Candidate Update

The CISI provides exam candidates with the very latest news and developments affecting exam syllabuses and learning materials, listed by programme.

Please select the relevant exam programme from the following tabs:


International & Stand-Alone Exams

Exam Name & Syllabus version Update/Development Action Effective From/To Date Posted
IT in Investment Operations
V 6
The syllabus version has been extended to 11 May 2014 12/11/2012 - 11/05/2014 02/04/2013
Global Financial Compliance
V 2
This syllabus version has been extended to 10 November 2014. 31/10/2013 - 10/11/2014 31/10/2013

Level 3 Investment Operations Certificate

Exam Name & Syllabus version Update/Development Action Effective From/To Date Posted
IT in Investment Operations
V 6
The syllabus version has been extended to 11 May 2014 12/11/2012 - 11/05/2014 02/04/2013
Global Financial Compliance
V 2
This syllabus version has been extended to 10 November 2014. 31/10/2013 - 10/11/2014 31/10/2013

Level 3 Certificates

Exam Name & Syllabus version Update/Development Action Effective From/To Date Posted
Derivatives / Financial Derivatives Syllabi
V 13
Candidates should note the recent industry changes below that have been reflected in the new Derivatives / Financial Derivatives syllabus version 13 (edition 9 of the Derivatives workbook  and Financial Derivatives Module) and will be tested from 31 October 2013.

NYSE Liffe
The changes relate mainly to the trading system and clearing house used by NYSE Liffe.

Where previously the trading system was Liffe CONNECT, it is now called the Universal Trading Platform (UTP).

NYSE Liffe’s clearing is no longer through LCH.Clearnet but through ICE Clear Europe, using the Universal Clearing Platform (UCP) for matching and reporting, instead of the Trade Registration System (TRS) and Clearing Processing System (CPS).

Turquoise Derivatives Europe
There have also been changes to the clearing houses used by Turquoise Derivatives Europe, and to small elements of the clearing and processing of commodities trading.

Candidates with version 8 of the workbook edition should particularly take note of these changes and are encouraged to purchase the most up to date workbook edition for these exams which can be purchased in pdf format for £25
31/10/2013 - TBC 08/10/2013
Global Financial Compliance
V 2
This syllabus version has been extended to 10 November 2014. 31/10/2013 - 10/11/2014 31/10/2013
Corporate Finance Technical Foundations
V 5
The following additional text has been added to the Corporate Finance Technical Foundations Edition 5 workbook (covering exams from 11 April 2014 to 10 April 2015 and based on syllabus version 9) in Chapter 4, Section 2, covering Learning Objectives 4.1.1 and 4.1.2.


Enterprise value can be calculated in two ways.

1. Present value of the total free cash flows expected to be generated by the enterprise, discounted at the WACC; this is discussed in more detail later in Section 7.

2. Market capitalisation (share price x number of shares in issue) plus
Preference and other shares (if any) plus
Non-controlling (minority) interest (if any) plus
Total long-term debt plus total short-term debt less
Total cash and cash equivalents

This gives the total capital invested in the business enterprise; ie, the enterprise value.

There are a number of alternative ways of addressing some of these components. For the purpose of this syllabus, you should use the guidelines shown here.

• Where preference and other shares are quoted, they should be included at their market value (where shown) rather than at book value.
• Finance leases are to be included in debt.
• Where the debt includes bonds or other debt securities, these should be included at their market value (where shown) rather than at their book value.
• ‘Cash and cash equivalents’ may include money market deposits or other liquid ’near-cash’ assets. These should be included at current market value (where shown) rather than at book value.

In practice, you may see additional components of enterprise value, such as pension deficits, options or warrants, operating leases and investment in associates. They are not included for the purposes of this syllabus.


Illustration

Markap plc has 1,000,000 shares in issue, priced at 220p. Its market capitalisation is therefore £2.2 million: this is its equity value.
Markap also has £1 million of long-term bonds, trading at 99p. Their market value is therefore £990,000. It also has £500,000 of unquoted preference shares and £200,000 of cash.

Its enterprise value is therefore calculated as market capitalisation plus preference shares plus net debt; ie:
£2,200,000 + £500,000 + £990,000 – £200,000 = £3,490,000.

Note that the difference between equity value and enterprise value is the sum of the non-equity capital invested in the business. Equity value represents the total of all assets owned by the company, after deduction of amounts owing to other stakeholders; ie, the value owned by shareholders. Enterprise value represents the total of all operational assets owned by the business – irrespective of who they are attributable to.

20/3/2014

Level 4 Investment Advice Diploma

Exam Name & Syllabus version Update/Development Action Effective From/To Date Posted
Investment, Risk & Taxation
V 4

Please see the below correction from Chapter 4, Section 11.3.3 of the Investment, Risk & Taxation Edition 4 workbook.


Common Tax Computations Example


 


James is 38 years old, married with children, and has gross monthly earnings of £3,800 from employment. Calculate his net monthly pay after income tax.


 


                                                                                                                                            Income Tax


Gross income                                                                                                                      £3,800.00


Personal allowance (£9,440/12)                                                  £786.67                           £0.00


Taxable income                                                                                                                   £3,013.33


Income taxable at basic rate £0 – £32,010/12)                           £2,667.50                        £533.50


Income taxable at higher rate (£3,013.33 – £2,667.50)              £345.83                           £138.33


Total income tax payable                                                                                                    £671.83


Net monthly pay                                                                             £3,800 – £671.83  =  £3,128.17


 

02/01/2014 - 30/10/2014 02/02/2014

Narrative

Exam Name & Syllabus version Update/Development Action Effective From/To Date Posted
Level 6 Certificate in Private Client Investment Advice and Management
V
Due to very high demand we will be offering extra sittings of the PCIAM exam in the forthcoming year.  The revised timetable is available here. 07/04/2011 - Ongoing 07/04/2011
Advanced Operational Risk
V 3
The AOR syllabus has been updated for exam sittings in 2013 01/12/2013 - Ongoing 19/02/2013
Advanced Global Securities Operations
V 3.1

Reflecting the changes to the FSA which came into force from 1 April 2013, the CISI`s Advanced Global Securities Operations workbook has been amended to reflect the name changes.  The syllabus remains unaltered for June 2013 and December 2013 sittings. The June and December exam papers will refer where relevant to the FCA and PCA, rather than the FSA.

The syllabus for AGSO will be updated for June 2014 and December 2014 sittings, and the updated workbook for this updated syllabus version will be available in March 2014.

01/04/2013 - 01/03/2014 23/04/2013
Diploma in Corporate Finance: Corporate Finance Techniques & Theory
V 1a
Corporate Finance Techniques & Theory

Please note the following change to the examination rubric for this paper applicable from the December 2013 sitting onwards.

There has been an adjustment to the number of question options between the June 2013 sitting and the December 2013 sitting.  For the December 2013 Sitting paper onwards:

SECTION A – FIVE questions in this section are to be answered  (Same as June 2013)

SECTION B – BOTH questions in this section are to be answered (rather than TWO out of THREE Questions)


The syllabus has now been updated for 2014.
02/09/2013 - ongoing 17/10/2013
Diploma in Corporate Finance: Corporate Finance Strategy & Advice
V 1a
Corporate Finance Strategy & Advice

Please note the following change to the exam rubric for this paper applicable from the December 2013 sitting onwards.

The December exam will start at 13:00 and candidates will receive both the Information Booklet and the Question Paper.  They will not receive the Answer Book.

At 13:55 Answer Books will be circulated, then from 14:00, once candidates have been instructed to do so, candidates may open their answer books and begin writing.  They will then have 3 hours to complete the exam and will finish at 17:00.

This change will be reflected on the examination paper as follows:

Part 1: Time allowed: 1 Hour

Candidates will be provided with an Information Booklet and the examination question paper. Candidates have one hour in which to review the information booklet and questions. During this time, candidates may annotate the information book. The examination has been prepared on the assumption that candidates will not have any detailed knowledge of the type of company or sector to which it refers. No additional merit will be accorded to those candidates displaying such knowledge.

Part 2: Time allowed: 3 Hours The Answer Book will be distributed at 1.55 pm and candidates should open and begin writing in the answer book when instructed at 2.00 pm.


The syllabus has now been updated for 2014.
02/09/2013 - ongoing 17/10/2013

Publications


Candidates may also find the following links of some use: