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United Kingdom · Qualifications

How a CISI exam works

Each qualification from the Chartered Institute for Securities & Investment (CISI) is made of units, and every unit is a separate CISI exam. The qualifying-level awards, such as the Investment Operations Certificate (IOC) and the Investment Advice Diploma (IAD), are multiple-choice exams you take on screen at a test centre or by remote invigilation. Some Level 6 and 7 units are written papers on set dates instead.

  • Up to 10%Extra unscored trial questions in an exam
  • About nine weeksWait for written exam results
  • Within 24 working hoursMultiple-choice results in MyCISI
Where to studyHow the test works

Updated October 2026 · Written from the CISI syllabuses, workbooks and sample papers

Key facts

At a glance

Awarded by
CISI, a chartered professional body recognised by Ofqual, Qualifications Wales and the Council for the Curriculum, Examinations and Assessment (CCEA)
Exam types
Multiple choice on screen, or written (narrative) papers for some Level 6 and 7 units
Where you sit
A test centre, or remote invigilation if you’re 18 or over
How you book
CISI’s online exam shop, or by phone or email to customer support
English level
No set requirement; CISI advises B2 on the Common European Framework of Reference for Languages

How it works

How each CISI exam fits into a qualification

  1. Each CISI qualification is built from units, and each unit is one exam. The Investment Operations Certificate (IOC) and the Investment Advice Diploma (IAD), for example, each take three units.
  2. The units of CISI’s qualifying-level awards, such as the IOC and the IAD, are multiple-choice (MCQ) exams on computer. Some Level 6 and 7 units, such as the three Chartered Wealth Manager units, are written exams that CISI calls narrative exams.
  3. You register with CISI once, paying a one-off Qualification Registration Fee with your first qualification. In the UK you must also buy the current CISI workbook, where one exists, when you book each exam.
  4. You sit an MCQ exam at a test centre or at home or work by remote invigilation, where an invigilator watches over live video. Remote exams aren’t open to candidates under 18.
  5. MCQ results stay provisional for five working days while CISI checks for anything that could affect them. After that your certificate is in MyCISI, the personal area of CISI’s website.
  6. If you fail an MCQ exam you can buy a Performance Review, which shows how you did on each part of the syllabus. CISI doesn’t remark MCQ exams, because a computer marks them.

Topics

What’s on the test

01

Introduction to Securities and Investment

The Chartered Institute for Securities & Investment’s (CISI’s) entry-level Level 3 unit: a basic introduction to the financial services industry, focused on investments.

Key points (4)
  • Version 26 of the syllabus took effect on 1 August 2026: a one-hour exam of 50 multiple-choice questions (CISI syllabus, Introduction to Securities and Investment).
  • Equities carry the most questions, 9 of 50, then bonds with 7 and investment funds with 6 (CISI syllabus, examination specification).
  • CISI’s Version 26 sample paper scores 35 to 45 as a pass and 46 to 50 as a pass with merit.
  • Ofqual lists the unit on its own as the CISI Level 3 Award for Introduction to Investment, with 8 credits (Ofqual register extract).
02

UK Financial Regulation

The Level 3 regulatory unit of the Investment Operations Certificate (IOC) and the Capital Markets Programme: the rules and law behind financial markets and investment business.

Key points (4)
  • Version 33 took effect on 1 April 2026: 75 multiple-choice questions in 1 hour 30 minutes (CISI syllabus, UK Financial Regulation).
  • Conduct of business and client assets is the biggest element, with 35 of the 75 questions (CISI syllabus, examination specification).
  • CISI’s Version 33 sample paper scores 52 to 67 as a pass and 68 to 75 as a pass with merit.
  • Passing the regulatory unit in either the Capital Markets Programme or the IOC exempts you from the same unit in the other (CISI qualifications policies page).
03

UK Regulation and Professional Integrity

The Level 4 core regulatory unit of the Investment Advice Diploma (IAD), also used in the Certificate in Investment Management and the Diploma in Investment Compliance.

Key points (4)
  • Version 18 took effect on 1 May 2026: a two-hour exam of 80 multiple-choice questions (CISI syllabus, UK Regulation and Professional Integrity).
  • Financial crime has the most questions, 21 of 80, then conduct of business and client asset protection with 20 and integrity and ethics with 15 (CISI syllabus, examination specification).
  • CISI’s Version 18 sample paper sets the pass at 56 of 80.
  • It’s a core unit of three CISI qualifications: the IAD, the Certificate in Investment Management and the Diploma in Investment Compliance (CISI qualification pages).
04

Investment Advice Diploma technical units

The IAD’s second core unit, Investment, Risk and Taxation, and its three technical units: Securities, Derivatives, and Financial Planning and Advice.

