Diploma in Corporate Finance 
(CISI Level 6 Diploma in Corporate Finance) 

The new Diploma in Corporate Finance will equip you with advanced corporate finance knowledge, skills and expertise.  It will enhance the value you bring to the organisations you work with and help accelerate your career.

This programme is jointly awarded by the CISI and ICAEW as part of the Corporate Finance programmes. The syllabus has been developed by corporate financiers to ensure it is work related and transaction-oriented.

The Diploma assures a clear progressive path from the Certificate in Corporate Finance and successful completion may lead to full CISI Chartered Member status and the ICAEW Corporate Finance (CF) designatory letters.


Key features of the Diploma in Corporate Finance
  • Achievable in a year
  • Awarded by two world-renowned and leading institutions, the CISI and ICAEW
  • Allows progressive learning after completion of the Certificate in Corporate Finance
  • Supplements 'on the job' learning – the syllabus will develop your core technical, commercial and ethical skills and knowledge. You will learn fundamental techniques, theories and issues so that you can handle complex strategic corporate finance situations
  • Two exam sittings for each paper every year (June and December) will allow you to complete the Diploma at a pace that suits you
  • Receive one year's free Student membership of the CISI and membership to the ICAEW Corporate Finance Faculty
  • Earn CPD hours upon successful completion of the qualification


Qualification Structure 

The Diploma in Corporate Finance consists of two mandatory papers:

Paper 1: Corporate Finance Techniques & Theory
Summary syllabus:
  • Financial Statement Analysis
  • Valuation
  • Debt and Equity
  • Mergers, Acquisitions and Disposals
  • Regulation, Governance and Ethics

.
Paper 2: Corporate Finance Strategy & Advice
Summary syllabus:
  • Corporate Strategy
  • Mergers and Acquisitions
  • Corporate Performance and Reconstructions


Ofqual 

This Diploma is regulated by Ofqual as a level 6 qualification. On the European Qualifications Framework, this equates to a level 6 qualification.


Study Options 
 
Study courses and supporting materials for both papers are available from BPP. Candidates may choose to purchase only the study materials if they wish.

Please note, the cost of study materials / courses is not included in the examination fee.

Candidates should contact BPP directly to order study materials or book onto courses.

On average, 200 hours of study is required to complete paper 1: Corporate Finance Techniques & Theory and 300 hours of study is required to complete paper 2: Corporate Finance Strategy & Advice.


Assessment
The diploma consists of two paper-based exams which are sat separately:

Paper 1: Three hour open book examination (short scenario style questions)

Corporate Finance Techniques & Theory - Information Booklet

Corporate Finance Techniques & Theory - Specimen Paper

Corporate Finance Techniques & Theory - Specimen Mark Scheme

Paper 2: Four hour open book examination based on a case study

Corporate Finance Strategy & Advice - Information Booklet 
  
Corporate Finance Strategy & Advice - Specimen Paper
 
Corporate Finance Strategy & Advice - Specimen Mark Scheme
 


Examination Materials 

Permitted materials

Both of the Diploma in Corporate Finance examinations are open book examinations.  This means that candidates are permitted to bring in texts, articles and notes of any kind. It is the candidate's responsibility to bring in any texts / notes needed and any such texts brought into the examination venue should be in hard copy only.

Candidates are reminded that they might like to, at the very least, bring copies of the Takeover Code / Listing Rules (whichever sections candidates deem relevant).


Prohibited materials

All brief cases, bags, laptops, pagers, mobile phones (which should be turned off and not left on vibrate) and other personal belongings including digital / programmable equipment (watches included), Kindles and other reading devices must be left in an area specified by the Invigilator.


Materials provided - Examination Papers and Information Booklets

Paper 1: Corporate Finance Techniques & Theory examination is a three hour examination and both the information booklet and the examination paper are given to candidates at the allotted start time.

Paper 2: The Corporate Finance Strategy & Advice examination paper is a four hour examination which consists of two parts. 

Part 1: candidates are given the information booklet and the examination paper at the allotted time of 1.00 pm.  Candidates have 55 minutes to read, review and annotate the information booklet as appropriate. 

Part 2: candidates are provided with an Answer Booklet at 1.55 pm.  At 2.00 pm candidates may turn over and begin answering the examintion questions. 


There are entry requirements for the Diploma in Corporate Finance that must be met before applying to sit the first paper.

Candidates need to hold either the CISI Level 3 Certificate in Corporate Finance or a recognised Accountancy qualification before sitting the Diploma. Certain legacy qualifications are also accepted.


Certificate in Corporate Finance

Candidates outside the UK who do not hold the full level 3 Certificate in Corporate Finance may substitute a local regulatory paper for the Certificate in Corporate Finance unit 1: Corporate Finance Regulation to meet the entry requirements. Candidates will then need to complete unit 2 of the Certificate in Corporate Finance:  Corporate Finance Technical Foundations. A list of local regulatory papers which are acceptable is attached. Other local regulatory papers may be considered and are assessed on a case by case basis and you should contact exemptions@cisi.org if you wish us to review a non-UK regulatory paper for this purpose.

In all cases above, these are eligibility arrangements. Candidates meeting these criteria will not gain the level 3 Certificate in Corporate Finance and there is no charge made to candidates who wish to claim such eligibility.


Accountancy Qualifications

Holders of the ACA are not required to hold the level 3 Certificate in Corporate Finance. A list of other accountancy qualifications which can be accepted is attached here. Other accountancy qualifications, not on this list, may be considered on a case by case basis.

The Diploma in Corporate Finance requires a high level of specific technical knowledge and holders of accountancy qualifications are strongly advised to sit the Certificate in Corporate Finance unit 2: Corporate Finance Technical Foundations to gain an appropriate academic underpinning to the diploma.


Legacy Corporate Finance Qualifications

Holders of the following qualifications, which provide a specific corporate finance and regulatory underpinning for FCA Activity 8, advising on investments in the course of corporate finance business, are not required to hold the level 3 Certificate in Corporate Finance:

• SFA Corporate Finance Representative examination
• Previous CISI Corporate Finance Diploma unit if a regulatory paper is held*

*Please note, there are other qualifications listed by the FCA for this Activity, but the qualifications above are the only ones accepted by the CISI / ICAEW as covering the appropriate ground to allow direct entry to the Diploma.

• Holders of the diploma paper for the previous ICAEW Corporate Finance qualification are not required to hold the level 3 Certificate in Corporate Finance. To gain the new Diploma in Corporate Finance, they are required to pass the Corporate Finance Strategy & Advice paper of the new Diploma.

In all cases above, these are eligibility arrangements. Candidates meeting these criteria will not gain the level 3 Certificate in Corporate Finance and there is no charge made to candidates who wish to claim such eligibility.

If you are eligible for direct entry to the Diploma in Corporate Finance, you should include information about the basis of your eligibility on the exam booking form.


Exemption Policy - Candidates with International Qualifications in Corporate Finance

There are no exemptions available for either the Corporate Finance Techniques & Theory paper or the Corporate Finance Strategy & Advice of the Diploma in Corporate Finance.

Candidates with International Qualifications in Corporate Finance may be eligible for an exemption from paper 1 of the level 3 Certificate in Corporate Finance.

If you hold an international qualification which is listed by a regulator as an appropriate examination specifically for advising on investments in the course of corporate finance activity, you may claim exemption from paper 1 of the level 3 Certificate in Corporate Finance. The application form and supporting documentation should be returned with the appropriate fee to exemptions@cisi.org.

Candidates so exempted, on completion of paper 2 of the Certificate in Corporate Finance, will be issued with an international version of the Certificate in Corporate Finance.


How to Register

Candidates should complete the booking form and email the completed booking form to: CorporateFinance@cisi.org

exam form Diploma in Corporate Finance

The latest prices for exams are listed on the online price list.

Benefits

Free CISI Student Membership
By completing a qualifications registration form you will receive free CISI Student membership which gives you access to a wide range of benefits which will help you study and gain industry knowledge.  


Free ICAEW Corporate Finance Faculty Membership
Online support and guidance to maintain expertise and leadership is available through the ICAEW Corporate Finance Faculty.  Diploma in Corporate Finance students will receive one year's complimentary membership of the ICAEW Corporate Finance Faculty.


   

Next Steps

CISI Membership
If you successfully complete the Diploma in Corporate Finance, you will be eligible for full membership of the CISI (and you will be entitled to use the associated designatory letters, MCSI). By completing the CISI's IntegrityMatters and completing one year's logged CPD, candidates also become eligible for personal Chartered status.

ICAEW Corporate Finance qualification
Obtaining the Diploma in Corporate Finance is also one of the pre-requisites required for those candidates wishing to pursue the ICAEW Corporate Finance qualification and the accompanying CF designatory letters. 

The CF qualification represents the highest level of achievement in the corporate finance programmes jointly offered by the CISI and ICAEW

Further information is available here.