Outline of ACIIA® and CIIA®
- Certified International Investment AnalystFebruary 2005
Challenges of Globalisation
 Globalisation introduces:
Implications for
 Finance Industry:
 Investment Analysts:
-interdependencies
-complexity
-volatility
-knowledge based
-adding value
-reducing risk
-markets/ customers
-global knowledge
-local expertise
ACIIA® Association of Certified International Investment Analysts
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Global
Skills
Local
Knowledge
Culture
Language
ACIIA® Association of Certified International Investment Analysts
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 Knowledge
- CKB ® (Common Knowledge Base)
- specific local content
- local legislation and regulation
 Ethics
- ACIIA principles of ethical conduct
now open to the public for comments
- compliance with national legislation
- compliance with ICIA code of ethics
 Language & Culture
- It’s a must !
- customer oriented
- ensuring labour efficiency
ACIIA® Association of Certified International Investment Analysts
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What is
®
the ACIIA
?
• Non-profit organization
• Established in June 2000, based in Switzerland
• Awards an internationally recognised qualification
for financial market experts: the CIIA®
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®
ACIIA ’s
Role
• To establish /organise and supervise the
professional examinations of the CIIA®
• To award the CIIA® qualification
• To offer a truly global qualification for
investment professionals
• To support the independence of national
societies
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®
ACIIA ’s
Objectives
• To create a forum for the interchange of ideas
and information in the finance and
investment field
• To assist a world-wide network of capital
market experts
• To promote the interests of the investment
community
• To promote ethical behaviour in the industry
ACIIA® Association of Certified International Investment Analysts
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®
ACIIA ’s
Background
Globalization of investment markets and the
rapidly changing face of the global economy
 caused the world’s key financial institutions
to integrate their operations
 demands an internationally recognised,
high level qualification.
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®
ACIIA ’s
Background
CIIA®s have
• the skills
• the flexibility
• the ethical behavior to work in any
international finance center.
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®
ACIIA ’s
Philosophy
• A world-wide democratic co-operation of
national societies as competent partners.
• Respects sovereignty and responsibility of
national societies
• Respects individual cultures and languages
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®
ACIIA ’s
Philosophy
• Recognises that many countries already
have excellent national qualification
programs
• Draws on this existing pool of expertise
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®
ACIIA ’s
Philosophy
• Extend, not replace, the existing national
programs, with a global qualification that is
recognised world-wide.
• CIIA® holders remain independent as
members of their national society.
• Ethics are monitored by the national society.
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ACIIA® Organizational Structure
General Meeting
Council
IEC- International Examination Committee®
CIE-Center for International Examinations
*PMC – Promotion and Marketing Committee
*Task Force for ACIIA Code of Ethics
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Council Members
1. Mr. Kiyoto Hagiwara, Chairman (SAAJ Japan)
2. Mr. Jean-Francois Balmary, Deputy Chairman (SFAF France)
3. Mr. Gary Cheung (ASAF Asia / HKSI Hong Kong)
4. Dr. Rene Willemsen (EFFAS Europe)
5. Mr. Ronaldo Nogueira (APIMEC Brazil)
6. Dr. Lin Yixiang (SAC/SAAC China)
7. Mr. Fritz H Rau (DVFA Germany)
8. Mr. Sanjay Ramchandani (CPMR/ICFAI India)
9. Mr. Giampaolo Trasi (AIAF Italy)
10.Mr. Gonzalo Milans del Bosch (IEAF Spain)
11.Dr. Jean-Claude Dufournet (SFAA Switzerland)
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Membership Categories
• Regular Members
- Federation Members
- Contracting Members
- Funding Members
• Associate Members
• Supporting Members
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Membership Categories
• Federation Members (2+1)
- ASAF
- EFFAS
- APIMEC
• Contracting Members (13)
Austria, Belgium, France, Germany, Hong Kong,
India, Italy, Japan, Luxembourg, Netherlands,
Russia, Spain, Switzerland
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Membership Categories
• Funding Members (7)
China, France, Germany, Italy, Japan, Spain,
Switzerland
• Associate Members (8)
Hungary, Iran, Korea, Morocco, Poland,
Sweden, Thailand, Ukraine
• Supporting Members (0)
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Membership Rights / Obligations
-Voting Rights
Fed. M.
