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

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

  • 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.

    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

  • Combating Financial Crime (Ed 9)

    Combating Financial Crime (Ed 9)

    Chapter 4, Section 2.2

    Section 3 was replaced by Section 6, upon correction.

    The amended section now reads:

    Bribing a foreign public official (Bribery Act, Section 6) – it is an offence if a person offers, promises or gives any advantage to a foreign public official with the requisite intention to influence the foreign public official in the official capacity and to obtain or retain business or an advantage in the conduct of business. However, unlike the general bribery offences in Sections 1 and 2, there is no requirement to show that there has been improper performance. The offence of bribing a foreign public official only covers the offering, promising and giving of bribes and not the acceptance of them.


     

     
    11/01/2023 - 10/01/2024
    27/03/2023
    Testing

  • International Introduction to Securities & Investment (Dual Language English & Spanish) V14

    International Introduction to Securities & Investment (Dual Language English & Spanish) V14
    English - Chapter 2, Section 3, fourth paragraph has been amended to read:

    Governments implement their monetary policies using their central bank, and a consideration of their role in this implementation is noted below. Central banks are guided in their activities by the Bank for International Settlements (BIS) which was established in 1930. The BIS has 63 member central banks representing countries from around the world which, together, make up approximately 95% of world gross domestic product (GDP). The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.
     
    Spanish - Chapter 2, Section 3, fourth paragraph has been amended to read:

    Los gobiernos implementan las políticas monetarias a través de sus bancos centrales; a continuación consideraremos su función en esta implementación. Los bancos centrales son guiados en sus actividades por el Banco de Pagos Internacionales (BPI), que se estableció en 1930. El BPI tiene 63 bancos centrales miembros que representan países de alrededor del mundo que, en conjunto, constituyen aproximadamente el 95% del producto interior bruto (PIB) mundial. La misión del BPI es prestar apoyo a
    los bancos centrales en su búsqueda de la estabilidad monetaria y financiera, fomentar la cooperación internacional en esos ámbitos y servir de banco para los bancos centrales.

     
    02/03/2022 - 01/03/2024
    27/03/2023
    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

Level 3 IOC

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

  • UK Financial Regulation V30

    UK Financial Regulation V30

    UK Financial Regulation V30 workbook update
    UK Financial Regulation Edition 30 Addendum March 2023

     

    01/04/2023 - 31/03/2024
    16/02/2023
    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

  • Global Securities Operations

    Global Securities Operations (Ed19)
    Global Securities Operations - Edition 19 - Addendum letter

    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%.


     
    01/08/2023 - 31/07/2024
    21/08/2023
    Testing

  • Combating Financial Crime (Ed 9)

    Combating Financial Crime (Ed 9)

    Chapter 4, Section 2.2

    Section 3 was replaced by Section 6, upon correction.

    The amended section now reads:

    Bribing a foreign public official (Bribery Act, Section 6) – it is an offence if a person offers, promises or gives any advantage to a foreign public official with the requisite intention to influence the foreign public official in the official capacity and to obtain or retain business or an advantage in the conduct of business. However, unlike the general bribery offences in Sections 1 and 2, there is no requirement to show that there has been improper performance. The offence of bribing a foreign public official only covers the offering, promising and giving of bribes and not the acceptance of them.


     

     
    11/01/2023 - 10/01/2024
    27/03/2023
    Testing

  • Transfer Agency Administration and Oversight V1

    Transfer Agency Administration and Oversight V1
    The current Transfer Agency Administration and Oversight exam has been extended to 20th December 2023.
     
    25/10/2022 - 20/12/2023
    25/10/2022
    Testing

  • International Introduction to Securities & Investment (Dual Language English & Spanish) V14

    International Introduction to Securities & Investment (Dual Language English & Spanish) V14
    English - Chapter 2, Section 3, fourth paragraph has been amended to read:

    Governments implement their monetary policies using their central bank, and a consideration of their role in this implementation is noted below. Central banks are guided in their activities by the Bank for International Settlements (BIS) which was established in 1930. The BIS has 63 member central banks representing countries from around the world which, together, make up approximately 95% of world gross domestic product (GDP). The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.
     
    Spanish - Chapter 2, Section 3, fourth paragraph has been amended to read:

    Los gobiernos implementan las políticas monetarias a través de sus bancos centrales; a continuación consideraremos su función en esta implementación. Los bancos centrales son guiados en sus actividades por el Banco de Pagos Internacionales (BPI), que se estableció en 1930. El BPI tiene 63 bancos centrales miembros que representan países de alrededor del mundo que, en conjunto, constituyen aproximadamente el 95% del producto interior bruto (PIB) mundial. La misión del BPI es prestar apoyo a
    los bancos centrales en su búsqueda de la estabilidad monetaria y financiera, fomentar la cooperación internacional en esos ámbitos y servir de banco para los bancos centrales.