Key points (4)
  • Each IAD unit is a two-hour exam of 80 multiple-choice questions (CISI IAD factsheet; Derivatives Level 4 syllabus, Version 16).
  • CISI’s Version 16 sample papers for Investment, Risk and Taxation and for Securities both set the pass at 56 of 80.
  • The Level 4 Derivatives syllabus gives the most questions to exchange-traded futures and options, over-the-counter (OTC) derivatives, and trading, hedging and investment strategies, 14 each (CISI syllabus, Version 16).
  • The Financial Conduct Authority’s (FCA’s) table lists the IAD with the securities module for activities 2 and 12, with the derivatives module for 3 and 13, and with Financial Planning and Advice for 4 and 6 (FCA Handbook, TC App 4.1).
05

Capital Markets Programme units

The Level 3 Securities and Derivatives units, each paired with a regulatory unit to make the Certificate in Securities or the Certificate in Derivatives.

Key points (4)
  • Securities (Version 25, effective 22 March 2026) and Derivatives (Version 25, effective 21 February 2026) are each a two-hour exam of 100 multiple-choice questions (CISI syllabuses).
  • Asset classes are the biggest Securities element, with 27 of the 100 questions (CISI Securities syllabus).
  • CISI’s Version 25 Securities sample paper sets the pass at 70 of 100.
  • In the UK, Ireland, Europe and North America you must pass IntegrityMatters before you sit a Capital Markets Programme exam (CISI Capital Markets Programme page).
06

How CISI exams are run

Rules from CISI’s Examination Regulations that apply on the day of any CISI exam.

Key points (4)
  • By starting an exam you declare you’re well enough to sit it, and the mark you get stands (CISI Examination Regulations, Version 16, April 2025, Fit to Sit).
  • In a remote multiple-choice exam you can’t leave the camera view or the room for any reason; a remote written exam allows one five-minute break (Examination Regulations 5.3).
  • If your internet link fails during a remote exam, the exam ends, the result so far is recorded and it can’t be restarted (Examination Regulations 5.1).
  • For a written exam at a venue, arrive 30 minutes early: you may not be let in less than 15 minutes before the start (Examination Regulations 5.2).

Test day

What to bring to a CISI exam

  • A valid photo ID that shows your name and signature, in the exact name you booked under, such as a passport or a UK photocard driving licence
  • Your booking confirmation for a test centre, or your login and exam launch details for a remote exam
  • For a remote exam, a mirror or a mobile phone for the invigilator’s check of your desk and screen, and nothing else on the desk: scratch paper is on screen
  • For a written exam, your own non-programmable Casio, Canon or Sharp scientific calculator, since none is provided

Before you go

  1. Check your ID before the day: international driving licences, student cards and photo credit cards aren’t accepted.
  2. For a remote exam, run the system check on the same device and in the same room you’ll use, and uninstall remote access software such as AnyDesk or TeamViewer.
  3. Arrive at a test centre at least 30 minutes before the start, or begin remote check-in at least 15 minutes before.
  4. Set your results sharing preferences in MyCISI if you want your employer to see your result.
  5. Look at the Candidate Update page for changes to your workbook edition before you sit.
CISI: Book a CISI examYou book through CISI’s exam shop, which asks you to sign in to MyCISI first, or by phone or email with CISI’s customer support team.

Study options

Where to study

CISI doesn’t train candidates itself. In the UK you buy its workbook with each exam, and it sells Revision Express and elearning to go with it. For a taught course it accredits outside training partners, whose prices are on their own sites and come on top of CISI’s fees.

