9

REPORT ON THE MAJOR REVIEW OF KASNEB

SYLLABUSES

February 28, 2019

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This report is intended to deliver accurate and up to date material in regard to the major review of the

syllabuses. Kasneb updates its qualifications from time to time to ensure that exams reflect the most up-to-

date knowledge and skills required for students, to be successful during their professional careers.

The report provides submissions that would be considered and adopted by kasneb in its major review in

light of global changes in regulations, standards and new developments.

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Contents

INTRODUCTION ........................................................................................................................................... 4

GENERAL VIEWS ......................................................................................................................................... 4

SPECIFIC VIEWS ON THE STRUCTURE AND CONTENT OF SYLLABUSES ........................................... 8

OTHER VIEWS ON KASNEB RULES, POLICIES AND PROCEDURES .................................................... 17

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INTRODUCTION

The existing examination syllabuses of kasneb came into effect on 1st July 2018 and were examined for

the first time in the November/December 2018 sitting. The examination syllabuses are of high eminence

and benchmarked with global standards and best practice. The primary initiative of this report is to provide

proposals that would include cutting edge content into the syllabuses in order to keep pace with

developments in an ever changing global knowledge industry and to further enhance the competitiveness

of kasneb qualifications.

This report is abridged as follows;

1. General views

2. Specific views on the structure content and of syllabuses

3. Other views on kasneb rules, policies and procedures

GENERAL VIEWS

a) The kasneb exemption policy should be reviewed in view of the narrow coverage of comparable units

at Universities.

Recommendation

University courses are academic in nature and therefore should not be treated as having aptly covered

content sufficiently to grant exemptions in professional papers. Consider reducing the number of

exemptions for various degrees in accounting, finance and economics up to part 1. As from part 2, NO

exemption should be specified. On the flip side, some universities do not provide exemptions for

graduates of kasneb qualifications.

b) Currently, some of the kasneb exams are not grounded on case studies.

Recommendation

Kasneb should consider changing the approach to testing exams that will include case studies in some

of their professional examinations starting from part 2, to allow the students to have a blend between

theory and practice. This is done by other professional bodies including the ACCA, ICS, CFA and the

ACIIA.

c) The marking of kasneb Examinations does not strictly observe the “conveyor belt” approach to marking

where examiners are divided into clusters each marking a different question.

Recommendation

As a proposal, kasneb should adopt this methodology so as to improve on adeptness in marking of

exams which would help strengthen the examination administration process.

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d) Study manuals/ kits for all kasneb examinations do not exist.

Recommendation

Study manuals/kits should be developed and incessant review done every two to three years to guide

students in their revision. This should be given to students upon payment of the requisite fee with a

hard copy and an online option available. A mobile App for notes should as well also be developed.

e) Currently, kasneb exams are not based on enhancing competence and building professionalism

because some students may register for exams and sit for the exams without having to go to class.

Recommendation

Kasneb should introduce formal study requirements such as having their qualifications being school

based (registration of students should be done through accredited training institutions) to allow for

students to focus on “understanding the concept” rather than “cramming the concept” which would

nurture proficiency.

f) The certificate and diploma level exams are written in nature and majorly founded on having

accounting units.

Recommendation

Kasneb should consider having the certificate and diploma level exams being multiple choice questions

grounded on computer based testing (CBT) to assess the competence of the students because it acts

as a link to higher level professional exams. The units should correspondingly have some in finance

and strategy. The professional exams should however remain written.

g) The duration for completion of the CAMS and Diploma level qualifications is extensive.

