Question 1:      Brief history of CIS?

The Chartered Institute of Stockbrokers (CIS) is a non-profit, autonomous, statutory body.

First known as The Nigerian Institute of Stockbrokers, CIS has been in existence since 1990. Initially it was incorporated as a private company limited by guarantee but was chartered in 1992 by Act 105 to conduct qualifying examinations into, and regulate the conduct and practice of the stockbroking profession in Nigeria. The Institute also protects the interest of its members in the course of their business as capital market operators.

Question 2:      Are CIS certifications well recognised globally?

CIS certifications are well recognised globally through its affiliation with Certified International Investment Analyst (CIIA), New York Institute of Finance (NYIF) and Chartered Institute for Securities & Investment (CISI)

Question 3:      How do I register as a CIS student?

  • Collect the student application form from the Institute. Complete the form and submit with relevant documents as stated on the form
  • You can also register online through the Institute’s website
  • Pay the required fee
  • Your registration details will be communicated to you

Question 4:      What is the minimum qualification required to write CIS examinations?

  • For CIS Professional examinations, you must have a first Degree from any of the recognised tertiary institutions.
  • For CIS Professional Diploma examinations, you must have
  • Five (5) credit passes including English Language and Mathematics in WAEC, GCE, NECO or SSCE in not more than two sittings, OND, NCE in any discipline, GCE A Levels, and other equivalent qualifications approved by the Council of the Institute such as ICAN ATS, CIBN Certificate in Banking or any other qualifications approved by the Governing Council of the Institute.
  • Holders of CIS Stock Market Agent Certificate, university degrees, HND and equivalents who are not sufficiently grounded in finance, securities and investment courses may choose this route on order to acquire relevant knowledge required before proceeding to the professional examinations.
  • Applicants who are above 25 years of age, with 3 credit passes including English Language and Mathematics in the WASCE/GCE/ NECO and other approved equivalents (Ordinary Level) in not more than two sittings, and with 5 years continuous practical experience in securities and investment operations can also apply.
  • Exemptions are now available. Kindly visit our website (www.cisnigeria.com) to see list of available exemptions.

Question 5:      Are there exemptions from the CIS examinations based on my existing qualification?

There are exemptions from the CIS examinations for holders of other professional qualifications and approved post graduate certificates.

To view the full CIS exemption policy, please click here

Question 6:      What is the examination structure?

The examination consists of four examination papers in each level. Each examination paper will be a three-hour paper divided into three sections:

SECTION A: One compulsory question of multiple choice drawn from the entire subjects making up the paper. This section will carry 40 of the marks.

SECTION B: Compulsory short answer questions drawn from the entire subjects making up the paper. This section will carry 10% of the marks.

SECTION C: Three compulsory questions consisting of essay type, calculation and/or case study. This section will carry 50% of the marks.

Candidates will be given 10 minutes at the start of each examination paper in which to read the questions. They are strongly encouraged to use this time for reading only but notes may be made.

Paper No Exam Duration Subjects covered
Paper 1.1 & 2.1 3 hours plus 10 minutes


Financial Accounting and Financial Statement Analysis

Economics and Financial Markets

Quantitative Analysis and Statistics

Paper 1.2 & 2.2 3 hours plus 10 minutes Corporate Finance

Equity Valuation and Analysis

Fixed Income Valuation and Analysis

Paper 1.3 & 2.3 3 hours plus 10 minutes Derivative Valuation Analysis

Portfolio Management

Commodity Trading and Futures

Paper 1.4 & 2.4 3 hours plus 10 minutes Ethics and Professional Standards

Law relating to securities and investments

Regulations of securities and corporate finance

Question 7:      How and when do I register for the CIS examinations?

Examination registration is online. You must be a registered student before you can be eligible to register for examination. All eligible students will be notified by various means of communication when examination registration is open. Registration for examination is online.

Question 8:      Does CIS have an outpost near me?

The Institute head office is in Lagos and presently has coordinating offices in Abuja. Interaction with the Institute is very open – email, phone call, social media and online chat.

