Chartered Institute of Stockbrokers
(Chartered by Act 105 of 1992)
Associate of the Chartered Institute of Stockbrokers (ACS) program
Registration
Item: Price
Registration/Application Form fee N5, 000
Annual Subscription (1st year subscription N5, 000
due on submission of Application form)
Examination
The new ACS examination comprises two levels, Level 1 and Level 2 of four papers each.
Level 1
Format: 100 Multiple choice questions
Focus: Candidates will learn the basic knowledge and understanding of the 12 subjects which make
up the following 4 Papers:
Paper No Exam Duration Subjects covered
Paper 1.1 3 hours plus 10
minutes
Financial Accounting and Financial Statement
Analysis
Economics and Financial Markets
Quantitative Analysis and Statistics
Paper 1.2 3 hours plus 10
minutes
Corporate Finance
Equity Valuation and Analysis
Fixed Income Valuation and Analysis
Paper 1.3 3 hours plus 10
minutes
Derivative Valuation Analysis
Portfolio Management
Commodity Trading and Futures
Paper 1.4 3 hours plus 10
minutes
Ethics and Professional Standards
Law relating to securities and investments
Regulations of securities and corporate finance
Level 2/Final Level
Format: Multiple choice questions, short essay questions and long essay questions/calculations/case
studies
Focus: Candidates will sit for the same 4 papers/12 subjects offered in level 1, but the focus is on indepth knowledge and practical application of the subjects covered.
Examination structure: Each paper in level two is composed of the following sections:
SECTION A: 40 multiple choice questions. This section accounts for 40% of the total score .
SECTION B: Compulsory short answer questions drawn from the entire subjects making up the
paper. This section will carry 10% of the marks.
SECTION C: Three compulsory questions consisting of essay type, calculation and/or case study.
This section will carry 50% of the marks.
Candidates will be given 10 minutes at the start of each examination paper in which to read the
questions. They are strongly encouraged to use this time for reading only but notes may be made.
Paper No Exam Duration Subjects covered
Paper 2.1 3 hours plus 10
minutes
Financial Accounting and Financial Statement
Analysis
Economics and Financial Markets
Quantitative Analysis and Statistics
Paper 2.2 3 hours plus 10
minutes
Corporate Finance
Equity Valuation and Analysis
Fixed Income Valuation and Analysis
Paper 2.3 3 hours plus 10
minutes
Derivative Valuation Analysis
Portfolio Management
Commodity Trading and Futures
Paper 2.4 3 hours plus 10
minutes
Ethics and Professional Standards
Law relating to securities and investments
Regulations of securities and corporate finance

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Examination Fees
No of Examination
Paper(s)
Level 1 Level 2
1 Paper N24,500.00 N28,000.00
2 Papers N30,500.00 N35,500.00
3 Papers N36,500.00 N43,000.00
All Papers (4) N42,500.00 N50,500.00
Pass Mark: To gain a pass, the student must in each examination paper at any level secure a pass mark of
50 per cent.
Credit System and Examination Entries: Candidates will retain credits for all examination papers
passed, subject to completing the entire examinations within an eight-year period.
Candidates must complete examination at Level 1 before attempting the Level 2 examination. Candidates
cannot combine two levels of the examination at any sitting.
A candidate may enter for any number of examination papers in any examination session in each level. In
other words, candidates may enter for 1, 2, 3 or 4 examination papers at a sitting.
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Exemption Fee

Exemptions
Holders of the certificates of recognised Securities and Investment Institutes may be exempted from all
papers in Levels 1 and Papers 2.1, 2.2 and 2.3 in Level 2 of the CIS examinations. The diagram below
shows available exemptions for prospective student of the Institute:
Institute Qualification Exemption Recommended
Paper(s) to
write
1 Chartered Financial
Analyst Institute (CFA) CFA Charter
Level 1 (Paper 1.1, 1.2,1.3 &
1.4) Level 2 (Paper 2.1,2.2 &
2.3)
Level 2 (Paper
2.4)
2
Association of Certified
International Investment
Analysts (ACIIA)
Certified International
Investment Analysts (CIIA)
Level 1 (Paper 1.1, 1.2,1.3 &
1.4) Level 2 (Paper 2.1,2.2 &
2.3)
Level 2 (Paper
2.4)
3
Chartered Institute for
Securities and Investment
(CISI)
CISI Diploma (Full
membership status)
Level 1 (Papers 1.1,1.2,1.3 &
1.4) Level 2 (subject for
subject based on options
completed by the applicant in
the CISI course)
Level 2
(subject for
subject basis);
but in all cases
Paper 2.4 is
compulsory
4
Institute of Chartered
Accountants of Nigeria ACA, FCA Level 1( All papers) Level 2 ( All
papers)
5
Chartered Institute of
Bankers of Nigeria ACIB Level 1( All papers) Level 2 ( All
papers)
6
Institute of Chartered
Secretaries and
Administrators
ACIS Level 1( All papers) Level 2 ( All
papers)
7
Chartered Insurance
Institute of Nigeria ACII Level 1( All papers) Level 2 ( All
papers)
8
Association of Chartered
Certified Accountants
(ACCA) ACCA, FCCA Level 1( All papers) Level 2 ( Allpapers)
9
Chartered Institute of
Management
Accountants (CIMA)
ACMA, FCMA Level 1( All papers) Level 2 ( All
papers)
10
Chartered Institute of
Public Finance and
Accountancy (CIPFA)
CPFA Level 1( All papers) Level 2 ( All
papers)
11
American Institute of
Certified Public
Accountants (AICPA) AICPA Level 1( All papers) Level 2 ( All
papers)
12
Financial Industry
Regulatory
Authority(FINRA)
Examinations
General Securities
Representative Exam (Series 7
Exam)
Level 1
Level 2 (Paper 2.2 only)
Level 2 (Papers
2.1, 2.3 and
2.4)
13
Financial Industry
Regulatory
Authority(FINRA)
Examinations
Series 6 Exam Level 1 Level 2 ( All
papers)
14 Recognised Universities
and Polytechnics
BSc/HND/ in Accountancy/
Economics/ Finance/
Business Administration
Banking/Insurance
Mathematics/Statistics
Level 1 (Paper 1.1 only)
Level 1 (Papers
1.2,1.3&1.4
Level 2 ( All
papers)
15 Recognised Universities
and Polytechnics
MSc in Finance/ Investment
/Capital Market Studies
Level 1
Level 2 ( All
papers)
Eligibility for exemption will be determined on application and the qualification must be obtained by
written assessments. Applications for exemption must be accompanied by the correct fee.
Application for exemptions must be made on the official exemption form available on the Institute’s
website.
Exemption fees are equivalent to the examination fees the candidate would have paid if they were to
write the relevant papers, as detailed below.
No of Papers for Exemption Level 1 Level 2
1 Paper 24,500.00 28,000.00
2 Papers 30,500.00 35,500.00
3 Papers 36,500.00 43,000.00
All Papers (4) 42,500.00 Not Applicable

 

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Post Examination Information
On successful completion of the CIS Professional Examination, a CIS Student Member becomes a Graduate
Member. Once a Graduate Member is 1 year removed from his or her last CIS professional Examination
Paper and has a cumulative working/professional experience of at least 3 years, they are eligible to apply
for induction as an Associate Member of the Institute and receive the ACS designation.