Recommendation

Consider rechristening both the certificate and diploma papers which would be length based on the

Kenya National Qualifications framework (certificate 1 year, diploma 1.5 year) adopting the following

progression;

i. Foundation level 1 (competence)

Have five (5) units relating to the basics of accounting, finance and management with duration of

6 months. Computer Based Testing

ii. Foundation level 2 (competence and development)

Have six (5) units relating to the accounting, finance, law, information systems and management

with duration of 6 months. Computer Based Testing

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iii. Professional part 1 (nurturing skills) compulsory if started from foundation level 1

(exemptions TO BE allowed based on undergraduate degree only or done a similar paper

under kasneb)

Have three units in section one (1) and three units section two (2) as per the current syllabus with

duration of 6 months per section.

iv. Professional part 2 (applying skills) compulsory if started from foundation level 1

(exemptions NOT allowed unless done a similar paper under kasneb)

Have three units in section three (3) and three units section four (4) as per the current syllabus

with duration of 6 months per section.

v. Professional part 3 (strategic and practical) compulsory if started from foundation level 1

(exemptions NOT allowed unless done a similar paper under kasneb)

Have three units in section five (5) and three units section six (6) as per the current syllabus with

duration of 6 months per section.

h) Currently, there are no strict policies on inspection of calculators and candidates in order to ensure

compliance of rules 3.8.10 and 3.8.11 on calculator policy and identification and frisking of candidates

sitting for kasneb exams. Some students may use programmable calculators whith an enabled memory

slot to recall formulae

Recommendation

Implement an action plan that will ensure that the calculator policy and the identification and frisking of

students is done before the commencement of any examination. A statement of the acceptable

calculators should be provided on the kasneb syllabuses to give a clear guide to students on the types

of calculators that are acceptable and to assist in the inspection of calculators before they sit kasneb

exams. This is done by foreign professional bodies such as ACCA, CFA, CIMA and CIIA.

i) The review of kasneb syllabuses at the taskforce level does not consider professional associations as

well as institutions in specific areas.

Recommendation

There is need to consider having representation from the following Institutions in addition to training

providers, employers, trade bodies other stakeholders in all stages of the development and

assessment of qualifications to ensure that they are fit for purpose;

CMA, Fund Managers Association, RBA, ICIFA and KASIB for the CIFA Syllabus

KRA, ICPAK and CFE for the CPA on Tax, and Financial Reporting issues

ICM, metropol and CBK for the CCP exam.

LSK and ICSK for the CS exam

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j) Examination questions examined are at times biased to some topics.

Recommendation

Questions examined should test the students understanding and the concept of each unit. A thorough

evaluation of each paper should be done to appraise them on topical issues being covered incisively

avoiding one topic being tested repetitively.

k) There are no scholarships and grants offered to students

Recommendation

Kasneb should consider having a “development approach” in order to promote and encourage

professional training locally and internationally in areas of governance, finance accountancy and ICT,

as well as promote Environmental, Social and Governance analysis for professionals. This should be a

CSR initiative by kasneb.

l) Online registration and payments are restricted

Recommendation

Due to the emergent trends in ICT, it would be good for kasneb to allow for online registration and

payments to permit students use these facilities with affluence at their convenience.

m) Currently, kasneb does not provide examination questions to students.

Recommendation

Past paper questions should be available online (on kasneb’s student portal) to allow easy access to

all registered students of kasneb after each exam. This is done by other professional exam bodies’

worldwide. Kasneb should post the most recent exams only and any student in need of prior papers

should purchase them form kasneb.

n) The entry requirement for Diploma and CAMS and professional level examinations are too high.

Recommendation

As a polite suggestion, considerable attention should be given to amend the entry requirements.This

however may need to be assessed based on the Kenya National Qualifications Framework policy on

qualification standards/levels.

o) Kasneb does not have associations (MOU’s) with a number of recognized universities for students to

pursue various degrees in accountancy, finance and investments, ICT and credit management.

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Recommendation

Consider having MOU’s with recognized and accredited universities to allow students transit into

respective bachelor degrees. This should be communicated to students based on progression routes

depending on the professional qualifications pursued by each student.

p) Exam release dates are not specified

Recommendation

Kasneb should consider working with timelines not to rush the examination administration process, but

to ensure that they move in line with the fast paced world in empowering students with their

qualifications. Consider having release dates specified for all exams (computer based testing and

written) since this is effected by CFA, CISI, ACCA amongst other global examination bodies.

q) Kasneb does not have performance reviews published and availed to the public.

Recommendation

Kasneb should in future consider providing Examination Performance Reviews in the same way KNEC

publishes the performance of students in a report.

SPECIFIC VIEWS ON THE STRUCTURE AND CONTENT OF SYLLABUSES

a) Structure of syllabuses

After a keenly assessing the kasneb qualifications against market needs and comparable global

qualifications, the following proposed structure was arrived at;

i. Professional Examinations

ii. Foundation Examinations

i. Professional Examinations

Kindly view the proposed summary in the following table. The changes are highlighted in red under the

proposed structure. Proposals for case studies are also highlighted

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CPA CS CICT CIFA CCP

Current Proposed Current Proposed Current Proposed Current Proposed Current Proposed Section 1

CA11 Financial

Accounting

CA12 Commercial

Law

CA13 Entrepreneursh

ip and Communication

Section 1

CA11 Financial

Accounting

CA12 Commercial

Law

CA13 Entrepreneursh

ip and Communication

Section 1

CS11 Organisational

Behaviour

CS12 Business Law

CS13 Business

Communication

Section 1

CS11 Organisational

Behaviour

CS12 Business Law

CS13 Business

Communication

Section 1

CT11 Introduction to

Computing

CT12 Computer

Applications –

Practical

CT13 Entrepreneurshi

p and Communication

Section 1

Due to the fast pace

in which technology

is growing, consider

making this a

certification instead

of a qualification

else phase it out.

Partner with Kenya

Data Networks

Section 1

CF11 Financial

Accounting

CF12 Financial

Mathematics

CF13 Entrepreneurshi

p and Communication

Section 1

CF11 Financial

Accounting

CF12 Introduction to

Finance (NEW)

CF13 Entrepreneurshi

p and Communication

Section 1

CP11: Credit

Management

CP12: Business Law

CP13:

Entrepreneurship and

Communication

Section 1

CP11: Credit

Management

CP12: Business Law

CP13:

Entrepreneurship and

Communication

Section 2

CA21 Economics

CA22 Management

Accounting

CA23 Public Finance

and Taxation

Section 2

CA21 Economics

CA22 Management

Accounting

CA23 Public Finance

and Taxation

Section 2

CP21: Economics

CP22: Principles of

Accounting

CP23: Public Finance

and Taxation

Section 2

CP21: Economics

CP22: Principles of

Accounting

CP23: Public Finance

and Taxation

Section 2

CT21 Operating

Systems – Practical

CT22 Principles of

Accounting

CT23 Computer

Support and

Maintenance

Section 2

Due to the fast pace

in which technology

is growing, consider

making this a

certification instead

of a qualification

else phase it out.

Partner with Kenya

Data Networks

Section 2

CF21 Economics

CF22 Financial

Institutions and

Markets

CF23 Public Finance

and Taxation

Section 2

CF21 Economics

CF22 Financial

Institutions and

Markets

CF23 Public Finance

and Taxation

Section 2

CP21: Economics

CP22: Principles of

Accounting

CP23: Public Finance

and Taxation

Section 2

CP21: Economics

CP22: Principles of

Accounting

CP23: Public Finance

and Taxation

Section 3 CA31 Company Law

CA32 Financial

Management

CA33 Financial

Reporting

Section 3 CA31 Company Law

CA32 Financial

Management

CA33 Financial

Reporting

Section 3 CS31 Company Law

CS32 Financial

Management

CS33 Principles and

Practice of

Management

Section 3 CS31 Company Law

CS32 Financial

Management

CS33 Principles and

Practice of

Management

Section 3 CT31 Database

Systems

CT32 Systems

Analysis and Design

CT33 Structured

Programming

Section 3 Due to the fast pace

in which technology

is growing, consider

making this a

certification instead

of a qualification

else phase it out.

Partner with Kenya

Data Networks

Section 3 CF31 Regulation of

Financial Markets

CF32 Corporate

Finance

CF33 Financial

Statements Analysis

Section 3 CF31 Regulation and

Compliance (NEW

NAME)

CF32 Corporate

Finance

CF33 Financial

Statements Analysis

Section 3 CP31: Company Law

CP32: Financial

Management

CP33: Marketing and

Public Relations

Section 3 CP31: Company Law

CP32: Financial

Management

CP33: Money and

Debt Advice (NEW)

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CPA CS CICT CIFA CCP

Current Proposed Current Proposed Current Proposed Current Proposed Current Proposed Section 4 CA41 Auditing and

Assurance

CA42 Management

Information Systems

CA43 Quantitative

Analysis

Section 4 CA41 Auditing and

Assurance

CA42 Management

Information Systems

CA43 Quantitative

Analysis

Section 4 CS41 Corporate

Secretarial Practice

CS42 Management

Information Systems

CS43 Law and

Procedure of Meetings

Section 4 CS41 Corporate

Secretarial Practice

CS42 Management

Information Systems

CS43 Law and

Procedure of Meetings

Section 4 CT41 Object Oriented

Programming

CT42 Web Design

and e-Commerce

CT43 Data

Communication and

Computer Networks –

Practical

Section 4 Due to the fast pace

in which technology

is growing, consider

making this a

certification instead

of a qualification

else phase it out.

Partner with Kenya

Data Networks

Section 4 CF41 Equity

Investments Analysis

CF42 Portfolio

Management

CF43 Quantitative

Analysis

Section 4 CF41 Equity

Investments Analysis

CF42 Portfolio

Management

CF43 Quantitative

Analysis

Section 4 CP41: Law Governing

Credit Practice

CP42: Management

Information Systems

CP43: Quantitative

Analysis

Section 4 CP41: Credit and

Collections (NEW)

CP42: Management

Information Systems

CP43: Quantitative

Analysis

Section 5 CA51 Strategy, Gove

rnance and Ethics

CA52 Advanced

Management

Accounting

CA53 Advanced

Financial Management

Section 5 CA51 Strategy, Gove

rnance and Ethics

(CASE STUDY)

CA52 Advanced

Management

Accounting

CA53 Advanced

Financial Management

Section 5 CS51 Human

Resource

Management

CS52 Financial

Markets Law

CS53 Governance

and Ethics

Section 5 CS51 Human

Resource

Management

CS52 Financial

Markets Law

CS53 Governance

and Ethics (CASE

STUDY)

Section 5 CT51 Strategy,

Governance and

Ethics

CT52 Software

Engineering

CT53 Mobile

Application

Development

Section 5 Due to the fast pace

in which technology

is growing, consider

making this a

certification instead

of a qualification

else phase it out.

Partner with Kenya

Data Networks.

Section 5 CF51 Strategy,

Governance and

Ethics

CF52 Fixed Income

Investments Analysis

CF53 Alternative

Investments Analysis

Section 5 CF51 Strategy, Gov

ernance and Ethics

(CASE STUDY)

CF52 Fixed Income

Investments Analysis

CF53 Alternative

Investments Analysis

Section 5 CP51: Strategy,

Governance and

Ethics

CP52: Banking Law

and Practice

CP53: Credit

Management in the

Financial Sector

Section 5 CP51:Strategy, Gover

nance and Ethics

(CASE STUDY)

CP52: Enforcement

(NEW)

CP53: Credit

Management in the

Financial Sector

Section 6 CA61 Advanced

Public Finance and

Taxation

CA62 Advanced

Auditing and

Assurance

CA63 Advanced

Financial Reporting

Section 6 CA61 Advanced

Public Finance and

Taxation

CA62 Advanced

Auditing and

Assurance (CASE

STUDY)

CA63 Advanced

Financial Reporting

Section 6

CS61 Strategic

Management

CS62 Public Policy

and Administration

CS63 Governance

and Secretarial Audit

Section 6

CS61 Strategic

Management

CS62 Public Policy

and Administration

CS63 Governance

and Secretarial Audit

(CASE STUDY)

Section 6 CT61 Systems

Security

CT62 Information

Systems Project

Management

CT63 Research

Methods

Section 6 Due to the fast pace

in which technology

is growing, consider

making this a

certification instead

of a qualification

else phase it out.

