®

The CIIA Program

W e lcome Message

Dear Prospective CIIA® Students,

The globalisation of investment markets has opened new opportunities for financial market
professionals, but at the same time, it has placed new demands on their skills. Analysts are
seeking international development and exchange opportunities, which requires training that
takes into account the variety of the capital markets to be found worldwide.

Rising to this challenge demands a willingness by the international investment community to

strive for excellence in a spirit of cooperation and respect. It requires flexibility, open-mindedness
and a diverse contribution of expertise from around the world. It was in this spirit that the
CIIA® (Certified International Investment Analyst) was developed as a professional designation
that is truly international in its creation, scope and applicability.

In the eight years since its foundation, the ACIIA® has established itself as a valuable forum for
the exchange of knowledge, ideas and education in the international investment field. Several
thousand financial market professionals hold a CIIA® certificate and even more are linked to
ACIIA via our associates worldwide. Together we are prepared to match the momentum of
the markets in the ongoing development of our association and the CIIA® designation.

Come and join us! And face the challenges of the CIIA® designation!

Yours sincerely

Fritz H Rau
ACIIA Chairman
The Association of Certified International Investment Analysts,
Feldstrasse 80, 8180 Buelach, Zurich,
Switzerland
The Association of Certified International
Investment Analysts, Switzerland
www.aciia.org
The Association of Certified International ● Through the integral involvement of National
Investment Analysts (ACIIA) was established in Societies, ensures that the interests and input of the
2000 as a not-for-profit organization limited by local industry and professionals are met in
guarantee, and is registered in Switzerland. accordance with and commitment to industry ethics
and standards.
Background
● The achievement of CIIA® grant its holders a
Since 1997, representatives from the Asian
Securities Analysts Federation (ASAF), Associação recognized level of expertise and knowledge which
dos Analistase Profissionals de Investimento do is common across international markets.
Mer cado de Capitais (APIMEC) and the European ● The achievement of the CIIA® qualification opens
Federation of Financial Analysts Societies (EFFAS) the door to an international career in finance and
have been working together to develop an investment.
internationally recognized qualification for
professionals working in the areas of investment A Truly International Qualification
analysis, portfolio management and corporate Certified International Investment Analyst or CIIA® is
finance. an internationally recognized advanced professional
ACIIA Objectives qualification for individuals working in the finance and
investment industry.
The objectives of ACIIA are to: 3
● Encourage and provide a forum for the creation Opening Doors to International Finance and
and interchange of ideas and information in the Investment
finance and investment field.
Increasing globalization of investment markets mean
● Support and promote the interests of the
the world’s key financial institutions are integrating
investment community.
their operations across the major financial centers of
● Promote ethical behavior in the industry. the world.
Role of ACIIA Have CIIA®, Will Travel
The role of ACIIA is to:
CIIA® is the passport you need, as employees
®
● Establish and supervise the CIIA exams globally. recognize the advantage of hiring mobile professionals
● Award the CIIA® qualification. with qualifications that will enable them to work in any
international financial center.
The CIIA® Qualification - Advantages
The CIIA® is a unique international qualification The CIIA® is currently recognized and supported by the
which is facilitated and recognized by the countries world’s leading Federations: European Federation of
represented by participating National Societies. Financial Analysts Societies (EFFAS), Asian Securities
The CIIA®: and Investment Federation (ASIF), and Associação dos
Analistase Profissionals de Investimento do Mercado de
● Combines international and local coverage.
Capitais (APIMEC) and Societies for finance and
● Can equip students with multiple country investment analysts from: Argentina, Austria, Belgium,
qualifications, ideal for those whose work Brazil, China, Chinese Taipei, Finland, France, Germany,
covers different countries.
Greece, Hong Kong, Hungary, India, Iran, Italy, Japan,
● Is internationally transportable and provides Kazakhstan, Korea, Luxembourg, Mexico, Morocco,
students with the option of studying and sitting Netherlands, Nigeria, Poland, Russia, Spain, Sweden,
exams in 8 different languages. Switzerland, Thailand and Ukraine.
 Member Organizations of ACIIA

