International Examinations Committee (IEC)


  • Professor Michael Theobald, University of Birmingham, United Kingdom
    Professor Michael Theobald Professor of Finance and Investment at the University of Birmingham, with lecturing experience at Manchester, New York and Northwestern Universities.

    Worked for Price Waterhouse in London and Buenos Aires and has served as a trustee, chairman, deputy chairman, director, partner and advisor to a wide range of institutions and organisations.

    Publications in academic journals such as Journal of Finance, Journal of Financial Economics and Journal of Financial and Quantitative Analysis and in specialist journals such as Journal of Portfolio Management and the Journal of Derivatives.

Members 2013

  • Professor Raimond Maurer, Goethe University, Frankfurt, Germany
    Professor Raimond Maurer Professor Dr. Raimond Maurer currently holds the endowed Chair of Investment, Portfolio Management and Pension Finance at the Finance Department of the Goethe University Frankfurt. His main research interests focus on asset management, life-time portfolio choice, and pension finance. He received his habilitation, dissertation, as well as diploma in business administration from Mannheim University and has previous working experience in the areas of banking, asset management, and policy consulting.

    Dr. Maurer holds several professional positions like at the Society of Actuaries, the Association of Certified International Investment Analysts (ACIIA), and the Pension Research Council at the Wharton School of the University of Pennsylvania.

    Dr. Maurer has published four books and more than forty refereed journal articles, including the Journal of Portfolio Management, Financial Analysts Journal, Journal of Asset Management, Journal of Risk and Insurance, Journal of Real Estate Research, Journal of Economic Dynamics and Control.
  • Professor Takao Kobayashi, Aoyama Gakuin University, Japan
    Professor Takao Kobayashi Professor Takao Kobayashi is Professor at Graduate School of International Management of Aoyama Gakuin University. His main research interests focus on investments and capital markets, financial engineering, as well as corporate finance and microeconomic analysis of financial systems. In asset management and financial engineering, the following is a sample of topics that attract, or attracted his interest:

    • Problems related to investment benchmarks
    • Optimal portfolio strategies for long-horizon investors
    • Valuation of credit-related products
    • Dynamic style analysis of mutual funds and hedge funds
    • Stock market "anomalies," in particular, the value effect
    Formerly Professor and head of the Graduate Finance Program at the University of Tokyo (1996-2011), president of Nippon Finance Association (1993-1998) and Asian Finance Association (2007-2008), he is currently vice president of NFA and a board member of AsianFA. He received his undergraduate degree in Engineering from the University of Tokyo and Ph.D. from Stanford Graduate School of Business.
  • Dr. Jesús López Zaballos, Training School General Manager, IEAF, Spain

    Dr. Jesús López Zaballos Dr. Jesus Zaballos took on his first professional role as a broker in the Spanish Money Market in 1984. He has worked as an expert in the Capital Market Industry, for several important private and public financial institutions, where he held a variety of responsibilities in different fields. He was Head of Domestic Treasury of the Banco de Crédito Industrial in 1991 and he was Head of Training of the Treasury and Capital Markets areas of Argentaria (1995-1998).

    In 1999, having obtained the PHD in Finance, Dr. Zaballos left his job as a Bank Executive Manager to create “Formación y Finanzas, SL”, a Business Consulting and Financial Advisory firm specialised in advisor and training activities for the Financial Industry. At present he is the chairman of the company.

    In 2002, he joined the Instituto Espanol de Analistas Financieros (IEAF) as General Manager of its Training School and continues there at present. He is the Director of the professional certification programs in Spain: CIIA, CEFA, Back Office Manager, European Financial Advisor and Asset Manager and Treasury Manager given by IEAF.

    Dr. Zaballos is a Board member of ACIIA, ILPIP, EFFAS and GIPS Spain. He was a member of the Financial Markets Commission of the Economist Association of Madrid between 2004 and 2008 and Chairman of the Training and Qualification Committee of EFFAS from 2005 to 2008.

    Dr. Zaballos has a PhD in Management and Business Administration and a degree in Economics and Business Administration.

  • Dr. Jean-Claude Dufournet, Centre for International Examinations, Switzerland
    Dr. Jean-Claude Dufournet Dr. Dufournet holds a master in IT and a doctorate in Economic Sciences from the University of Geneva. During his activities for the Swiss Financial Analysts Association (SFAA) as CEO, Dr. Dufournet established the following companies:

    • In 1990 he founded AZEK: The Swiss training center of the SFAA.
    • In 1998, he founded IndoSwiss financial software development company. IndoSwiss is an Indian IT company specialising in financial software development.
    • In 2001, he was involved in founding the Association of Certified International Investment Analysts ACIIA. The ACIIA now has 36 national association members and awards the CIIA diploma.
    • In 2003, he founded the company Information System for Financial Analysts. ISFA offer services to measure the performance of analysts’ recommendations.
    • In 2005, he founded the association International Learning Platform for Investment Professionals. ILPIP is a common platform delivering course materials to all national associations offering the CIIA diploma.
    • In 2007, he founded the Association of International Wealth Management with Baker McKenzie and Central Law Training. The AIWM award the CIWM diploma.
    Dr. Dufournet is also a Board Member of ACIIA, ILPIP and AIWM. As part of his consulting activities, Dr. Dufournet has collaborated with the biggest Swiss banking and financial institutes. He worked in the fields of real estate portfolio performance and in financial software development.
  • Professor Robert Jarrow, Cornell University, USA
    Professor Robert Jarrow Professor Jarrow's teaching and research interests involve the study of mathematical finance. He is interested in derivatives, risk management, investments and asset pricing theory. Jarrow is currently engaged in research relating to the pricing of credit derivatives, liquidity risk, and risk management. He is a graduate faculty representative in four fields: management, economics, operations research and industrial engineering, and applied mathematics.

    Professor Jarrow is on the advisory board of Mathematical Finance and an associate editor for numerous other finance journals. His research has won numerous awards including the Graham and Dodd Scrolls Award 2001 and the CBOE Pomerance Prize in 1982. In 1997, he was named IAFE Financial Engineer of the Year in recognition of his research accomplishments. He is currently an IAFE senior fellow and an FDIC senior fellow. He is in the Fixed Income Analysts Society Hall of Fame, Risk Magazine's 50 members’ Hall of Fame, and listed in the Who's Who of Economics. He also serves on various corporate board of directors and advisory boards.
  • Dr Ronald E Copley, President of Copley Investment Management, USA
    Dr Ronald E Copley Founder and President of Copley Investment Management (since 1985), an independent, fee-based (no commissions) firm providing investment advisory services to high net worth individuals, retirement plans, and foundations (managing assets of over $100 million).

    Dr. Copley has extensive experience with regulatory issues and portfolio performance evaluation. He also consults with international clients on pension fund reform and development of financial markets and is an investment advisor to the Jordanian Social Security Investment Commission, and in 10 different countries on training security analysts and portfolio managers in preparation for taking the Chartered Financial Analyst (CFA) exam.

    Dr. Copley has extensive experience in working with emerging markets and has served on the Board of a large US public pension (NC Teachers and State Employees) for over 10 years.


You are here: Home Certifications Certified International Investment Analyst (CIIA®) Exams International Examinations Committee (IEC)

Corporate Information

Follow AIWM India on