Partner with Kenya

Data Networks

Section 6

CF61 Advanced

Portfolio Management

CF62 International

Finance

CF63 Derivatives

Analysis

Section 6

CF61 Advanced

Portfolio Management

CF62 International

Finance (CASE

STUDY)

CF63 Derivatives

Analysis

Section 6

CP61: Debt recovery

CP62: Corporate

lending

CP63: Credit Practice

Section 6

CP61: Advanced

Money and Debt

Advice (NEW)

CP62: Corporate

lending and Risk

(NEW) and CASE

STUDY)

CP63: Advanced Credit and Collections (NEW)

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ii. Foundation Examinations

Kindly view the proposed summary in the following table. Upon completion of this qualification under the proposed structure, students should start

from section 1 of any professional level qualifications.

Current Proposed

ATD level 1

AD11 Introduction to Financial Accounting

AD12 Principles of Business Law

AD13 Entrepreneurship and Communication

AD14 Information Communication Technology

Foundation level 1 (competence)

Introduction to Financial Accounting

Entrepreneurship

Information Communication Technology

Business Mathematics and Statistics

Principles of Management

ATD level 2

AD21 Financial Accounting

AD22 Principles of Management

AD23 Business Mathematics and Statistics

AD24 Fundamentals of Finance

Foundation level 2 (competence and development)

Principles of Public Finance and Taxation

Principles of Business Law

Principles of Economics

Fundamentals of Finance

Principles of Marketing and Communication

ATD level 3

AD31 Principles of Economics

AD32 Fundamentals of Management Accounting

AD33 Principles of Public Finance and Taxation

AD34 Auditing

N/A

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b) Content of syllabuses

i. CPA Syllabus

1. Consider including content on international taxation within the syllabus of Public finance and

taxation

2. Consider including changes in accounting standards effective on January 1, 2019 ;

i. Leases

The standard requires companies that lease assets (real estate, airplanes, manufacturing

equipment, etc.) to recognize the assets and liabilities for the rights and obligations

created by those leases on the balance sheet. A lessee will be required to recognize

assets and liabilities for leases with lease terms of more than 12 months.

ii. Hedging

The standard refines and expands hedge accounting for both financial (e.g., interest rate)

and commodity risks. It aligns the accounting rules with a company’s risk management

activities, better reflects the economic results of hedging in the financial statements, and

simplifies hedge accounting treatment.

iii. Revenue recognition

The standard establishes consistent principles (regardless of industry or geography) to

report useful information about the nature, amount, timing, and uncertainty of revenue

from contracts with customers. Public companies were required to apply the standard

starting in 2018, private companies start adopting the standards in January 2019.

iv. Non-employee share-based payment

The standard reduces cost, minimizes complexity, and improves financial reporting for

share-based payments issued to nonemployees. It aligns the accounting for share-based

payments for nonemployees and employees and makes it easier for companies to

account for the share-based payments they provide to service providers, suppliers, and

other people that are not employees.

v. Stranded income tax effects

The standard addresses certain stranded income tax effects in accumulated other

comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act. While

companies are not required to apply the standard until January 2019, many have already

adopted the standard.

3. Consider including changes in auditing standards effective on January 1, 2019 ;

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i. Systems of quality control.

Auditors plan to analyze how firms' systems promote a culture of audit

quality and respond to risks; review aspects of quality-control processes that

are critical to audit quality; and understand if firms perform procedures to

evaluate whether the companies they audit have appropriate fraud controls.

ii. Independence.

Auditors plan to assess how firms maintain independence, in fact and appearance;

educate professionals on independence requirements; monitor compliance with

independence requirements; and assess the impact of nonaudit services on

independence.

iii. Recurring inspection deficiencies.

Areas of repeated deficiency include auditing internal control over financial reporting;

revenue recognition; allowance for loan losses; and accounting estimates, including fair

value measurements. Inspectors plan to consider how firms identify the causes of

deficiencies; the actions firms are taking to reduce these deficiencies; the actions they are

taking to lead to higher audit quality in these areas; and how firms monitor the timing and

progress of audit work.

iv. External considerations.

Auditor procedures will include evaluating firms' responses to elevated risks of material

misstatement due to external considerations such as economic conditions and assessing

firms' evaluation of audit evidence that potentially contradicts management assertions.

v. Cyber security risks.

