CIFA Examination Syllabus

The CIFA examination is intended 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 in both public and private sector.

The Certified Investment and Financial Analysts (CIFA) examination is held twice yearly in May and November. Sittings may change dependent on kasneb’s calendar. The examination was revised in July 2021 and is divided into three (3) levels of Foundation, Intermediate and Advanced Level. Candidates are not allowed to enter for a higher level before completing a lower one. Prior to applying for registration as a student, 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.

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).
• 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.

The revised CIFA examination comprises 17 papers to be administered in three levels:

(i) Foundation Level

• Financial Accounting
• Professional Ethics and Governance
• Regulation of Financial Markets
• Economics
• Quantitative Analysis
• Introduction to Finance and Investments

(ii) Intermediate Level

• Portfolio Management
• Financial Statements Analysis
• Equity Investments Analysis
• Corporate Finance
• Public Finance and Taxation for Investment Analysts

Advanced Level

• Leadership and Management
• Fixed Income Investment Analysis
• Alternative Investments Analysis
• Advanced Portfolio Management
• Derivatives Analysis
• Practical paper on Financial Modelling and Data Analytics

The fees structure may be downloaded on the kasneb website here:   kasneb fee structure July 2021