○
Cont. M.
○
Fund. M. Asso. M. Supp. M.
○
×
×
(General Meetings)
-To attend General Meetings
-To be Council Members
-To have CIIA candidates
○
○
×
○
○
○
○
○
×
△
×
○
△
×
○
(National programs have to be accredited by IEC)
-To pay entrance fee/
○
○
○
○
△
×
○
×
×
×
×
×
○
×
×
annual fee to ACIIA
-To have to commit
number of exam candidates
-To extend a loan to ACIIA
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Membership Fees to ACIIA
• Entrance fee and annual membership fee are paid to the
ACIIA by ACIIA Members.
• ACIIA Members will probably charge CIIA candidates
(i) a registration fee, and (ii) an examination fee for one
or two exam paper(s), taking into account annual
membership fees payable to the ACIIA, management
and operational costs, plus a certain margin profit.
• In any case, the level of fees for CIIA candidates will be up
to each member society.
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Entrance Fees to ACIIA
•
•
•
•
•
Federation Members
Contracting Members
Funding Members
Associate Members
Supporting Members
CHF7,250
CHF7,250
CHF7,250
CHF1,160
Not admitted
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Annual Membership Fees to ACIIA (1)
Refer to the ACIIA “Terms and Conditions of Fee Commitment.”
• Federation / Funding Members : CHF9,790 p.a.
• Contracting Members:
(i) As long as the cumulative number of exam units is no more
than 500, the annual fee will be (i)CHF 9,945 (CHF 195 x 51
exam papers if the committed number is the minimum ) or
(ii) CHF195 x number of exam units for the year,
whichever is larger.
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Annual Membership Fees to ACIIA (2)
If the cumulative number of exam units is more than
500, the annual fees will be calculated, in principle,
based upon the following:
[P] x [rn]
[P] : average price per unit
This coverage price will be calculated in
accordance with the “fee per unit” table
[rn] : number of units (exam papers) for the nth
payment of annual membership fees.
*Refer to the ACIIA “Terms and Conditions of Fee Commitment.”
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Annual Membership Fee
Fee Per Unit Table
Total committed/actual number of units for five years
(Committed/actual number of exam papers for five years)
Fee per unit
The 1st level
0-500
CHF195
The 2nd level
501-1,000
CHF175
The 3rd level
1001-1,500
CHF150
The 4th level
1,501-3,000
CHF130
The 5th level
3,001-5,000
CHF110
The 6th level
5,001-
CHF90
Number of exam papers
Annual fee
The 1st year:
300
CHF 58,500 (= 195.0 x 300)
nd
The 2 year:
500
CHF 93,750 (= 187.5 x 500)
rd
The 3 year:
600
CHF 105,000 (= 175.0 x 600)*
* Average price per unit: (195 x 500 + 175 x 500 + 150 x 400) ÷1,400 =175.00
Annual fee for the 3rd year: [P] x [rn] = 175.00 x 600 = 105,000
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Annual Membership Fees to ACIIA
• Associate Members:
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
CHF435 CHF870 CHF1,740 CHF3,480 CHF6,960 CHF9,790
• Supporting Members: CHF435
(A harbor will give Associate Members temporary
refuge, and once the storm passes they can return
to their original membership status.)
