Certified Credit Research Analyst (CCRATM)

FAQ
1. What is Certified Credit Research Analyst (CCRATM) Certification?
Certified Credit Research Analyst (CCRATM) is a comprehensive global education program
designed to give expert level understanding of credit markets to fresh graduates and
experienced professionals. It integrates the fundamental of financial analysis, credit analysis,
rating methodology, bond strategies and pricing, nuances and structured risk analysis as well
as credit migration and default studies. It offers the tools a candidate needs to occupy key
positions in the world of finance, private banking, credit analysis and fixed income.
2. Why should one earn CCRATM Certification?
On enrolling for the CCRATM certification, a candidate gets on his way to demonstrate that he
is among the best. He will join a select group of individuals who have made the commitment
to excellence in credit management, career advancement and an ongoing pursuit of
knowledge. Throughout the process, he will be recognized for your achievements.
The CCRATM certification program defines and establishes professional standards in this
demanding and rapidly changing field, and fosters recognition of those individuals who
possess special expertise.
A Recognized Path to Success
Among credit management professionals, the CCRATM certification program is respected and
appreciated. Not only is participation in the program a mark of distinction throughout the
profession, but it offers candidates a wide range of important benefits:

Expanded Knowledge: By reading, studying and preparing for the exams, a candidate will
gain a thorough, up-to-date understanding of every aspect of credit management, including
a look at future trends and strategies essential to ones success.
Career Opportunities: Certification tells employers that a candidate is motivated,
accomplished and current in your knowledge of credit management skills. It indicates that
the candidate is actively working to maintain high standards in the field.
Heightened Professional Recognition: CCRATM Certification attest to experience, knowledge,
ability, accomplishment, leadership and contributions to the credit and financial fields.
Designations raise the level of respect among colleagues in business credit management and
between professionals in the financial community. A CCRATM Certificant can proudly display
his designation with his name on letterhead, business cards and all forms of address.
Standards of Excellence: With constant changes in credit and with banking and financial
services redefining the role of the credit executive, the certification program is clearly a
valuable way to master professional education requirements and achieve professional
excellence.

3. What is the minimum eligibility to enter the CCRATM Certification?

The minimum eligibility to register for the CCRATM certification is Bachelors degree from an
accredited college or university. However, candidates appearing for the final year of
bachelors degree/equivalent qualification examination and those who have completed
degree requirements and are awaiting results can also apply. Such candidates will be
allowed to join the program provisionally and confirmation will be subject to the completion
of the bachelors degree before the Level 1 Exam of the Certified Credit Research Analyst
(CCRATM) certification.
4. Who should pursue the CCRATM Certification?
This highly practical course has been specially designed for candidates aspiring for a career
in:
Credit Analysis
Credit Ratings
Commercial and Retail Finance
Investment Banking
Private Equity
Private Banking
Banks
Economic Research
Portfolio Management
Fund Management
Academics
5. Who offers the CCRATM Certification?
The CCRATM certification is jointly awarded by Association of International Wealth
Management of India (AIWMI) and National Institute of Securities Markets (NISM) in India.
National Institute of Securities Markets (NISM) is a society and public trust, established by
the Securities and Exchange Board of India (SEBI), the regulator for securities markets in
India, to improve the quality of the securities markets through sustained capacity building
and knowledge dissemination.
AIWMI is a globally-recognized membership association for finance professionals. AIWMI
primarily focuses on broader and strategic role of developing a more robust and forwardlooking training infrastructure for financial services sector and to promote more active
industry involvement and collaboration in training and continuing education matters.

6. Who has developed the content for the CCRATM Certification?

All the content and exams of CCRATM are developed by CARE Research a division of CARE
Ratings.The study material of CCRATM certification also contains content reproduced with
permission from:
Asian Development Bank
Asian Securities Industry & Financial Markets Association (ASIFMA)

Fitch Ratings
Fixed Income, Money Markets & Derivatives Association of India (FIMMDA)
India Ratings (subsidiary of Fitch Ratings)
Moodys Investor Services
National Institute of Securities Markets (NISM)
Standard & Poors Financial Services
Swiss Financial Analysts Association
World Bank

7. How will the CCRATM Certification help a candidate?

The course structure of CCRATM Certification specifically focuses on Credit analysis
knowledge, thus making it the most sought after exam for graduates and working
professionals who aspire for a career in Credit Rating, Banking, Non Banking Financial
Companies (NBFCs), Asset Management, Investment Banking, Wealth Management and
Strategy. The certification is beneficial in the following ways:

Job opportunities: Currently there is no other recognized certification that prepares a

candidate better, for employment in banking, credit analysis, rating and strategy. CCRATM
will open up these opportunities for you.
Experienced Faculty: Candidates will learn from top-flight professionals from the industry
and academia.
Practical Knowledge: CCRATM will help a candidate to deploy the most comprehensive suite
of research, data and tools to analyze and monitor credit analysis on individual securities,
companies and industries on the market
One-on-one access to industry-leading analysts, briefings and teleconferences
In-depth reports that dissect the credit strengths and weaknesses of individual companies
and transactions
Market savvy: Accurate, timely and comprehensive sets of data on company financials,
industries and deal performance metrics
Analytical models and software to analyze, screen and monitor individual credits and
portfolios
Multiple perspectives from qualitative to quantitative and from market-based views to
fundamental analysis on the credit quality of your portfolio.
Benefits All: Even if a candidate is looking to build his own credit research, rating and risk
measurement system, CCRATM will help you with necessary knowledge that embeds the
deep expertise in credit analysis into enterprise-wide software.

8. Can the corresponding designation (CCRATM) be used after being awarded the
Certification?
Yes, one can use the CCRATM title as in the following example:
Rahul Mehta, CCRATM

9. What are the strengths of the CCRATM Certification?

The strengths of the CCRATM certification can be summed up as below:

Ensures an in-depth knowledge of Credit Research and Credit Strategy

Focuses on Credit Analysis
Provides access to rating methodologies, industry best practices from the best
financial institutions from around the world.
Teaches sophisticated techniques & takes holistic approach to a Credit Ratings,
Analysis and Research

10. What is the structure of the CCRATM Certification?

In order to complete the CCRATM certification, a candidate must pass two levels of
examinations. Level 1 consists of the basics of credit analysis/fundamental analysis and Level
2 consists of advanced analysis including credit ratings etc.
11. What are the detailed topics covered in the Level 1 of CCRATM Certification?
The topics covered under Level 1 are:
1) Understanding of Financial Statement Analysis
Balance Sheet, Profit & Loss Statement, Cash-flow, Ratio & its analysis, Accounting
Policies, Projections, Red Flags
2) Credit Specific Analysis
Liquidity Analysis, Stress Case Testing, Scenario, Base, Bear Bull, Covenant Testing
with Projections, Comparison- Sector vs. Global, Liquidation Scenario, Event, M&A,
LBO
3) Understanding of Bonds/ Bond Maths
Bonds, Covenants, Pricing, Spread, Curves, CDS, Seniority Ranking, Rich Cheap
Analysis, SWAP, OAS, YTW, Term Structure & its theories, Duration, PVBP.
12. What are the topics covered in the Level 2 of CCRATM Certification?
The topics covered under Level 2 are:
1) Credit Ratings Basics
4C Model, Types of ratings, Default rates, Recovery rates, Business, Industry,
Financial and other risks, Scenario Analysis, Sovereign Ratings, Methodology,
CIBIL/FICO
2) Credit Strategy
Pair trade, Basis trade, Rating Analysis Trends, Sectors, etc., Debt maturity prole,
Retrace analysis, Sector charts, Efficient frontier, Commodity based traders, FX
based correlation, Senior vs. sub, CDS trader Analysis, Company charts.
3) Credit Enhancement
Structuring, Types of enhancement
4) Regulations & Others
Related party transactions, Management analysis, Overview of fixed income markets
around the world, Local regulations, Alternative to ratings and understanding of
Corporate Banking Facilities, Risk based pricing framework (Basel), Credit Risk
mitigants.

13. How can one pursue the CCRATM certification?

Candidates can pursue CCRATM either though self-study or under the guidance of any of
AIWMIs authorized training providers. Training is advisable but not mandatory. We strongly
recommend the students and freshers to undergo the training.
14. Where is the CCRATM certification exams conducted?
National Stock Exchange (NSE) is the exam partner of AIWMI for the CCRATM certification.
The exams will be held online across various NSE Test Centres on regular intervals. NSE has
its exam centres in more than 125 cities across India major Tier-1 and Tier-2 cities. The
Candidate needs to register on NSE website and generate NCFM code before registering
with AIWMI. Post application submission, AIWMI will activate the exam access for
Students.The Examination fees would be payable to NSE directly.
15. What is the Examination structure for CCRATM certification?
The Level 1 exam would have an MCQ format with negative marking and will be a 2 hour
exam.
The Level 2 exam would be a Case study based/ MCQ format with negative marking and will
be a 3 hour exam.
16. What is the course duration for the CCRATM certification?
On an Average, we advise candidates to study for 100 hours for each level. One can either
avail training for both Level 1 and level 2 exams or study for the same on their own using the
study material provided. As soon as one is well prepared, the exam can be taken up at any of
the NSE Test Centres.
17. How many re-tests are permitted for the CCRATM certification?
If a candidate is unable to pass the exam in the first attempt, he can take up any number of
subsequent attempt(s) by scheduling the re-test at NSE test centres as per their convenience
and paying the exam fees. Multiple attempts are permitted until a candidate finally passes
the exam and the exam fee will be applicable on every attempt.
18. What is the minimum score to pass the CCRATM certification exam?
A minimum score of 50% is required to pass the exam and be eligible for certification in each
level.
19. What is the Fee Structure of the CCRATM certification?
Registration Fee
Registration Fee for CCRATM Program is Rs. 40,000 (ST Inclusive) and the registration validity
is 3 years.
Examination Fees
Examination Fees (mentioned below) has to be directly paid to National Stock Exchange
(NSE) at the time of registration for the exam.
Level 1: Rs. 1686 (ST Inclusive) per exam
Level 2: Rs. 2528 (ST Inclusive) per exam
Total Exam Fee: Rs. 4214 (ST Inclusive) for both levels

20. Is there any placement guarantee provided by AIWMI for the CCRATM Certificants?
AIWMI is a certification body and functions like a professionals standards-setting body for
the finance professionals. AIWMI works closely with various stakeholders of the Indian
Financial Services sector. AIWMI through its initiatives continuously works on creating better
professionals opportunities for its members. The industry relations team at AIWMI actively
works with employers across the financial services sector to set CCRATM certification as a
benchmark for any credit related hiring. AIWMIs Training Partners also have dedicated
placement cells to assure assistance in the placement for the CCRATM Certificants.