Certified International Investment Analyst (CIIA) Final Examination
Certified International Investment Analyst (CIIA®) is an international and locally recognised advanced professional qualification for individuals aspiring to work or currently working in the finance and investment industry. The qualification is awarded by the Association of Certified International Investment Analysts (ACIIA).
The CIIA Examinations consist of two levels of Common Knowledge Examinations (Foundation and Final Level) and a National Examination. Only the CIIA Final Examination is offered by the HKSI Institute in Hong Kong.
To be awarded the CIIA®, candidates must pass Common Knowledge Examinations and a National Regional Examination. Candidate must also demonstrate experience in financial analysis, portfolio management, or financial services.
Candidates who meet the enrolment prerequisites listed below may proceed directly to the CIIA Final Examination and are exempted from the CIIA Foundation and National Regional Examinations.
To be eligible for registration as a candidate for the CIIA Final Examination, applicants must meet the requirements of either the "Experienced Qualified Candidate” (EQC) Route or the HKSI Institute Diploma Programme Examination (DPE)/the HKSI Institute Professional Diploma in Financial Market (PDFM) Route, as described below:
- HKSI Institute Ordinary Members/Fellows/Senior Fellows/Honorary Fellows; or
- Applicants with the following academic/professional qualifications recognised by the HKSI Institute:
- academic qualifications such as Bachelor Degree(s) or above in accounting, business administration, economics, finance, investment management and law; or
- professional qualifications such as CFA, CFPCM, CMA (Australia/Canada/US) , ACMA (UK), ACA (England & Wales/Scotland/Ireland/Australia/New Zealand/Canada/South Africa/Zimbabwe), CPA (HK/PRC/Australia/US) and ACCA (UK); or
- other qualifications recognised and approved by the HKSI Institute.
Applicants who have completed all three papers of the DPE, or all seven modules of the PDFM.
Registration as a CIIA Registered Candidate
To enrol for CIIA Final Examination for the first time, applicants must register with the HKSI Institute as a CIIA Registered Candidate.
The CIIA Final Examination has two examination papers and examined are essential skills and knowledge required for professionals working in investment markets. The syllabus of the CIIA Final Examination, textbooks, articles and relevant materials as specified by the ACIIA.
Examination 1
- Corporate finance
- Economics
- Financial accounting and statement analysis
- Equity valuation and analysis
Examination 2
- Fixed income valuation and analysis
- Derivative valuation and analysis
- Portfolio management
Please download the syllabus from the Study Reference section of the ACIIA website.
Format: Full and mini-case study questions and in-depth essays
Examination Question Language: English or Simplified Chinese
Duration: 3 hours for each paper
Mode: Paper-based Examination (PBE)
Examination Venue: Hong Kong Examination Centre
Frequency*:
Semi-annually in March and September each year (English)/Annually (Simplified Chinese; in September for 2025)
Candidate Registration Fee**: HKD1,370
Examination Fees:
HKD3,680 for each paper (Early-bird) ;
HKD4,620 for each paper (Regular)
* For the examination dates and application deadlines, please click here. Please note that enrolment is on a first-come-first-served basis.
**Candidate Registration for September 2025 Session:
Application Deadline - 28 July 2025 (Mon)
Study Manuals
Registered candidates who have chosen English as their examination language can download the latest versions of the CIIA Study Manuals (English version) from the CIIA's Study Platform.
Sample Examination Questions and Solutions (English version) for the CIIA Final Examination are available on the ACIIA website.
List of References and Suggested Readings
Please download the materials from the Reference guide and Syllabus section of the ACIIA website.
Past Examination Papers (English version) are available for sale to registered candidates at the HKSI Institute counter. Each copy is priced at HKD60.
Estimated Study Hours*: 250 hours
The recommended proportion of time to be spent on each topic is as follows:
- Corporate finance - 10%
- Economics - 10%
- Financial accounting and financial statement analysis - 15%
- Fixed income valuation and analysis - 15%
- Equity valuation and analysis - 15%
- Derivative valuation and analysis - 15%
- Portfolio management - 20%
* Estimated study hours as shown above are for reference only.
To be awarded the CIIA®designation, CIIA Candidates must:
- complete the CIIA Final Examination (Exam 1 and Exam 2) within THREE years from the month of their first eligible examination session;
- have three-year experience working in the domain of financial analysis, portfolio management, investment, etc.;
- become an HKSI Institute Ordinary Member or above; and
- fulfil any other requirements prescribed by the ACIIA.
The CIIA® is recognised by the SFC, as one of the internationally recognised professional qualifications in finance which can compensate the "recognised industry qualifications" of the SFC's competence requirements for an individual applying to be a responsible officer and/or a representative.
The FCA in the United Kingdom recognised the CIIA® designation as a Key 2 qualification. The ACIIA now has the awarding body status.
Candidates with the CIIA® designation will need to take a UK specific examination such as those offered by the Chartered Institute for Securities and Investment and the United Kingdom Society of Investment Professionals in order to meet the full examination requirements for the aforementioned activities.
The PRMIA headquartered in the US recognised the CIIA® designation.
Individuals who are current CIIA designation holders may seek an exemption for the PRM Exam 1. Such applicants are only required to pass the PRM Exam 2, as well as meet the experience and membership requirements of the PRM Designation program. For more details, please click here.
For further details regarding the CIIA® recognition, please refer to ACIIA website.
Before registering or enrolling for the examination, you must read and understand all the policies set by the HKSI Institute. During the registration or enrolment process, all candidates are required to agree to abide by these policies, which are updated periodically.
You can find frequently asked questions about an examination below or click here for other questions.
- What are the key points to keep in mind on the examination date?
- On the examination day, if I am unable to attend, can I request a reschedule or seek a refund?
- How can I get my Notification of Results and examination certificates?
