The Certified Investment Research Analyst (CIRA®) is Equalifi’s exam-based certification for professionals who analyse and recommend investments. It recognises a sound understanding of how to analyse companies, industries, markets and investment products, value securities, evaluate funds and managers, and build portfolios within India’s regulatory framework.
The CIRA® follows the full syllabus of the Equalified Investment Strategist (EIS), covering 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, mutual funds and ETFs, alternative investments, PMS, AIFs and SIFs, structured, insurance and pension products, manager research and product due diligence, product design, governance and distribution, taxation of investments, ESG, data and AI, and research writing and communication.
The CIRA® is assessed through a single MCQ examination, which is also Level 1 of the Equalified Investment Strategist (EIS) designation.
Pathway to the EIS designation
| Award | Assessment | What it recognizes |
|---|---|---|
| Certified Investment Research Analyst (CIRA®) | MCQ Examination | Structured knowledge across the full EIS syllabus |
| Equalified Investment Strategist (EIS) | MCQ Examination, plus Project and Viva | The ability to apply that knowledge to a real company or investment product, with sound professional and ethical judgement |
CIRA® holders may continue to the project and viva at any time to earn the EIS designation, without retaking the examination.
Who should take the exam?
Equity and investment research analysts, fund research and product professionals, wealth managers and private bankers, mutual fund, PMS and AIF professionals, brokers and distributors, family-office investment professionals, corporate finance and investor relations professionals, and graduates and early-career professionals aspiring to a career in investment research or investment products.
Candidates benefit from strong accounting, finance and quantitative skills, and a genuine curiosity about businesses, markets and investments.
Important
The CIRA® is an educational qualification awarded by Equalifi. It does 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
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, 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 Investment Research Analyst (CIRA®) | MCQ | 2 hours | 100 | 60% | 20% per incorrect answer |
Validity
The CIRA® 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 investment research, valuation and investment products. Access Pass holders receive a 10% to 50% fee waiver based on their pass category.