The Equalified Investment Strategist (EIS) is Equalifi’s advanced professional designation for professionals who evaluate investments and turn that evaluation into sound recommendations. It brings together two closely connected disciplines: securities research, which assesses companies, bonds and markets, and investment product strategy, which assesses mutual funds, PMS, AIFs, SIFs, structured, insurance and pension products and the managers behind them.
The EIS curriculum covers the investment profession and its ethics, financial markets and regulators, economics and quantitative methods, financial reporting and analysis, forensic accounting, industry and company analysis, financial modelling, equity valuation, sector research, fixed income and derivatives, technical and quantitative analysis, behavioural finance, portfolio construction and performance evaluation, investment products, alternative investments, manager research and product due diligence, product design, governance and distribution, taxation of investments, ESG, data and AI, and research writing and communication.
The EIS assesses practical judgement, not only recall. The designation is earned in three levels: an MCQ examination, a project and a viva. Together, these test a candidate’s ability to analyse a company or an investment product, reach a well-reasoned recommendation, present it in a professional report, and defend it before an investment committee. The designation is intended for professionals working in research, fund selection, product and investment teams at asset managers, wealth-management firms, banks, brokerages, PMS and AIF managers, family offices and distributors.
Two awards, one pathway
| Award | Levels required | What it recognizes |
|---|---|---|
| Certified Investment Research Analyst (CIRA®) | Level 1: MCQ Examination | Structured knowledge across the full EIS syllabus, covering securities research and investment products |
| Equalified Investment Strategist (EIS) | Levels 1, 2 and 3: MCQ Examination, Project and Viva | The ability to apply that knowledge to a real company or investment product, with sound professional and ethical judgement |
Candidates may stop after Level 1 and hold the CIRA® certification, or continue to Levels 2 and 3 to earn the EIS designation, which is renewed every three years. Existing CIRA® holders may proceed directly to Level 2.
Who should take the EIS?
Equity and investment research analysts, fund research and manager selection professionals, product and investment strategists, fund managers and investment teams, wealth managers and private bankers, family-office investment professionals, PMS and AIF professionals, and professionals in distribution and wealth platforms who are responsible for product selection.
Important
The CIRA® certification and the EIS designation are educational qualifications awarded by Equalifi. They do not constitute a regulatory licence or authorisation to provide research reports, investment advice or distribution services. Individuals and entities providing these services in India must meet the applicable SEBI registration and certification requirements.
Exam details
The EIS is assessed in three levels, taken in order.
Level 1: MCQ examination
The Level 1 examination is the CIRA® examination. It assesses understanding of the full EIS curriculum, with knowledge, application and case-based questions. Passing Level 1 earns the CIRA® certification.
Equalifi offers the Level 1 examination through an external, remote-proctored platform. Once registration and payment are confirmed, candidates receive an exam link by email. Candidates may schedule and take the exam within one year of registration, subject to the platform’s requirements.
Candidates need a reliable internet connection and a computer with a working camera. Please read the technical and exam-day instructions before starting the exam.
Level 2: Project
Candidates who pass Level 1 move on to the project and choose one of two tracks.
Securities Research track: an initiating-coverage research report on a listed company assigned by or agreed with Equalifi, covering:
- an analysis of the industry and the company’s business model, competitive position and management,
- an analysis of the financial statements, including the quality of earnings,
- a financial model with forecasts and scenario analysis,
- a valuation using intrinsic and relative methods, leading to a target price, and
- an investment thesis, recommendation, catalysts, key risks and the required disclosures.
Investment Products track: a due-diligence and recommendation report on an investment product or manager assigned by or agreed with Equalifi, covering:
- the product’s structure, strategy, terms, costs and regulatory framework,
- an assessment of the manager’s philosophy, process, people and governance,
- an analysis of performance, risk, portfolio and style,
- the operational due diligence findings and any red flags, and
- the suitability of the product for defined investor profiles, its role in a portfolio, and a recommendation.
Equalifi will share the project brief, the submission guidelines and the evaluation criteria.
Level 3: Viva
Candidates who pass the project are invited to a viva with an Equalifi assessment panel, conducted as a mock investment committee. Candidates present their recommendation, defend their analysis and assumptions under questioning, and respond to a professional and ethical scenario typical of research or product work. Candidates who pass the viva are awarded the EIS designation.
Assessment structure
| Level | Assessment | Award on completion | Format | Duration | No. of Questions | Passing Criteria | Negative Marking |
|---|---|---|---|---|---|---|---|
| 1 | MCQ Examination | Certified Investment Research Analyst (CIRA®) | Online, remote-proctored | 2 hours | 100 | 60% | 20% per incorrect answer |
| 2 | Project | — | Written submission (research report or product due-diligence report, with supporting analysis) | As per project brief | — | As per evaluation criteria | — |
| 3 | Viva | Equalified Investment Strategist (EIS) | Oral assessment before a mock investment committee (online or in person) | As scheduled | — | As per evaluation criteria | — |
Validity and renewal
The CIRA® certification does not expire. The EIS designation is valid for three years from the date of award and is renewed by completing continuing education.
| Requirement | Details |
|---|---|
| Continuing education | 45 hours every three years, with at least 10 hours in each year |
| Ethics | 3 hours of Equalifi Ethics and Professional Conduct, included in the 45 hours |
| Core subject | At least 21 hours in investment research, valuation, investment products and portfolios |
| Annual | Declaration of adherence to the Equalifi Code of Professional Conduct, and the annual renewal fee |
Ways to earn hours: Equalifi summits, masterclasses, executive education and webinars (credited automatically); courses and events from recognised institutions; speaking, writing, teaching and serving on Equalifi assessment panels; publishing research; reading professional research; and passing further Equalifi Certificate exams.
Grace period and reinstatement: If the hours are not complete by the end of the cycle, a 90-day grace period applies. After this, the designation lapses and may not be used. Lapsed holders can reinstate within two years by completing the missing hours plus 15 additional hours; after two years, reinstatement requires a fresh viva.
Candidate audit
Equalifi randomly audits a percentage of applications on a regular basis. Candidates are responsible for providing the requested supporting documentation to verify the education and professional background stated in their registration form. Equalifi does not contact employers or educational institutions to obtain verification documents on a candidate’s behalf.
Candidates selected for audit will be notified by email and will have 10 business days to respond. They must meet the audit requirements before receiving the CIRA® certification or the EIS designation.
Failure to comply with the audit, falsification or misrepresentation of information, plagiarism in the project, or any unprofessional conduct will result in denial or cancellation of the registration and/or revocation of the certification or designation, and all fees will be forfeited. A candidate who does not comply with an audit will also be subject to audit when reapplying in future.
Fee details
| Route | Fee |
|---|---|
| Certified Investment Research Analyst (CIRA®) (Level 1) | INR 3,540 |
| Equalified Investment Strategist (Levels 1, 2 and 3) | INR 17,700 |
Fees are inclusive of GST. The Level 1 examination fee applies to each attempt.
Access Pass benefits
Fee waiver: Equalifi Chartered, Professional and Virtual Pass holders receive a 50% waiver on the exam fee.
Learn more about the Equalifi Access Pass.
Exam preparation: Access Pass holders receive access to exam preparatory material on the Equalifi portal. For stronger exam readiness, candidates are also encouraged to attend Equalifi’s executive education programmes and masterclasses on investment research, valuation and investment products. Access Pass holders receive a 10% to 50% fee waiver based on their pass category.