The Japan Securities Analysts Association (JSAA) Qualification Exams

The Japan Securities Analysts Association (JSAA) offers two professional qualification exams for securities analysts in Japan:

⚫ Certified Securities Analyst (CSA): This is the basic level exam, focusing on fundamental analysis and investment principles.
⚫ Certified International Investment Analyst (CIIA): This is the advanced level exam, covering global financial markets, international portfolio management, and ethical considerations.

Exam Syllabus:

Certified Securities Analyst (CSA):

Financial Accounting (25%)-
⚫ Financial statements analysis
⚫ Ratio analysis
⚫ Cash flow analysis

Corporate Finance(25%)-
⚫ Capital budgeting
⚫ Valuation methods
⚫ Mergers and acquisitions

Economics and Investment Strategy (25%)-
⚫ Macroeconomic analysis
⚫ Asset allocation
⚫ Portfolio management

Securities Analysis and Markets (25%)-
⚫ Equity analysis
⚫ Fixed income analysis
⚫ Derivatives

Certified International Investment Analyst (CIIA):

Global Financial Markets (25%)-
⚫ International monetary system
⚫ Exchange rate mechanisms
⚫ Global asset allocation

Portfolio Management (25%)-
⚫ Modern portfolio theory
⚫ Performance measurement
⚫ Risk management

Ethical and Professional Standards (25%)-
⚫ Code of ethics for investment professionals
⚫ Anti-money laundering regulations
⚫ Corporate governance

Exam Pattern:
⚫ Both exams are multiple-choice format with 100 questions each. The passing score is 60%. The CSA exam is offered in Japanese only, while the CIIA exam is available in both English and Japanese.

Additional Resources:
⚫ JSAA website: https://www.saa.or.jp/english/
⚫ JSAA exam information: https://www.saa.or.jp/english/programs/cma.html
⚫ CIIA website: https://www.cii.co.uk/
⚫ CIIA exam information: https://www.aciia.org/