Chartered Institute of Stockbrokers (CIS)

The Chartered Institute of Stockbrokers (CIS) is Nigeria's premier professional body for stockbroking and capital markets professionals, established by Act 105 of 1992. CIS administers the Associate (ACIS) and Fellow (FCIS) qualifications which are required by the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX) for registration as a dealing clerk or authorised dealing clerk. The qualification covers capital market operations, investment analysis, portfolio management, securities law, and ethics in securities trading.

Eligibility

Candidates must hold a minimum of HND/B.Sc/B.A from a recognised institution plus five O-Level credits including English Language and Mathematics. CFA charter holders may receive substantial exemptions.

Exam Structure

Multi-level qualification covering Equities Analysis, Fixed Income Analysis, Portfolio Management, Investment Analysis, Securities Law and Regulation, Capital Market Operations, and Professional Ethics.

Fees

Registration: ₦30,000-₦50,000. Per-paper exam fee: ₦15,000-₦25,000. Annual subscription: ₦15,000-₦25,000. Total: ₦200,000-₦400,000.

Career Impact

CIS is required for stockbroking professionals at SEC-registered firms (Cordros Securities, Apel Capital, CSL Stockbrokers, Cardinal Stone, Meristem, Stanbic IBTC Stockbrokers, Cowry Securities and others). Newly-qualified stockbrokers earn ₦400,000-₦1,200,000 monthly, with senior dealers and proprietary traders earning ₦2,000,000-₦15,000,000+ monthly through base salary and performance bonuses tied to trading P&L.