The CIIA Program

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), Associao 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:

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. Opening Doors to International Finance and Investment Increasing globalization of investment markets mean the worlds key financial institutions are integrating their operations across the major financial centers of the world. Have CIIA, Will Travel

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:

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:

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 worlds leading Federations: European Federation of Financial Analysts Societies (EFFAS), Asian Securities and Investment Federation (ASIF), and Associao 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.

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.

Member Organizations of ACIIA

Federations
Asia-Pacific Europe Asian Securities and Investment Federation (ASIF) European Federation of Financial Analysts Societies (EFFAS) Instituto Argentino de Ejecutivos de Finanzas sterreichische Vereinigung fr Finanzanalyse und Asset Management Association Belge des Analystes Financiers Associao dos Analistase Profissionals de Investimento do Mercado de Capitais (APIMEC) The Securities Association of China The Securities Analysts Association, Chinese Taipei The Finnish Society of Financial Analysts Socit Franaise des Analystes Financiers Deutsche Vereinigung fr Finanzanalyse und Asset Management Hellenica Association of Certified Stockmarket Analysts The Hong Kong Securities Institute The Hungarian Capital Market Professionals Society The Council for Portfolio Management and Research Investment Industry Development Association of Iran Associazione Italiana degli Analisti Finanziari The Security Analysts Association of Japan Association of Financial and Investment Analysts The Korea Certified Investment Analysts Association The Luxembourg Society of Portfolio Managers and Financial Analysts Instituto Mexicano de Analistas, Asesoresy Administradores Socit Morocaine des Analystes Financiers The Dutch Financial Analysts Society Chartered Institute of Stockbrokers Polish Association of Brokers and Investment Advisors Guild of Investment and Financial Analysts Instituto Espaol de Analista Financieros The Swedish Society of Financial Analysts Swiss Financial Analysts Association Securities Analysts Association Ukrainian Society of Financial Analysts

National Societies
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 Ukraine

The Council for Portfolio Management and Research

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 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:

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.

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 :

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 basic concepts that the students need to pursue 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.

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.; 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.

Study for CIIA Examinations CPMR will provide the required assistance to assist students to study and prepare for the CIIA examinations. The examination pattern similar to CIIA Final Examinations are administered at the National Level examinations. This will enable students who clear National Level Examinations to pass the International Level (Final Level) of CIIA with relative ease. Awards Students who successfully complete all the three examinations of the National Level (Examination I, Examination II & Examination III) will be awarded the PG Diploma in Investment Analysis by CPMR. The Council for Portfolio Management and Research (CPMR), will confer the designation of Certified Portfolio Manager (in full) and CPM (in brief) on them, subject to fulfillment of requisite membership criteria. Students who successfully complete the International Level (Final Level) CIIA examinations will be awarded the CIIA qualification from ACIIA, Switzerland and Certified Portfolio Manager (CPM) designation and membership from CPMR, India subject to regulations.

Program Structure The CIIA examinations consist of two levels: National Level International Level National Level Exam 1 Financial Accounting and Financial Statement Analysis Economics Quantitative Methods Exam II Corporate Finance Equity Valuation and Analysis Fixed Income Valuation and Analysis Exam III Derivative Valuation and Analysis Portfolio Management Ethics and Professional Standards International Level Exam 1

Exam II

Corporate Finance Economics Financial Accounting and Financial Statement Analysis Equity Valuation and Analysis Fixed Income Valuation and Analysis Derivative Valuation and Analysis Portfolio Management

Examination Format : Full and minicase study questions and in-depth essay questions.

Examinations
National Level Examinations The examinations for the National Level of the CIIA Program serve to finally assess the students' understanding of the subject and level of skill development. The examinations are conceived, developed and administered on a rigorous system with a view to groom world-class professionals in the areas of investment analysis. Eligibility for appearing in the examinations Students are eligible to appear for the Examination I of the National Level, three months after the date of enrollment. Subsequently, students can appear in a sequential manner every three months. Students can appear directly for the International Level (Final) Examinations of CIIA after clearing the National Level Examinations. The schedule of the Examinations is given below: National Level Examinations January, 2010 April, 2010 July, 2010 October, 2010 Test centers The examinations are held at the test centers as indicated on the website: www.cpmrindia.org. Enrollment dates In order to become eligible to appear for the national level examinations, the students are required to enroll into the program on or before the following dates. The earlier the better. Examinations January, 2010 April, 2010 July, 2010 October, 2010 Enroll into the Program on or before October 31, 2009 January 30, 2010 April 30, 2010 July 31, 2010 Test Dates Last Date for Submission of Examination Registration Form Nov 30, 2009 Feb 27, 2010 May 31, 2010 Aug 31, 2010

10, 17, 24, 31 4, 11, 18, 25 4, 11, 18, 25 10, 17, 24, 31

Passing requirement To pass in National Level Examinations, the student must secure an average of 55 percent marks in each exam. National Level Examination Calendar The national level examinations are conducted by CPMR on Sundays in January, April, July and October at test centers all over India.

International Level Exam The CIIA International Level Examinations will be 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 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.

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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
Foreign citizens should not apply using this Form. They may write to the Registrar for guidance.

WE

1. PERSONAL DETAILS Name : Mr/Ms

(Use capitals) (As it appears in Official Records, Underline Surname)

Parents/Guardians Name : Mr/Ms _____________________________________________________________________________ Address __________________________________________________________________________________________________

(Use capitals)

____________________________________________________________________________________________________________
(City) (to facilitate easy and quick delivery of mail) (State) (Pin)

Nearest Landmark (Near/Adj./Opp/Behind): _______________________________________________________________________ Tel. (Off.) ____________________________________________ (Res.)__________________________________________________

(City Code) (Area Code) Number (City Code) (Area Code) Number (City Code) (Area Code) - Number

Paste a recent color photograph of size 3.5 x 4.5 cms. Photograph must not be larger than this box. Do not sign on the Photograph and do not staple

Fax: __________________________________________________ Mobile : ______________________________________________ E-mail : _________________________________________________________________ Date of Birth: Passport No. Place of Issue : ______________________________________
#

1 9
Date Month Year

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 Bachelors Degree Others 3.

OCCUPATION Please tick ( )

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

Designation _____________________________________________ Industry _______________________________________________________ 4.

REMITTANCE OF FEE: Rs. 26,500 Please tick ( )

By Demand Draft

By Credit Card*

(Please do not make any payments 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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