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Global Reach
• 23 Member Societies to date
• some 30,000 investment professionals
• aiming at 3,000 - 5,000 graduates annually
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Candidate Numbers
Since March 2002 more than 2,500
candidates have achieved the designation
worldwide
Currently more than 3,300 CIIA® candidates
world-wide
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Strengths of
®
CIIA
designation
• Participating societies are able to retain their
independence
• The CIIA® is
– practical and relevant
– globally oriented
• Exams can be taken in a number of languages
• The overall qualification also comprises a “local
specific” component
ACIIA® Association of Certified International Investment Analysts
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®
CIIA Examination
Structure
• The designation combines a topic-based and
levels-based approach, with emphasis on
Corporate Finance and Derivatives
• There are two levels of examinations
covering all topic areas
– Foundation level + National specific
– Final level
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®
CIIA Examination
Structure
Examination paper structure:
• Common
Exam hours No. of papers
– Final
– Foundation
6
9
15
2
3
5
• National specific 3
1
6
18
nb: the national specific examination may, if necessary, be more than 3 hours
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®
CIIA Examination
Structure
Topic areas
•
•
•
•
•
•
•
Equity Valuation and Analysis
Fixed Income Valuation and Analysis
Derivative Valuation and Analysis
Economics
Corporate Finance
Financial Accounting and Financial Statement Analysis
Portfolio Management
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Structure of
®
CIIA
Topic combinations
• Final Level
– Examination I (180min): Equity, Financial
Statement, Economics, Corporate Finance
– Examination II (180min): Fixed Income,
Derivatives, Portfolio Management
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®
CIIA Examination
Structure
• Foundation Level
– Examination I (190min): Equity, Financial
Statements, Corporate Finance
– Examination II (160min): Fixed Income,
Economics
– Examination III (190 min): Derivatives,
Portfolio Management
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®
CIIA Examination
Structure
• National Specific
– Regulation, Ethics, Accounting, Market
Structures and Instruments
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Routes to the
®
CIIA
Qualification
• Route A:
– Foundation + Final + National specific
• Route B:
– Accredited programme + Final
• Route C (until September 09):
– Experienced qualified candidate + Final
(Accredited member societies only)
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Routes to the
®
CIIA
Qualification
The IEC (International Examination Committee)
evaluate national societies’ programs for
accreditation by the ACIIA®
Note: Fifteen member society programmes have
been accredited to date.
Societies are increasingly integrating their
programmes more fully within the CIIA® scheme
and adopting Route A.
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International Examination
Committee (IEC)
• Assures the high quality and academic
credibility of the CIIA®
• is independent, objective, and dedicated to
the CIIA® qualification
• consists of experts from four continents:
– international experienced university professors
– expert practitioners with academic activities.
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International Examination
Committee (IEC)
• Is responsible for evaluating if qualification
programs of national societies are
equivalent to the foundation level of the
CIIA®
• Is responsible for the preparation of the
CIIA® examination papers
• Supervises the CIIA® examination
ACIIA® Association of Certified International Investment Analysts
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IEC Members
•
•
•
•
•
•
•
•
Prof. Mike Theobald, Chairman, UK
Dr. Ronald Copley, USA
Prof. Darell Duffie, USA
Dr. Jean-Claude Dufournet, Switzerland
Prof. Takao Kobayashi, Japan
Prof. Otto Loistl, Germany
Prof. Juan A. Palacios, Spain
Prof. Miguel Angelo Arab, Brazil
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How are the CIIA® examination
papers prepared?
The CIIA® is a truly international
examination: examination questions come
from around the world.
• Questions are drafted by different national
societies
• The IEC prepares a definitive version of the
examination papers
ACIIA® Association of Certified International Investment Analysts
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How are the examinations corrected?
• The first correction is made by the national
societies and marginal papers are identified.
• The marginal papers are then re-graded by
the national societies. Remaining marginal
papers are graded centrally within ACIIA®
and the final grading is checked by the IEC.
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Organisational Aspects
Each society is responsible for:
• the organisation of the CIIA® examination
• the preparation of its candidates
• the preparation of the educational material
(manuals, handouts) for its candidates
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®
CIIA
Candidate Preparation
National Societies are responsible for
providing good training courses and materials
for CIIA® candidates.
In Europe, manuals consistent with the CIIA®
syllabus have been developed by the Swiss
Centre and by a group of the German, French,
Spanish and Belgian Societies. Integration of
the materials into one set is under way.
ACIIA® Association of Certified International Investment Analysts
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Comparison
®
CIIA
vs. CFA
Resume
• The readings are by and large comparable.
• The CFA-syllabus lacks a national-specific topic section
over and above the US-market. Legal requirements,
accounting rules and investment regulation, the syllabus
and the readings are all US-oriented.
• The CIIA® – program addresses both issues: the legal
local/regional rules and regulations, and the USregulations.
ACIIA® Association of Certified International Investment Analysts
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Resume
®
CIIA
• Advanced international, professional qualification for capital
market experts
• International acceptance
• Global, regional and local education
• Eleven globally recognised languages
• Complements existing national qualification programs
• Respects individual cultures, languages and legal orders
• Assures independence of CIIA® holders and National
Societies
• Ethical standards are controlled by the local member society
ACIIA® Association of Certified International Investment Analysts
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