Federations
Asia-Pacific Asian Securities and Investment Federation (ASIF)
Europe European Federation of Financial Analysts Societies (EFFAS)
National Societies
Argentina Instituto Argentino de Ejecutivos de Finanzas
Austria Österreichische Vereinigung für Finanzanalyse und Asset Management
Belgium Association Belge des Analystes Financiers
Brazil Associação dos Analistase Profissionals de Investimento do Mercado de Capitais (APIMEC)
China The Securities Association of China
Chinese Taipei The Securities Analysts Association, Chinese Taipei
Finland The Finnish Society of Financial Analysts
France Société Française des Analystes Financiers
Germany Deutsche Vereinigung für Finanzanalyse und Asset Management
Greece Hellenica Association of Certified Stockmarket Analysts
Hong Kong The Hong Kong Securities Institute
Hungary The Hungarian Capital Market Professionals’ Society
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India The Council for Portfolio Management and Research
Iran Investment Industry Development Association of Iran
Italy Associazione Italiana degli Analisti Finanziari
Japan The Security Analysts Association of Japan
Kazakhstan Association of Financial and Investment Analysts
Korea The Korea Certified Investment Analysts Association
Luxembourg The Luxembourg Society of Portfolio Managers and Financial Analysts
Mexico Instituto Mexicano de Analistas, Asesoresy Administradores
Morocco Société Morocaine des Analystes Financiers
Netherlands The Dutch Financial Analysts Society
Nigeria Chartered Institute of Stockbrokers
Poland Polish Association of Brokers and Investment Advisors
Russia Guild of Investment and Financial Analysts
Spain Instituto Español de Analista Financieros
Sweden The Swedish Society of Financial Analysts
Switzerland Swiss Financial Analysts Association
Thailand Securities Analysts Association
Ukraine Ukrainian Society of Financial Analysts
 ®
The Council for
Portfolio Management and Research
The Council for Portfolio Management and Research Ethical Institution
(CPMR), was established in 1999 at Hyderabad, India
The CPMR conducts its affairs within a broad
to look after training and certification needs of
framework of ethics and believes in transparency and
students interested in becoming qualified portfolio
managers. promotes an open culture.

The CPMR administers a rigorous certification Tie-up with ACIIA, Switzerland

program divided into two levels - the National Level
The CPMR is a member of the Association of
and the International Level.
Certified International Investment Analysts (ACIIA),
Objectives Switzerland. ACIIA administers the examinations and

The CPMR has following objectives: awards the Certified International Investment Analyst
(CIIA®) qualification.
■ Administering a rigorous certification program in
investment analysis and portfolio management. The tie-up of CPMR with ACIIA, Switzerland, enables
■ Promoting research and publications in the areas students to become eligible to write the final level
of contemporary relevance which have significant examinations for the CIIA® qualification. Students
policy implications for investment analysis and pursuing the CIIA® Program after completing the 5
portfolio management. National Level examinations can directly appear for the

Equal Opportunity Institution CIIA® International Level (Final Level) examinations.

The CPMR provides equal opportunity to all. In its Professional Ethics

educational programs, activities, admission and
All members of the CPMR are required to abide by a
employment policies, the CPMR does not
discriminate on the basis of sex, race, color, caste, code of professional ethics which enjoins that they

language, religion, age or national origin. should:

■ Conduct himself/herself with integrity and dignity

Non-governmental Organization
and act in an ethical manner in their dealings with
The CPMR believes in maintaining total intellectual
the public, clients, employers, employees and fellow
independence, academic autonomy and operational
professionals;
freedom, and therefore, it neither seeks to identify
itself with any government, nor operates on any ■ Act with competence and strives to maintain and
government funding, the CPMR believes in market improve their competence; and
recognition and subjects all its activities to the ■ Use proper care and exercise independent
market test.
professional judgement.
Learning Organization
Membership in CPMR
The CPMR is conceived and developed as a learning
organization with an intent to learn continuously in Students who have completed the CIIA® Program may
order to leverage the new learning for seek membership in CPMR to fulfill the requisite
improvement of its contributions to society. criteria.
 The CIIA ® Program

