Candidate Update

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

Special Notice

Due to a systems error, between October 2012 and February 2017 the certificates issued for the CISI Level 3 Award for Introduction to Investment contained an incorrect Ofqual Qualification Accreditation Number (QAN). All certificates that were distributed within this period did not contain the correct QAN of 501/0782/3. Due to the historical nature of this error, the decision has been taken to reissue those certificates issued from 1 September 2016 to 28 February 2017 ONLY.

Those who received their certificate between 1 October 2012 and 31 August 2016 are still able to receive an updated certificate with the correct QAN and can request this, by contacting customersupport@cisi.org.

CBT Examinations Tutorial Guide

A tutorial, provided at the beginning of each exam, explains how computer based testing (CBT) works. It gives you the time and the opportunity, before your exam starts, to practise:

  • moving forwards and backwards through the questions
  • flagging any to which you wish to return, either for review or to answer later
  • using the calculator

If you require any further information or assistance please email the CISI Customer Support team or call them on +44 20 7645 0777.

Please select the relevant exam programme from the following tabs:

International and Stand-alone

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • All Arabic Exams and Workbooks V 1.0

    All Arabic Exams and Workbooks V 1.0
     
    Always effective
    18/09/2015
    Testing
  • International Certificate in Wealth & Investment Management V 4

    International Certificate in Wealth & Investment Management V 4
    1. Chapter 3, section 4.3, page 131 - The second bullet point has been amended to read:
    ‘Profit margin looks at how much profit is being made for each dollar’s worth of sales.
    • Clearly the higher the profit margin the better.
    • The formula for calculating it is:
    Profit Margin = Profit before Interest and Tax Sales’

    2. Chapter 6, section 3, page 270 - The 7,8,9 and 10th bullet points has been amended to read:
    ‘A domicile of dependency arises in respect of children, married women and mentally disordered persons.
    • Their domicile will generally be the same as, and will change (if at all) in accordance with, the domicile of the person on whom they are deemed to be legally dependent.
    • So, the domicile of a child born to married parents during their minority will depend on the domicile of their father during the father’s lifetime and (in general) on that of their mother after their father’s death.
    • A child born to unmarried parents during their minority will (usually) depend on their mother’s domicile.
    • The domicile of a married woman is the same as, and changes with, that of her husband in some countries.’

    3. Chapter4, section 1.4, page 160 - The example has been amended to read:
    ‘This can be validated by going back to the principle of interest rate parity which is that the forward rate should take account of the interest rate differential between the two currencies.
    So, if €1 equals $1.13 today and both are invested at their respective rates, in six months’ time they will be worth:’
    ICWIM Workbook Update
    02/03/2019 - 01/03/2021
    10/04/2019
    Testing
  • Global Financial Compliance V 8

    Global Financial Compliance V 8
    In Global Financial Compliance (Ed8) – Chapter 1 – Section 1.6.2 - Multilateral Trading Facilities (MTFs)/Systematic Internalisers (SIs) – 3rd paragraph the final sentence (‘Furthermore, ESMA does not have any immediate plans to issue a register of Sis’) is replaced with "SIs trade on their own account on a frequent and systematic basis when executing client orders outside a regulated market, an MTF, or an organised trading facility (OTF)." Chapter 4 – Section 4.8.2 – Contacting the Financial Ombudsman the final sentence ‘In the UK, the Ombudsman can now make awards of up to £150,000’ is replaced with "In the UK, the Ombudsman can now make awards of up to £160,000 for claims made prior to 1 April 2019, and up to £350,000 for claims raised after 1 April 2019."
    11/11/2019 - 10/11/2020
    29/10/2019
    Testing
  • IT in Investment Operations V 9

    IT in Investment Operations V 9
    24/09/2019 - 10/05/2021
    24/09/2019
    Testing

Level 3 IOC

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • UK Financial Regulation V V27

    UK Financial Regulation V V27
    26/03/2020 - 31/03/2021
    26/03/2020
    Testing
  • Global Financial Compliance V 8

    Global Financial Compliance V 8
    In Global Financial Compliance (Ed8) – Chapter 1 – Section 1.6.2 - Multilateral Trading Facilities (MTFs)/Systematic Internalisers (SIs) – 3rd paragraph the final sentence (‘Furthermore, ESMA does not have any immediate plans to issue a register of Sis’) is replaced with "SIs trade on their own account on a frequent and systematic basis when executing client orders outside a regulated market, an MTF, or an organised trading facility (OTF)." Chapter 4 – Section 4.8.2 – Contacting the Financial Ombudsman the final sentence ‘In the UK, the Ombudsman can now make awards of up to £150,000’ is replaced with "In the UK, the Ombudsman can now make awards of up to £160,000 for claims made prior to 1 April 2019, and up to £350,000 for claims raised after 1 April 2019."
    11/11/2019 - 10/11/2020
    29/10/2019
    Testing
  • IT in Investment Operations V 9

