CIS Professional Exam

Professional Qualification Scheme

Entry requirements
Individuals and organisations and businesses need accurate financial information in order to invest, grow and prosper, therefore we give you more opportunities for career success.

The ACS from CIS is a leading business and finance qualification. You can study for this qualification if you have a minimum of first university degree or an HND in any subject. If you have a professional business qualification approved by the CIS Governing Council for student registration, you will be able to study for ACS qualification with or without fist degree on the current examination.

You do not need to have studied finance or related subject at degree level, but it is important that you are good in mathematics and possess a great analytical mind.

Accepted professional business qualifications
The following professional qualifications meet our minimum entry requirements, therefore making you eligible to register for the ACS qualification:

  • Certified International Investment Analyst (CIIA)
  • Chartered Institute of Administration (ACIA)
  • Chartered Institute of Insurance (ACII)
  • Chartered Institute of Bankers (ACIB)
  • The Association of National Accountants of Nigeria (ANAN)
  • Institute of Chartered Secretaries & Administrators (ACIS)
  • Association of Chartered Certified Accountants (ACCA)
  • Institute of Chartered Accountants (ACA): ICAN, ICAEW, ICAS, ICA Ireland
  • Chartered Institute of Public Finance and Accountancy (CIPFA)
  • Chartered Institute of Management Accountants (CIMA)
  • Certified Public Accountants (AICPA)
  • Chartered Institute of Taxation (CITN)
  • Certified Financial Analyst Institute (CFA)
  • Chartered Institute for Securities and Investment, UK (CISI)

If you are interested in registering for the ACS and have a qualification not listed above, please email us at for advice.

It is a hybrid of courses covering the divers knowledge requirement to become a qualified Chartered Stockbroker. The arrays of courses cover financial analysis, portfolio management, regulations, etc which are readily available in the syllabus. Examined are essential practical skills and knowledge required for professionals working in investment markets common in all countries.

To be awarded the CIS Graduate status, candidates must pass the two levels of professional examinations. It is conducted twice in a year in the last Tuesday and Wednesday of the month of March and September.

Registration cost 
Registration/Application feeN5,000
Annual Subscription (1st year subscription due on submission of Application form)N5,000
Verification of certificates (per certificates)N10,000

To register click here to access our online registration platform where you will need to provide necessary information. You can pay through our online payment engines like Quickteller, E-tranzact (cash or card) and Interswitch.

Examination Level

The new ACS examination comprises two levels, Level 1 and Level 2 of twelve subjects each.

Level 1:- In the Level 1 examination, basic knowledge and understanding of the 12 topics are assessed in 100 multiple choice questions.

Paper Table
Paper NameExam DurationPaper Name
Paper 1.1 & Paper 2.13 hoursFinancial Accounting and Financial Statement Analysis
Economics and Financial Markets
Quantitative Analysis and Statistics
Paper 1.2 & Paper 2.23 hoursCorporate Finance
Equity Valuation and Analysis
Fixed Income Valuation and Analysis
Paper 1.3 & Paper 2.33 hoursDerivative Valuation Analysis
Portfolio Management
Commodity Trading and Futures
Paper 1.4 & Paper 2.43 hoursEthics and Professional Standards
Law relating to securities and investments
Regulations of securities and corporate finance

: One compulsory question of multiple-choice drawn from the entire subjects making up the paper. This section will carry 40 of the marks.

Level 2:- the Level 2 examination, in depth knowledge and practical application of that knowledge are assessed.

SECTION B: Compulsory short answer questions drawn from the entire subjects making up the paper. This section will carry 10% of the marks.

SECTION C: Three compulsory questions consisting of essay type, calculation and/or case study. This section will carry 50% of the marks.

Examination Period/Time Table

The examination will be held twice a year, March and September.

 The examination timetable for each diet is shown below:

Exam timetable for all levels
Morning Session (8:50am - 12:00pm)Paper 1.1 and 2.1Paper 1.2 and 2.2
Afternoon Session (1:50pm - 5:00pm)Paper 1.3 and 2.4Paper 1.4 and 2.4

Credit System and Examination Entries:- Candidates will retain any examination paper passed subject to completing the entire examinations within an eight-year period. 

Pass Marks:- To gain a pass, the student must in each examination paper at any level secure a pass mark of 50 per cent.

Candidates must complete examination at Level 1 before attempting the Level 2 examination. Candidates cannot combine two levels of the examination at any sitting.

 A candidate may enter for any number of examination papers in any examination session in each level. In other words, candidates may enter for 1, 2, 3 or 4 examination papers at a sitting.

Unilingual exams

The examination is conducted in English language; other languages may be made available in the near future.

Rules and Regulations

Download the Rules and Regulations governing the conduct of the CIS examinations here.

Exam Details & Syllabus

Proceed to study and sit for the exams: Download a copy of Exam Details & Syllabus here.


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