OptionPriceFree to useLinks
Official
CISI student membership and My StudyOfficial study area for candidatesMy Study is CISI’s online platform for student members. It holds the sample papers, an On the Day section for your exam and advice on results and certificates.
Free for a year, or until you finish your qualification, when you book a CISI examMy Study, with sample papers for a selection of multiple-choice exams and past papers for written exams
CISI: Study support ↗CISI: Levels of membership ↗
CISI workbooks and digital booksOfficial study text for each examThe Chartered Institute for Securities & Investment (CISI) requires UK candidates to buy the current workbook, where one exists, when they book. Each edition matches one syllabus version. Digital books come only from CISI or its training partners, and CISI recommends the Kotobee Reader app.
£105 per Level 3 or 4 unit, £210 per Level 6 or 7 written unit in the UK; included in exam prices outside the UK
CISI: Study support ↗CISI: Price list 2026-2027 ↗
CISI Revision ExpressOfficial online revision toolQuestions to check your understanding alongside the workbook, plus a Sample Exam Standard Test written to the standard of the real exam. CISI also sells a saver package of exam, workbook and Revision Express together, ordered by contacting it.
£45 for a multiple-choice exam, £65 for a written exam
CISI: Study support ↗
Courses
Fitch LearningClassroom and online coursesOne of CISI’s seven Premier Training Partners. Its courses include an online portal with a question bank and a mock exam book. If you fail after a classroom course you can attend another one free, and distance learners keep portal access until they pass.
Not shown on its IAD and IOC course pages; CISI exam fees and the CISI manual are extra
Fitch Learning: Investment Advice Diploma ↗Fitch Learning: Investment Operations Certificate ↗
BPPOnline IAD coursesBPP sells each IAD unit separately, with timetables running from late 2026 into 2027. Its Pass Assurance gives extended access to course materials and tutor guidance if you don’t pass an eligible exam first time.
Online from £450 per IAD unit, including VAT
BPP: CISI Investment Advice Diploma ↗
Redmill AdvanceSelf-paced elearningEight online modules, the last being a mock exam, with a certificate of 50 hours of CPD when you complete it. Sold through its LearnUpon store.
£129 plus VAT for its UK Regulation and Professional Integrity 2026/27 course
Redmill Advance: CISI Regulation and Professional Integrity 2026/27 ↗

Prices and ratings checked October 2026.

Explore

Everything else, in one place

CoursesBookingCostRevision ExpressAll qualificationsIADIOCMembership

Level 3 exams

UK Financial RegulationSecurities and InvestmentCapital MarketsCorporate FinanceRisk

Level 4 and above

Investment ManagementInvestment ComplianceChartered Wealth Manager

Professional standing

CPDSPSIntegrityMatters

Help and comparisons

Mock examsContactCFA or CISI

FAQ

Common questions

What is a CISI exam?

It’s an assessment set by the Chartered Institute for Securities & Investment, a professional body formed in 1992 by London Stock Exchange practitioners. CISI is a registered charity and is recognised as an awarding organisation by the qualifications regulators in England, Wales and Northern Ireland. Each exam is one unit, and you combine units to earn a qualification such as the IOC or the IAD. The qualifications page lists them by level.

Which CISI exam should I take first?

It depends on your job. CISI advises people in operations roles at firms regulated by the Financial Conduct Authority (FCA) to start the IOC with Introduction to Securities and Investment and UK Financial Regulation. Retail investment advisers take the IAD, and people in securities or derivatives roles take the Capital Markets Programme. Your employer may also set its own order, so check with them before you book.

Do CISI exam passes expire?

No. CISI’s policy is that a pass stays with you indefinitely. Some employers ask for a more recent pass, and you can resit a unit you’ve already passed: more than a year after your pass you can just book, but within a year you need CISI’s permission first. Failing that resit doesn’t cancel your earlier pass.

Can I take a CISI exam in Welsh or another language?

Not in Welsh: CISI’s 2025 policy statement says it doesn’t offer qualifications in Welsh because demand is low, and it reviews that regularly. CISI’s price list does include Arabic and French versions of some units, such as International Introduction to Securities and Investment, for candidates outside the UK.

Which CISI exams get new syllabuses, and when?

Several units move to new syllabus versions between December 2026 and September 2027, each with a new workbook edition, and the Revision Express page lists the changeover dates for the main units. CISI reviews its prices every year, and the cost page gives the dates its price list covers. CISI’s last Global Operations Management exam, a unit of the Diploma in Investment Operations, is in its Winter 2026 session, as the qualifications page explains.

How do I contact CISI or get into MyCISI?

MyCISI is the signed-in part of CISI’s own website, where you see bookings, results and certificates. The contact page has CISI’s customer support details and explains which tasks need MyCISI.

Sources: CISI and 9 more. Checked October 2026.

Rules and fees can change, so check the official site before your test.

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