Certified International Investment Analyst (CIIA) Final Examination

Certified International Investment Analyst (CIIA®) is an international and locally recognised advanced professional qualification for individuals wishing to work/working in the finance and investment industry.  The qualification is awarded by the Association of Certified International Investment Analysts (ACIIA)To be awarded the CIIA®, candidates must pass Common Knowledge Examinations, a National Regional Examination and proof experience working in domain of financial analysis, portfolio management, and/or financial services in general. The Common Knowledge Exams are divided into two levels, the Foundation and Final Level. Only the CIIA Final Examination is offered by the HKSI Institute in Hong Kong.

Candidates who fulfil the below enrolment prerequisites may proceed directly to the CIIA Final Examination and are exempted from the CIIA Foundation and National Regional Examinatons.


To be eligible for registration as a candidate of the CIIA Final Examination, applicants must meet the requirements of either the Experienced Qualified Candidate” (EQC) Route or the DPE/PDFM Route, as described below:

Individuals who meet the following requirements are exempt from taking the CIIA Foundation and National Examinations and eligible to proceed directly to the CIIA Final Examination:

  1. HKSI Institute Ordinary Members/Fellows/Senior Fellows/Honorary Fellows; or
  2. 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.


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.  For details of the application procedures, please refer to the ACIIA/HKSI Institute CIIA Final Examination Handbook (Examination in English and/or Examination in Simplified Chinese).

Examination Details and Fee

Examination Syllabus

Please download the syllabus from the Reference guide and Syllabus section of the ACIIA website.


Examination Structure and Fee

All examination papers of the CIIA Final Examination are in English or Simplified Chinese, and include full and mini-case study questions and in-depth essays. 

The examination in English is held semi-annually in March and September of each year. The examination in Simplified Chinese is held annually in March of each year.

Candidate Registration Fee




Examination Fee



Exam 1

  • Corporate finance
  • Economics
  • Financial accounting and statement analysis
  • Equity valuation and analysis

3 hours



Exam 2

  • Fixed income valuation and analysis
  • Derivative valuation and analysis
  • Portfolio management

3 hours



Study Support

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 HKD 60.

Award Requirements

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 Securities and Futures Commission (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.


For further details regarding the CIIA® recognition, please refer to ACIIA website.

Examination Schedule

  Application Deadline
Candidate Registration for September 2024 Session
29 July 2024 (Mon)
Examination  Examination Date and Time  Enrolment Deadline
Early-bird Regular
Exam 1 21 September 2024 (Sat)
09:30 - 12:30
29 July 2024 (Mon)

26 August 2024 (Mon)

Exam 2 21 September 2024 (Sat)
14:15 - 17:15
29 July 2024 (Mon) 26 August 2024 (Mon)

1. Enrolment is on a first-come-first-served basis.
2. The dates and times shown in this timetable refer to the dates in Hong Kong and the Hong Kong Standard Time as announced by the Hong Kong Observatory.
3. The timetable and fee are subject to change without prior notice.