Examination Materials

Permitted materials

Both of the Diploma in Corporate Finance examinations are open book examinations. You are permitted to bring in texts, articles and notes of any kind. It is your responsibility to bring in any material needed and any such texts brought into the examination venue should be in hard copy only.

It is recommended that Takeover Code/Listing Rules (whichever sections candidates deem relevant) are taken into the examination. Candidates should be familiar with and understand relevant laws and regulations such as the Listing, AIM and ISDX Rules, the UK Takeover Code (Including Practice Statements) and the Companies Act.

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.

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 examination questions.

Exemptions

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.

Entry requirements

Candidates need to hold either:

• Certificate in Corporate Finance
• ACA
• Or a recognised Accountancy qualification

Certain legacy qualifications are also accepted. Contact CorporateFinance@cisi.org for more information

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

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. View acceptable regulatory papers.

Other local regulatory papers may be considered and are assessed on a case by case basis. Contact exemptions@cisi.org if you wish us to review a non-UK regulatory paper for this purpose.

Please note, these are eligibility arrangements for the Diploma in Corporate Finance. 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.

Exemptions

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.

Accountancy Qualifications

If you hold ACA you are not required to hold the Certificate in Corporate Finance. View other acceptable accountancy qualifications. Other accountancy qualifications may be considered on a case by case basis and requests should be directed to exemptions@cisi.org 

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 Certificate in Corporate Finance. To gain the Diploma in Corporate Finance, you are required to pass the Corporate Finance Strategy & Advice paper of the Diploma in Corporate Finance.

Please note, in all cases above, these are eligibility arrangements for the Diploma in Corporate Finance. 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.