The CIIA® Program is offered in India through Council Period of Validity of Enrollment
for Portfolio Management and Research (CPMR).
The enrollment in the Program is valid for seven
The Certified International Investment Analyst (CIIA®)
years from the date of enrollment. Students who
is an internationally recognized advanced professional
qualification for individuals working in the finance and are unable to complete the program within the
investment industry. validity period, are required to register de novo by
paying the requisite fee.
Objectives
The CIIA® Program has the following objectives : Program Structure of National Level
Examinations
● To develop a new body of knowledge and make it
available for those seeking challenging careers in the The CIIA® Program covers all the important topics
new era of liberalization and globalization; related to portfolio management and investment
● To introduce participants to the financial system and analysis. The program consists of three
capital markets; examinations titled Examination I, Examination II
● To impart a strong conceptual foundation in and Examination III at National Level. Each of the
investment analysis and portfolio management; examinations will be for a maximum of 180 points
● To give adequate exposure to emerging areas like and the duration of 3 hours.
equity and debt research, scientific asset allocation, Examination I : This examination covers all the
portfolio insurance etc.;
6 basic concepts that the students need to pursue
● To prepare individuals capable of providing study of courses like Asset Valuation and Portfolio
leadership in portfolio management and mutual funds
Management. It consists of three courses - Financial
industry operating in a globalized environment.
Accounting and Financial Statement Analysis
For Whom (60 points), Economics (60 points) and Quantitative
◆ Finance and Accounting Professionals like Chartered Methods (60 points).
Accountants, Management Accountants, Cost
Accountants, Certified Accountants, Chartered Examination II : In this examination, a major
Secretaries, Bankers, MBAs, etc, who seek careers portion of the inputs required to make a good
in portfolio management and investment analysis. portfolio manager are covered. The courses to be
◆ Professionals in the area of investment management studied for this examination are - Corporate
and portfolio management. Finance (60 points), Equity Valuation and Analysis

◆ Professionals employed in the investment and

(60 points) and Fixed Income Valuation and Analysis
treasury departments of banks and financial (60 points).
institutions.
Examination III : This is the last examination at
◆ Professionals working in the investment the National Level covering three courses -
departments of corporates. Derivative Valuation and Analysis (70 points),
Eligibility Portfolio Management (80 points) and Ethics and
Graduates (any discipline). Professional Standards (30 points).

Duration All the three examinations outlined above consists

of a brief essay type, numerical and minicase type
One year.
questions.
Study for CIIA ® Examinations Program Structure
CPMR will provide the required assistance to assist The CIIA® examinations consist of two levels:
students to study and prepare for the CIIA® ● National Level
examinations. The examination pattern similar to ● International Level
CIIA® Final Examinations are administered at the National Level
National Level examinations. This will enable Exam 1 ● Financial Accounting and Financial Statement Analysis
students who clear National Level Examinations to ● Economics

pass the International Level (Final Level) of CIIA® ● Quantitative Methods

with relative ease. Exam II ● Corporate Finance

● Equity Valuation and Analysis

Awards ● Fixed Income Valuation and Analysis

Students who successfully complete all the three Exam III ● Derivative Valuation and Analysis
● Portfolio Management
examinations of the National Level (Examination I,
● Ethics and Professional Standards
Examination II & Examination III) will be awarded
the PG Diploma in Investment Analysis by CPMR. International Level
The Council for Portfolio Management and Exam 1 ● Corporate Finance
Research (CPMR), will confer the designation of ● Economics
Certified Portfolio Manager (in full) and CPM (in ● Financial Accounting and
brief) on them, subject to fulfillment of requisite Financial Statement Analysis
membership criteria. ● Equity Valuation and Analysis
Students who successfully complete the Exam II ● Fixed Income Valuation and Analysis
International Level (Final Level) CIIA® examinations ● Derivative Valuation and Analysis
will be awarded the CIIA® qualification from ACIIA, ● Portfolio Management
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Switzerland and Certified Portfolio Manager (CPM) Examination Format : Full and minicase study questions and
designation and membership from CPMR, India in-depth essay questions.
subject to regulations.
 Examinations
National Level Examinations The schedule of the Examinations is given below:
Last Date for
The examinations for the National Level of the
National Level Test Dates Submission of
CIIA® Program serve to finally assess the students' Examinations Examination
understanding of the subject and level of skill Registration Form
development. The examinations are conceived, January, 2010 10, 17, 24, 31 Nov 30, 2009
developed and administered on a rigorous system April, 2010 4, 11, 18, 25 Feb 27, 2010
with a view to groom world-class professionals in July, 2010 4, 11, 18, 25 May 31, 2010
the areas of investment analysis.
October, 2010 10, 17, 24, 31 Aug 31, 2010

