Junior Investment Analyst Exam Details
The JIA Certificate program is designed for those working in financial analysis and those working for firms involved in financial analysis, investment management, and investment-related activities. The curriculum is focused on both the tools of analysis and their real-world applications. Upon mastering the JIA curriculum and passing the JIA exam, candidates are awarded the JIA Certificate and the right to use the JIA certification by the Schweser Institute.
Who Will Benefit?
The JIA certification provides evidence of competency in several key areas of investment valuation, financial analysis, economics, and ethical practice. Banks, brokers, money managers, investment management consultants and performance evaluation firms, hedge funds, and mutual funds all will have employees who can benefit by increasing their investment knowledge and analytic skills. By offering the JIA Certificate to their employees, corporations will benefit not only from a more educated workforce, but from being able to identify those employees who are most able to profit from further training in financial analysis. For individuals, the JIA Certificate provides a way to distinguish themselves within their firms as well as the knowledge and skills necessary to pursue further financial training and financial designations.
The JIA exam is a 3-hour proctored examination. There are 120 multiple-choice questions. No written material or scratch paper is permitted at the exam. The passing score is set by the JIA Board of Directors after each exam. Note that a passport or other government-issued photo ID is required for exam admittance.
Approximate Exam Topic Weightings:
- Ethical Standards - 10%
- Quantitative Methods - 15%
- Economics - 12%
- Financial Statement Analysis - 20%
- Analysis and Valuation of Equity Securities - 5%
- Portfolio Theory - 5%
- Corporate Finance - 8%
- Structure and Operation of Securities Markets - 5%
- Debt Securities - 10%
- Derivative Securities - 5%
- Alternative Assets - 5%
The curriculum supporting the JIA exam comprises 11 topic areas:
- Topic 1: ETHICAL STANDARDS: Duties to Clients, Client Confidentiality, Non-Public Information, Due Diligence, and Suitability
- Topic 2: QUANTITATIVE METHODS: Yield Computation, Present Value Methods, Net Present Value and Internal Rate of Return Analysis, Statistical Methods, and Probability Theory and Application
- Topic 3: ECONOMICS: Supply and Demand, Resource Allocation, Perfect Competition, Market Imperfections, Market Structure, Markets for Productive Inputs, Aggregate Demand, Aggregate Supply, Monetary Policy, Inflation, Labor Markets, Business Cycles
- Topic 4: FINANCIAL STATEMENT ANALYSIS: Essentials of Financial Reporting Standards, Income Statement, Statement of Cash Flows, Balance Sheet, Financial Statement Forecasting
- Topic 5: ANALYSIS AND VALUATION OF EQUITY SECURITIES: Characteristics of Equity Securities, Analysis of Equity Securities, Valuation of Equity Securities
- Topic 6: PORTFOLIO THEORY: Portfolio Management, Modern Portfolio Theory, Portfolio Risk, Asset Allocation, Capital Asset Pricing Model
- Topic 7: CORPORATE FINANCE: Project Analysis, Cost of Capital, Determination of the Optimal Capital Budget
- Topic 8: STRUCTURE AND OPERATION OF SECURITIES MARKETS: Types of Markets, Types of Securities, Trading in Equity Markets
- Topic 9: DEBT SECURITIES: Characteristics of Debt Investments, Yield Measures, Risk and Risk Premiums, Yield Spreads
- Topic 10: DERIVATIVE SECURITIES: Characteristics of Derivative Securities, Types of Derivative Securities, Forward Contracts, Futures Contracts
- Topic 11: ALTERNATIVE ASSETS: Mutual Funds and ETFs, Characteristics of Real Estate Investments, Commodities as an Asset Class, Private Equity Funds, Hedge Funds
The JIA exam is given three times annually: on the third Saturday of March, the second Saturday of July, and the third Saturday of November. Registration for the March exam commences on the previous November 1; March 1 for the July exam; and July 1 for the November exam. Exam entrance tickets are available for printing online approximately one month prior to each exam.
Initial Exam Registration: $799 (payable in U.S. dollars)
Exam registration includes the following:
- Volumes 1, 2, and 3 of the SchweserNotes™ for the JIA exam, which contain the required JIA curriculum readings and learning exercises
- JIA Practice Exams: three 120-question exams representative of the difficulty, format, and style of JIA exam questions
- Exam entrance ticket
Initial Exam Registration for Previous Schweser Customers: $499 (payable in U.S. dollars)
(includes same components as above)
JIA exam candidates who have previously purchased a Schweser study package (over $500) receive a discount.
Registration for a Subsequent JIA Exam: $299 (payable in U.S. dollars)
Candidates who fail to take, or fail to pass, a JIA exam may register for the next scheduled JIA exam at a discounted rate. In this case, access to the online components (question bank, videos) of the JIA curriculum is extended through the date of the next JIA exam.
Current Exam Sites:
- Abu Dhabi
- Saudi Arabia
Requests by individuals or corporations in the following countries for information about the JIA Certificate program or for exam registration, should be directed to the Institute for Financial Analysts, our exclusive agent in the region: Egypt, Bahrain, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, Tunisia, Turkey, United Arab Emirates, Yemen, Algeria, Libya, and Morocco. Contact details listed above.