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About this exam

The Certified Investment and Financial Analysts (CIFA) qualification is offered by the Kenya Accountants and Secretaries National Examinations Board (KASNEB), a State Corporation established by the Government of Kenya in 1969 with a mandate to develop syllabuses, conduct professional and diploma examinations, and certify candidates in accountancy, finance and related disciplines. CIFA is designed for persons who aspire to excel as investment, securities and financial analysts, portfolio managers, investment bankers, fund managers or consultants in national and global financial markets, and it aims to equip candidates with the skills, values and knowledge to thrive in a dynamic financial landscape. The course is structured into three levels, and the Foundation level is the entry point, building grounding in financial accounting, economics, and business mathematics and statistics before the more advanced levels. To enrol, a candidate needs a KCSE mean grade of C+ (Plus), a Kasneb Diploma qualification, or any other recognised diploma. Preparation typically combines the official KASNEB syllabus and examination resources with structured tuition at an accredited training institution, supported by consistent practice on quantitative and accounting problems. This page is an independent study resource and is not affiliated with or endorsed by KASNEB; always confirm current rules on the official KASNEB website.

What you'll study

Common questions

About KASNEB CIFA Foundation preparation

What are the minimum entry requirements for CIFA?

KASNEB states that to enrol for the CIFA course a candidate must have a KCSE mean grade of C+ (Plus), or a Kasneb Diploma qualification, or any other recognised diploma. If your qualification is from another body, confirm acceptability with KASNEB before paying for enrolment.

How many levels does the CIFA course have?

The CIFA course is structured into three levels. The Foundation level is the first of these and introduces the underlying accounting, economic and quantitative concepts that later levels build on, so it is worth securing a strong base there rather than rushing forward.

What subjects does the Foundation level cover?

The Foundation level concentrates on financial accounting, economics, and business mathematics and statistics. The three areas carry comparable weight, so a candidate who neglects the quantitative side to focus only on accounting and economics puts a large share of marks at risk.

Who is the CIFA qualification intended for?

KASNEB describes it as designed for persons who aspire to excel as investment, securities and financial analysts, portfolio managers, investment bankers, fund managers or consultants in national and global financial markets, equipping them with the skills, values and knowledge to thrive in today's financial landscape.

What is the examination format, duration and pass mark?

The official source consulted does not state the paper format, duration or pass mark, so these are not given here to avoid misleading you. Check the current KASNEB syllabus, brochure and examination resources, which set out the structure and marking rules for the level you are sitting.

How much does it cost and when are the exams held?

Fees and sitting dates are not stated in the source used here, so treat any figure you see from third parties with caution. KASNEB publishes an official fee structure and examination booking notices on its website; confirm the deadlines there well before each session to avoid late-booking problems.

What happens if I fail a paper - can I retake it?

The source consulted does not set out KASNEB's retake or referral rules, so this page does not state them. Retake conditions, any limits on attempts and the timing of resits are governed by KASNEB regulations; read the current student service guide and examination rules before assuming how a fail is handled.

In what order should I study the Foundation subjects?

A practical sequence is to start with financial accounting and business mathematics together, because double-entry mechanics and numerical technique reinforce each other, then layer economics on top once the routine of practising calculations daily is established. Economics rewards steady reading, so keep it running weekly rather than cramming.

What are the most common reasons candidates fail at this level?

Typical failure patterns are superficial understanding of double-entry and ledger work, weak arithmetic discipline, and practising too few exam-style questions under time pressure. Candidates also lose marks by ignoring the verb in a question and by leaving calculations unshown, which removes the chance of method marks.

How should I prepare for the CIFA Foundation exams?

Work from the official KASNEB syllabus so you know every learning outcome, use the examination resources and e-library on the KASNEB portal, and consider tuition at an accredited training institution. Then spend most of your remaining time on timed practice, marking your own answers against the syllabus outcomes.