Examination & guidelines

Examination & guidelines

by admin

The CGIA examination

Upon a successful exam registration, candidates receive an email with a confirmation letter with all relevant links to exam courseware. Candidates further receive an update from the examination registration team either via direct phone call or email.

The CGIA Charter Program includes a series of exams covering three (3) levels. Candidates must pass all levels and satisfy all obligations before the CGIA designation is awarded.

All Levels (I, II, III)
– Are offered every year — at exam centers near you (specify during registration)— in January and July.
– Must be registered and passed sequentially. That’s a candidate can move to the next level only after passing the preceding level.
– Are available and written in English only. Check our English Language Requirements below.

The CGIA professional examination at all levels is held in January and July of every year.

Level I January & July
Level II January & July
Level III January & July

*** Kindly note that only candidates who have satisfied all their obligations as registered members, (thus, paid their annual subscription and paid for all exam fees, exemptions applicable to date) are eligible to sit for the exam. ***

The CGIA examination council is responsible for providing examination questions for assessment and marking of scripts. CGIA Charter Program exam is held in all the exam centers and centers are communicated to candidates during registration.

List of courses

A1  Investment I

A2  Corporate Finance I

A3  Financial Risk Management

A4  Alternative Investment

A5  Investment II

A6  Corporate Finance II

A7  Financial Reporting & Analysis I

A8  Investment Analysis & Portfolio Management I

A9  Derivatives Analysis I

A10 Investment Ethics I

A11  Financial Reporting & Analysis II

A12  Investment Analysis & Portfolio Management II

A13  Derivatives Analysis II

A14  Investment Ethics II

Examination structure

The Level I exam consists of 70 multiple choice questions which are all compulsory.



The duration of the Level I exam is two hours and can be written as a Computer-based or Paper-based exam.

The Level II exam consists of 100 multiple choice questions which are all compulsory.



The duration of the Level II exam is two and a half hours and can be written as a Computer-based or Paper-based exam.

The Level III exam consists of 7 essay questions. Candidates are required to select and answer five (5) questions for 20 marks each.



The duration of the Level III exam is 2 and half hours.

Change of exam center

Candidates who wish to change exam center must do so at least six weeks before the exam date. Candidates are therefore advised to give due consideration to several factors that may have influence on them before they choose an exam center.

Exam results

The examination results for all CGIA candidates are available online through candidate online portal (login required) and also via electronic mail using the address provided by candidate during registration.

Pass mark

The CGIA exam is marked over 350 points per paper. In order to ensure quality training and uphold the ethical code of conduct and professionalism of the CGIA Charter Program, the pass mark for each paper is set at 175 points.


Candidates may seek exemptions from one or more courses of the CGIA curriculum. However, candidates must have achieved an exam pass from a recognized institution. A qualification from a recognized awarding institution does not automatically confer an exemption for a CGIA award and the exemption decision will be based upon the level of match between the two. All requests for exemptions are considered based on the merits on the application.

English language requirements

CGIA exam are written only in English and hence require a good standard of English, as well as knowledge of the technical terms associated with the subject matter.

All questions are designed to test specific knowledge and understanding and candidates need to absorb information quickly and to read questions very closely.

Mode of exam

Starting from January 2019, candidates can now write all Level I and Level II exams as Computer-based or Paper-based. Candidates are given the chance to select their preferred option for each exam sitting.

CGIA exams are written twice in a year, that is January and July each year for both the Computer-based and Paper-based exam.