About the exam
CISI Investment Advice Exam structure
An independent guide to the current UK Investment Advice Diploma route, both core units, all three technical options and their regulatory boundaries.
Issuer and path
CISI Investment Advice Diploma Study Guide is administered through Chartered Institute for Securities & Investment (CISI). Check official resources before booking, retesting, or relying on a stale requirement.
Core Unit — UK Regulation & Professional Integrity
80 scored + 0 pretest
The compulsory UK regulatory and professional-integrity unit, preserving all six version 18 elements.
Core Unit — Investment, Risk & Taxation
80 scored + 0 pretest
The compulsory investment-principles unit covering assets, analysis, risk, UK taxation, products, portfolios and advice.
Technical Option — Derivatives
80 scored + 0 pretest
The specialist route for advising on and dealing in derivatives, from underlyings and contracts through clearing, strategies and regulation.
Technical Option — Securities
80 scored + 0 pretest
The specialist route for advising on and dealing in securities, including markets, instruments, custody, analysis and portfolios.
Technical Option — Financial Planning & Advice
80 scored + 0 pretest
The specialist route for retail investment products, protection, pensions, retirement solutions and client recommendations.
Book and study by unit version
Treat the qualification as three separate bookings. Confirm the date and controlling syllabus for UKRPI, IRT and the selected technical option, then review the matching candidate-update entries.
Official Outline Coverage Map
Coverage is mapped to official outline item counts so content depth can be checked without hard-coding a single exam.
| Topic | Official outline items | Your questions | Your flashcards | Confidence |
|---|---|---|---|---|
| UK Financial-Services Structure and Consumer Relationships | 7 | 13 | 3 | Priority |
| FCA Handbook, Authorisation and Customer Outcomes | 11 | 21 | 3 | Priority |
| Conduct of Business, Suitability and Client Assets | 20 | 38 | 3 | Priority |
| Professional Integrity, Legal Concepts and Ethical Decisions | 15 | 28 | 3 | Priority |
| Market Abuse, Money Laundering and Economic Crime | 21 | 39 | 3 | Priority |
| Complaints, Compensation and Data Protection | 6 | 11 | 3 | Strong |
| Asset Classes, Markets and Platforms | 13 | 24 | 3 | Priority |
| Company, Economic and Policy Analysis | 6 | 11 | 3 | Good |
| Risk, Return and Investment Theory | 9 | 17 | 3 | Priority |
| UK Investor Taxation and Tax Planning | 16 | 30 | 3 | Priority |
| Funds, Wrappers, Structured Products and Pensions | 13 | 24 | 3 | Priority |
| Asset Allocation and Investment Selection | 5 | 10 | 3 | Good |
| Fact Find, Suitability and Investment Recommendations | 13 | 24 | 3 | Priority |
| Benchmarks, Performance and Client Review | 5 | 10 | 3 | Good |
| Derivative Purposes, Positions and Exposures | 4 | 5 | 3 | Good |
| Rates, FX, Equity and Commodity Underlyings | 10 | 13 | 3 | Priority |
| Listed Futures, Options, Pricing and Orders | 14 | 17 | 3 | Priority |
| OTC Contracts, Documentation and Collateral | 14 | 18 | 3 | Priority |
| Central Clearing, Guarantees and Margin | 7 | 9 | 3 | Priority |
| Derivative Delivery, Settlement and Uncleared Margin | 5 | 6 | 3 | Good |
| Derivative Research and Portfolio Construction | 5 | 6 | 3 | Good |
| Hedging, Spreads, Combinations and Synthetics | 14 | 18 | 3 | Priority |
| Derivative Advice, Suitability and Administration | 4 | 5 | 3 | Priority |
| Derivative Regulatory Scope | 3 | 3 | 3 | Strong |
| Cash, Money-Market and Foreign-Exchange Instruments | 5 | 6 | 3 | Good |
| Bond Structures, Markets and Valuation | 20 | 25 | 3 | Priority |
| Equity Issuance, Trading and Corporate Actions | 20 | 25 | 3 | Priority |
| Collective Investments and Structured Products | 8 | 10 | 3 | Good |
| Clearing, Settlement, Custody and Prime Brokerage | 7 | 9 | 3 | Priority |
| Financial-Statement and ESG Analysis | 8 | 10 | 3 | Priority |
| Securities Research and Portfolio Construction | 8 | 10 | 3 | Good |
| Security Selection, Suitability and Maintenance | 4 | 5 | 3 | Priority |
| Client Discovery, Analysis and Planning Priorities | 17 | 22 | 3 | Priority |
| Protection Needs and Insurance Solutions | 19 | 24 | 3 | Priority |
| Pensions, Taxation and Retirement Income | 24 | 30 | 3 | Priority |
| Retirement Advice and Post-Retirement Strategies | 12 | 15 | 3 | Priority |
| Integrated Financial Planning Recommendations | 8 | 10 | 3 | Strong |
How to use this guide
How to prepare for the Investment Advice Diploma
Build UK regulation, integrity, investment, risk and tax first; then apply those foundations to the one technical option aligned with your role. The original multiple-choice practice tests knowledge, calculations and advisory judgement without reproducing recalled or secure CISI questions.
1. Confirm route and authority
Identify the core or technical unit, the regulated activity, the firm's permissions and the individual's competence status.
2. Establish facts and version
Fix the client, instrument, tax or rule date, objectives, knowledge, experience, risk and capacity for loss.
3. Analyse structure and outcome
Map rights, obligations, cash flows, costs, tax, liquidity and risk; calculate with consistent units where required.
4. Decide, document and review
Choose the suitable or compliant action, explain alternatives and disadvantages, record the rationale and define review triggers.
UKRPI element 1
UK Financial-Services Structure and Consumer Relationships
Connect market participants, government, consumers and the UK regulatory architecture.
What to memorize cold
FCA
The conduct regulator and prudential regulator for firms outside the PRA's prudential scope.
PRA
The Bank of England authority responsible for prudential supervision of specified firms.
Regulatory infrastructure
The institutions, legislation, rules and oversight arrangements governing UK financial services.
Best next move
Connect market participants, government, consumers and the UK regulatory architecture.
UKRPI element 3
Conduct of Business, Suitability and Client Assets
Apply communications, categorisation, advice, disclosure, product-governance and client-asset requirements.
What to memorize cold
Suitability
The requirement that a personal recommendation fits the client's objectives, financial situation, knowledge, experience and risk profile.
Client categorisation
Classification that helps determine the regulatory protections and disclosures applying to the client.
CASS
The FCA sourcebook governing client money and custody-asset protection.
Best next move
Apply communications, categorisation, advice, disclosure, product-governance and client-asset requirements.
UKRPI element 4
Professional Integrity, Legal Concepts and Ethical Decisions
Combine relevant legal and trust concepts with CISI conduct principles and professional judgement.
What to memorize cold
Integrity
Consistently acting honestly and fairly while upholding professional standards.
Conflict of interest
A situation in which competing duties or incentives may impair objective action.
Trustee
The legal owner who must administer trust property for the beneficiaries under the trust terms and law.
Best next move
Combine relevant legal and trust concepts with CISI conduct principles and professional judgement.
UKRPI element 5
Market Abuse, Money Laundering and Economic Crime
Recognise, prevent, report and escalate market misconduct and wider financial crime.
What to memorize cold
Inside information
Precise, non-public information likely to have a significant price effect if made public.
Money laundering
Handling or disguising criminal property through placement, layering, integration or related conduct.
Tipping off
Improperly revealing information that could prejudice a money-laundering investigation.
Best next move
Recognise, prevent, report and escalate market misconduct and wider financial crime.
UKRPI element 6
Complaints, Compensation and Data Protection
Route complaints and claims correctly while protecting personal information.
What to memorize cold
FOS
The Financial Ombudsman Service resolves eligible disputes between complainants and financial businesses.
FSCS
The statutory compensation scheme for eligible claims against failed authorised financial-services firms.
Data minimisation
Personal data should be adequate, relevant and limited to what is necessary.
Best next move
Route complaints and claims correctly while protecting personal information.
IRT element 1
Asset Classes, Markets and Platforms
Compare cash, FX, debt, equity, property and alternative assets through their structures and risks.
What to memorize cold
Real return
Nominal return adjusted for the effect of inflation.
Credit risk
The risk that an issuer or counterparty fails to meet its obligations.
Liquidity risk
The risk that an asset cannot be sold promptly at a fair price.
Best next move
Compare cash, FX, debt, equity, property and alternative assets through their structures and risks.
IRT element 2
Company, Economic and Policy Analysis
Use company evidence and macroeconomic indicators to assess investments and asset classes.
What to memorize cold
Fiscal policy
Government decisions on taxation, spending and borrowing.
Monetary policy
Central-bank action affecting interest rates, money and financial conditions.
Fundamental analysis
Assessment of economic, industry and issuer information to estimate investment value.
Best next move
Use company evidence and macroeconomic indicators to assess investments and asset classes.
IRT element 3
Risk, Return and Investment Theory
Calculate and interpret time value, return, dispersion, correlation and portfolio-risk concepts.
What to memorize cold
Present value
The current worth of a future cash flow discounted at an appropriate rate.
Standard deviation
A measure of dispersion commonly used as an indicator of investment volatility.
Diversification
Combining imperfectly correlated exposures to reduce portfolio-specific risk.
Best next move
Calculate and interpret time value, return, dispersion, correlation and portfolio-risk concepts.
IRT element 4
UK Investor Taxation and Tax Planning
Apply current UK tax rules to investor income, gains, estates, transactions and planning.
What to memorize cold
CGT
Tax on chargeable gains arising from disposals after allowable costs, losses, exemptions and reliefs.
Residence
A status relevant to the scope of UK tax, determined under the applicable statutory rules.
Tax planning
Lawful structuring that considers tax consequences while respecting anti-avoidance and professional duties.
Best next move
Apply current UK tax rules to investor income, gains, estates, transactions and planning.
IRT element 5
Funds, Wrappers, Structured Products and Pensions
Compare collective, insured, private-market, tax-advantaged, derivative and pension products.
What to memorize cold
OEIC
An open-ended investment company that issues or cancels shares as investors enter or leave.
ISA
A UK tax wrapper whose current eligibility and limits depend on the applicable rules.
Structured product
An investment whose return is defined by a formula and often depends on an underlying and issuer credit.
Best next move
Compare collective, insured, private-market, tax-advantaged, derivative and pension products.
IRT element 6
Asset Allocation and Investment Selection
Construct a portfolio by linking strategic allocation and implementation to client objectives.
What to memorize cold
Strategic allocation
The long-term target mix designed to meet objectives and constraints.
Tactical allocation
A temporary deviation from strategic weights in response to a market view.
Rebalancing
Restoring a portfolio toward its target allocation.
Best next move
Construct a portfolio by linking strategic allocation and implementation to client objectives.
IRT element 7
Fact Find, Suitability and Investment Recommendations
Turn client information and risk evidence into documented suitable advice.
What to memorize cold
Capacity for loss
The client's financial ability to absorb loss without materially harming objectives or living standards.
Attitude to risk
The client's willingness to accept uncertainty and potential loss.
Suitability report
The record explaining the recommendation and why it meets the client's circumstances and objectives.
Best next move
Turn client information and risk evidence into documented suitable advice.
IRT element 8
Benchmarks, Performance and Client Review
Evaluate portfolio results and update advice when markets or client circumstances change.
What to memorize cold
Benchmark
A relevant standard against which portfolio performance and risk may be compared.
Time-weighted return
A return measure designed to reduce the effect of external cash-flow timing.
Portfolio review
A continuing assessment of performance, allocation and suitability against current client circumstances.
Best next move
Evaluate portfolio results and update advice when markets or client circumstances change.
DER4 element 1
Derivative Purposes, Positions and Exposures
Identify derivative contracts, participants and the difference between hedging, speculation and arbitrage.
What to memorize cold
Derivative
A contract whose value depends on an underlying asset, rate, index or event.
Long position
An exposure that generally benefits from a rise in the relevant contract or underlying value.
Hedge
A position intended to offset an existing or expected risk.
Best next move
Identify derivative contracts, participants and the difference between hedging, speculation and arbitrage.
DER4 element 2
Rates, FX, Equity and Commodity Underlyings
Analyse the instruments, conventions and market drivers behind derivative contracts.
What to memorize cold
Underlying
The asset, rate, index or event from which a derivative derives value.
Basis
The relationship or difference between related cash and derivative prices.
Contract specification
The standard terms defining quantity, quality, maturity and settlement.
Best next move
Analyse the instruments, conventions and market drivers behind derivative contracts.
DER4 element 3
Listed Futures, Options, Pricing and Orders
Apply exchange and platform rules to standardised contracts, pricing, orders and transparency.
What to memorize cold
Futures contract
A standardised exchange-traded obligation to transact or settle under specified terms.
Option premium
The price paid by an option buyer for the contractual right.
Tick value
The money value of the minimum permitted price movement.
Best next move
Apply exchange and platform rules to standardised contracts, pricing, orders and transparency.
DER4 element 4
OTC Contracts, Documentation and Collateral
Analyse bilateral forwards, swaps, options, credit products and their legal and operational controls.
What to memorize cold
ISDA master agreement
A standard legal framework commonly used to govern multiple OTC derivative transactions.
Collateral
Assets or cash provided to reduce counterparty credit exposure.
Interest-rate swap
An agreement to exchange interest cash flows calculated on a notional amount.
Best next move
Analyse bilateral forwards, swaps, options, credit products and their legal and operational controls.
DER4 element 5
Central Clearing, Guarantees and Margin
Explain how clearing infrastructure and margin control counterparty and market risk.
What to memorize cold
CCP
A central counterparty that becomes buyer to every seller and seller to every buyer for cleared trades.
Initial margin
Collateral collected to cover potential future exposure during a close-out period.
Variation margin
Cash or collateral exchanged to reflect current mark-to-market movement.
Best next move
Explain how clearing infrastructure and margin control counterparty and market risk.
DER4 element 6
Derivative Delivery, Settlement and Uncleared Margin
Follow futures and options through exercise, assignment, delivery or cash settlement.
What to memorize cold
Cash settlement
Settlement by a cash amount determined from the contract rather than delivery of the underlying.
Assignment
Selection of an option writer to meet an exercised option obligation.
Final settlement price
The reference price used to determine expiry settlement.
Best next move
Follow futures and options through exercise, assignment, delivery or cash settlement.
DER4 element 7
Derivative Research and Portfolio Construction
Use market information and portfolio evidence to decide whether a derivative exposure is appropriate.
What to memorize cold
Delta
A measure of an option value's sensitivity to a change in the underlying.
Exposure
The economic sensitivity of a portfolio to a risk factor or market movement.
Research conflict
An interest or incentive that may impair objective investment research.
Best next move
Use market information and portfolio evidence to decide whether a derivative exposure is appropriate.
DER4 element 8
Hedging, Spreads, Combinations and Synthetics
Construct and evaluate futures and options strategies for trading, protection and portfolio management.
What to memorize cold
Spread
A multi-leg position designed around relative price or volatility relationships.
Protective put
A long put combined with the underlying to limit downside below the strike, subject to cost.
Synthetic position
A combination of instruments designed to reproduce another exposure's payoff.
Best next move
Construct and evaluate futures and options strategies for trading, protection and portfolio management.
DER4 element 9
Derivative Advice, Suitability and Administration
Select and maintain derivative positions within client objectives, permissions and operational controls.
What to memorize cold
Contingent liability
A potential obligation whose amount depends on future events or market movement.
Appropriateness
Assessment of whether a client has the knowledge and experience to understand a non-advised product or service.
Lifecycle event
A contract event such as reset, exercise, expiry, settlement or corporate-action adjustment.
Best next move
Select and maintain derivative positions within client objectives, permissions and operational controls.
DER4 element 10
Derivative Regulatory Scope
Apply the relevant UK framework and understand cross-border European and US requirements.
What to memorize cold
Trade reporting
Submission or publication of prescribed transaction information under the applicable regime.
Clearing obligation
A requirement for specified derivatives to be cleared through an authorised or recognised CCP.
Territorial scope
The persons, entities and transactions to which a jurisdiction's rules apply.
Best next move
Apply the relevant UK framework and understand cross-border European and US requirements.
SEC4 element 1
Cash, Money-Market and Foreign-Exchange Instruments
Compare short-term instruments, liquidity management and FX market conventions.
What to memorize cold
Money market
The market for short-term borrowing, lending and instruments.
Spot FX
An agreement to exchange currencies at the spot rate for the standard settlement date.
Bid-offer spread
The difference between the price at which a dealer buys and sells.
Best next move
Compare short-term instruments, liquidity management and FX market conventions.
SEC4 element 2
Bond Structures, Markets and Valuation
Analyse sovereign, corporate and international bonds from issue through trading and valuation.
What to memorize cold
Clean price
A bond price quoted excluding accrued interest.
Yield to maturity
The discount rate equating a bond's price with its contractual cash flows under stated assumptions.
Duration
A measure related to the timing of bond cash flows and sensitivity to yield changes.
Best next move
Analyse sovereign, corporate and international bonds from issue through trading and valuation.
SEC4 element 3
Equity Issuance, Trading and Corporate Actions
Apply equity rights, issuance, market execution, corporate actions, warrants and CFDs.
What to memorize cold
Ordinary share
An equity interest carrying residual economic rights and usually voting rights.
Rights issue
An offer of new shares to existing holders in proportion to their holdings.
CFD
A leveraged derivative settling the price difference without transferring ownership of the underlying share.
Best next move
Apply equity rights, issuance, market execution, corporate actions, warrants and CFDs.
SEC4 element 4
Collective Investments and Structured Products
Compare fund companies, open and closed structures, portfolio analysis and formula-based returns.
What to memorize cold
NAV
The value of a collective investment's assets less liabilities, usually expressed per unit or share.
Investment trust discount
The amount by which a closed-ended fund's market price is below its NAV per share.
Open-ended fund
A fund that expands or contracts as units or shares are issued and cancelled.
Best next move
Compare fund companies, open and closed structures, portfolio analysis and formula-based returns.
SEC4 element 5
Clearing, Settlement, Custody and Prime Brokerage
Follow securities from execution through clearing, settlement, safekeeping and financing.
What to memorize cold
Settlement
Completion of a trade through delivery of securities and corresponding payment.
Custodian
An institution that safeguards and administers assets on behalf of clients.
Prime broker
A provider of bundled execution, financing, custody and related services, commonly to investment funds.
Best next move
Follow securities from execution through clearing, settlement, safekeeping and financing.
SEC4 element 6
Financial-Statement and ESG Analysis
Use issuer accounts, ratios and ESG evidence in securities analysis.
What to memorize cold
Interest cover
A measure of the extent to which earnings cover interest expense.
Free cash flow
Cash generated after operating and necessary investment expenditure under the chosen definition.
Greenwashing
Misleading presentation of environmental characteristics or impact.
Best next move
Use issuer accounts, ratios and ESG evidence in securities analysis.
SEC4 element 7
Securities Research and Portfolio Construction
Convert research and risk evidence into a diversified securities portfolio.
What to memorize cold
Active management
Selection and positioning intended to outperform or achieve an objective beyond passive replication.
Tracking error
The variability of portfolio return relative to a benchmark.
Concentration risk
The risk created by excessive exposure to one issuer, sector, factor or related group.
Best next move
Convert research and risk evidence into a diversified securities portfolio.
SEC4 element 8
Security Selection, Suitability and Maintenance
Select and administer securities within client objectives and ongoing suitability duties.
What to memorize cold
Nominee holding
A registered holding in a nominee name while the underlying client retains beneficial ownership.
Best execution
The duty to take sufficient steps to obtain the best possible result under the applicable factors and policy.
Ongoing suitability
Continuing assessment required where the service includes periodic suitability review.
Best next move
Select and administer securities within client objectives and ongoing suitability duties.
FPA4 element 1
Client Discovery, Analysis and Planning Priorities
Establish a professional relationship, collect evidence and turn client circumstances into ordered objectives.
What to memorize cold
Fact find
The structured collection of information needed to understand a client's circumstances and objectives.
Streamlined advice
A focused advice service limited to a specific need while retaining applicable suitability duties.
SMART objective
An objective expressed specifically, measurably, achievably, relevantly and with a time frame.
Best next move
Establish a professional relationship, collect evidence and turn client circumstances into ordered objectives.
FPA4 element 2
Protection Needs and Insurance Solutions
Quantify protection gaps and select suitable life, income, illness and long-term-care solutions.
What to memorize cold
Term assurance
Life cover for a specified period with no investment value if no claim arises.
Income protection
Cover designed to replace part of income during qualifying incapacity after a deferred period.
Critical illness cover
A lump-sum benefit on diagnosis meeting the policy definition of a covered condition.
Best next move
Quantify protection gaps and select suitable life, income, illness and long-term-care solutions.
FPA4 element 3
Pensions, Taxation and Retirement Income
Apply current pension structures, tax, regulation and benefit options to retirement objectives.
What to memorize cold
Defined benefit
A scheme promising benefits under a formula, commonly linked to salary and service.
Defined contribution
A scheme where contributions are invested and the member bears investment and retirement-outcome risk.
Annuity
A contract converting capital into an income stream under specified terms.
Best next move
Apply current pension structures, tax, regulation and benefit options to retirement objectives.
FPA4 element 4
Retirement Advice and Post-Retirement Strategies
Construct sustainable retirement solutions using income, capital, risk and legacy evidence.
What to memorize cold
Drawdown
Keeping pension assets invested while taking flexible income or withdrawals.
Sequencing risk
The risk that poor returns early in withdrawal materially reduce portfolio sustainability.
Sustainable withdrawal
A withdrawal approach tested against objectives, horizon, uncertainty and review assumptions.
Best next move
Construct sustainable retirement solutions using income, capital, risk and legacy evidence.
FPA4 element 5
Integrated Financial Planning Recommendations
Develop, communicate, implement and review a coherent client plan drawing on both core units.
What to memorize cold
Recommendation rationale
The evidence-based explanation connecting a proposed action to the client's needs and circumstances.
Implementation priority
The order of actions based on urgency, dependency, affordability and client risk.
Review trigger
A scheduled date or material event requiring the financial plan to be reassessed.
Best next move
Develop, communicate, implement and review a coherent client plan drawing on both core units.
UK Financial-Services Structure and Consumer Relationships
Connect market participants, government, consumers and the UK regulatory architecture.
Key rules
Rule 1
Distinguish retail, wholesale and market-infrastructure roles.
Exam cue: Identify the actor.
Rule 2
Explain government and regulatory responsibilities in the financial-services sector.
Exam cue: State its function.
Rule 3
Relate firm and consumer relationships to the need for regulation.
Exam cue: Connect the function to a consumer or market outcome.
Common traps
Confusing the FCA with the PRA.
Prevention: Do not combine the five displayed units into one exam, infer permission from qualification, use stale annual figures or ignore the selected technical route.
Treating every financial firm as a deposit-taker.
Prevention: Do not combine the five displayed units into one exam, infer permission from qualification, use stale annual figures or ignore the selected technical route.
Ignoring the role of Parliament, Treasury or the Bank of England.
Prevention: Do not combine the five displayed units into one exam, infer permission from qualification, use stale annual figures or ignore the selected technical route.
Memory anchors
FCA
The conduct regulator and prudential regulator for firms outside the PRA's prudential scope.
PRA
The Bank of England authority responsible for prudential supervision of specified firms.
Regulatory infrastructure
The institutions, legislation, rules and oversight arrangements governing UK financial services.
Next best moves
Quick check-up
Use a short quiz to confirm the rule pattern is actually sticking.
Check-up Questions
Which body is primarily responsible for the conduct regulation of UK investment firms?
A bank accepts deposits and also sells investments to retail clients. Which regulatory split is most accurate?
Answer all questions to submit.
Next step personalized recommendations
Open another topic next
Official resources
Verify the details with the official sources
Use these links for eligibility, scheduling, handbook rules, and issuer updates. Our guide helps you study; official sources tell you what the testing partner currently requires.
Investment Advice Diploma qualification page
Current two-core-plus-one-technical route, Level 4 and TQT status, role alignment, membership and progression.
Investment Advice Diploma factsheet
Official route summary, common 80-question format, recommended study time and qualification boundaries.
UK Regulation & Professional Integrity V18 syllabus
Current core regulatory syllabus effective from 1 May 2026, with six elements and the 80-question allocation.
Investment, Risk & Taxation V16 syllabus
Current investment core syllabus with eight elements; the candidate update extends its final exam date to 30 November 2026.
Derivatives V16 syllabus
Current ten-element technical syllabus for derivative advice and dealing, including the misheaded specification page.
Securities V16 syllabus
Current eight-element technical syllabus for securities advice and dealing.
