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注册国际投资分析师
______________________________________________
RULESANDREGULATIONS
OF
THEASSOCIATIONOFCERTIFIEDINTERNATIONAL
INVESTMENTANALYSTS
____________________________________________________
Amendedbyspecialresolutionpassedon27thJune2002and2ndFebruary2005
CONTENTS
IGENERALPROVISIONS
Article1Objectives
TheobjectivesoftheseRulesandRegulations(hereinafter“TheRules”)aretostipulatealldetailsoftheadministrativeorganisation,structureandproceduresoftheadvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalyst(CIIA®)establishedbytheMemorandumandArticlesofAssociationofTheAssociationofCertifiedInternationalInvestmentAnalysts(ACIIA®).
Article2EstablishmentoftheExaminations
AdvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalystareorganisedbyACIIA®undertheresponsibilityoftheAsianSecuritiesAnalystsFederation,theEuropeanFederationofFinancialAnalystsSocieties,theBrazilianAssociationofInvestmentAnalystsandtheirnational/regionalassociationsorfederationsofsuchassociationsandotherassociationsthatmayjoinfromtimetotimetoconfirmthatcandidateshavetheknowledgeandskillsnecessarytoperformcompetentlyasinternationalinvestmentanalysts.
Article3Amendment
AnyamendmenttotheseRulesshallbeproposedbytheCouncilofACIIA®oraMemberofACIIA®andapprovedataGeneralMeetingbyasimplemajorityofvotesunlessotherwisespecified.
Article4Definitions
ForpurposesoftheseRules,thetermsbelowaredefinedasindicated.
investmentanalyst:
Aprofessionalwhoisprimarilyengagedin:
(a)theanalysisandevaluationofindividualsecuritiesandotherassets;and/or
(b)theapplicationofsuchanalysisandevaluationtoportfoliomanagementandinvestmentadvice.
Inthisregard,investmentanalystincludessecuritiesanalyst,financialanalyst,portfoliomanager,investmentadvisor,etc.
National/Regionalassociation:
MemberofACIIA®whichcontractswithittoprovidecandidatesfortheexaminations(ContractingMemberofACIIA®).
CommonKnowledgeBase:
(CKB)Theoverallandcomprehensiveknowledgebasewhichisbrokendownintopre-candidate,candidate,andpost-candidatelevels,andwithwhichinvestmentanalystsshouldbefamiliarattheirparticularlevel.
ExaminationSyllabus:
Topicsandsub-topicstobestudiedfortheadvancedprofessionalexaminationsandwhichcoveralargeportionoftheCKBatthecandidatelevel.
IEC:
TheInternationalExaminationsCommittee.
CIE:
TheCentrefortheInternationalExaminations
IISTRUCTUREANDCONTENTOFTHEEXAMINATIONS
Article5OverallStructure
(1)TheadvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalyst(CIIA®)assetforthintheseRulescomprise:
(a)International(common)examinations(coveringcommoncomponents)centrallyadministeredbyACIIA®,and
(b)national(specific)examination(coveringnationalspecificcomponents)administeredbyeachnational/regionalassociation(thecontentofwhichwillbereviewedbytheIEC).
(2)Theinternational(common)examinationsunder
(1)(a)abovecomprisetwolevels:
aFoundationExaminationandaFinalExamination.
TheFoundationExaminationwillexaminealltopicareasandwillcontainmultiplechoice,calculation,andessaytypequestionswhichassessthebasicknowledgeandanalyticalskillsofcandidates.
TheFinalExaminationwillsimilarlyexamineacrossalltopicareasandwillcontainfullandmini-casestudyquestions,togetherwithin-depthessayordiscursivequestionsandsomestructuredcomputationalquestionswhichassessthemoreadvancedknowledgeandsyntheticanalyticalskillsofcandidates.
Article6EligibilitytositfortheInternationalExaminations
TherearetwowaysofsittingfortheexaminationstoattainthedesignationCIIA®:
a)ThosecandidateswhodonotalreadyholdaqualificationfromanIECAccreditedexaminationprogrammeoftheirnational/regionalassociationmustsitandpasstheInternational(common)FoundationandFinalexaminationsaswellasthenational(specific)examination.
b)ThosecandidateswhohavetakenanIEC-accreditedexaminationprogrammeoftheirnational/regionalassociationandwhohavepassedatleast12hoursofexaminationsandbeenawardedtherelatedqualificationfromtheirnational/regionalassociationneedonlysitandpasstheFinalExamination.
Article7TopicAreasandExaminationHours
(1)Theinternational(common)examinationscompriseexaminationsinseventopicareasasindicatedinthetablebelow.
Totalexaminationhourswillbefifteen:
ninefortheFoundationExaminationandsixfortheFinalExamination.
TheFoundationExaminationwillconsistofthreepapersandtheFinalExaminationtwo,bothexamscoveringthefollowingtopicareaswithlengthofeachexaminationbeingasindicated.
FoundationExamination:
TopicAreas
ExaminationDuration(Minutes)
EquityValuationandAnalysis,FinancialStatementAnalysis,CorporateFinance
190
FixedIncomeValuationandAnalysis,Economics
160
DerivativeValuationandAnalysis,PortfolioManagement
190
Totaltime
540(i.e.9hours)
FinalExamination:
TopicAreas
ExaminationDuration(Minutes)
CorporateFinance,Economics,FinancialStatementAnalysis,EquityValuationandAnalysis
180
FixedIncomeValuationandAnalysis,DerivativeValuationandAnalysis,PortfolioManagement
180
Totaltime
360(i.e.6hours)
(2)Thenational(specific)examinationsetbyeachparticipatingnational/regionalassociationwillbeofatleastthreehoursduration.
Thetopicareastobeaddressedinthenational(specific)examinationarethoseareaswhicharespecifictotheparticularcountry/regionandwhichcannotbecoveredinacommonexaminationsuchas:
∙Regulations
∙Ethics
∙FinancialStatements
∙MarketStructureandInvestments
(3)Totalhoursoftheinternational(common)examinations(fifteen)andthenational(specific)examination(atleastthree)willbeatminimumeighteen.
(4)ThecoverageofeachtopicareawillbeinproportiontothestudyhoursspecifiedintheExaminationGuide.
Article8Language
Candidatesmaychoosetoparticipateintheinternational(common)examinationseitherinEnglishorotheravailablelanguagesasdeterminedbytheIEC.
Article9ExaminationGuide
TheIECwillpublishanExaminationsGuideforthereferenceofcandidates,whichcontainsanexplanationofthepurposeandstructureoftheexaminations,adetaileddescriptionofthetopicareascoveredbytheexaminations(examinationsyllabus),andrecommendedreadings.
Article10ExaminationCalendarandVenues
(1)TheIECisresponsibleforrecommendingthescheduleofexaminationstotheCouncilofACIIA®whowilldecidethedates.
(2)Theexaminationswillbeheldatseverallocationsonone/twooccasionsayearforboththeFoundationExaminationandtheFinalExaminationasdeterminedbyACIIA®.(Intheinitialstage,onlytheFinalExaminationwillbeheld.)
(3)National/regionalassociationsareresponsiblefororganisingexaminationsintheirrespectivecountry/regioninaccordancewithguidelinesseparatelyadoptedbytheACIIA®aswellasarrangementsstipulatedbytheIEC.
(4)ACIIA®mayorganiseexaminationsincountries/regionswherethereisnonational/regionalassociationwithmembershipofACIIA®,pursuanttoguidelinesseparatelyadoptedbytheACIIA®
IIIADMINISTRATIVEORGANISATION
Article11OverallStructure
(1)TheadvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalyst(CIIA®)shallbecentrallyadministeredbyACIIA®andtheInternationalExaminationsCommittee,thelattertoundertaketheactualexaminationprocesswiththeapprovalofACIIA®.
(2)National/regionalassociationsshallberesponsibleforacertainportionoftheadministrationasstatedunderArticle14below.
(3)ACIIA®maycommissiontheCentrefortheInternationalExaminations(CIE)and/orotherappropriateorganisation(s)toundertakesomeoftheexaminationadministrationunderthetermsandconditionsspecifiedinthecontractswiththemandapprovedbyACIIA®.
Article12RoleofACIIA®
(1)ACIIA®’stermsofreferencewithregardtotheadvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalyst(CIIA®)areasfollows:
a)toappointmembersoftheInternationalExaminationsCommittee(IEC)anditsChairman;
b)toapproveandimplementamendmentstotheRulesandguidelinesstipulatedintheRules;
c)toapproveanadministrativeplanfortheinternational(common)examinationseachyearincludingdatesandlocationssetbytheIEC.
d)toapprovetheExaminationsGuidepreparedbytheIEC;
e)toapprovethenational(specific)examinationsofnational/regionalassociationssubmittedforaccreditationbytheIEC,andwithdrawapprovalfromthesame;
f)toapprovetheprogrammesofnational/regionalassociations(whichareaccreditedbytheIEC)wherebycandidateswhohavesuccessfullypassedtherelatedexaminationsmayproceeddirectlytotheFinalExamination;
g)toruleontheexclusionofcandidatesfromanational/regionalassociationiftheIECrecommendssuchactiononthebasisthattheIECbelievethenational/regionalassociationisnotcomplyingwithIECstandardsandconditions;
h)toapprovetheIECexaminationresultsandconfirmtheawardingofcertificatesfortheCIIA®;andcommunicatesuchdecisionstothenationalassociations;
i)toreviewtheCommonKnowledgeBaseandExaminationSyllabusforfutureimprovement;and
j)toreviewpastexaminationsforfutureimprovement.
(2)Withrespecttotheadvancedexaminationsforinvestmentprofessionals,ACIIA®isresponsibleforinternationalliaisonanddiscussionwith