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
  • Managing Cyber Security V3

    Managing Cyber Security V3

    We are withdrawing our level 3 ‘Managing Cyber Security’ unit and the optional qualifications which contain Managing Cyber Security as a mandatory unit on 30 September 2021. Candidates affected by these changes have been sent communications with further explanations. If you have any questions, please contact our Customer Support Team.

    18/03/2021 - 30/09/2021
    18/03/2021
    Testing
  • Risk in Financial Services (Spanish)

    Risk in Financial Services (Spanish) V7
    We are withdrawing our Level 3 "Risk in Financial Services in Spanish" unit on 10 November 2021, the English version is unaffected by this withdrawal. Candidates affected by these changes have been sent communications with further explanations. If you have any questions please contact our Customer Support Team.
    07/05/2021 - 10/11/2021
    07/05/2021
    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 V28

    UK Financial Regulation V28

    The following update has been made to your workbook edition.

    Chapter 3, Section 9.1.1 – this text has been amended to read:

    New legislation available to the ICO has changed the approach to and understanding of data protection by firms. Tougher enforcement penalties have been introduced. There are two tiers of penalty that the ICO can impose – the higher maximum penalty and the standard maximum:
    • The higher maximum amount is £17.5 million or 4% of the total annual worldwide turnover in the preceding financial year, whichever is higher. In practice, the higher maximum amount can apply to any failure to comply with any of the data protection principles, any rights an individual may have or in relation to any transfers of data to third countries.
    • The standard maximum may be applied where there are infringements of other provisions, such as administrative requirements of the legislation. The standard maximum is £8.7 million or 2% of the total annual worldwide turnover in the preceding year, whichever is higher.

    Chapter 4, Section 3.1 – this text has been amended to read:

    The rules in COBS 4.1.1 apply to firms communicating with clients regarding their designated investment business. When communicating or approving a financial promotion, certain exemptions apply:
    • for qualifying credit, a home purchase plan or a home reversion plan
    • a promotion for a non-investment insurance contract
    • the promotion of an unregulated CIS (as per COBS 4.1.1(1)(c), firms are not permitted to communicate or approve such promotions), or
    • a financial promotion that relates to a credit agreement, a consumer hire agreement or a credit-related regulated activity.

    Chapter 4, Section 8.2.1 – this text has been amended to read:

    External reconciliations are intended to ensure the accuracy of a firm’s internal records and accounts and those of any third parties through whom those safe custody assets are held. External reconciliations should be carried out as often as necessary. CASS 7.15.22 of the FCA Handbook provides that external reconciliations should not allow more than one month to pass between each external client money reconciliation and should be performed as soon as reasonably practicable after the date to which the external client money reconciliation relates. If possible, someone who has not been involved in the production or maintenance of these records should do the appropriate reconciliation.

    01/04/2021 - 31/03/2022
    18/03/2021
    Testing
  • Managing Cyber Security V3

    Managing Cyber Security V3

    We are withdrawing our level 3 ‘Managing Cyber Security’ unit and the optional qualifications which contain Managing Cyber Security as a mandatory unit on 30 September 2021. Candidates affected by these changes have been sent communications with further explanations. If you have any questions, please contact our Customer Support Team.

    18/03/2021 - 30/09/2021
    18/03/2021
    Testing
  • Risk in Financial Services (Spanish)

    Risk in Financial Services (Spanish) V7
    We are withdrawing our Level 3 "Risk in Financial Services in Spanish" unit on 10 November 2021, the English version is unaffected by this withdrawal. Candidates affected by these changes have been sent communications with further explanations. If you have any questions please contact our Customer Support Team.
    07/05/2021 - 10/11/2021
    07/05/2021
    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
  • UK Financial Regulation V28

    UK Financial Regulation V28

    The following update has been made to your workbook edition.

