CIRA Exam Information and Outline
Certified Investment Research Analyst
Syllabus Update Checked on: October 30, 2026
CIRA Exam Syllabus & Study Guide
Before you start practicing with our exam simulator, it is essential to understand the
official CIRA exam objectives. This course outline serves as your roadmap.
The information below reflects the 2026 syllabus defined by
AIWMI.
Below are complete topics detail with latest syllabus and course outline, that will help you good knowledge about exam objectives and topics that you have to prepare. These contents are covered in questions and answers pool of exam.
- Exam Format
- Online multiple-choice and case-based examination
- Investment Research Fundamentals
- Role of the research analyst and research process
- Regulatory and ethical standards for research analysts
- Economic and Industry Analysis
- Macroeconomic indicators and top-down analysis
- Industry structure, life cycle and competitive forces
- Company Analysis
- Business model and management quality assessment
- Financial statement analysis and forecasting
- Valuation
- DCF (FCFF, FCFE), dividend discount models
- Relative valuation: P/E, EV/EBITDA, P/B, sum-of-the-parts
- Financial Modelling for Research
- Building integrated three-statement models
- Fixed Income and Credit Research Basics
- Technical Analysis Basics
- Writing Research Reports
- Investment thesis, target price, risks and recommendations