Examination
Structure, Duration and Format
The CIIA Final Examination is offered
by the Association of Certified International Investment
Analysts ACIIA and conducted by the Chartered Institute
of Stockbrokers (“CIS”) in Nigeria.
CIIA Examination consists of two levels
of Common Knowledge Examinations and a National Examination:
CIIA
COMMON KNOWLEDGE EXAMINATIONS
CIIA FOUNDATION EXAMINATION (Total examination
hours: 9) |
Paper |
Duration |
Subjects covered |
Exam 1
|
3hrs, 10min
|
Equity
valuation and analysis
Financial accounting and
financial statement analysis
Corporate finance
|
Exam 2 |
2hrs, 40min |
Fixed
income valuation and analysis
Economics
|
|
|
Derivative
valuation and analysis
Portfolio management
|
CIIA
FINAL EXAMINATION (Total examination hours: 6) |
Paper |
Duration |
Subjects
covered |
Exam 1
|
3 hours
|
Corporate
finance
Economics
Financial accounting and financial statement analysis
Equity valuation and analysis |
Exam 2
|
3 hours
|
Fixed
income valuation and analysis
Derivative valuation and analysis
Portfolio management |
NATIONAL EXAMINATION
Paper |
Duration |
Subjects covered |
Exam
|
3 hours
|
Regulation
Ethics
Financial
statement analysis
Market structures and instruments
|
CIS Graduates, Associates and Fellows
are recognised by the ACIIA as fulfilling the requirements
of the CIIA Foundation and National Examinations. Holders
of these CIS qualifications enjoy exemptions from two
levels of the CIIA examinations i.e. the CIIA Foundation
and National Examinations and can proceed directly to
the CIIA Final Examination (the “examination”). Only
the CIIA Final Examination is conducted by the CIS in Nigeria.
The CIIA® Final Examination
examines knowledge and skill required for professionals
working in investment markets. It consists of two examination
papers, namely Exam Paper 1 and Exam Paper 2.
Format and Duration
All examination questions are compulsory and comprise
full and mini-case study questions. in-depth essay and
structured computational questions. Each examination paper
lasts 3 hours.
Preparation For The CIIA
Final Examination
Each candidate is expected to spend an estimated minimum
total of 500 self-study hours to complete the two examination
papers. The recommended proportions of time spend on each
topic is as follows:
| Corporate
Finance |
10% |
| Economics |
10% |
| Financial
Accounting and Financial Statement Analysis |
15% |
| Fixed
Income Valuation and Analysis |
15% |
| Equity
Valuation and Analysis |
15% |
| Derivative
Valuation and Analysis |
15% |
| Portfolio
Management |
20% |
| . |
100% |
Estimated study hours as shown above are for reference
only.
A Candidate Study Pack
(CSP) and Formulae Booklets for the CIIA® Final Examination
will normally be dispatched to candidates upon confirmation
of the registration. The CSP contains study manuals
and exercises for Exam Paper 1 and Exam Paper 2.
CIIA Candidates should ensure that
they have the correct versions of the study manuals applicable
to their examinations before attending the examinations.
The most updated versions of the study manuals and
Formulae Booklets are available for sale at the CIS office
to CIIA Candidates.
At the discretion
of the ACIIA, additional formulae may be provided on the
examination day to solve specific questions.
Candidates should also refer
to other references and further readings. A List of References & Suggested
Readings prescribed by the ACIIA® are available
on the ACIIA and CIS websites. The list is by no means
exhaustive.
Sample examination questions and
solutions are available at the ACIIA® website.
Past examination papers are available
for sale to CIIA Candidates at the CIS office. Back to
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