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:

SN 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)
3 Chartered Institute for Securities and Investment (CISI) CISI Diploma (Full membership status) Level 1 (Papers 1.1,1.2,1.3 & 1.4)   Level 2 (subject for subject based on options completed by the applicant in the CISI course)  Level 2 (subject for subject basis); but in all cases Paper 2.4 is compulsory

Institute of Chartered Accountants of Nigeria

ACA, FCA Level 1( All papers) Level 2 ( All papers)

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)

Chartered Insurance Institute of Nigeria

ACII Level 1( All papers) Level 2 ( All papers)
8 Association of Chartered Certified Accountants


ACCA, FCCA Level 1( All papers) Level 2 ( All papers)
9 Chartered Institute of Management Accountants 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 Level 1( All papers) Level 2 ( All papers)
12 Financial Industry Regulatory Authority(FINRA) 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) Series 6 Exam Level 1 Level 2 ( All papers)
14 Recognised Universities and Polytechnics BSc/HND/ in Accountancy/ Economics/ Finance/ Business Administration Banking/Insurance


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 exemption must be made on the official exemption form available at the Institute’s website/Secretariat, on payment of N5, 000.

Exemption fees are equivalent to the examination fees the candidate would have paid if they were to write the relevant papers, as detailed below.

Exemption Fees

No of Papers 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




The Chartered Institute of Stockbrokers (CIS) is an Institute chartered by Act of parliament of the Federal Republic of Nigeria in 1992 with the responsibility of providing professional qualification for Stockbrokers and other Securities and Investment professionals.
The CIS regulates the activities of over 15,000 members (students, associates, fellows and graduates, Stock Marketing Agent, diploma, e.t.c.). The Institute also processes and manages registration of its members, examination, financial and legal information in order to achieve its objectives.


September 2018
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