CISI Introduction to Securities and Investment 2026: 50 Questions

What does CISI Introduction to Securities and Investment cover?

Element	Questions
Introduction	3
Economic environment	4
Equities	9
Bonds	7
Other markets and investments	4
Derivatives	4
Investment funds	6
Financial services regulation	4
Taxation, investment wrappers and trusts	4
Other financial products	2
Financial advice	3

That’s the specification for syllabus Version 26, in use from 1 August 2026. The international version, for candidates outside the UK, has its own syllabus.

Pass mark and grades

CISI’s Version 26 sample paper scores the exam like this:

0 to 34: fail
35 to 45: pass
46 to 50: pass with merit

Older sample papers on the earlier syllabus had a marginal fail band, so use the paper that matches your version.

CISI sample papers and mock exams →

Who takes it, and exemptions

Ofqual lists the unit on its own as the CISI Level 3 Award for Introduction to Investment, and it’s also the introductory unit of the IOC. CISI sells it on its own as Introduction to Investment, The Foundation Qualification. For 16 to 19 year olds, CISI offers a Level 3 Award in Introduction to Securities & Investments with its own price.

Since 1 April 2024 you can only be exempt from this unit if you’ve passed a non-CISI exam that covers its syllabus and all of the FCA’s requirements. CISI’s Level 3 Securities and Derivatives exams no longer count. A postgraduate degree covering at least 70% of the syllabus can be put forward instead.

The Investment Operations Certificate →CISI exemption rules →