ICIFA

Name

ICIFA

Legal name

Institute of Certified Investment and Financial Analysts

Website

https://icifa.co.ke

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Professional Certification and Regulatory Body Services

NAICS

Colleges, Universities, and Professional Schools (6113), Educational Services (611)

SIC

Services-Educational Services (8200)

akta.pro primary industry

Finance, Accounting & Risk (CFA/CPA/FRM) Certifications (EDAAANAD)

akta.pro secondary industries

Financial Services & Insurance (FINRA, CFP, IAR, Insurance CE) (EDAAALAJ), Accounting & Finance Certification Prep (CPA, CMA, CFA, FRM) (EDANAIAD), Continuing Education (CE/CPD) & Provider Accreditation Bodies (EDADACAF)

Keywords

• Professional certification services
• Investment analyst licensing
• Financial analysis regulation
• Continuing professional development
• Professional education programs

Headquarters

HQ city

Nairobi

HQ country

Kenya

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Membership Fees: Annual membership fees for certified professionals including registration, certification, and practicing certificate fees for CIFA members
2. Educational Courses: Revenue from professional courses at ICIFA College including Foundation Level (7,000 KShs), Intermediate Level (8,000 KShs), and Advanced Level (10,000 KShs). Also includes short courses for finance professionals.
3. Examination Fees: Fees for CIIA (Certified International Investment Analyst) and CIFA examinations
4. CPD Programs: Continuing Professional Development webinars and training sessions providing CPD hours for members

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

ICIFA is the statutory professional and regulatory body established under the Investment and Financial Analysts Act No. 13 of 2015 to register, certify, and grant practicing certificates to Certified Investment and Financial Analysts (CIFAs) in Kenya. It delivers the CIFA certification program (Foundation, Intermediate, and Advanced levels), administers the CIIA international examination, runs Continuing Professional Development (CPD) programs, and publishes the ICIFA Investment Review journal, while ICIFA College provides structured professional courses and short programs aligned with the CIFA syllabus.

Product overview

ICIFA (The Institute of Certified Investment and Financial Analysts) operates a comprehensive professional ecosystem consisting of its main platform (icifa.co.ke) providing member services, certification programs, and governance; ICIFA College (college.icifa.co.ke) delivering educational courses including CIFA certification across Foundation, Intermediate, and Advanced levels (Papers 1-17), CPA courses, and short professional courses; and the ICIFA Online Training Portal for video-based professional development. The ecosystem is governed by the Investment and Financial Analysts Act No. 13 of 2015 and regulated under Kenya's Capital Markets Authority.

Differentiator

Problem solved

Functional benefit

Products and services

• ICIFA Membership and Certification Program Registration, certification, and annual practicing certificates for investment and financial analysts in Kenya, granting authority to use the FA, CIFA, and ACIFA designatory letters and to legally offer investment and financial analysis services.
• ICIFA College Professional Courses CIFA certification courses across Foundation (Papers 1-6, 7,000 KShs each), Intermediate (Papers 7-11, 8,000 KShs each), and Advanced (Papers 12-17, 10,000 KShs each) levels, plus CPA courses and short courses covering ESG, climate finance, personal financial planning, finance for non-finance professionals, and risk management.
• CIIA Examination Program International Certified International Investment Analyst (CIIA) examination for professional certification, administered under ACIIA standards.
• ICIFA Online Training Portal Web-based portal hosting training videos and modules for investment and finance professional skills development for CIFA members.
• CIFA Syllabus Comprehensive certification syllabus covering Foundation, Intermediate, and Advanced topics including financial accounting, professional ethics, regulation of financial markets, economics, quantitative analysis, portfolio management, financial statements analysis, equity investments, corporate finance, public finance and taxation, fixed income, alternatives, derivatives, leadership, and financial modeling.
• ICIFA Member Directory Public-facing registry of all CIFAs and firms registered under the IFA Act No. 13 of 2015, enabling verification of authorized practitioners and supporting anti-fraud enforcement.
• ICIFA Whistleblower Portal Confidential reporting mechanism for the public to report unauthorized practice of investment and financial analyst services in violation of the IFA Act No. 13 of 2015.
• ICIFA Resource Centre Digital repository housing membership and firm registration applications, practicing certificate forms, the IFA Act and regulations, industry guides, the ICIFA Investment Review journal, annual reports, and other professional reference materials.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered notable, core and minor.

