Candidate Update

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

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

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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
  • International Certificate in Wealth & Investment Management V6

    International Certificate in Wealth & Investment Management V6

    The following update has been made:

    Chapter 2, pg 44

    Question numbers were amended to read in correct order.

    Chapter 3

    Pages headers have been amended to read “Asset Classes and Financial Markets”. 

    Chapter 3, pg 71

    In the example above of 2% US Treasury Bond 2041 which is priced at 78.12, the YTM will be higher than the flat yield, as the market price is lower than the bond’s par value and the bond will generate a capital gain if held to maturity. If, however, the market price was above par, then the YTM would be lower than the flat yield, as a capital loss would be made if the bond were held to maturity.

    Chapter 5, pg 214

    Section 7.1.2 was hidden by an example box, and the content now visible is as follows:
    7.1.2 Asset Turnover and Profit Margin 
    A more detailed analysis of ROCE can be undertaken by breaking this formula down further into two secondary ratios: asset turnover and profit margin. 
    Asset turnover looks at the relationship between sales and the capital employed in a business. It describes how efficiently a company is generating sales by looking at how hard a company’s assets are working. 
    Profit margin looks at how much profit is being made for each pound’s worth of sales. Clearly, the higher the profit margin, the better. 
    The relationship between ROCE and each of these can be shown as follows: 

    Formula


    Chapter 6, section 2.1.2

    1. Asset Allocation

    The amended paragraph reads as follows:

    Most asset allocation decisions, whether for institutional or retail portfolios, are made with reference to the peer group median asset allocation. This is known as ‘asset allocation by consensus’ and is undertaken to minimise the risk of underperforming the peer group. When deciding if, and to what extent, markets and asset classes should be over- or underweighted, most portfolio managers set tracking error, or standard deviation of return, parameters against peer group median asset allocations.

    Finally, the decision whether to hedge market and/or currency risks must be taken.

    Chapter 8

    Section 1.2

    The equations in the example have been amended to read as follows:

    ‘So, for example, let’s say that a client wants you to estimate what the value of their pension savings
    would be if they invest $10,000 at the beginning of each year for 20 years and earns an average rate
    of 5% compounded annually. The accumulated value of the fund at the of the 20 year period will be:

    Fv = $10,000 x [(1.05^20 – 1)/0.05)] = $10,000 x 33.06595 x 1.05 = $347,192

    …..
    So, for example, the accumulated value of the pension fund if the investments were made at the end
    of the year would be:
    Fv = $10,000 x [(1.05^20 - 1)/0.05)] = $10,000 x 33.06595 = $330,659.

    Note that the difference between this and the earlier example (of $16,533) is solely accounted for by
    one earlier payment being invested over the entire twenty-year period, ie, $10,000 x (1.05^20 – 1)
    = $16,532.98.


    02/03/2023 - 01/03/2025
    09/10/2023
    Testing
  • Global Financial Compliance V 10

    Global Financial Compliance V 10
    The following update has been made:

    Chapter 1:

    Pg 24

    Anti-Money Laundering Directive (AMLD)
    …………………………. 5AMLD was adopted into European law in April 2018, to be implemented by member countries by October 2020. Further changes to 5AMLD have come into force in June 2021.

    Pg 57

    14. What are the additional changes made to 5AMLD that have come into force in June 2021?
    Answer reference: Section 1.5.4
    01/10/2022 - 30/09/2024
    06/09/2022
    Testing
  • International Introduction to Securities & Investment V16

    International Introduction to Securities & Investment V16
    The following update has been made to your workbook edition.

    MCQ answers, Answer no 46 has been amended to read:

    46.            B            Chapter 3, Section 1.4

    Dividend per share = $2,000,000 / 10,000,000 = $0.20

    Dividend yield = $0.20 / $1.50 = 13%

     
    10/09/2023 - 09/09/2024
    21/08/2023
    Testing
  • Technology in Investment Management V12

    Technology in Investment Management V12

    The following update has been made to your workbook edition:

    Chapter 6, Section 4.1. The correct diagram reference has been amended to read as follows:

    Let us look again at the systems architecture diagram of a typical investment bank that we first saw in chapter 5, section 1.3.”

    11/05/2023 - 10/05/2025
    20/09/2023
    Testing
  • Combating Financial Crime (Ed 10)

    Combating Financial Crime (Ed 10)
    The following update has been made:

    Chapter 3, the following sections have been re-numbered:

    3.2.2 Regulation of Funds Transfers 
    As part of the EU Withdrawal Agreement, the UK has onshored the EU Regulations of Funds Transfers into UK law. 

    3.2.3 Payment Services Directive (PSD) 
    In the UK, EU Directive PSD2 was implemented in the Payment Services Regulations of 2017.

    Chapter 8, page 59

    The amended paragraph reads as follows:

    In March 2022, the Court of Appeal overturned a High Court judgement (Mrs Philipps vs Barclays Bank) and held that the Quincecare duty arises in all events where a non-corporate customer falls victim to Authorised Push Payment fraud, even when the instruction is given by the customer themselves. The decision has been appealed by Barclays Bank. At the time of publication of this workbook the Supreme Court had not yet passed judgement. 

     
    11/01/2024 - 10/01/2025
    26/10/2023
    Testing
  • Fundamentals of Islamic Banking & Finance (Version 4) & Fundamentals of Islamic Banking & Finance (Arabic) (Version 4)

    Fundamentals of Islamic Banking & Finance (Version 4) & Fundamentals of Islamic Banking & Finance (Arabic) (Version 4)

    We are withdrawing our Fundamentals of Islamic Banking and Finance exam in English and Arabic on 31 May 2024. This also means that any resits for this exam must be booked and sat by the final sitting date of 31 May 2024. Once the examination withdrawal date has passed, you will not be able to sit the exam. If you have any questions, please contact our Customer Support Team.


    23/11/2023 - 31/05/2024
    27/11/2023
    Testing
  • International Certificate in Wealth & Investment Management (Arabic) Edition 6

    International Certificate in Wealth & Investment Management (Arabic) Edition 6

    The following update has been made:

    Chapter 8

     
    Section 1.2
     
    The equations in the example have been amended to read as follows:

    "على سبيل المثال، افرض أن عميلًا طلب منك تقدير قيمة مدخراته التقاعدية الناتجة في حال استثمر مبلغ 10 آلاف
    دولار في بداية كلِّ عام لمدة 20 عامًا بفائدة سنوية مركبة قدرها 5%. يمكنك حساب قيمة مستحقاته التقاعدية المتراكمة في الصندوق بعد 20 عامًا كما يأتي:

    Fv = $10,000 x [(1.05^20 – 1)/0.05)] = $10,000 x 33.06595 x 1.05 = $347,192

    وهكذا تصبح قيمة مستحقات التقاعد المتراكمة في الصندوق لو أضيفت المدخرات في نهاية العام على النحو الآتي:

    Fv = $10,000 x [(1.05^20 - 1)/0.05)] = $10,000 x 33.06595 = $330,659


    لاحظ أن الفرق بين هذا الرقم والناتج في المثال السابق (وقدره 16,533 دولارًا)  يعزى حصرًا إلى تسديد دفعة مالية واحدة
    في وقتٍ أبكر (أي في مطلع العام بدلًا من نهايته) واستثمارها على مدى العشرين عامًا كاملة، أي:

    $10,000 x (1.05^20 – 1)
    = $16,532.98



    02/03/2023 - 01/03/2025
    21/12/2023
    Testing
  • UAE Financial Rules & Regulations Edition 4

    UAE Financial Rules & Regulations Edition 4

    The following update has been made to your workbook edition:

    Chapter 1, Section 1.1.1 has been amended to read:

    The SCA is managed by a board of directors, and the board is based on a resolution from the Cabinet of Ministers. The resolution of the Cabinet of Ministers determines the chairman of the board, the remunerations of the board members, the mechanism for holding meetings and taking decisions.

    The period in office – with the exception of the chief executive, SCA board members are appointed for four years, renewable once. In the event of a member stepping down prior to the end of that member’s term, a successor will be appointed for the remaining period of the original term.

    Ownership of securities – upon joining the board, every member has to declare to the SCA the securities owned by themselves, their spouse and minor children as well as any holdings with any broker. In addition, any changes in these holdings during their period in office need to be declared within one week after they are made aware of the change. All declarations need to be made in writing. 

    Immediate termination of membership – members have to forfeit their membership in the following events: 
        • Conviction of an offence of dishonour or breach of trust. 
        • Bankruptcy. 

        • Failure to attend three consecutive meetings without an acceptable excuse. 

    Validity of board meetings – board meetings are deemed valid if they are attended by the majority of the members. The chairman, or their deputy has to be in attendance. 

    Resolutions – passed by a majority of the votes of the members present at the meeting. In the event the vote is undecided (ie, for and against have the same number of votes), the person chairing the meeting has the deciding vote. 


    10/09/2023 - 20/05/2025
    02/01/2024
    Testing
  • Investment Management (Level 4) Edition 3

    Investment Management (Level 4) Edition 3

    The following update has been made to your workbook edition:

    Chapter one title has updated from “Economics” to “The Investment Management Industry”.

    11/12/2022 - 19/09/2025
    22/01/2024
    Testing
  • International Certificate in Wealth & Investment Management (Spanish) (CWIMS) Version 6

    International Certificate in Wealth & Investment Management (Spanish) (CWIMS) Version 6

    We are withdrawing our International Certificate in Wealth & Investment Management (Spanish) (CWIMS) exam on 20 November 2024. This also means that any resits for this exam must be booked and sat by 20 November 2024. Once the examination withdrawal date has passed, you will not be able to sit the exam. If you have any questions, please contact our Customer Support Team.

     

    31/01/2024 - 20/11/2024
    31/01/2024
    Testing
  • Curso de contenido MiFID II (Legislación y Fiscalidad Españolas) (SPREG) Version 3

    Curso de contenido MiFID II (Legislación y Fiscalidad Españolas) (SPREG) Version 3

    We are withdrawing our Curso de contenido MiFID II (Legislación y Fiscalidad Españolas) (SPREG) Version 3 exam on 20 November 2024. This also means that any resits for this exam must be booked and sat by 20 November 2024. Once the examination withdrawal date has passed, you will not be able to sit the exam. If you have any questions, please contact our Customer Support Team.

     

    31/01/2024 - 20/11/2024
    31/01/2024
    Testing
  • Introduction to Securities & Investment (International – Spanish) Version 14

    Introduction to Securities & Investment (International - Spanish) Version 14

    We are withdrawing our Introduction to Securities & Investment (International – Spanish) exam, also known as FCIS on 31 July 2024. This also means that any resits for this exam must be booked and sat by 31 July 2024. Once the examination withdrawal date has passed, you will not be able to sit the exam. If you have any questions, please contact our Customer Support Team.

     

    31/01/2024 - 31/07/2024
    31/01/2024
    Testing
  • Fundamentals of Credit Risk Management (Africa) Ed1.4 V3

    Fundamentals of Credit Risk Management (Africa) Ed1.4 V3
    The following update has been made to your workbook edition.

    The edition number and final exam date in the front cover has amended to read:

    Edition 1.4
    Covering exams from
    29 October 2018 to 31 October 2024

     
    29/10/2018 - 31/10/2024
    14/02/2024
    Testing
  • International Introduction to Securities & Investment V17

    International Introduction to Securities & Investment V17
    The following updates have been made to your workbook edition:

    Chapter 1, Section 2.3, the FX Trading by Type of Instrument table has been amended to read:

     

    10/09/2023 - 09/09/2024
    28/02/2024
    Testing
  • International Introduction to Securities & Investment (Africa) V17

    International Introduction to Securities & Investment (Africa) V17

    The following updates have been made to your workbook edition:

    Chapter 1, Section 2.3, the FX Trading by Type of Instrument table has been amended to read:

     
    10/09/2023 - 09/09/2024
    28/02/2024
    Testing

Level 3 IOC

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • Global Financial Compliance V 10

    Global Financial Compliance V 10
    The following update has been made:

    Chapter 1:

    Pg 24

    Anti-Money Laundering Directive (AMLD)
    …………………………. 5AMLD was adopted into European law in April 2018, to be implemented by member countries by October 2020. Further changes to 5AMLD have come into force in June 2021.

    Pg 57

    14. What are the additional changes made to 5AMLD that have come into force in June 2021?
    Answer reference: Section 1.5.4
    01/10/2022 - 30/09/2024
    06/09/2022
    Testing
  • Global Securities Operations

    Global Securities Operations (Ed19)
    21/08/2023 - 20/08/2024
    15/09/2023
    Testing
  • Introduction to Securities & Investment V23

    Introduction to Securities & Investment V23
    The following update has been made to your workbook edition.

    Chapter 10, Section 1.4, fourth paragraph has been amended to read:

    From the previous example:
    • 12% divided by 4 = 3%, expressed as 0.03.
    • 1 + 0.03 = 1.03.
    • 1.034 = 1.03 x 1.03 x 1.03 x 1.03 = 1.1255.
    • 1.1255 – 1 = 0.1255 x 100 = 12.55%.

     

    MCQs, Answer no.33 has been amended to read:

    33.                     C                          Chapter 8, Section 2.1.1

    MCQs, Answer no.49 has been amended to read:

    49.                     C                          Chapter 4, Section 4.5.1

    Chapter 3, section 8, in the table under Europe, under Germany has been amended to read:

    Xetra DAX – consisting of 30 major German companies trading on the Frankfurt Stock Exchange until 2021. The index now includes 40 companies.


    01/08/2023 - 31/07/2024
    21/02/2024
    Testing
  • International Introduction to Securities & Investment V16

    International Introduction to Securities & Investment V16
    The following update has been made to your workbook edition.

    MCQ answers, Answer no 46 has been amended to read:

    46.            B            Chapter 3, Section 1.4

    Dividend per share = $2,000,000 / 10,000,000 = $0.20

    Dividend yield = $0.20 / $1.50 = 13%

     
    10/09/2023 - 09/09/2024
    21/08/2023
    Testing
  • Technology in Investment Management V12

    Technology in Investment Management V12

    The following update has been made to your workbook edition:

    Chapter 6, Section 4.1. The correct diagram reference has been amended to read as follows:

    Let us look again at the systems architecture diagram of a typical investment bank that we first saw in chapter 5, section 1.3.”

    11/05/2023 - 10/05/2025
    20/09/2023
    Testing
  • Combating Financial Crime (Ed 10)

    Combating Financial Crime (Ed 10)
    The following update has been made:

    Chapter 3, the following sections have been re-numbered:

    3.2.2 Regulation of Funds Transfers 
    As part of the EU Withdrawal Agreement, the UK has onshored the EU Regulations of Funds Transfers into UK law. 

    3.2.3 Payment Services Directive (PSD) 
    In the UK, EU Directive PSD2 was implemented in the Payment Services Regulations of 2017.

    Chapter 8, page 59

    The amended paragraph reads as follows:

    In March 2022, the Court of Appeal overturned a High Court judgement (Mrs Philipps vs Barclays Bank) and held that the Quincecare duty arises in all events where a non-corporate customer falls victim to Authorised Push Payment fraud, even when the instruction is given by the customer themselves. The decision has been appealed by Barclays Bank. At the time of publication of this workbook the Supreme Court had not yet passed judgement. 

     
    11/01/2024 - 10/01/2025
    26/10/2023
    Testing
  • Derivatives V23

    Derivatives V23
    Derivatives (Ed19)

    The following update has been made:

    Chapter 4

    Contents page: 

    The amended sentence now reads:

    ‘This syllabus area will provide approximately 14 of the 100 examination questions’

    Section 2.2, page 137:

    The amended equation in the example box reads:

    formula

    Chapter 5

    Contents page: 

    The amended sentence now reads:

    ‘This syllabus area will provide approximately 14 of the 100 examination questions’

    Chapter 1

    Page 40, Section 9.7, Example box:

    Amended paragraphs now read:

    A producer of aluminium (called aluminum in some countries) makes regular sales of aluminium and
    receives the market price for sales of their aluminium. They believe that the aluminium price is going to fall over the next 12 months so they wish to hedge against this risk. They, therefore, undertake
    a swap to receive, from a swap counterparty, an agreed fixed aluminium price each month, based
    on an agreed quantity of aluminium. At the same time, they agree to pay that counterparty each
    month the market price for aluminium, which is then current, based on the same quantity. They will
    continue to sell aluminium to their customers in the usual way, as the swap is a completely separate
    transaction from the underlying physical sales.

    The net effect is that the producer will receive an approximately fixed price for their sales. The two
    swap parties will need to agree on an aluminium price index for the purpose of the swap settlements.
    This index will not necessarily be exactly the same as the price received by the producer from their
    customers from time to time, such that they will be left with a basis risk, but the two should move
    closely in line. The timing of the swap settlements might also not be exactly the same as for the
    physical sales, but again, the producer will be better protected than if they had not hedged at all.

    Chapter 2

    Page 64, Section 4.1.2:

    Amended bullet points now read:

    • short – less than seven years remaining
    • medium – seven to 15 years remaining
    • long – greater than 15 years remaining.


    11/10/2023 - 10/02/2025
    18/04/2024
    Testing
  • Transfer Agency, Administration & Oversight V1

    Transfer Agency, Administration & Oversight V1

    The following update has been made to your workbook edition.

    The last exam date in the cover has been amended to read:

    This workbook relates to syllabus version 1.3 and will cover exams from 20 November 2020 - 30 April 2024.

    20/11/2020 - 30/04/2024
    26/01/2024
    Testing
  • International Introduction to Securities & Investment V17

    International Introduction to Securities & Investment V17
    The following updates have been made to your workbook edition:

    Chapter 1, Section 2.3, the FX Trading by Type of Instrument table has been amended to read:

     

    10/09/2023 - 09/09/2024
    28/02/2024
    Testing
  • International Introduction to Securities & Investment (Africa) V17

    International Introduction to Securities & Investment (Africa) V17

    The following updates have been made to your workbook edition:

    Chapter 1, Section 2.3, the FX Trading by Type of Instrument table has been amended to read:

     
    10/09/2023 - 09/09/2024
    28/02/2024
    Testing

Level 3 Certificates

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • Derivatives V23

    Derivatives V23
    Derivatives (Ed19)

    The following update has been made:

    Chapter 4

    Contents page: 

    The amended sentence now reads:

    ‘This syllabus area will provide approximately 14 of the 100 examination questions’

    Section 2.2, page 137:

    The amended equation in the example box reads:

    formula

    Chapter 5

    Contents page: 

    The amended sentence now reads:

    ‘This syllabus area will provide approximately 14 of the 100 examination questions’

    Chapter 1

    Page 40, Section 9.7, Example box:

    Amended paragraphs now read:

    A producer of aluminium (called aluminum in some countries) makes regular sales of aluminium and
    receives the market price for sales of their aluminium. They believe that the aluminium price is going to fall over the next 12 months so they wish to hedge against this risk. They, therefore, undertake
    a swap to receive, from a swap counterparty, an agreed fixed aluminium price each month, based
    on an agreed quantity of aluminium. At the same time, they agree to pay that counterparty each
    month the market price for aluminium, which is then current, based on the same quantity. They will
    continue to sell aluminium to their customers in the usual way, as the swap is a completely separate
    transaction from the underlying physical sales.

    The net effect is that the producer will receive an approximately fixed price for their sales. The two
    swap parties will need to agree on an aluminium price index for the purpose of the swap settlements.
    This index will not necessarily be exactly the same as the price received by the producer from their
    customers from time to time, such that they will be left with a basis risk, but the two should move
    closely in line. The timing of the swap settlements might also not be exactly the same as for the
    physical sales, but again, the producer will be better protected than if they had not hedged at all.

    Chapter 2

    Page 64, Section 4.1.2:

    Amended bullet points now read:

    • short – less than seven years remaining
    • medium – seven to 15 years remaining
    • long – greater than 15 years remaining.


    11/10/2023 - 10/02/2025
    18/04/2024
    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
  • Regulation & Compliance V10

    Regulation & Compliance V10

    The following updates have been made to your workbook edition.

    Chapter 3, Section 3.2.1, seventh paragraph has been amended to read:

    Insider dealing can be defined as the deliberate exploitation of information by dealing in financial instruments, having obtained this information by virtue of some privileged relationship or provision. The legislation setting out the current criminal law is Part V of CJA 1993, which came into force in May 1994. This was recently updated and amended by the Insider Dealing (Securities and Regulated Markets) Order 2023, which came into effect on 15 June 2023 and updated the list of Regulated Markets for the purpose of Part V of the CJA 1993.

    Chapter 3, Section 3.2.1, eleventh paragraph has been amended to read:

    Inside information, as defined in Section 56 of CJA, is information which:

    a. relates to securities traded on, admitted to trade on, or a request to admit to trading, has been made, on a UK/EEA or Gibraltar regulated market, MTF or OTF

    b. relates to securities traded on, admitted to trade on or a request to admit to trading, has been made on NASDAQ, Six Swiss Exchange, and the New York Stock Exchange (NYSE)

    c. relates to securities not covered by point (a) or (b), the price of which depends on, or has effect on the price or value of a security referred to in those points

    d. is specific or precise

    e. has not been made public, and

    f. is price sensitive (i.e. if it were made public, would likely to have a significant effect on the price of any security).

    The term 'security' is used rather than the financial instrument in the CJA. This covers the following:

    1. Transferable securities.

    2. Money-market instruments.

    3. Units in collective investment undertakings.

    4. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash.

    5. Options, futures, swaps, and any other derivative contracts relating to commodities that must be settled in cash at the option of one of the parties (other than by reason of a default or other termination event).

    6. Options, futures, swaps, and any other derivative contract, relating to commodities that can be physically settled provided they are traded on a UK regulated market, a UK MTF or a UK OTF, except for wholesale energy products traded on a UK OTF, that must be physically settled.

    7. Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in paragraph 6 and not being for commercial purposes or wholesale energy products traded on an EU OTF that must be physically settled, which have the characteristics of other derivative financial instruments.

    8. Derivative instruments for the transfer of credit risk.

    9. Financial contracts for differences.

    10. Options, futures, swaps, forward rate agreements and other derivative contracts relating to climatic variables, freight rates or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any other derivative contracts, relating to assets, rights, obligations, indices and measures not otherwise mentioned in this schedule, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a UK regulated market, a UK OTF, or a UK MTF.

    11. Emission allowances consisting of any units recognised for compliance with the requirements of Directive 2003/87/EC (Emissions Trading Scheme) or allowances created under article 18 of the Greenhouse Gas Emissions Trading Scheme Order 2020.

    28/11/2023 - 04/06/2024
    13/06/2023
    Testing
  • Applied Wealth Management (Edition 11)

    Applied Wealth Management (Edition 11)

    Chapter 6

    Section 2.2.5 pg 356

    The figure in the table has been amended to read as follows:

    Chapter 4

    Section 2.4, pg 224

    The paragraph has been amended to read:

    Where such opportunities do not exist, a stand-alone personal pension could be set up, always
    remembering the annual allowance limits. If the client’s main pension is through a DB occupational
    scheme, the annual increase in benefits counts towards the available annual allowance on a ratio of 16:1 (using the valuation factor for the Annual Allowance test).

    Chapter 6

    Section 5, pg 387

    The content in the table has been amended to read:

    06/06/2024 - 28/11/2024
    07/02/2024
    Testing
  • Pension Transfers & Planning Advice V 1

    Pension Transfers & Planning Advice V 1

    Addendum

    The following update has been made:

    SLM (Syllabus Learning Map)

    1.1 Apply the Financial Conduct Authority’s (FCA) definition of safeguarded benefits 

    1.1.1 
    Understand: 
    pension transfers 
    understand pension opt-outs 
    understand pension conversions 

    Numerical Learning Objective (LO) number 2.2.3 replaced by 1.3, and numbers amended thereon, till LO number 1.6.5

    3.5 Understand the FCA view that giving up safeguarded benefits will not be suitable for most customers 

    Note: The above changes are reflected in the LOs placed in the rest of the chapters (within workbook content).

    28/11/2023 - 04/06/2024
    04/09/2023
    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.

    Corporate Finance Strategy and Advice Ed1 Addendum October 2021
    02/09/2013 - ongoing
    17/10/2013
     
    Testing
  • Diploma in Corporate Finance: Corporate Finance Techniques & Theory V1a

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

    Corporate Finance Techniques & Theory

    We are replacing our Level 6 Corporate Finance Techniques and Theory (CFTT) exam following the Summer 2024 session. The CFTT exam will then be replaced by three on demand exams. This means that any resits for this exam must be  booked and sat by the final sitting on 4 June 2024. The new exams will provide a more flexible progression from a benchmark Level 3 qualification to the existing Level 6 Corporate Finance Strategy and Advice exam.

    As a result of replacing the CFTT exam with the three new exams, the route to the CISI Level 6 Diploma in Corporate Finance will also be revised. Candidates who achieve, or who have already achieved, the current CFTT exam will have until the December 2025 session to sit and pass the Corporate Finance Strategy and Advice (CFSA) exam and complete the Level 6 Diploma in Corporate Finance. After the December 2025 sitting of CFSA candidates will only be able to achieve the Level 6 Diploma in Corporate Finance by passing the three new exams and CFSA.

    If you have any questions please contact our Customer Support Team.

    13/07/2023 - 04/06/2024
    13/07/2023
    Testing
  • All Winter 2022 and Summer 2023 narrative exams

    Corporate Finance Techniques & Theory
    Corporate Finance Strategy & Advice
    Regulation & Compliance
    Pension Transfers & Planning Advice
    Bonds & Fixed Interest Markets 
    Financial Derivatives
    Fund Management
    Private Client Investment Advice & Management 
    Financial Markets
    Portfolio Construction Theory
    Applied Wealth Management
    Global Operations Management
    Advanced Financial Planning

    For the November/December 2023 and the June 2024 narrative exams, questions will be based on the 2023-2024 tax rates. The March and September 2024 Advanced Financial Planning exam questions will also be based on the 2023 - 2024 tax rates


    28/11/2022 - 30/09/2024
    23/08/2023
    Testing
  • Level 6 Certificate in Private Client Investment Advice and Management V10

    Level 6 Certificate in Private Client Investment Advice and Management V10 

    The following update has been made to your workbook edition.

    This learning manual relates to syllabus version 10.0 and will cover exams on 5 June 2024 and 27 November 2024



    05/06/2024 - 27/11/2024
    11/01/2024
    Testing
  • Portfolio Construction Theory V11

    Portfolio Construction Theory workbook V11

    The following updates have been made to your workbook edition.

    Page 42, Chapter 1, under Liquidity Risk section the first sentence of the last paragraph has been amended to read:

    One recent example is the near collapse of the UK pensions industry following former Prime Minister Liz Truss’ ‘mini budget’ of September 2022.


    06/06/2024 - 28/11/2024
    18/01/2024
    Testing
  • Financial Markets Version 11

    Financial Markets Version 11

    The Financial Markets workbook Version 11 has been updated to reflect the following changes:

    Chapter 1 Section 3.1.3 – has been amended to read: 

    The amount of capital employed can be calculated in two ways, as follows:

    Capital employed = Equity + Non-current liabilities
    or
    Capital employed = Total assets − Current Liabilities

    In the example of XYZ plc (see sections 1.1, 1.2.1 and 1.3), again for 20X2:

    Capital employed = Equity +Non-current liabilities = 8,313+ 9,000 = 17,313
    or
    Capital employed = Total assets −Current liabilities = 24,429−7,116 = 17,313

    ROCE (%) = 2,787/17,313 = 0.1610 or 16.10%”

     

    05/06/2024 - 27/11/2024 
    10/04/2024
    Testing

Level 4 Investment Advice Diploma

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • Financial Planning & Advice V7

    Financial Planning & Advice V7
    The following update has been made to your workbook edition.

    Chapter 1, Section 1.2. The 12 general principles for business have been amended to read as follows:

    1. A firm must carry out its business with integrity.
    2. A firm must conduct its business with due skill, care and diligence.
    3. A firm must take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems.
    4. A firm must maintain adequate financial resources.
    5. A firm must observe proper standards of market conduct.
    6. A firm must pay due regard to the interests of its customers and treat them fairly.
    7. A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.
    8. A firm must manage conflicts of interest fairly, both between itself and its customers, and between a customer and another client.
    9. A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment.
    10. A firm must arrange adequate protection for clients’ assets when it is responsible for them.
    11. A firm must deal with its regulators in an open and cooperative way, and must disclose to the FCA appropriately anything relating to the firm of which that regulator would reasonably expect notice.
    12. A firm must act to deliver good outcomes for retail customers.”

     

    Chapter 3, Section 4.1.4 on Page 167. The paragraphs have been amended to read as follows:


    The Tapered Annual Allowance

    Individuals with adjusted income in any given tax year greater than £260,000 have their annual allowance restricted for that particular tax year, providing that their threshold income (broadly adjusted income less pension contributions/accruals from all sources) exceeds £200,000. 

    For every £2 of adjusted income above £260,000, the annual allowance will be reduced by £1 until the annual allowance is reduced to £10,000. This is known as ‘tapered annual allowance’. 

    Example 

    For the 2023–24 tax year, Samuel earns £370,000. Samuel’s income exceeds the adjusted income limit by £100,000. Samuel’s annual allowance would be reduced to £5,000, which is the standard annual allowance of £60,000 less the £55,000 reduction under the tapering rules. 

