatory body but the financial market recognises professional designations as an added value. Auditors: requirement regulated by law.
More information:www.aiaf.it or info@aiaf.it

Spain

Instituto Español de Analistas Financieros IEAF

There is no regulation by the regulatory body but the financial market recognises professional designations as an added value.
More information:secretaria@ieaf.es

Sweden

Sveriges Finansanalytikers Förening SFF

The regulatory body does not specify / authorise specific qualifications but the financial market recognises professional designations as an added value.
More information:kansliet@finansanalytiker.se

Switzerland

Swiss Financial Analysts Association

The regulatory body does not specify / authorise specific qualifications but the financial market recognises professional designations as an added value.
More information:info@azek.ch

Portugal

APAF - Associação Portuguesa de Analistas Financeiros

There is obligatory regulation from the Portuguese Securities Market Comission (CMVM): CMVM Regulation No. 3/2010 - Conduct Duties and Professional Qualification of Financial Analysts and Investment Consultants. In this regard the CMVM requires one of the following certificate prior to becoming a financial analyst or a financial consulting: CIIA, CFA, CEFA or equivalent.
More information: apaf@apaf.org.pt

Argentina

CNV - Comisión Nacional de Valores

As of 2013, there is a new framework. The Regulator (CNV Comision Nacional de Valores) put in force a new Capital Markets Law (26.831 - "Ley de Mercado de Capitales") which requires registration at the CNV prior to becoming a financial analyst, wealth manager, financial advisor, or similar profession. The CNV recognizes the CIIA and CEFA designations to let the professionals enter in the register. There is compulsory regulation by the regulatory body, falls under Category “C”.

India

There is no regulation by the regulatory body and the financial market does not recognize any professional designation as necessary to practice in the financial profession.

Some regulations are in the offing in India for the wealth management profession by the Financial Stability and Development Council (FSDC).This will however take time.

Kenya

Up to date there are no regulatory requirements to become a financial analyst, wealth manager or risk manager. Auditors for all companies are required to be registered Certified Public

Accountants of Kenya as well as Finance Managers of listed companies.

Regulatory bodies, e.g. The Capital Market Authority, Insurance Regulatory Authority require certain minimum qualifications for the financial analysts, however each one has his own requirements.

There is no regulation by the regulatory body but the financial market recognizes professional designations as an added value.

Korea

Minimum standard for analysts who would like to carry jobs for fund management, investment consulting and risk management is required in Korea.

KCIAA is one of the authorized organization for this purpose from FSC(Financial Services Commission).

KCIAA is the main body to enforce CIA(Certified Investment Analysts) examination for professional acknowledgment and education.

Lithuania

Regulatory body requires (and issues) so-called brokerage licenses for brokers and individuals, providing investment advice to clients.

Regulatory body organizes exams and issues licenses. Professional designations of financial analyst may be approved as substitutes for the above mentioned brokerage license case by case by regulatory body.

The financial market recognizes professional designations of financial analyst as an added value.

Morocco

There is no regulation by the regulatory body but the financial market recognises professional designations as necessary for the investment professionals.
However Casablanca Finance City´s implementation could push the regulator to require a certification prior to becoming a financial analyst.

Netherlands

There is no regulation by the regulatory body but the financial market recognizes professional designations as an added value.
DSI registers investment professionals both on a regular and on a senior level, after they have passed an examination on ethical conduct as well as on knowledge and skills.

Nigeria

There is compulsory regulation by the regulatory body. For anyone to operate as a stockbroker in the Nigerian capital market, he/she must be an Associate or Fellow of CIS.

Peru

There is no regulation by the regulatory body in Peru and the financial market does not recognize any professional designation as necessary to practice in the financial profession.

Romania

There is a requirement of higher education (bachelor degree) but no specific certificate is required.

There is no regulation by the regulatory body but the financial market recognizes professional designations as an added value.

The most appreciated certificates are the CFA and ACCA.

Tunisia

There is no regulation by the regulatory body but the financial market recognises professional designations as an added value.

The Tunisian Security Commission (CMF) requires that listing sponsors for the alternative market must at least be one analyst certified by local and international entity (ACIIA).

Falls under category “B”. The Tunisian Security Commission requires that candidates succeed in exams organized by the Tunisian stock exchange training institute in order to be authorized to manage portfolios and funds.

Vietnam

There is compulsory regulation by the State Securities Commission of Vietnam for licensing various types of practitioners in the securities and futures market such as securities brokers, dealers, financial analysts, fund managers, investment advisers, corporate finance advisers.

As a part of the licensing requirements for the practitioners in the securities market in Vietnam, they should have educational background relating to their jobs (for example for the financial analysts, fund managers, corporate finance advisers they should have bachelor degrees in banking and finance) as well as should pass the compulsory examinations for the practitioners. Presently, the Securities Research and Training Center, under the SSC of Vietnam is assigned to provide the 7 compolsory training courses that the practitioners in Vietnam's securities market should take and pass the examination before they can take the national license examinations.

The SRTC and SSC also recognises the professional designations such as CFA and CIIA in Vietnam.

Currently, Vietnam is setting up the derivatives market in Vietnam and the regulatory framework for the market, which is expected to be put into operation by 2016. Therefore, soon in the short future SRTC will also provide the compulsory training courses for the practitioners in the derivatives market to meet the license requirements.

Hungary

There is no regulation by the regulatory body but the financial market recognizes professional designations as an added value.

Finland

There are no mandatory requirements for investment professionals such as financial analysts or fund managers.

CIIA or CEFA are not officially recognised by the Finnish Financial Supervision, which is the regulator in Finland.

As individual professionals the staff of Financial Supervision are aware of CIIA (and CEFA), so should Finland decide to have these requirements, the most obvious established recognitions to choose would be CIIA and CEFA.

China

There is compulsory regulation by the regulatory body.

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