KASNEB CSIA Examinations

Guide to the Certified Securities and Investment Analysts (CSIA) Examination


Historical Note


The Institute of Investment Professionals (IIP) was registered on 22 July 1997 under section 10 of the Societies Act (Cap.108) of the Laws of Kenya.

The main objective of the Institute is to develop a professional designation to further enhance training for capital market participants in the East African Region.

Investment and Securities Analysts examination is at technician and professional levels. The qualification is intended for specialists in financial and security analysis.

A Synopsis of the Certified Securities and Investment Analysts (CSIA) Examination

The CSIA examination is held twice yearly in June and December. The examination is divided into three parts of two sections each. Each section consists of three papers.

A candidate may attempt two sections in a part together or separately in ascending order but before proceeding to the next part, a candidate must pass the lower part.

The examination is rigorous and standards are high and therefore a candidate is advised to devote approximately the equivalent of eighteen months of full time study for each part of the examination. Ideally therefore, a student should be able to complete the CSIA examination in between four and a half and six years.

A student should programme the studies in such a way that makes it possible to take and pass the three parts in a duration of between four and a half and six years following the date of registration as a student of KASNEB.

In this way, a candidate will be able to set aside three years as a margin of safety in case of unforeseen circumstances in the preparation for the examination.

Holders of the final CSIA certificate are eligible for admission to pursue masters and other higher degrees in reputable universities both in Kenya and foreign countries.

Students taking the CSIA examination are advised to look for ways and means of acquiring practical experience so that they can match progress in the examination with competence in performance of duties in the work environment.

The following are the papers contained in each part of the CSIA examination:

PART I
Section 1


  • Financial Mathematics
  • Financial Institutions and Markets
  • Entrepreneurship and Communication

    Section 2

  • Economics
  • Financial Accounting
  • Taxation Theory and Practice

    PART II
    Section 3


  • Management Information Systems
  • Financial Management
  • Financial Statements Analysis

    Section 4

  • Advanced Finance, Investment and Equity Analysis
  • Law and Regulations Governing Financial Markets
  • Quantitative Analysis

    PART III
    Section 5


  • Principles and Practice of Management
  • Valuation and Analysis of Fixed Income Instruments
  • Asset Management

    Section 6

  • Portfolio Management
  • International Finance
  • Valuation and Analysis of Derivatives

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