Objective of the Examination

This Certification Exam is specifically designed to meet the minimum qualification needs of the capital market participants at brokerage houses, investment advisors, banks and asset management companies with investment analysis and modelling function and to ensure that they are competent to provide research/financial analysis to investors.

Target Audience

This exam is by and large mandated for Research Analysts working at Brokers, Investment Advisors, Banks and Asset Management Companies.

Syllabus Structure

The unit is divided into elements. These are broken down into a series of learning objectives. Each learning objective begins with one of the following prefixes: know, understand, be able to calculate and also be able to apply. These words indicate the different levels of skill to be tested. Learning objectives prefixed:

  • know require the candidate to recall information such as facts, rules and principles
  • Understand require the candidate to demonstrate comprehension of an issue, fact, rule or principle.
  • Be able to calculate require the candidate to be able to use formulae to perform calculations.
  • Be able to apply require the candidate to be able to apply their knowledge to a given set of circumstances in order to present a clear and detailed explanation of a situation, rule or principle.

Examination Specification

Each examination paper is constructed from a specification that determines the weightings that will be given to each element. The specification is given below.

It is important to note that the numbers quoted may vary slightly from examination to examination as there is some flexibility to ensure that each examination has a consistent level of difficulty. However, the number of questions tested in each element will not change by more than plus or minus 2.

Element No.ElementsPercentage
1Ethics and Regulatory Framework10
2Statistical Methods05
4Financial Reporting15
5Corporate Finance10
6Equity Analysis20
7Alternative Investments05
8Fixed Income10
9Equitised Derivatives05
10Portfolio Management10

Assessment Structure

  • This will be a 180 minutes examination of 120 Multiple Choice Questions (MCQs).
  • All questions will carry equal marks.
  • There will be no negative marking.

Summary Syllabus

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