注册国际投资分析师.docx

1、注册国际投资分析师_RULES AND REGULATIONS OFTHE ASSOCIATION OF CERTIFIED INTERNATIONALINVESTMENT ANALYSTS_Amended by special resolution passed on 27th June 2002 and 2nd February 2005 CONTENTSI GENERAL PROVISIONSArticle 1 ObjectivesThe objectives of these Rules and Regulations (hereinafter “The Rules”) are to

2、stipulate all details of the administrative organisation, structure and procedures of the advanced professional examinations for the Certified International Investment Analyst (CIIA) established by the Memorandum and Articles of Association of The Association of Certified International Investment An

3、alysts (ACIIA).Article 2 Establishment of the ExaminationsAdvanced professional examinations for the Certified International Investment Analyst are organised by ACIIA under the responsibility of the Asian Securities Analysts Federation, the European Federation of Financial Analysts Societies, the Br

4、azilian Association of Investment Analysts and their national/regional associations or federations of such associations and other associations that may join from time to time to confirm that candidates have the knowledge and skills necessary to perform competently as international investment analyst

5、s.Article 3 AmendmentAny amendment to these Rules shall be proposed by the Council of ACIIA or a Member of ACIIA and approved at a General Meeting by a simple majority of votes unless otherwise specified. Article 4 DefinitionsFor purposes of these Rules, the terms below are defined as indicated.inve

6、stment analyst: A professional who is primarily engaged in:(a) the analysis and evaluation of individual securities and other assets; and/or(b) the application of such analysis and evaluation to portfolio management and investment advice.In this regard, investment analyst includes securities analyst

7、, financial analyst, portfolio manager, investment advisor, etc.National/Regional association: Member of ACIIA which contracts with it to provide candidates for the examinations (Contracting Member of ACIIA).Common Knowledge Base: (CKB) The overall and comprehensive knowledge base which is broken do

8、wn into pre-candidate, candidate, and post-candidate levels, and with which investment analysts should be familiar at their particular level.Examination Syllabus: Topics and sub-topics to be studied for the advanced professional examinations and which cover a large portion of the CKB at the candidat

9、e level.IEC: The International Examinations Committee.CIE: The Centre for the International ExaminationsII STRUCTURE AND CONTENT OF THE EXAMINATIONSArticle 5 Overall Structure(1) The advanced professional examinations for the Certified International Investment Analyst (CIIA) as set forth in these Ru

10、les comprise:(a) International (common) examinations (covering common components) centrally administered by ACIIA, and(b) national (specific) examination (covering national specific components) administered by each national/regional association (the content of which will be reviewed by the IEC).(2)

11、The international (common) examinations under (1) (a) above comprise two levels: a Foundation Examination and a Final Examination.The Foundation Examination will examine all topic areas and will contain multiple choice, calculation, and essay type questions which assess the basic knowledge and analy

12、tical skills of candidates.The Final Examination will similarly examine across all topic areas and will contain full and mini- case study questions, together with in-depth essay or discursive questions and some structured computational questions which assess the more advanced knowledge and synthetic

13、 analytical skills of candidates.Article 6 Eligibility to sit for the International ExaminationsThere are two ways of sitting for the examinations to attain the designation CIIA:a) Those candidates who do not already hold a qualification from an IEC Accredited examination programme of their national

14、/regional association must sit and pass the International (common) Foundation and Final examinations as well as the national (specific) examination.b) Those candidates who have taken an IEC-accredited examination programme of their national/regional association and who have passed at least 12 hours

15、of examinations and been awarded the related qualification from their national/regional association need only sit and pass the Final Examination.Article 7 Topic Areas and Examination Hours(1) The international (common) examinations comprise examinations in seven topic areas as indicated in the table

16、 below.Total examination hours will be fifteen: nine for the Foundation Examination and six for the Final Examination.The Foundation Examination will consist of three papers and the Final Examination two, both exams covering the following topic areas with length of each examination being as indicate