• SafaricomnotableStrategic or Co-development Partner · 24 May 2024ICIFA and Safaricom signed an MOU for collaboration. Safaricom is Kenya's leading telecommunications company with extensive digital infrastructure and mobile money services (M-Pesa).
• KASNEBcoreOthersKASNEB (Kenya Accountants and Secretaries National Examinations Board) is a key partner. ICIFA uses KASNEB infrastructure and shares the kasneb Tower II headquarters.
• ACIIA (Association of Certified International Investment Analysts)coreStrategic or Co-development PartnerInternational professional body for investment analysts. ICIFA is affiliated with ACIIA for international recognition and standards.
• CMA (Capital Markets Authority)coreOthersKenya's capital markets regulator. ICIFA works with CMA on joint industry guides and regulatory frameworks for market intermediaries.
• NSE (Nairobi Securities Exchange)coreStrategic or Co-development PartnerKenya's primary securities exchange. Collaboration on market development, professional standards, and investor education.
• ASEA (African Securities Exchanges Association)notableStrategic or Co-development PartnerRegional body uniting African securities exchanges. ICIFA participates in African market development initiatives.
• PSASB (Public Sector Accounting Standards Board)notableOthersJoint initiatives on public sector accounting and financial reporting standards in Kenya.
• CISI (Chartered Institute for Securities & Investment)notableStrategic or Co-development PartnerUK-based professional body for securities and investment. Affiliation provides international credential recognition.
• FMA (Financial Markets Association)notableStrategic or Co-development PartnerKenyan industry body for financial market participants. Collaboration on professional standards and market integrity.
• APSEA (African Public Sector Ethics, Accountability and Anti-Corruption Institute)minorOthersRegional ethics and anti-corruption body. Partnership supports professional ethics training and governance standards.
• ICIFA CollegecoreOthersEducational subsidiary (college.icifa.co.ke) providing professional courses aligned with CIFA syllabus and short programs for finance professionals.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Regional players

• South African Institute of Chartered Accountants (SAICA): Africa's most established chartered accountancy body, headquartered in South Africa. SAICA's CA(SA) designation is held by many senior finance professionals across Africa, serving as an alternative to ICIFA-administered credentials for ambitious analysts in the region.

Others

• Capital Markets Authority of Kenya (CMA): Kenya's capital markets regulator and a Core ICIFA partner. CMA licenses market intermediaries and could, in principle, expand its own certification or training programs, making it both a regulatory collaborator and a potential boundary-of-mandate competitor to ICIFA.
• Nairobi Securities Exchange (NSE): Kenya's principal stock exchange and Core ICIFA partner. NSE runs its own investor education and market-intermediary training initiatives, overlapping with ICIFA's CPD and education mandate and potentially absorbing training demand that would otherwise flow to ICIFA.

Direct peers

• CFA Society Kenya: The Kenya member society of CFA Institute, representing local CFA charterholders. CFA Society Kenya competes with ICIFA for the same population of investment professionals in Kenya and offers competing CPD, events, and networking.
• KASNEB (Kenya Accountants and Secretaries National Examinations Board): Kenya's statutory examining body for accountants and secretaries; ICIFA actually shares KASNEB's kasneb Tower II headquarters. KASNEB issues CPA and other accounting credentials, directly competing with ICIFA's CPA and professional courses at ICIFA College.
• Institute of Chartered Accountants of Kenya (ICPAK): Kenya's statutory body for chartered accountants, comparable to ICIFA in structure and remit. ICPAK issues the CPA(K) designation and oversees continuing professional development for Kenya's accountants, occupying an adjacent regulatory and certification niche to ICIFA.
• Association of Certified International Investment Analysts (ACIIA): International umbrella body for national investment analyst associations. ICIFA is affiliated with ACIIA, and ACIIA-administered CIIA exams are offered directly through ICIFA in Kenya, making ACIIA both a partner and a parent-credentialing competitor.

Broad incumbents

• CFA Institute: The global gold-standard issuer of the CFA charter for investment professionals. CFA Institute competes with ICIFA's CIFA designation for prestige and employer recognition among Kenyan analysts, though its scope is global rather than Kenya-specific.
• Institute of Chartered Accountants in England and Wales (ICAEW): UK-based chartered accountancy body with significant membership in East Africa. ICAEW's ACA qualification competes with the CIFA and CPA credentials offered via ICIFA College for finance professionals pursuing international credentials.
• Chartered Institute for Securities & Investment (CISI): UK-based professional body offering securities and investment certifications. ICIFA has a Notable affiliation with CISI, and CISI qualifications (such as the International Certificate in Wealth and Investment Management) compete for the same Kenyan finance professionals as CIFA.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCsXVr8awmEhuwMlgoU6vE6Q
• Xx.com/IcifaKenya

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICIFA