The CISI IOC (Investment Operations Certificate)

Which units can you choose for the CISI IOC?

CISI splits the IOC units into three groups. Staff at firms that aren’t authorised, particularly firms based outside the UK, or in roles the FCA doesn’t regulate, may pick any three units if their firm agrees.

• Introductory: Introduction to Securities and Investment, or the international version
• Regulatory: UK Financial Regulation, a CISI paper for Kenya, Kuwait, Qatar or the UAE, or a local regulatory paper CISI accepts
• Technical: one of the units in the next section, picked to fit your job

How long each IOC exam lasts

Every IOC unit is a multiple-choice exam. CISI’s IOC factsheet, dated November 2022, sets out three lengths:

• 1 hour 30 minutes for 75 questions: UK Financial Regulation
• two hours for 100 questions: Derivatives, Global Financial Compliance, Risk in Financial Services, and Transfer Agency Administration and Oversight
• one hour for 50 questions: every other unit

The Introduction to Securities and Investment (Version 26), UK Financial Regulation (Version 33), Derivatives (Version 25) and Risk in Financial Services (Version 12) syllabuses and sample papers match those lengths.

What the IOC counts for with the FCA

The FCA’s appropriate qualification table lists IOC units for overseeing roles such as running a collective investment scheme (activity 15), safeguarding and administering investments or holding client money (16), and administration linked to managing investments (17). For these roles you need three qualifications that together meet the requirement:

• an introductory one, such as Introduction to Securities and Investment
• one on regulation and ethics, such as UK Financial Regulation
• a technical one listed for that activity, such as Asset Servicing, Client Money and Assets or Platforms, Wealth Management and Service Providers for activity 16

Passing the IOC lets you join CISI as an Associate. A fourth unit earns the IOC+, the Level 3 Extended Certificate in Investment Operations.