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 national / regional societies and examines knowledge of specific markets. Covered are the legal, regulation, taxation, local market practices and the cultural environment of the financial market of study.

Foundation level:

Exam Format: multiple choice, calculation, discursive and short essay questions.

Exam 1
3H10
  • Equity valuation and analysis
  • Financial accounting and statement analysis
  • Corporate Finance
Exam 2
2H40
  • Fixed income valuation and analysis
  • Economics
Exam 3
3H10
  • Derivative valuation and analysis
  • Portfolio management

Graduates who already have relevant qualifications may be exempt from the Foundation Level exams. Contact your local national / regional society for further details.

Final level

Exam Format: full and mini-case study questions and in-depth essay.

Exam 1
3H
  • Corporate finance
  • Economics
  • Financial accounting and statement analysis
  • Equity valuation and analysis
Exam 2
3H
  • Fixed income valuation and analysis
  • Derivative valuation and analysis
  • Portfolio management

National / Regional Exam

Set by individual national/regional societies and examines knowledge of specific markets. Covered are the legal, regulation, taxation, local market practices and the cultural environment of the financial market of study.

Exam 1
3H
  • Regulation
  • Ethics
  • Financial statements analysis
  • Market structures and instrument

Exam Making

All CIIA exams are provided by the AZEK - the centre for international examinations in Switzerland. The CIIA International Examination Committee is made up of professionals from within the industry who are associated with the Swiss Examinations Centre.

Rules and Regulations

Download the Rules and Regulations of the CIIA examinations here.

Study and study references

Proceed to study and study references for:

  • the exam syllabus
  • sample exams
  • common knowledge topics and readings
  • and reference literature
Results CIIA Examination Session 2021

March

The pass rates for March 2021 are:
Final 1: 72,84%
Final 2: 69.19%

September

The pass rates for September 2021 are:
Final 1: 57.45%
Final 2: 70.35%

CIIA Examination Session 2022

March

The pass rates for March 2022 are:
Final 1: 76.76%
Final 2: 75.55%

September

Europe/South America/Africa 16 September 2022
Asia 17 September 2022

CIIA Examination Session 2023

March

Europe/South America/Africa 10 March 2023
Asia 11 March 2023

September

Europe/South America/Africa 15 September 2023
Asia 16 September 2023

CIIA Examination Session 2024

March

Europe/South America/Africa 8 March 2024
Asia 9 March 2024

September

Europe/South America/Africa 20 September 2024
Asia 21 September 2024

STUDY REFERENCE

Study Reference

The Study Reference files are available for download in PDF format. If you do not have a PDF reader please download one here. Before downloading study materials please read our disclaimer.

Exam Syllabus

CIIA Examination Syllabus 2021 (666k) current version

  • The CIIA Examination Syllabus 2022 will first apply to the CIIA Final Level examinations held in March 2024. In the March 2023 and September 2023 Final Level examinations, the CIIA Syllabus 2021 is applied.

    The CIIA Examination Syllabus 2022 reflects changes in “Portfolio Management”:

    • The previous sections ‘2 Modern Portfolio Theory 2 and Behavioural Finance’, ‘3 Investment Strategies’, ‘4 Hedging Strategies’ and ‘5 Asset Liability Management’ have been revised and restructured resulting in the new sections ‘2 Efficient Market Hypothesis (EMH) and Behavioural Finance’, ‘3 Multifactor Models and Factor Investing’, ‘4 Client Objectives and Investment Policy’ and ‘5 Asset Allocation’.
    • The previous sub-section ‘3.4 Macroeconomics and Asset Prices’ is split into the new sections.
    • The previous sub-section ‘3.3 Exchange Traded Funds’ is now section 12.
    • The location of the section ‘Alternative Investments’ has been changed from 12 to 13.
    • New section ‘14 Fintech and Data Analytics’.

Reference Reading List

CIIA Reference Literature (31k)

Sample of recent exams Final 1

  1. Economics question
  2. Economics question
  3. Financial Accounting and Financial Statement Analysis question
  4. Corporate Finance question 
  5. Equity Valuation and Analysis question

Sample of recent exams Final 2

  1. Fixed Income Valuation and Analysis question 
  2. Fixed Income Valuation and Analysis question
  3. Derivative Valuation and Analysis question 
  4. Derivative Valuation and Analysis question 
  5. Portfolio Management question
  6. Portfolio Management question

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