17、d.Foundation Examination:Topic AreasExamination Duration (Minutes)Equity Valuation and Analysis, Financial Statement Analysis, Corporate Finance 190Fixed Income Valuation and Analysis, Economics 160Derivative Valuation and Analysis, Portfolio Management 190Total time 540 (i.e. 9 hours)Final Examinat

18、ion:Topic AreasExamination Duration (Minutes)Corporate Finance, Economics, Financial Statement Analysis, Equity Valuation and Analysis 180Fixed Income Valuation and Analysis, Derivative Valuation and Analysis, Portfolio Management 180Total time 360 (i.e. 6 hours)(2) The national (specific) examinati

19、on set by each participating national/regional association will be of at least three hours duration.The topic areas to be addressed in the national (specific) examination are those areas which are specific to the particular country/region and which cannot be covered in a common examination such as:

20、Regulations Ethics Financial Statements Market Structure and Investments(3) Total hours of the international (common) examinations (fifteen) and the national (specific) examination (at least three) will be at minimum eighteen.(4) The coverage of each topic area will be in proportion to the study hou

21、rs specified in the Examination Guide.Article 8 LanguageCandidates may choose to participate in the international (common) examinations either in English or other available languages as determined by the IEC.Article 9 Examination GuideThe IEC will publish an Examinations Guide for the reference of c

22、andidates, which contains an explanation of the purpose and structure of the examinations, a detailed description of the topic areas covered by the examinations (examination syllabus), and recommended readings.Article 10 Examination Calendar and Venues(1) The IEC is responsible for recommending the

23、schedule of examinations to the Council of ACIIA who will decide the dates.(2) The examinations will be held at several locations on one/two occasions a year for both the Foundation Examination and the Final Examination as determined by ACIIA. (In the initial stage, only the Final Examination will b

24、e held.)(3) National/regional associations are responsible for organising examinations in their respective country/region in accordance with guidelines separately adopted by the ACIIA as well as arrangements stipulated by the IEC.(4) ACIIA may organise examinations in countries/regions where there i

25、s no national/regional association with membership of ACIIA, pursuant to guidelines separately adopted by the ACIIAIII ADMINISTRATIVE ORGANISATIONArticle 11 Overall Structure(1) The advanced professional examinations for the Certified International Investment Analyst (CIIA) shall be centrally admini

26、stered by ACIIA and the International Examinations Committee, the latter to undertake the actual examination process with the approval of ACIIA.(2) National/regional associations shall be responsible for a certain portion of the administration as stated under Article 14 below.(3) ACIIA may commissio

27、n the Centre for the International Examinations (CIE) and/or other appropriate organisation(s) to undertake some of the examination administration under the terms and conditions specified in the contracts with them and approved by ACIIA.Article 12 Role of ACIIA(1) ACIIAs terms of reference with rega

28、rd to the advanced professional examinations for the Certified International Investment Analyst (CIIA) are as follows:a) to appoint members of the International Examinations Committee (IEC) and its Chairman;b) to approve and implement amendments to the Rules and guidelines stipulated in the Rules;c)

29、 to approve an administrative plan for the international (common) examinations each year including dates and locations set by the IEC.d) to approve the Examinations Guide prepared by the IEC;e) to approve the national (specific) examinations of national/regional associations submitted for accreditat

30、ion by the IEC, and withdraw approval from the same;f) to approve the programmes of national/regional associations (which are accredited by the IEC) whereby candidates who have successfully passed the related examinations may proceed directly to the Final Examination;g) to rule on the exclusion of c

31、andidates from a national/regional association if the IEC recommends such action on the basis that the IEC believe the national/regional association is not complying with IEC standards and conditions;h) to approve the IEC examination results and confirm the awarding of certificates for the CIIA; and

32、 communicate such decisions to the national associations;i) to review the Common Knowledge Base and Examination Syllabus for future improvement; andj) to review past examinations for future improvement.(2) With respect to the advanced examinations for investment professionals, ACIIA is responsible for international liaison and discussion with