Auditors will evaluate the audit procedures firms use to identify and determine whether

cyber risks and breaches pose risks of material misstatement to companies' financial

statements.

vi. Software audit tools.

Auditors will examine whether firms are applying due care and professional skepticism

when using software audit tools.

vii. Digital assets.

Auditors will evaluate auditors' responses to risks associated with digital assets such as

cryptocurrencies, initial coin offerings, and use of distributed ledger technology.

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viii. Audit quality indicators.

Auditors plan to consider how firms may be using audit quality indicators to monitor their

audit work and staff deployment, and whether firms are discussing audit quality indicator

results with audit committees.

ix. Changes in the auditor's report.

Auditors will monitor firms' implementation activities with respect to the PCAOB's new

auditor reporting standard, including pilot-testing and "dry runs" associated with firms'

procedures for identifying and reporting "critical audit matters," which will be required to

be reported for audits of large accelerated filers in audits for periods ending on or after

June 30, 2019.

4. Include content in the CPA exam on professional skepticism (Advanced Auditing and Assurance

section 6);

i. Understand the concepts of professional skepticism and professional judgment.

ii. Understand personal bias and other impediments to acting with professional skepticism, such as

threats, incentives and judgment-making shortcuts.

5. Include content on analysis of representative task statement in performing further procedures and

obtaining evidence as follows (Advanced Auditing and Assurance section 6):

i. Investigate evidence that either contradicts or corroborates management explanations,

expectations and other hypotheses throughout an audit or non-audit engagement.

6. Introduce case studies in the following papers to make them more practical based;

i. Strategy, Governance and Ethics and

ii. Advanced Auditing and Assurance

7. Take note of changes in the companies Act

8. Take note of changes in the Public Finance Act

9. Take note of changes in the Public Sector Accounting Standards Board in terms of role and functions

ii. CS Syllabus

1. Introduce case studies in in the following papers to make them more practical based;

i. Governance and Ethics and

ii. Governance and Secretarial Audit

2. Consider having a concise exemption policy for lawyers and arbitrators as well as practitioners with over 10

years’ experience.

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3. Take note of changes in the companies Act and include relevant changes in the respective paper

4. Include content on Board Evaluation & Effectiveness Assessment: Align The Board`s Performance

Objectives

iii. CITC Syllabus

As proposed above (structure of syllabuses), consider making this a certification instead of a qualification else

phase it out. kasneb could also consider partnering with Kenya Data Networks or ICT Authority among other

stake holders to come up with a marketable ICT qualification (Jointly) for Government officials and private

sector.

iv. CIFA Syllabus

1. Consider introducing a new unit Introduction to Finance in place of financial mathematics paper (section 1)

so as to introduce students to finance and discharge off some content from Corporate Finance (section 3)

which is quite colossal for that level.

2. Consider introducing students to case studies in the Corporate Finance paper

3. Regulation of Financial Markets paper (section 3) should be renamed to Regulation and Compliance and

content included relating to;

i. Remove law of contract and law of agency these are not related to regulation

ii. Manging cyber security

iii. Financial crime management

iv. Significance of the IFA Act

v. Role of ICIFA in financial services

vi. Standards of financing terrorist activities

vii. Insider Dealing

viii. Effective Investment Governance

ix. Market abuse

x. Derivative market regulations

xi. NSE Amended Listing Rules

xii. NSE Amended Equities Rules

xiii. Market Participants Rules Business Conduct and Enforcement

xiv. Nse trading rules for fixed income securities

4. Introduce a topic on Fintech within the CIFA curriculum. Preferably under Equity Investment Analysis

(section 4) as follows;

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i. Describe “fintech” and its importance

ii. Describe big data, artificial intelligence, and machine learning;

iii. Describe fintech applications to investment management;

iv. Describe financial applications of distributed ledger technology.

