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%

Results CIIA Examination Session 2022

March

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

September

Pass rates for September 2022 are:
Final 1: 82.22%
Final 2: 46.34%

Results CIIA Examination Session 2023

March

The pass rates for March 2023 are:
Final 1: 85.95%
Final 2: 80.23%

Results CIIA Examination Session 2023

September

Pass rates for September 2023 are:
Final 1: 42.03%
Final 2: 54.22%

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

CIIA Examination Session 2025

March                                                        

Europe / South America / Africa – 7 March 2025   

 Asia – 8 March 2025                                

September

Europe / South America / Africa – 19 September 2025

Asia – 20 September 2025

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

  • The CIIA Examination Syllabus 2024 will first apply to the CIIA Final Level examinations held in March 2025. In the March 2024 and September 2024 Final Level examinations, the CIIA Syllabus 2022 is applied.

    The CIIA Examination Syllabus 2024 reflects changes in “Portfolio Management”:

    • Chapter 1 ‘Modern Portfolio Theory’ has been revised.
    • Chapter 6 ‘International Investments’ has been revised.
    • The previous chapter 7 ‘Value at Risk’ has been removed respectively included the previous chapter 9 ‘Performance Measurement and Evaluation’ which has been revised. The previous chapter 9 ‘Performance Measurement and Evaluation’ is now chapter 8.
    • The previous chapter 8 ‘Sustainable Investment’ is now chapter 7.
    • The previous chapter 10 ‘Choice of the Investment Manager’ has been revised and is now chapter 9 ‘Manager Selection’.
    • The previous chapter 11 ‘Equities Management’ is now chapter 10.
    • The previous chapter 12 ‘ETF’ is now chapter 11.
    • The sections 1 ‘Real Estate’ and 2 ‘Private Equity and Hedge Funds’ of the chapter 11 ‘Alternative Investments’ have been revised. The previous chapter ‘Alternative Investments’ is now chapter 12.
    • The previous chapter 13 ‘Fintech and Data Analytics’ is now chapter 12.

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

CONTACT

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