Private Client Investment Advice & Management

CISI level 6 Certificate in Private Client Investment Advice & Management

ESMA/MiFID II compliant

Why study Private Client Investment Advice & Management?

Private Client Investment Advice & Management (PCIAM) enables practitioners to demonstrate their broad understanding of the principles of private client investment advice, within the context of the current regulatory environment.

You will be able to structure a suitable portfolio, selecting from a range of financial products, which meets client objectives and is based on the key principles of know your customer. You will also be able to undertake regular portfolio reviews and evaluations to ensure continued adherence to client objectives.

Is Private Client Investment Advice & Management right for me?

PCIAM is suitable for existing authorised advisers qualified at level 4.

PCIAM (with gap-fill) meets and surpasses the step-change requirement of a benchmark qualification at RQF Level 4 as set out in the Retail Distribution Review (RDR) Consultation Paper.

Private Client Investment Advice & Management (PCIAM) has remained popular ever since its use for RDR purposes and we have awarded an exemption from the Financial Markets exam for holders of PCIAM candidates (with relevant gap-fill), in order to encourage them to continue on to gain the Chartered Wealth Manager qualification. However, the coverage of the two subjects is quite different and from an educational perspective, this situation is unsustainable. Therefore, from the June 2019 narrative exam sitting onwards, PCIAM holders will no longer be offered an exemption from Financial Markets but rather will be automatically exempt from Section A of the Applied Wealth Management exam.

Key features:

  • Provides a sound grounding of investment principles, risk, taxation and planning
  • Access to higher level qualifications – successful completion can be used as entry to the highly regarded Chartered Wealth Manager Qualification
  • Free CISI Student membership - become associated with a chartered professional body and take advantage of an extensive range of benefits
  • Access to full membership and MCSI designatory letters

Qualification factsheet

Entry requirements

There are entry requirements for PCIAM that must be met before the exam can be sat or used to meet the requirements of the RDR.

Private Client Investment Advice & Management is specifically aimed at advisers authorised prior to June 2009 or advisers who already hold a level 4 benchmark retail qualification*. Please refer to the entry requirement document for more details.

The CISI benchmark retail qualification is the Investment Advice Diploma (IAD).

If you have any queries about these entry requirements, please email exam.eligibility@cisi.org

*For example, CFA UK Investment Management Certificate (Level 4) does not meet the entry requirements. On its own it is not an RDR compliant qualification and would need to be combined with another qualification, such as our level 4 Securities or Derivatives technical unit from our IAD, or CFA level 1 to meet the PCIAM entry requirements. 
 

Qualification Structure

PCIAM is achieved by successfully passing a three hour written exam.
 
Private Client Investment Advice & Management is recognised by Ofqual as the CISI level 6 Certificate in Private Client Investment Advice & Management and is regulated by Ofqual as a level 6 qualification on the Regulated Qualifications Framework (RQF) Framework. On the European Qualifications Framework, this equates to a level 6 qualification.

Total Qualification Time:
203 hours

Total Qualification time is a term that Ofqual require awarding organisations to use. It is an estimate of the total time a candidate might typically take to complete the qualification. It includes Guided Learning Hours and any other time a candidate is likely to spend in studying for the qualification.

 

Exam Details

Exam Availability

Pass Mark / Pass Rate

The current pass rate for this exam is and the pass mark is . The exam grades are as follows:

Regulated Qualifications Framework

credits on the Regulated Qualifications Framework are awarded upon successfully passing this exam

Feedback and Appeals

For further details on how to give us your feedback and / or Appeal your result, please refer to our Exam Policies.

Study support

Self-study

A CISI Private Client Investment Advice & Management workbook is required to be purchased when booking the exam. This is to ensure there is one standard workbook from which all exam candidates can prepare. You can also choose to purchase elearning to support your exam preparation.

Buy study material Find out about My Study Can I rely on the workbook alone?

Accredited Training Partners

You can choose to complete formal training for our exams with a CISI Accredited Training Partner (ATP).

Find an ATP near you

Post Qualification Opportunities

Membership

Obtaining the Private Client Investment Advice & Management qualification entitles you to join the Institute at MCSI Member level. As a member of the Institute, you will enjoy the recognition of being a professional in a world of increasing competition. The extensive continuing professional development (CPD) opportunities available through the CISI’s suite of membership benefits ensures financial services practitioners can maintain competence and meet the requirements of firms and the regulator.

Higher Level Qualifications

To further theoretical and practical knowledge upon completion of Private Client Investment Advice & Management, the next step is: