CIFA EXAMINATION SYLLABUS

Certified Investment & Financial Analysts

The CIFA examination is intented for those persons who wish to qualify and work as professional managers, financial analysts and consultants on investment and securities, pension funds, stock broking, investment and securities, pension funds, stock broking, investment banking and other specialised fields in finance.

The Certified Investment and Financial Analysts (CIFA) examination is held twice yearly in June and December. The examination is divided into three (3) parts of two (2) sections each where each section consists of three (3) subjects. A candidate may attempt one (1) section or two (2) consecutive sections in the examinations. Candidates are not allowed to enter for a higher section before completing a lower one. Prior to applying for registration as a student of the Board, the applicant is advised to carefully assess his/her interest in the profession and ability to study, take and pass the examination within a reasonable time.

The titles of individual papers in each level are given below.

Entry Requirements for CIFA courses:

Person seeking to be registered as a student for any of the professional examinations must show evidence of being a holder of one of the following minimum qualifications:

  • Secondary education (O level) certificate with an aggregate average of at least grade C+ (or equivalent) provided the applicant has obtained a minimum of grade C+ (or equivalent) in both English and Mathematics.
  • Advanced education (A level) certificate with at least two principal passes provided that the applicant has credits in Mathematics and English at secondary education level
  • KASNEB technician or professional examination certificate.
  • A degree from a recognised University.
  • Such other certificates or diplomas as may be approved by the Board of KASNEB

PART I

SECTION 1

Paper No.

    CI11. FinanciaL Accounting
    CI12. Financial Mathematics
    CI13. Entrepreneurship and Communication

SECTION 2

    CI21. Economics
    C122. Financial Institution and Markets
    CI23.  Public Finance and Taxation

PART II

    SECTION 3

    CI31. Regulation of Financial Markets
    CI32. Corporate Finance
    CI33. Financial Statements Analysis

    SECTION 4

    CI41. Equity Investments Analysis
    CI42. Portfolio Management
    CI43. Quantitative Analysis

PART III

    SECTION 5

    CI51. Strategy Governance and Ethics
    CI52. Fixed Income Investment Analysis
    CI53. Alternative Investments Analysis

    SECTION 6

    CI61. Advanced Portfolio Management
    CI62. International Finance
    CI63. Derivative Analysis