    Chapter 3, Section 9.1.1 – this text has been amended to read:

    New legislation available to the ICO has changed the approach to and understanding of data protection by firms. Tougher enforcement penalties have been introduced. There are two tiers of penalty that the ICO can impose – the higher maximum penalty and the standard maximum:
    • The higher maximum amount is £17.5 million or 4% of the total annual worldwide turnover in the preceding financial year, whichever is higher. In practice, the higher maximum amount can apply to any failure to comply with any of the data protection principles, any rights an individual may have or in relation to any transfers of data to third countries.
    • The standard maximum may be applied where there are infringements of other provisions, such as administrative requirements of the legislation. The standard maximum is £8.7 million or 2% of the total annual worldwide turnover in the preceding year, whichever is higher.

    Chapter 4, Section 3.1 – this text has been amended to read:

    The rules in COBS 4.1.1 apply to firms communicating with clients regarding their designated investment business. When communicating or approving a financial promotion, certain exemptions apply:
    • for qualifying credit, a home purchase plan or a home reversion plan
    • a promotion for a non-investment insurance contract
    • the promotion of an unregulated CIS (as per COBS 4.1.1(1)(c), firms are not permitted to communicate or approve such promotions), or
    • a financial promotion that relates to a credit agreement, a consumer hire agreement or a credit-related regulated activity.

    Chapter 4, Section 8.2.1 – this text has been amended to read:

    External reconciliations are intended to ensure the accuracy of a firm’s internal records and accounts and those of any third parties through whom those safe custody assets are held. External reconciliations should be carried out as often as necessary. CASS 7.15.22 of the FCA Handbook provides that external reconciliations should not allow more than one month to pass between each external client money reconciliation and should be performed as soon as reasonably practicable after the date to which the external client money reconciliation relates. If possible, someone who has not been involved in the production or maintenance of these records should do the appropriate reconciliation.

    01/04/2021 - 31/03/2022
    18/03/2021
    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

Publications & Elearning

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted

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
  • Advanced Financial Planning V2

    Advanced Financial Planning V2
    Chapter 3 Section 7.5 (p.151)
    Text amended to read “Let’s assume that an individual wants to buy a car worth £20,000 and the interest rate is 3% pa.”

    Chapter 4 Section 1.2 (p.165)
    PPR exemption period amended from 18 months to 9 months.

    Chapter 4 Section 1.12 (pp.180-81)
    1.    Child Benefit 2020-2021 amended to £1,094.60
    2.    Child Benefit income tax charge (1% × £1,094.60 × 20) = £218.92

    Chapter 5 Section 2.2.4 (p.221)
    Formula amended to read:

    Solution
    Expected portfolio return = (0.4 × 10%) + (0.6 × 12%) = 11.2%
    Variance = (0.4)² x (0.08)² + (0.6)² x (0.1)² + (2 x 0.4 x 0.6 x 0.08 x 0.1) x 0.87
    = (0.16 x 0.0064) + (0.36 x 0.01) + 0.00384 x 0.87
    = 0.001024 + 0.0036 + 0.0033408
    = 0.0079648
    Standard deviation = √0.0079648
    = 0.08924
    09/04/2021 - tbc
    09/04/2021
    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
  • Retail Advice & Planning V3

    Retail Advice & Planning V3
    We are withdrawing our "Retail Advice & Planning" unit on 30 September 2021. Candidates affected by these changes have been sent communications with further explanations. If you have any questions please contact our Customer Support Team.
    25/03/2021 - 30/09/2021
    25/03/2021
    Testing
  • Financial Planning & Advice V5

    Financial Planning & Advice V5
    For the next version of the FPA exam, we are changing the style of examination. Instead of candidates for FPA seeing Case Studies, Multiple Response and Multiple-Choice questions, we will be changing the question style to Multiple-Choice only, which is in line with our usual style of questioning for our other Computer Based Exams. The new style exam will be available from 1 October 2021. This will mean the FPA exam will be a 2-hour exam with only Multiple-Choice Questions from the next version, which is in line with our other IAD exams.
    01/10/2021
    25/03/2021
    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