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

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

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)

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 ( All papers)

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

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.

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