    However, the minimum that the annual allowance can reduce to under the tapered annual allowance rules is £10,000, so Samuel will have a tapered annual allowance of £10,000. 

    Adjusted income includes not only earned income, but also the value of any pension contributions made by their employer or a third party. 

    The maximum reduction to the annual allowance will be £50,000, so anyone with adjusted income in excess of £360,000 will have an annual allowance of £10,000. 

    1. This results in an annual allowance of £60,000 for those with an adjusted income of less than £260,000, a reducing annual allowance for those with adjusted incomes between £260,000 and £360,000, and an annual allowance of £10,000 for those with an adjusted income over £360,000.”

    The Answer for Question 50 in the Multiple-Choice Questions on Page 295 has also been amended. The answer has been amended to read as follows:

    “ 50. C Chapter 3, Section 4.1.4 
    The maximum reduction to the annual allowance will be £50,000, so anyone with adjusted income in excess of £360,000 will have an annual allowance of £10,000. 
    This results in an annual allowance of £60,000 for those with an adjusted income of less than £260,000, a reducing annual allowance for those with adjusted incomes between £260,000 and £360,000, and an annual allowance of £10,000 for those with an adjusted income over £360,000.”

    01/10/2023 - 30/09/2024
    12/09/2023
    Testing
  • Derivatives V14

    Derivatives V14

    Chapter 2, section 9

    L.O. 2.8.1

    The Learning Objective 2.8.1 has been amended and reads as follows:

    2.8.1 Understand the main energy products and the influences on price: change in demand; change in supply; marginal costs of production; holding and delivery costs; political and strategic factors; environmental factors

    Chapter 8, section 6.3

    The Long Strangle graph on page 288 has been changed to look like this:

     

     

    31/12/2023 - 30/12/2024
    07/11/2023
    Testing
  • Securities (Investment Advice Diploma) V14

    Securities (Investment Advice Diploma) V14

    The following updates have been made to your workbook edition:

    Chapter 7, Section 3.4.1, last paragraph has been amended to read:

    So if, for example, a speculator buys four contracts of the S&P 500 at 1599.1 and sells those four contracts shortly after at 1600 exactly, the profit would be:

    Profit = 90 bps /0.10 = 9 ticks x $25 x 4 contracts = $900

    Chapter 7, Section 8.3, sixth paragraph has been amended to read:

    There are two formulae for the standard deviation. The first is where the variability of an entire population is being calculated and, as can be seen, the denominator of the equation is equal to n – the number of items being analysed. The second formula is more conventionally used for a sample, rather than the entire population, and the denominator used is n – 1. For calculations of large sets of data the difference is minimal.



     

     

     

    31/12/2023 - 30/12/2024
    05/01/2024
    Testing
  • Investment, Risk & Taxation V14

    Investment, Risk & Taxation V14

    The following updates have been made to your workbook edition:

    Page 252, Chapter 3, Section 2.7.3 Standard Deviation (σ) of a Portfolio, the portfolio risk equation has been amended to read:

     

    Formula

     

    Page 243, Chapter 3, Section under Time-Weighted Rate of Return (TWRR), the equation has been amended to read:

    Page 581, under the Multiple Choice Questions section, the option A of question number 11 has been amended to read:

     

    Page 586, under the Multiple Choice Questions section, the option D of question number 27 has been amended to read:

    31/10/2023 - 30/10/2024
    13/03/2024
    Testing
  • UK Regulation & Professional Integrity V16

    UK Regulation & Professional Integrity V16

    The following updates have been made to your workbook edition.

    Chapter 10, Section 5.6.2 has been amended to read:
    also apply to a firm which is not a common platform firm when it produces, or arranges for the production of, investment research and/or non-independent research that is intended for, or likely to be subsequently disseminated to, clients of the firm or to the public in accordance with COBS 12.2 (investment research and non-independent research).

    Answers to Multiple Choice Questions
    Q.48.            Answer: A         Ref: Chapter 6, Section 6
    If there are concerns about the suitability of advice provided then any review of this must be undertaken by someone independent of the business unit responsible for the sales practice – they are hardly going to recommend actions to be taken against themselves. Independent reviews can be undertaken internally by internal audit or compliance, or externally by law/accountancy firms.

     

    12/03/2024 - 11/03/2025
    11/03/2024
    Testing