The KCIAA undertakes the following activities in order to contribute to the development of the analytical techniques and professional standards of those engaged in securities analysis and portfolio management:

• Contributes to the development of the capital market through the advancement and spread of analytical skills.
• Provides investors with reliable and objective information.
• Improves the qualifications and professional competence of analysts.
• Protects the rights and promotes the interests of analysts.

The Korea Certified Investment Analysts Association (KCIAA) was established in 1978 with the aim of upgrading securities analytical skills and supplying effective protection for investors.

In 1979, the KCIAA administered the qualifying examination for securities analysts for the first time. In 1983, the KCIAA became registered with Korea’s Ministry of Finance and Economy as an association. The KCIAA has participated in the annual conference of the Asian Securities Analysts Federation (ASAF) every year since its inception. The KCIAA has hosted the ASAF conference four times, in 1981, 1989, 1998 and 2006.

In 2002, the KCIAA revised the structure of the Certified Investment Analyst (CIA) examination. These changes were made after having renamed the title for KCIAA members from KSA (Korea Securities Analysts) to CIA (Certified Investment Analyst). At this time, the KCIAA also took its current name beginning from October 9, 2002. The web site address of the KCIAA also has changed to www.kciaa.or.kr.

The list of the KCIAA’s past and present chairmen are as follows:

Currently there are three kinds of membership:

1. Individual membership:
   Those individuals who have passed the CIA examination and registered with the KCIAA.
2. Corporate membership:
   Those firms whose membership applications have been approved by the Board of Directors of the KCIAA.
3. Honorary membership:
   Those individuals whose membership applications have been recommended by the Board of Directors of the KCIAA.

As of July 31, 2007, the KCIAA has 1,479 individual members, 36 corporate members, and 8 honorary members. The annual membership fee is WON$50,000 (USD 50 equivalent) for individual membership and WON$700,000 (USD 700 equivalent) for corporate members. There is no membership fee levied for honorary members.

The KCIAA’s individual members are employed in securities-related firms, banks, investment management companies, insurance companies and other firms within the business sector.

The KCIAA has been offering education programs every year to acquaint its individual members with important information and updates regarding regulations, and to ensure the quality of members’ analytical capabilities.

The KCIAA’s members are required to attend the education program every other year.

CIA candidates have to pass the written examination before registering as a member of the KCIAA. The CIA examination is administered by the Korea Securities Dealers Association (KSDA) and CIA certificates are issued by the KSDA.

The qualification examination is composed of two levels: Level 1 and Level 2.

The Level 1 examination is given in multiplechoice form and tests fundamental on-the-job knowledge required for securities analysts. The Level 2 examination is given in essay form and tests the ability to execute securities analysis and solve practical problems.

In 2006, the KSDA administered the Level I exam on June 18 and the Level II exam on November 21.

The following is the list of the subjects for the CIA examination and the weighted value for each exam:

The KCIAA has become an associate member of the ACIIA in 2002.

The KCIAA has administered the CIIA® exams on March 10 in 2007, March 11 and September 16 in 2006, March 5 in 2005, March 6 and September 18 in 2004 and on March 8 in 2003. The KCIAA has prepared the lecture programs and public advertisements for the CIIA® exam.

Those with the CIA designation can directly sit for the Final Examination of the CIIA® Program because the CIA examination program has been accredited by the ACIIA®.

The KCIAA has implemented a continuous education program for CIA holders to help them prepare for the CIIA final level examinations.

Mr. Kun Ho Hwang, the Chairman of the KCIAA, was reelected to his second term at the Annual General Meeting on June 19, 2007. He has been also reelected, on February 12, 2007, as the Chairman of the Korea Securities Dealers Association (KSDA).

Chairman Hwang graduated from Seoul National University, Seoul, Korea with a B.A. in business administration and obtained his M.A. from the Rutgers Graduate School of Management, State University of New Jersey, U.S.A. From 1976 to 1999, he was employed at Daewoo Securities Co., Ltd., reaching the positions of general manager and vice-president. Then he worked at Meritz Securities Co., Ltd. (formerly Hanjin Investment & Securities Co., Ltd.) from 1999 to 2003 as the President and CEO. From March 2003 to February 2004, he was the vice chairman of the KSDA. He has also been a visiting professor at the College of Business Administration at Ewha Womans University in Korea since 2003.