Eligibility for appearing in the examinations Test centers

Students are eligible to appear for the The examinations are held at the test centers as
Examination I of the National Level, three months indicated on the website: www.cpmrindia.org.
after the date of enrollment. Subsequently, students
Enrollment dates
can appear in a sequential manner every three
In order to become eligible to appear for the
months. Students can appear directly for the
national level examinations, the students are required
International Level (Final) Examinations of CIIA® to enroll into the program on or before the
after clearing the National Level Examinations. following dates. The earlier the better.
Examinations Enroll into the Program
8 Passing requirement on or before
To pass in National Level Examinations, the student January, 2010 October 31, 2009
must secure an average of 55 percent marks in each April, 2010 January 30, 2010
exam.
July, 2010 April 30, 2010

National Level Examination Calendar October, 2010 July 31, 2010

The national level examinations are conducted by International Level Exam

CPMR on Sundays in January, April, July and
The CIIA ® International Level Examinations will be
October at test centers all over India.
conducted in March and September every year in India.
 Admission Policies and
Guidelines to Complete the Application Form
Admission passing requirements, eligibility criteria for
The goal of the Admissions Board is to select examinations, fee schedule, refund policy, examination
students whose academic background, work pattern, certification and designation, and such other
experience, leadership abilities and communication matters as may be considered relevant.
skills meet the demands of the Program. The Guidelines
Admissions Board evaluates applicants' potential as The students are advised to read the following
future leaders and their projected ability to succeed guidelines carefully before completing the Application
in and profit from the program. Form for Enrollment.
Enrollment a. The Forms should be filled in Capital Letters.
Applications received from the students are checked b. Please respond to all the information sought.
for the basic eligibility criteria and the eligible c. Additional sheets may be used, if necessary.
students are enrolled into the program under d. Ensure that both the Forms are signed.
flexible mode. The applications received from
Photocopies of certificates
students awaiting final year results or those who do
not have the certificates readily for submission, will a. Photocopies of certificates regarding date of birth
also be processed and enrolled into the program. and educational qualifications shall be enclosed
However, such students will have to submit the with the Application Form.
relevant certificates of the qualifications claimed in b. Original Certificates should not be sent.
the application as soon as they are made available to Mode of remittance
such students. The payment for the program is to be remitted along
No enrollment of foreign citizens with the Application Form at the time of enrollment.
The admission into the flexible learning program is Payments should be made through A/c payee crossed
not open to foreign citizens due to visa restrictions. demand draft of any commercial bank, in favor of
They may write to the Registrar for guidance on this “The Council for Portfolio Management and Research”,
matter. payable at Hyderabad. The payment can also be
remitted through credit card by holders of VISA
Rejected applications and MasterCard.
If the applicants do not satisfy the eligibility criteria, Enclosures
the applications are returned to them along with all 9
Please ensure that your Application contains the
enclosures and the amount paid after deducting
following enclosures.
Rs.500. Such students are, however, permitted to
apply again after they subsequently satisfy the a. Application Form for Enrollment into the program
eligibility criteria. (with recent color photograph affixed).
b. Demand Draft/Credit Card Merchant Slip
Fee
(wherever applicable) towards the payment.
The students enrolling into the program are
c. Copies of Certificates of Date of Birth and
required to pay a fee of Rs.26,500 to the CPMR.
Educational Qualifications/Mark Sheets.
This fee includes one-time examination fee of
US$300 for the CIIA ® International (Final) Level The completed Application Forms with the enclosures
examinations and a one-time examination fee of listed above may be submitted at the branch offices
Rs.1,500 for the three exams of National Level (addresses available at www.cpmrindia.org) or can be
Examinations. For any subsequent attempts the forwarded by Speed post/Courier to:
examination fee is Rs.500 per exam for the National The Council for Portfolio Management and Research
Level Examinations. The fee has to be paid in full by #52, Nagarjuna Hills, Punjagutta,
Demand Draft or Credit Card. Demand Draft should Hyderabad-500082, India.
be in favor of “The Council for Portfolio Tel: 040-23435368-74. Fax: 040-2335-2521/4302.
Management and Research”, payable at Hyderabad.
Students are advised to take note of the validity date
No refund
specified on the Application Form and ensure that their
The amount once paid is not refundable under any Forms reach the Admissions Officer or branch offices
circumstances, except in the case of rejected on or before the validity date.
applications.
Right to amend rules
The CPMR reserves the right to amend the rules
The CIIA ® Program
Fee: Rs.26,500 (Effective from July 01, 2009)
and regulations wherever considered necessary and
The total fee is payable along with the Application Form
appropriate. Such amendments will be intimated to
the students. Therefore, this publication and the • By Demand Draft
descriptions contained herein are not to be • Through Credit Card (Visa/Mastercard only)
construed as a contract binding the Institute to any • DD should be drawn in favor of “The Council For
specific policies. Possible changes include, but are Portfolio Management and Research”
not limited to curriculum and course content, payable at Hyderabad.
---------------------------------------------------------------------------------------------------------------------- CUT HERE ------------------------------------------------------------------------------------------------------------------ Application valid up to Application No.
79CIA -
The Council for Portfolio Management and Research
# 52, Nagarjuna Hills, Punjagutta, Hyderabad-500082.
® ®
The CIIA Program
Application Form for Enrollment WE
Foreign citizens should not apply using this Form. They may write to the Registrar for guidance.

