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AIWMI CIRA Exam Syllabus Topics:

SectionObjectives
Economics and Market Analysis- Market behavior
  • 1. Equity market cycles
    • 2. Risk and return concepts
      - Macroeconomic indicators
      • 1. Inflation, interest rates, GDP
        Equity Research Fundamentals- Industry and company analysis
        • 1. Industry structure and dynamics
          • 2. Business models and competitive positioning
            - Financial statement analysis
            • 1. Cash flow analysis
              • 2. Balance sheet analysis
                • 3. Income statement analysis
                  Ethics and Professional Standards- Research ethics
                  • 1. Conflicts of interest
                    • 2. Insider information handling
                      Valuation Techniques- Intrinsic valuation
                      • 1. Discounted cash flow (DCF) modeling
                        • 2. Terminal value estimation
                          - Relative valuation
                          • 1. Price-to-earnings (P/E) ratio
                            • 2. EV/EBITDA and other multiples
                              Portfolio and Risk Concepts- Portfolio construction
                              • 1. Diversification principles
                                • 2. Asset allocation basics
                                  - Risk measurement
                                  • 1. Volatility and beta concepts
                                    • 2. Systematic vs unsystematic risk

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