5. Consider including the role of “IBUKA” program launched by NSE under Equity Investment Analysis

(section 4)

6. Include content Portfolio Management paper ( section 4) as follows;.

i. Building blocks of portfolio construction

ii. Approaches to implement portfolio managers their core beliefs:

Systematic vs. discretionary

Bottom up vs. top down

Benchmark aware vs. benchmark agnostic

Identify formal risk constraints in portfolio management that are statistical in

nature; Volatility, Active risk, Drawdown, CVaR, IVaR and MVaR

7. Include content Financial statements Analysis paper ( section 3) as follows;

i. Include changes based on Financial Reporting Standards

ii. The CAMELS (capital adequacy, asset quality, management, earnings, liquidity, and

sensitivity) approach to analyzing a bank, including key ratios and its limitations;

iii. Include relevant changes based on Intercorporate Investments

iv. Include relevant changes based on Income Statements

v. Include relevant changes based on Balance Sheets

vi. Include relevant changes based on Cash Flow Statements

vii. Include relevant changes based on Financial Reporting Quality

8. Consider including content on Credit Analysis Models under Fixed Income Investments (section 5)

i. expected exposure, the loss given default, the probability of default, and the credit

valuation adjustment

ii. explain credit scores and credit ratings;

iii. calculate the expected return on a bond given transition in its credit rating;

iv. explain structural and reduced-form models of corporate credit risk, including

assumptions, strengths, and weaknesses;

v. calculate the value of a bond and its credit spread, given assumptions about the

credit risk parameters;

The above content is significant more so the calculations for credit scoring, including the components of Fair

Isaac Corporation (FICO) credit scores (to be introduced by CBK soon). Also include updates and details of

credit ratings (used within the wholesale bond market for corporate and government issues and asset-backed

securities) and the forward outlook (positive, stable, or negative) as assigned by the corporate rating agencies.

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9. Consider including new content on fixed income and equity portfolio management under Advanced

Portfolio management (section 6);

i. Introduction to Equity Portfolio Management

ii. Passive Equity Investing

iii. Introduction to Equity Portfolio Management

iv. Passive Equity Investing

v. Introduction to Fixed-Income

vi. Liability-Driven and Index-Based Strategies

10. Consider including new content in financial planning including retirement planning, financial protection and

financial planning process.

11. Make International finance (section 6) more of a case study paper

v. CCP Syllabus

Consider coming up with a new units and content based on developments in the Banking Act, SASRA and

microfinance regulations as follows;

Money and Debt Advice in place of Marketing and Public Relations (section 3);

Credit and Collections in place of Law Governing Credit Practice (section 4);

Enforcement in place of Banking Law and Practice (section 5)

Advanced Money and Debt Advice in place of Debt recovery (section 6);

Corporate lending and Risk (CASE STUDY) in place of Corporate lending (section 6) and

Advanced Credit and Collections in place of Credit Practice (section 5)

OTHER VIEWS ON KASNEB RULES, POLICIES AND PROCEDURES

General Rules

a) For Computer Based Testing exams (foundation level only) consider issuing students with e

certificates/result slips

b) Under NO circumstances should any Chief Invigilator/invigilator(s) possess the authority to grant extra

time to any kasneb Candidates. This should be emphasized to students in the syllabus booklet and

implemented during examinations

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c) Sharing, transferring, exchanging, borrowing and/or lending of, and trading in materials of ANY kind

(including but not limited to stationery, dictionaries and electronic calculators) between kasneb

Candidates during the examination are NOT allowed, and SHOULD result in disqualification from the

examination. This has not been the practice during kasneb examinations.

d) Kasneb Candidates must use black or blue ball pens to write their answers of all questions on the

question booklets. This should be emphasized in the examination booklet. This should be specified to

all students

e) Failure by the Chief Invigilator/invigilator(s) to detect any unauthorised item prior to the start of the

examination, admittance to the examination hall/room, or even after completion of the examination

does NOT imply that the item is authorised in the examination, or that the CIIA Candidates possessing

the item will not be subject to disciplinary actions.

POLICIES

a) Policies on Special Arrangements should be made for kasneb candidates who are disabled or have

special needs.

b) Photos of candidates should appear on the signing sheet so as to allow verification of students.

Policies on this should be considered and developed

c) Calculators with spreadsheet capability are forbidden and emphasized in the syllabus booklet. Policies

on this should be considered and developed

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