     
    02/03/2022 - 01/03/2024
    27/03/2023
    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’

    11/10/2023 - 10/02/2025
    27/11/2023
    Testing

Level 3 Certificates

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

  • UK Financial Regulation V30

    UK Financial Regulation V30

    UK Financial Regulation V30 workbook update
    UK Financial Regulation Edition 30 Addendum March 2023

     

    01/04/2023 - 31/03/2024
    16/02/2023
    Testing

  • Securities (Capital Markets Programme) Ed 18

    Securities (Capital Markets Programme) Ed 18
    Securities (Capital Markets Programme) (Ed18)

    The following updates have been made to your workbook edition.

    Chapter 2, section 2.6, The present value of a bond, from the third paragraph amended to read:

    To arrive at the present value of a single sum, receivable after n years, when the prevailing rate of interest is r, simply multiply the lump sum by the following:

    1/(1 + r)n

    Referring back to the earlier example, $100 receivable in one year’s time, given an interest rate of 5%, will have a present value of:

    $100 x 1/(1+r)n = $100 x 1/(1+0.05)1 = $100 x 1/1.05 = $100 x 0.9524 = $95.24

    If $100 was due to be received in two years’ time, then the present value will be:

    $100 x 1/(1+r)2 = $100 x 1/(1.05)2 = $100 x 1/1.1025 = $100 x 0.907 = $90.70

    Present value calculations can also be used to derive the price of a bond, given the appropriate rate of interest and the cash flows.

    Chapter 5, section 4, under the sub section 4.1 Stock Market Indices the table row of Deutscher Aktien IndeX (DAX)  is amended to read:

    Deutscher Aktien IndeX (DAX)

     
    Chapter 1, under the End of Chapter questions, the third answer option of the question number 8 is amended to read:

    • Custodian banks
     

    Chapter 7, under the End of Chapter questions, the Answer reference of the question number 10 is amended to read:

    Answer reference: Section 9.4

    Chapter 8, the learning objective under the section 6.5 Investors’ Ratios is amended to read:

    8.6.7     Be able to calculate the following investors’ ratios: earnings per share (including diluted earnings per share); price earnings ratio (both historic and prospective); gross dividend yield; gross dividend cover; enterprise value to EBIT; enterprise value to EBITDA; earnings per share; diluted earnings per share
     
    Chapter 8, under the End of Chapter questions, the Question number 7 is amended to read:

     7. How does a non-controlling interest arise?
     
    The SLM, under the element 8 – Accounting Analysis, LO 8.1.2 is added to read: 

    8.1.2                 know the five components of a financial statement 
     

    22/01/2023 - 21/01/2024
    02/02/2023
    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’

    11/10/2023 - 10/02/2025
    27/11/2023
    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.

October 2023
May 2023
February 2023
September 2022
May 2022
February 2022
November 2021
July 2021
April 2021

Narrative


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

  • Portfolio Construction Theory workbook V10

    Portfolio Construction Theory workbook V10

    The following updates have been made to your workbook edition.

    Portfolio Construction Theory - Edition 10 - Addendum letter

    Chapter 1, section 6.5, Table 1.9 – Example Stock Index Monthly Prices, Return and Risk Calculations, the Monthly Variance row amended to read:

    313.51/12 = 26.13

     

    Chapter 1, section 6.5, Annualised risk equation amended to read:Formula
    Chapter 1, section 6.9.2, under ‘Combining Assets and Calculating the Portfolio Standard Deviation’ Portfolio Value equation amended to read:

    Formula

    08/06/2023 - 30/11/2023
    18/01/2023
    Testing

  • 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

  • Bond & Fixed Interest Markets

    Bond & Fixed Interest Markets
    We are withdrawing our Bond and Fixed Interest Markets exam in the winter 2023 session. It is strongly recommended the final sitting on 28 November 2023 is for resits only and not for first time candidates. If you have any questions, please contact our Customer Support Team. 


    08/09/2022 - 28/11/2023
    08/09/2022
    Testing

  • Advanced Global Securities Operations V9

    Advanced Global Securities Operations V9
    We are withdrawing our Advanced Global Securities Operations exam in the winter 2023 session. It is strongly recommended the final sitting on 30 November 2023 is for resits only and not for first time candidates. If you have any questions, please contact our Customer Support Team. 


    08/09/2022 - 30/11/2023
    08/09/2022
    Testing

  • Portfolio Construction Theory V10

    Portfolio Construction Theory V10 

    The following updates have been made to your workbook edition.