1. PERSONAL DETAILS

Name : Mr/Ms
(Use capitals) (As it appears in Official Records, Underline Surname) Paste a recent color
Parentís/Guardianís Name : Mr/Ms _____________________________________________________________________________ photograph of size
3.5 x 4.5 cms.
Address __________________________________________________________________________________________________
(Use capitals) Photograph must not be
larger than this box.
____________________________________________________________________________________________________________
(City) (State) (Pin) Do not sign on the
Nearest Landmark (Near/Adj./Opp/Behind): _______________________________________________________________________ Photograph
(to facilitate easy and quick delivery of mail) and do not staple
Tel. (Off.) ____________________________________________ (Res.)__________________________________________________
(City Code) ñ (Area Code) ñ Number (City Code) ñ (Area Code) - Number
Fax: __________________________________________________ Mobile : ______________________________________________
(City Code) ñ (Area Code) ñ Number
#
E-mail : _________________________________________________________________ Date of Birth: 1 9
Date Month Year

Passport No. Place of Issue : ______________________________________ Citizenship: Indian Foreign

# All applicants are mandatorily required to give e-mail address and mobile number for speedy communication.

2. ACADEMIC RECORD

Examination Level Qualification Board/University/Institute Medium of Instruction Marks (%) /Grade Year of Passing

XII Class

Bachelor’s Degree

Others

3. OCCUPATION Please tick ( ✓ )

Full-time Student Full-time Employee If employed: Organization ____________________________________________________

Designation _____________________________________________ Industry _______________________________________________________

(Please do not make any payments

4. REMITTANCE OF FEE: Rs. 26,500 Please tick ( ✓ ) By Demand Draft By Credit Card* through cash)

Remittance through Demand Draft (DD should be in favor of ‘The Council for Portfolio Management and Research’, payable at Hyderabad)

DD Details: Name of the Bank : DD No.: Date : Amount : Rs.26,500

* Applicants can make the payment through credit card at the respective branches. They should get their credit cards swiped for the required amount, sign
and attach the merchant copy of the slip along with this Application Form and keep the customer copy with themselves (as acknowledgement). IMPORTANT:
The employees of the CPMR are not authorized to accept cash payments from the applicants, under any circumstances; the employees are not authorized
to swipe their personal credit cards to pay on behalf of the applicants; applicants should not share their credit card information with the employees; applicants
should not make any payment by cash. Applicants deviating from the above will be doing so at their own risk and responsibility.

5. DECLARATION
I have carefully read the academic and administrative rules and regulations of the Institute as given in this Document and Application Material and agree
to abide by the same. I understand that these rules are only indicative and the complete list of rules and regulations as updated from time to time will
be given to me on my enrollment in the form of Students Regulations. I also understand that the Institute reserves the right to change/modify the rules
and regulations from time to time and I agree to abide by the same. I understand that in case I withdraw from the program I will not be entitled to claim
any refund of amount paid to the Institute. I hereby declare that the information provided by me in the Application is true and correct to the best of my
knowledge. My signature below certifies that I have read, understood and agree to the rules and regulations of the Institute.

Place : Date : Signature of the Student (Please sign with black ink within the box)
The students are advised to retain a photocopy of the completed Application Form for their records.The relevant enclosures and forms should be enclosed along with the required payments.

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