®

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
Investment Analysts (ACIIA) was established in
2000 as a not-for-profit organization limited by
guarantee, and is registered in Switzerland.
Background
Since 1997, representatives from the Asian
Securities Analysts Federation (ASAF), Associação
dos Analistase Profissionals de Investimento do
Mer cado de Capitais (APIMEC) and the European
Federation of Financial Analysts Societies (EFFAS)
have been working together to develop an
internationally recognized qualification for
professionals working in the areas of investment
analysis, portfolio management and corporate
finance.
ACIIA Objectives
The objectives of ACIIA are to:
● Encourage and provide a forum for the creation
and interchange of ideas and information in the
finance and investment field.
● Support and promote the interests of the
investment community.
● Promote ethical behavior in the industry.
Role of ACIIA
The role of ACIIA is to:
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● Establish and supervise the CIIA exams globally.
● Award the CIIA® qualification.
The CIIA® Qualification - Advantages
The CIIA® is a unique international qualification
which is facilitated and recognized by the countries
represented by participating National Societies.
The CIIA®:
● Combines international and local coverage.
● Can equip students with multiple country
qualifications, ideal for those whose work
covers different countries.
● Is internationally transportable and provides
students with the option of studying and sitting
exams in 8 different languages.
● Through the integral involvement of National
Societies, ensures that the interests and input of the
local industry and professionals are met in
accordance with and commitment to industry ethics
and standards.
● The achievement of CIIA® grant its holders a
recognized level of expertise and knowledge which
is common across international markets.
● The achievement of the CIIA® qualification opens
the door to an international career in finance and
investment.
A Truly International Qualification
Certified International Investment Analyst or CIIA® is
an internationally recognized advanced professional
qualification for individuals working in the finance and
investment industry.
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Opening Doors to International Finance and
Investment
Increasing globalization of investment markets mean
the world’s key financial institutions are integrating
their operations across the major financial centers of
the world.
Have CIIA®, Will Travel
CIIA® is the passport you need, as employees
recognize the advantage of hiring mobile professionals
with qualifications that will enable them to work in any
international financial center.
The CIIA® is currently recognized and supported by the
world’s leading Federations: European Federation of
Financial Analysts Societies (EFFAS), Asian Securities
and Investment Federation (ASIF), and Associação dos
Analistase Profissionals de Investimento do Mercado de
Capitais (APIMEC) and Societies for finance and
investment analysts from: Argentina, Austria, Belgium,
Brazil, China, Chinese Taipei, Finland, France, Germany,
Greece, Hong Kong, Hungary, India, Iran, Italy, Japan,
Kazakhstan, Korea, Luxembourg, Mexico, Morocco,
Netherlands, Nigeria, Poland, Russia, Spain, Sweden,
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
(CPMR), was established in 1999 at Hyderabad, India
to look after training and certification needs of
students interested in becoming qualified portfolio
managers.
The CPMR administers a rigorous certification
program divided into two levels - the National Level
and the International Level.
Objectives
The CPMR has following objectives:
■ Administering a rigorous certification program in
investment analysis and portfolio management.
■ Promoting research and publications in the areas
of contemporary relevance which have significant
policy implications for investment analysis and
portfolio management.
Equal Opportunity Institution
The CPMR provides equal opportunity to all. In its
educational programs, activities, admission and
employment policies, the CPMR does not
discriminate on the basis of sex, race, color, caste,
language, religion, age or national origin.
Non-governmental Organization
The CPMR believes in maintaining total intellectual
independence, academic autonomy and operational
freedom, and therefore, it neither seeks to identify
itself with any government, nor operates on any
government funding, the CPMR believes in market
recognition and subjects all its activities to the
market test.
Learning Organization
The CPMR is conceived and developed as a learning
organization with an intent to learn continuously in
order to leverage the new learning for
improvement of its contributions to society.
Ethical Institution
The CPMR conducts its affairs within a broad
framework of ethics and believes in transparency and
promotes an open culture.
Tie-up with ACIIA, Switzerland
The CPMR is a member of the Association of
Certified International Investment Analysts (ACIIA),
Switzerland. ACIIA administers the examinations and
awards the Certified International Investment Analyst
(CIIA®) qualification.
The tie-up of CPMR with ACIIA, Switzerland, enables
students to become eligible to write the final level
examinations for the CIIA® qualification. Students
pursuing the CIIA® Program after completing the 5
National Level examinations can directly appear for the
CIIA® International Level (Final Level) examinations.
Professional Ethics
All members of the CPMR are required to abide by a
code of professional ethics which enjoins that they
should:
■ Conduct himself/herself with integrity and dignity
and act in an ethical manner in their dealings with
the public, clients, employers, employees and fellow
professionals;
■ Act with competence and strives to maintain and
improve their competence; and
■ Use proper care and exercise independent
professional judgement.
Membership in CPMR
Students who have completed the CIIA® Program may
seek membership in CPMR to fulfill the requisite
criteria.
 The CIIA ® Program
The CIIA® Program is offered in India through Council
for Portfolio Management and Research (CPMR).
The Certified International Investment Analyst (CIIA®)
is an internationally recognized advanced professional
qualification for individuals working in the finance and
investment industry.
Objectives
The CIIA® Program has the following objectives :
● To develop a new body of knowledge and make it
available for those seeking challenging careers in the
new era of liberalization and globalization;
● To introduce participants to the financial system and
capital markets;
● To impart a strong conceptual foundation in
investment analysis and portfolio management;
● To give adequate exposure to emerging areas like
equity and debt research, scientific asset allocation,
portfolio insurance etc.;
6 basic concepts that the students need to pursue
● To prepare individuals capable of providing
leadership in portfolio management and mutual funds
industry operating in a globalized environment.