Financial Planning & Advice V9 syllabus
Current five-element retail investment, protection, pension and retirement-planning technical syllabus.
CISI candidate updates
Official version-specific corrections, final exam dates and changes to rules, calculations, tax and pensions.
CISI qualification policies and procedures
Official examination, trial-question, sitting, result, feedback, appeal and exemption policies.
FCA Appropriate Qualification tables
Current FCA Handbook table listing the IAD's technical-unit-specific activity coverage.
UKRPI V18 sample paper
Official current sample confirming the 80-question, two-hour, four-option MCQ style and syllabus references.
CISI Code of Conduct
Current professional principles and ethical decision framework supporting the UKRPI integrity element.
FAQ
Common CISI Investment Advice questions
What is the current Investment Advice Diploma route?
Complete UK Regulation & Professional Integrity and Investment, Risk & Taxation, then complete one technical unit: Securities, Derivatives or Financial Planning & Advice. All five units are kept inside this existing slug so every valid route is represented.
Do I need to take all five displayed units?
No. The published completion structure is two core units plus one technical option. A holder of an RDR-compliant qualification may add a further specialist area by passing the relevant technical unit without repeating the core areas, subject to the current CISI rules.
Which syllabus versions are current on 29 July 2026?
UKRPI version 18; Investment, Risk & Taxation version 16; Derivatives version 16; Securities version 16; and Financial Planning & Advice version 9. The exam date and CISI candidate update determine the controlling version and any amended annual figures.
What is the examination format?
Each unit is a two-hour computer-based examination of 80 scored multiple-choice questions with a 70% pass mark, equivalent to 56 marks. A sitting may include up to 10% unidentified trial questions that do not count, with proportionately more time.
How are the five units weighted internally?
The two core units receive 150 practice items each; Derivatives and Securities receive 100 each; Financial Planning & Advice receives 101. Within each unit, the allocation follows the current published 80-question element map. These are independent study-bank values, not a CISI combined exam.
What UK regulatory material is in the core?
UKRPI covers the financial-services structure, FCA objectives and Handbook, authorisation and individuals, Consumer Duty and customer outcomes, COBS, financial promotions, client categorisation, suitability, product governance, client assets, professional integrity, financial crime, complaints, FOS, FSCS and data protection. IRT adds UK investor taxation, fact finding, suitability and continuing review.
How do the technical options map to FCA activities?
The current FCA Appropriate Qualification table lists the three-module IAD route containing Securities for activities 2 and 12, Derivatives for activities 3 and 13, and Financial Planning & Advice for activities 4 and 6. The qualification page describes the same specialist alignment.
Does passing the IAD authorise me to advise?
No. An appropriate qualification is only one part of the UK competence framework. The individual's firm must have the relevant permissions and must assess competence; retail investment advisers may also need a valid Statement of Professional Standing and continuing professional development.
Can an exemption change the three-exam route?
CISI publishes exemptions from certain core units for specified prior qualifications. Eligibility, currency and the resulting Appropriate Qualification or SPS position must be confirmed through the live exemption rules rather than inferred from this guide.
Why is the IRT end date shown as 30 November 2026?
The live version-16 syllabus attachment originally records 30 October 2026, but the CISI candidate update dated 15 June 2026 states that the final exam date was extended to 30 November 2026. This guide follows that later official correction.
Why does the Derivatives V16 specification page say Level 4 Securities?
That heading is an official PDF layout error. The live attachment is assigned to the Derivatives exam, its cover and summary identify Derivatives, and its ten-element table covers derivative underlyings, contracts, clearing, strategies and regulation.
Which tax, pension, compensation or rule figures should I learn?
Use the candidate update and workbook applying to the booked exam date. IRT and FPA contain date-sensitive UK tax and pension material, while UKRPI contains evolving regulatory and protection material; a value should not be treated as timeless.
Why is full-mock mode disabled?
There is no single official five-unit paper. A valid route contains three separate 80-question exams and one candidate-specific technical choice. The current practice framework cannot enforce that option choice, so it would be misleading to label a mixed qualification-wide set as an exact full mock.
Is this an official CISI question bank?
No. It is an independent syllabus-mapped bank of 601 original single-answer questions. It does not contain recalled, past-paper or secure CISI items and does not claim to reproduce a five-unit qualification paper.