Question 9:      Is there an annual examination timetable?

Yes, the examination timetable is analysed below.

CIS Diploma examination holds the first Tuesday of every month of each year

Stage 1 Stage 2
Morning Session

8:50 am to 12:00 pm

Module A Module B
Afternoon Session

1:50 pm to 5:00 pm

Module B Module B

CIS Professional Examination holds the last Tuesday and Wednesday of March and September each year

  Tuesday Wednesday
Level 1 Level 2 Level 1 Level 2
Morning Session

8:50 am to 12:00 pm

Paper 1.1 Paper 2.1 Paper 1.3 Paper 2.3
Afternoon Session

1:50 pm to 5:00 pm

Paper 1.2 Paper 2.2 Paper 1.4 Paper 2.4

CIIA Final Examination holds on a Friday but the day is determined by the Association ACIIA.

Morning Session 8:50 am to 12:00 pm Exam I
Afternoon Session 1:50 pm to 5:00 pm Exam II

Question 10:    What about examination centres?

The Institute holds examination in different examination centres within Nigeria.

Lagos, Ibadan, Abeokuta, Abuja, Enugu, Port Harcourt, Benin and Kano are examination centres where Institute holds examinations. However, the Institute reserves the right to change an examination venue and such change will be communicated to affected candidates.

Question 11:    Are there study materials tailor-made for the examination?

Study materials are available for sale at the Institute. Students are advised to purchase these study packs in good time so as to have enough time to study ahead of examinations. The study packs can be couriered to students (at a fee) in any part of the country.

Question 12:    Does CIS have a tuition centre to prepare candidates for the examinations?

The list of tuition providers can be found here

Question 13:    Does CIS have any International Affiliation?

CIS is affiliated to and has good working relationship with the following foreign Institutes:

  • Certified International Investment Analyst (CIIA)
  • New York Institute of Finance (NYIF)
  • Chartered Institute for Securities & Investment (CISI)

Question 14:    Please tell me more about the Association of Certified International Investment Analysts (ACIIA)

The CIIA is an internationally recognised advanced professional qualification for individuals wishing to work/working in the finance and investment industry.

Only the CIIA Final Examination, which consists of 2 generic examination papers, Exam 1 and Exam 2, is offered in Nigeria by CIS. All eligible candidates enjoy exemptions from the CIIA Foundation and National Examinations and can proceed directly to the CIIA Final Examination.

The CIIA qualification is currently recognised and supported by two of the world’s leading Federations EFFAS and ASIF, and 35 national/regional societies for finance and investment professionals. To view the societies, click here

To be eligible for registration as a candidate of the CIIA Final Examination, applicants must meet the requirements of either be a graduate, associate or fellow of the Institute or the EQC Route.

Question 15:    How do I make payments to the institute online?

All services can be paid for online via the CIS website either through Interswitch or eTranzact.

  • InterSwitch Payments
    • You should have either an Interswitch powered debit (MasterCard, VISA) or Verve card to make payments on the portal
    • You should ensure that you have sufficient funds on your cards or in your account before attempting to pay
    • Also ensure that you enter correct details when attempting to pay
  • eTranzact Payment
    • You can make payment using the eTranzact platform by visiting any of the Banks nationwide.
    • You can also use the eTranzact Pocket Moni (pay securely with your bank account)

Question 16:    What opportunities exist for CIS members upon qualification?

  1. Diverse employment opportunities
  2. Relevant to all employment sectors
  3. Global profile, global affiliation
  4. Recognition by CISI, U.K
  5. Membership of ACIIA, Switzerland

Global opportunities

It opens the door to:

  • Lucrative and rewarding career
  • Prestigious profession
  • Greater versatility in the finance function
  • Enormous job opportunities both locally and internationally
  • Self-employment with minimum capital to start-up

Question 17:    How can I contact the Institute?