For Whom
◆ Finance and Accounting Professionals like Chartered
Accountants, Management Accountants, Cost
Accountants, Certified Accountants, Chartered
Secretaries, Bankers, MBAs, etc, who seek careers
in portfolio management and investment analysis.
◆ Professionals in the area of investment management
and portfolio management.
◆ Professionals employed in the investment and
treasury departments of banks and financial
institutions.
◆ Professionals working in the investment
departments of corporates.
Eligibility
Graduates (any discipline).
Duration
One year.
Period of Validity of Enrollment
The enrollment in the Program is valid for seven
years from the date of enrollment. Students who
are unable to complete the program within the
validity period, are required to register de novo by
paying the requisite fee.
Program Structure of National Level
Examinations
The CIIA® Program covers all the important topics
related to portfolio management and investment
analysis. The program consists of three
examinations titled Examination I, Examination II
and Examination III at National Level. Each of the
examinations will be for a maximum of 180 points
and the duration of 3 hours.
Examination I : This examination covers all the
study of courses like Asset Valuation and Portfolio
Management. It consists of three courses - Financial
Accounting and Financial Statement Analysis
(60 points), Economics (60 points) and Quantitative
Methods (60 points).
Examination II : In this examination, a major
portion of the inputs required to make a good
portfolio manager are covered. The courses to be
studied for this examination are - Corporate
Finance (60 points), Equity Valuation and Analysis
(60 points) and Fixed Income Valuation and Analysis
(60 points).
Examination III : This is the last examination at
the National Level covering three courses -
Derivative Valuation and Analysis (70 points),
Portfolio Management (80 points) and Ethics and
Professional Standards (30 points).
All the three examinations outlined above consists
of a brief essay type, numerical and minicase type
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
The goal of the Admissions Board is to select
students whose academic background, work
experience, leadership abilities and communication
skills meet the demands of the Program. The
Admissions Board evaluates applicants' potential as
future leaders and their projected ability to succeed
in and profit from the program.
Enrollment
Applications received from the students are checked
for the basic eligibility criteria and the eligible
students are enrolled into the program under
flexible mode. The applications received from
students awaiting final year results or those who do
not have the certificates readily for submission, will
also be processed and enrolled into the program.
However, such students will have to submit the
relevant certificates of the qualifications claimed in
the application as soon as they are made available to
such students.
No enrollment of foreign citizens
The admission into the flexible learning program is
not open to foreign citizens due to visa restrictions.
They may write to the Registrar for guidance on this
matter.
Rejected applications
If the applicants do not satisfy the eligibility criteria,
the applications are returned to them along with all
enclosures and the amount paid after deducting
Rs.500. Such students are, however, permitted to
apply again after they subsequently satisfy the
eligibility criteria.
Fee
The students enrolling into the program are
required to pay a fee of Rs.26,500 to the CPMR.
This fee includes one-time examination fee of
US$300 for the CIIA ® International (Final) Level
examinations and a one-time examination fee of
Rs.1,500 for the three exams of National Level
Examinations. For any subsequent attempts the
examination fee is Rs.500 per exam for the National
Level Examinations. The fee has to be paid in full by
Demand Draft or Credit Card. Demand Draft should
be in favor of “The Council for Portfolio
Management and Research”, payable at Hyderabad.
No refund
The amount once paid is not refundable under any
circumstances, except in the case of rejected
applications.
Right to amend rules
The CPMR reserves the right to amend the rules
and regulations wherever considered necessary and
appropriate. Such amendments will be intimated to
the students. Therefore, this publication and the
descriptions contained herein are not to be
construed as a contract binding the Institute to any
specific policies. Possible changes include, but are
not limited to curriculum and course content,
passing requirements, eligibility criteria for
examinations, fee schedule, refund policy, examination
pattern, certification and designation, and such other
matters as may be considered relevant.
Guidelines
The students are advised to read the following
guidelines carefully before completing the Application
Form for Enrollment.
a. The Forms should be filled in Capital Letters.
b. Please respond to all the information sought.
c. Additional sheets may be used, if necessary.
d. Ensure that both the Forms are signed.
Photocopies of certificates
a. Photocopies of certificates regarding date of birth
and educational qualifications shall be enclosed
with the Application Form.
b. Original Certificates should not be sent.
Mode of remittance
The payment for the program is to be remitted along
with the Application Form at the time of enrollment.
Payments should be made through A/c payee crossed
demand draft of any commercial bank, in favor of
“The Council for Portfolio Management and Research”,
payable at Hyderabad. The payment can also be
remitted through credit card by holders of VISA
and MasterCard.
Enclosures
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Please ensure that your Application contains the
following enclosures.
a. Application Form for Enrollment into the program
(with recent color photograph affixed).
b. Demand Draft/Credit Card Merchant Slip
(wherever applicable) towards the payment.
c. Copies of Certificates of Date of Birth and
Educational Qualifications/Mark Sheets.
The completed Application Forms with the enclosures
listed above may be submitted at the branch offices
(addresses available at www.cpmrindia.org) or can be
forwarded by Speed post/Courier to:
The Council for Portfolio Management and Research
#52, Nagarjuna Hills, Punjagutta,
Hyderabad-500082, India.
Tel: 040-23435368-74. Fax: 040-2335-2521/4302.
Students are advised to take note of the validity date
specified on the Application Form and ensure that their
Forms reach the Admissions Officer or branch offices
on or before the validity date.
The CIIA ® Program
Fee: Rs.26,500 (Effective from July 01, 2009)
The total fee is payable along with the Application Form
• By Demand Draft
• Through Credit Card (Visa/Mastercard only)
• DD should be drawn in favor of “The Council For
Portfolio Management and Research”
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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