    IT in Investment Operations V 9
    24/09/2019 - 10/05/2021
    24/09/2019
    Testing

Level 3 Certificates

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • All Arabic Exams and Workbooks V 1.0

    All Arabic Exams and Workbooks V 1.0
     
    Always effective
    18/09/2015
    Testing
  • UK Financial Regulation V V27

    UK Financial Regulation V V27
    26/03/2020 - 31/03/2021
    26/03/2020
    Testing
  • Securities (Capital Markets Programme) V 15

    Securities (Capital Markets Programme) V 15
    Chapter 2, section 3, page 35 - The final sentence of the example has been amended to read:
    ‘An investor holding $1,000 nominal of 3% Treasury Bond 2047 will receive a total coupon of $30 each year, split into two payments of $15 each on 15 May’.
    24/02/2020 - 21/03/2021
    24/02/2020
    Testing
  • Derivatives V 15

    Derivatives V 15
    Derivatives Level 3 Certificates (Ed15) – Chapter 2 Section 2.1 table (p.36), the Japan Government Bond (JGB) Trade Settled date to read as T+1 instead of T+2.
    11/10/2019 - 10/10/2020
    10/10/2019
    Testing

Publications & Elearning

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • Portfolio Construction Theory workbook V Edition 4, version 3 update

    Portfolio Construction Theory workbook V Edition 4, version 3 update
    Portfolio Construction Theory workbook, edition 4, version 3 update
    In the Syllabus Learning Map, page 589, the Assessment Structure has been changed:
    Section A worth 20 marks - candidates answer ALL parts of the multiple-choice questions in this section.
    Section B worth 40 marks - candidates answer ALL parts of the short answer questions in this section.
    Section C worth 40 marks - candidates answer TWO questions from THREE, worth 20 marks each.
     
    30/05/2017
    Testing
  • UK Financial Regulation V Edition 25 Chapter 4, Section 2.1.3

    UK Financial Regulation V Edition 25 Chapter 4, Section 2.1.3
    UK Financial Regulation - UK Financial Regulation

    The following text has been amended to read:

    MiFID II introduced extra protections for local authorities and/or municipalities, which must by default now be classified as retail clients. They can be reclassified as an elective professional client where they meet or comply with the following circumstances:
    The qualitative test as per COBS 3.5.3(1):
    the firm undertakes an adequate assessment of the expertise, experience and knowledge of the client that gives reasonable assurance, in light of the nature of the transactions or services envisaged, that the client is capable of making their own investment decisions and understanding the risks involved (the ‘qualitative test’).
    The quantitative test (as per COBS 3.5.3B(2)the size of the authorities’ financial instrument portfolio defined as including cash deposits and financial instruments, exceeds £10 million, and either: it has carried out transactions, in significant size, on the relevant market at an average frequency of ten per quarter over the previous four quarters (quantitative test) the person authorised to carry out transactions on behalf of the authority works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the provision of services envisaged (quantitative test) the authority is an ‘administering authority’ of the Local Government Pension Scheme and is acting in that capacity the local public authority or municipality is established in an EEA state and the EEA state has adopted alternative or additional criteria.
     
    20/09/2018
    Testing
  • Financial Markets V Edition 6

    Financial Markets V Edition 6
    Financial Markets
    Please see attached the Financial Markets Edition 6 Workbook Ocotober 2018 Addendum.
     
    02/10/2018
    Testing

Qualifications Bulletin

The bulletin is a quarterly email sent to all interested parties to provide an update on key areas relating to qualifications.

You can view past bulletins below and if you would like to receive the bulletin regularly please login to My CISI and set your email preference to opt in.

Narrative

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • Advanced Financial Planning V 1

    Advanced Financial Planning V 1
    Advanced Financial Planning update

    Edition 1 of the workbook will be extended for the 2nd September 2020 exam, the 2019-2020 tax tables information booklet will be given to candidates sitting in September. Edition 2 (with the 2020-2021 tax) will cover the March and September 2021 exams.
    04/03/2020 - 30/09/2021
    04/03/2020
    Testing
  • Regulation & Compliance V 7

    Regulation & Compliance V 7
    04/03/2020 - tbc
    04/03/2020
    Testing
  • Level 6 Certificate in Private Client Investment Advice and Management V 4

    Level 6 Certificate in Private Client Investment Advice and Management V 4
    Holders of the Level 6 Certificate in Private Client Investment Advice & Management entering for the Applied Wealth Management examination in December 2019 could opt for a partial exemption. In view of independent review cycles for both these examinations, there are currently no plans to extend this exemption to subsequent examination sittings.

    Achievement of the Level 6 Certificate in Private Client Investment Advice & Management remains a valuable progression route to the Level 7 Diploma in Wealth Management (of which the Applied Wealth Management examination is a mandatory component).
    17/02/2020 - 31/12/2025
    17/02/2020
    Testing
  • Pension Transfers & Planning Advice V 1

    Pension Transfers & Planning Advice V 1
    16/05/2018 - 31/12/2025
    16/05/2018
    Testing
  • Applied Wealth Management V 5

    Applied Wealth Management V 5
    Applied Wealth Management Edition 5 Workbook

    Chapter 10, section 1.8.4

    The rules regarding dying intestate have been amended as below and differ from what appears in the Applied Wealth Management Edition 5 workbook.

    For the June 2018 exam, both what appears in the workbook and the new rules will be accepted.
    Married partners or civil partners inherit under the rules of intestacy only if they are actually married or in a civil partnership at the time of death. So if you are divorced or if your civil partnership has been legally ended, you can’t inherit under the rules of intestacy.
    Partners who separated informally can still inherit under the rules of intestacy. Cohabiting partners (sometimes wrongly called `common-law` partners) who were neither married nor in a civil partnership cannot inherit under the rules of intestacy.
    If there are surviving children, grandchildren or great grandchildren of the person who died and the estate is valued at more than £250,000, the partner will inherit:
    • all the personal property and belongings of the person who has died, and
    • the first £250,000 of the estate, and
    • half of the remaining estate.
    If there are no surviving children, grandchildren or great-grandchildren, the partner will inherit:
    • all the personal property and belongings of the person who has died and
    • the whole of the estate with interest from the date of death.
    16/05/2018 - 31/12/2025
    16/05/2018
    Testing
  • Diploma in Corporate Finance: Corporate Finance Strategy & Advice V 1a

    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
    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
    Testing
  • Diploma in Corporate Finance: Corporate Finance Techniques & Theory V 1a

    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
    Testing

Level 4 Investment Advice Diploma

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • UK Regulation & Professional Integrity V 12

    UK Regulation & Professional Integrity V 12
    04/03/2020 - 11/03/2021
    04/03/2020
    Testing
  • Retail Advice & Planning V 2

    Retail Advice & Planning V 2
    Edition 2 of the workbook and exam will be extended to 19th September. With edition 3 of the workbook being released in July and first exam on the 20th September 2020.
    17/02/2020 - 19/09/2020
    17/02/2020
    Testing
  • Financial Planning & Advice V 3

    Financial Planning & Advice V 3
    Edition 3 of the workbook and exam will be extended to 30th September. With edition 4 of the workbook being released in July and first exam on the 1st October 2020.
    17/02/2020 - 30/09/2020
    17/02/2020
    Testing
  • Securities (Investment Advice Diploma) V 10

    Securities (Investment Advice Diploma) V 10
    Securities L4 (Ed10) Chapter 2: Q7 of the ECQs has now been replaced with the following:

    Q7. Name three of the five basic forms of eurobond issues. Answer reference: Section 3.1
    20/01/2020 - 30/12/2020
    20/01/2020
    Testing
  • Investment, Risk & Taxation V 10

    Investment, Risk & Taxation V 10
    Chapter 4, section 7.1.1, page 288 -The first bullet point has been amended to read:

    ‘They were not present in the UK for all of the previous three tax years, and were present in the UK for less than 46 days during the current tax year.’
    22/10/2019 - 30/10/2020
    22/10/2019
    Testing
  • Investment, Risk & Taxation V 11

    Investment, Risk & Taxation V 11
    Investment, Risk & Taxation Edition 11, Chapter 4, Section 6.3, P292

    The bullet point ‘statutory legacy of £250,000 which is index-linked’ has been amended to read as follows:

    ‘‘statutory legacy of £270,000 which is index-linked’’
    18/11/2020 - 30/10/2021
    18/11/2020
    Testing