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CIIA ® (Certified International Investment Analyst)

CIIA® is an internationally recognized, advanced professional qualification with a globally applicable common knowledge base in finance and investment.

The CIIA examination program is for members of national/regional associations of investment professionals that participate in the scheme. The CIIA educational program is managed and operated by the ACIIA®(Association of Certified International Investment Analysts). SAAJ has been playing a significant role in the establishment and consolidation of the CIIA qualification. In Japan, only CMA® holders are qualified to sit for the CIIA exams. SAAJ sees the CIIA exam as one of the most important elements of continuing education for CMA holders.


The ACIIA® (Association of Certified International Investment Analysts) was founded in June 2000 comprising the Asian Securities and Investments Federation (ASIF), the European Federation of Financial Analysts Societies (EFFAS), and Japan, Switzerland, Germany, Spain, Italy, and Brazil to provide an advanced professional examination and a truly international qualification program (CIIA).

The ACIIA is a not-for-profit organization registered in Buelach Zurich, Switzerland (its office is located in Frankfurt, Germany) with two federation members (ASIF and EFFAS) and 30 associations covering Asia, Europe, South America, and Africa.

Contact Information:

Chairman: Yasuhiro Maehara, President & CEO, SAAJ Japan
Deputy Chairman: Jean-Baptiste Bellon, President, SFAF France
Registered Office: Buelach, Zurich, Switzerland
Tel: +49 69 96 75 12 38 Fax: +49 69 98 95 75 29

CIIA® Scheme

CIIA scheme is a high-quality, universal examination scheme which respects the autonomy and independence of each national/regional society. The CIIA scheme has some unique features: the questions are standardized worldwide and successful examination candidates meeting other relevant requirments are awarded the internationally recognized "CIIA" designation.

To help candidates prepare for the exam, SAAJ offers Study Guide (comprising an explanation of the framework of the CIIA scheme and examinations, a Japanese translation of the syllabus, and reference pages of CMA textbooks, etc.) and a set of supplementary textbooks. In addition, a review program (schooling) for candidates are organized by SAAJ at odd intervals. DVDs of the most recent review pogram are also available for sale. Many CMA holders of SAAJ have already acquired the CIIA designation and are challenging the CIIA examinations.

CIIA Scheme        For details, visit ACIIA website.

  • The knowledge base that an analyst should master is classified into a national/regional specific portion (regulations, ethics/standards of professional conduct, accounting, market structure, etc.) and an international portion. The former is left to national/regional societies and the latter is the subject of the international common examination.
  • Questions for the international common examination are chosen from those produced by groups of experts nominated by national/regional societies in Europe, Asia, and Latin America. Following a rigorous filtering/selection process at the Center for International Examinations (Switzerland), questions are approved by the IEC (International Examinations Committee) comprising university professors/experts/practitioners from around the world. Dependence on a particular national/regional society is thus avoided.
  • The international common examination consists of a Foundation Examination (nine hours duration) and a Final Examination (six hours duration). However, the existing examination programs of national/regional societies are duly respected. Members of national/regional societies whose examination system is accredited by the IEC as being of a sufficient high level through a review process are exempted (provided they have passed the local exams) from the Foundation Examination and can directly sit for the Final Examination.
  • Examinations are held twice a year in March and September. (In Japan, the examinations are held once a year in March.)
  • The international common examination will be held in major languages so that candidates will not suffer any handicap in terms of language. Eleven languages are officially authorized by the IEC.
  • Candidates who have successfully passed the Final Examination and meet other relevant requirements are awarded the CIIA® designation. Their status with respect to the national/regional society they belong to will remain unchanged after obtaining the designation and they can use the designation as long as they remain members of their national/regional society.

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CIIA Examination Schedule and Results

  • CIIA Examination Schedule

Europe, Americas, and Africa Asia
2018 March Friday 9 Saturday 10
September Friday 14 Saturday 15
2019 March Friday 8 Saturday 9
September Friday 20 Saturday 21
2020 March Friday 6 Saturday 7
September Friday 18 Saturday 19


  • CIIA Examination Results

Pass Rate, CIIA Final Examinations (worldwide aggregate basis):

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