The Certified Credit Research Analyst (CCRA™) is Equalifi’s established certification in credit. It recognises a sound understanding of how to assess credit risk: analysing financial statements and cash flows, evaluating business, industry, financial and management risks, and judging a borrower’s ability and willingness to meet its financial obligations.
The CCRA™ covers credit markets, financial statement analysis for credit, liquidity and debt capacity, credit appraisal and lending decisions, ESG and climate risk, loan documentation, covenants and security, loan and bond pricing, credit derivatives, internal and external credit ratings, sector and specialised credit analysis, corporate banking facilities and financing structures, credit strategy and portfolio management, private credit, credit monitoring and early warning signals, stressed assets, restructuring and insolvency, securitisation, credit risk models, credit regulation and capital, technology and AI in credit, and professional ethics.
The CCRA™ is assessed through a single MCQ examination covering both sections of the syllabus. It is also Level 1 of the Equalified Credit Strategist (ECR) designation.
Regulatory recognition
The CCRA™ meets the certification requirement in the areas identified by the Reserve Bank of India and communicated by the Indian Banks’ Association (IBA) vide circular no. CIR/HR&IR/KSC/2017-18/2602 dated 26 April 2017.
Under RBI’s capacity-building requirements, banks must make a certification course mandatory for staff working in key areas, including credit management (credit appraisal, rating, monitoring and credit administration), and select the certifications recognised by IBA through a Board-approved policy. The CCRA™ is one of the certifications recognised for this purpose, making it a valuable qualification for bankers in, or moving into, credit roles.
Pathway to the ECR designation
| Award | Assessment | What it recognises |
|---|---|---|
| Certified Credit Research Analyst (CCRA™) | MCQ Examination | Structured knowledge across the full CCRA™ syllabus, recognised for the RBI and IBA certification requirement in credit |
| Equalified Credit Strategist (ECR) | MCQ Examination, plus Project and Viva | The ability to apply that knowledge to a real credit decision, with sound professional and ethical judgement |
CCRA™ holders may continue to the project and viva at any time to earn the ECR designation, without retaking the examination.
Who should take the exam?
Bankers in credit appraisal, rating, monitoring and credit administration, and those moving into these roles; credit risk and portfolio professionals in banks and NBFCs; analysts in credit rating agencies; fixed income, treasury and debt fund professionals; private credit and ARC professionals; corporate finance professionals; and graduates and early-career professionals aspiring to a career in credit.
Important
The CCRA™ is an educational qualification awarded by Equalifi. Its recognition under the RBI and IBA framework applies to banks’ certification requirements for staff in the identified areas. It does not constitute a regulatory licence or authorisation to issue credit ratings or provide investment advice.
Exam details
Equalifi offers the 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, from any location, 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.
| Sr. No. | Name of Module | Type of Questions | Test Duration | No. of Questions | Passing Criteria | Negative Marking |
|---|---|---|---|---|---|---|
| 1 | Certified Credit Research Analyst (CCRA™), Sections 1 and 2 | MCQ | 2 hours | 100 | 60% | 20% per incorrect answer |
Validity
The CCRA™ certification does not expire.
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 certification.
Failure to comply with the audit, falsification or misrepresentation of information, or any unprofessional conduct will result in denial or cancellation of the registration and/or revocation of the certification, 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
Exam fee: INR 3,540
Fee is inclusive of GST. The exam 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 credit. Access Pass holders receive a 10% to 50% fee waiver based on their pass category.