The Institute can be contacted through:

  • Office Address: 71, Raymond Njoku Street, off Awolowo Road, South-West Ikoyi, Lagos
  • Postal Address: O. Box 9938, Marina, Lagos
  • Telephone: +2347065843682,+2348181869607, +2347046340842
  • Electronic mail: info@cisnigeria.com
  • Website: cisnigeria.com
  • Facebook: charteredstockbroker
  • Twitter: @cisnigeria
  • LinkedIn: cisnigeria
  • Google+ and YouTube:  charteredstockbroker

Question 18:    How do I become a Professional Stockbroker?

To become a Professional Stockbroker:

  • You must first of all register as a student member
  • Take the CIS professional examinations
  • Upon graduation, you are expected to apply for induction to become an Associate of the Institute after at least a year practical experience.

Question 19:    CIS Annual Subscription payment for Members and Students?

Payment of subscription is obligatory, whether or not you are sitting for examinations and falls due annually on January 1st.

Failure to pay for annual subscription six months after it has become due (i.e. June) attracts outright removal from student register {Section 11a of CIS membership rules & regulations: “A member or registered student shall cease to be a member or, as the case may be, registered student if any sum shall remain unpaid after six months from the date on which it was due to the institute”} Names of such members and or students will be published on the Institute journals, website, etc.

Only certified bank drafts and companies’ cheques issued in favour of Chartered Institute of Stockbrokers are acceptable for receipting. Please note that personal cheques are not acceptable for payment.

Payment for annual subscription can be made directly into either Stanbic IBTC Bank Account  – 9202274340, Heritage Bank Account – 5100129715, Zenith Bank Account – 1011570092, Guaranty Trust Bank Account  – 0003501468, Sterling Bank Account – 21186119110.

In case of direct lodgments into any of our accounts, Member/student is required to get the deposit slip across to us at our secretariat in exchange for an official receipt as the Institute only recognizes payment receipted.

Question 20:    How do I register for the examinations?

Login with your username and password and click the Examination link, select the paper that you wish to sit for, proceed to make payment. Once payment is successful, you will be notified by email and sms.

The institute runs a credit system that allows you to be credited with any paper passed, leaving whatever papers either not yet taken or failed as outstanding to you.

All Level 1 papers are now 100% Multiple Choice Questions (Objectives).

Question 21:    Is there any preparatory course/classes for examination?

The Institute organises revision classes for its teeming students. The primary objective is to equip candidates with the skills needed to deliver at the examination and meet the expectations of the examiner.

Emphasis will be on how to approach the examination using standard examination level questions. In addition, the sessions are structured to be highly interactive for maximum participation. At the end of this programme, a mock examination of two hours duration would be given to you to test your understanding of the subject.

Question 22:    Are there specific calculators for the CIS Exam?

Non-programmable financial calculators will be required for CIS examination. Examples are HP12B , HP12C, Texas Instrument (BAII Plus™ Professional, BAII Plus™) and scientific calculators.

Question 23:    How can l retrieve my password?

You can retrieve your password by clicking on the reset password link of the login page.

Question 24:    What is Continuing Professional Development (CPD)?

CPD can be defined as the systematic maintenance, improvement and broadening of knowledge and skills, and the development of personal qualities necessary for the execution of professional and technical duties throughout a member’s working life.

The CIS CPD programme intends to facilitate our Members to keep up with the latest news, ideas, techniques and regulations.

Question 25:    What are the CPD requirements in CIS?

A minimum of 30 credit hours per cycle (3 years)

Formal CPD

These are Institute training programmes (CPD). They are:

  • National Workshop
  • Annual Conference
  • Annual General Meeting

Informal CPD

These are training programmes organised by other professional bodies within and outside the country.

Question 26:    Is it important to keep a record of CPD?

Yes, all members must record their CPD on the CIS CPD log (or that of an Accredited Training) and have their CPD independently verified on an annual basis.

Question 27:    What is the difference between Graduate and Associate?

Graduates are CIS Students who have completed the Professional examination and are awaiting induction into full membership of the Institute. The graduates have benefits like members with the exception that graduate members are not eligible for the award of the ACS designation nor are they eligible to vote at the neither Council nor AGM.           


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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