    Portfolio Construction Theory - Edition 10 - Addendum letter

    Chapter 1, section 6.5, Table 1.9 – Example Stock Index Monthly Prices, Return and Risk Calculations, the Monthly Variance row amended to read:

    313.51/12 = 26.13

     

    Chapter 1, section 6.5, Annualised risk equation amended to read:Formula
    Chapter 1, section 6.9.2, under ‘Combining Assets and Calculating the Portfolio Standard Deviation’ Portfolio Value equation amended to read:
    Formula

    Chapter 7, section 6, Table 6.1 – The Benefits and Limitations of Active Management, Limitations column is amended to read:

    Benefits

    Limitations

    • Investors can tailor an active strategy to meet specific investment goals.
    • Active investors have the potential to generate better performance relative to a benchmark index over time, even after fees.
    • Investors have flexibility of choice and are free to choose assets that they believe will provide a strong return.
    • This flexibility allows investors to reduce risk (eg, they may move between specific economic sectors, asset classes or individual securities as market conditions change, and/ or can use strategies such as put options to protect against losses).
    • Many active managers are supported by teams of analysts, who carry out extensive research to identify attractive and suitable investment opportunities.
    • Active investing can offer a challenge, which some may enjoy, and allows investors to be more involved in managing their money.
    • Better performance is not guaranteed. Active strategies can lag their benchmarks if market movements are misjudged, or poor investment decisions are made.
    • Investors must be continuously vigilant about the performance of their investments, so active investing can be hard work and time consuming.
    • Consequently, fees for professionally managed portfolios tend to be high, which has a compounding effect over time.
    • Top managers can be selective as to which new clients they take on; eg, they may set minimum initial investment thresholds (typically £250,000), thus limiting access for some investors.
    • Some actively managed funds may be ‘closet trackers’; in other words, they look like (and charge fees similar to) active funds, but behave like a passive fund.

    Chapter 5, section 3.2.1, Calculating Portfolio VaR and Association with Standard Deviations and Covariances, Example is amended to read:

    Table 6.1 - Normal Probability Table

    Probability table

    For a 95% confidence level, the Z score is 1.645. This means that 95% of the area under a normal distribution curve lies within approximately 1.645 standard deviations of the mean.
    Thus:
    VaRP = Zα.σP.W = 1.645 x 7.17% x £100m = £11.8 million

    08/06/2023 - 30/11/2023
    09/11/2023
    Testing

  • Level 6 Certificate in Private Client Investment Advice and Management V9

    Level 6 Certificate in Private Client Investment Advice and Management V9 

    The following update has been made to your workbook edition.

    Chapter 2, Section 3.6.5, the first case study has been amended to read:

    Tax on dividends:

    After applying the dividend allowance, £1,000 of Sandra’s dividend is subject to income tax at the higher rate.

    Higher rate band (next £1,000) @ 33.75%     £337.50

    The total tax due is now £8,283.50. You can see, therefore, that saving into a pension has saved Sandra £1,135 (ie, £8,283.50 – £7,148.50) of income tax for the 2022–23 tax year, and she has benefitted from growing her pension fund for retirement in a tax-free environment.

    Chapter 2, Section 3.4.5, first bullet list’s third bullet point has been amended to read:

    • Their partner’s annual income is between £12,571 and £50,270 (ie, a basic rate taxpayer).

    Chapter 1, Section 8.1.5, first paragraph and bullet list has been amended to read:

    The FCA is empowered under FSMA 2000 to prosecute under CJA 1993. The maximum penalties are:
    • Crown Court (conviction on indictment) – ten years’ imprisonment and/or an unlimited fine.
    • Magistrates’ Court (summary conviction) – six months’ imprisonment and/or a £5,000 fine.

    Chapter 7, Section 2.1.2, has been amended to read:

    2.1.2   Standard Deviation

    The standard deviation of a set of data is simply the square root of the variance and is the most commonly used measure of dispersion. The formula for calculating it is therefore:

    Equation
    where:
    ri = each value of the population
    r = the population mean (or average)
    n = the population size


    07/06/2023 - 29/11/2023
    10/11/2023
    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

  • Applied Wealth Management V9

    Applied Wealth Management V9

    The following updates have been made to your workbook edition.

    Chapter 2, Section 3.4.4 Risk Descriptions, after Low-Mid Risk the table of Investor Risk Appetites added and amended to read:

    Mid Risk
    • Understand that they have to take investment risk to meet their long-term goals. They are often more willing to take risks with at least part of their available assets and may have some experience of investment, including investing in products containing higher-risk assets such as equities and bonds.
    • They can usually make up their minds on financial matters relatively quickly, but they still suffer from some feelings of regret when their decisions turn out badly.
    • Investors with time horizons of ten years or more typically have portfolios with a mix of higher risk investments such as equities and lower risk investments, such as bonds and cash.

     

    Mid-High Risk

     

     

    • Willing to take on investment risk and understand the nature of the long-term risk/return trade off. They are willing to take risk with most of their available assets, are typically experienced investors and have used a range of investment products in the past.
    • They will usually be able to make up their minds on financial matters quite quickly. While they can suffer from regret when their decisions turn out badly, they can accept that occasional poor outcomes are a necessary part of long-term investment.
    • Investors with time horizons of ten years or more typically have portfolios with a majority of higher risk investments such as equities, but that also contain bonds and cash.

     

     

    High Risk

     

     

    • Want the highest possible return on their capital and are willing to take considerable amounts of risk to achieve this.
    • They are usually willing to take risk with all of their available assets, and have substantial amounts of investment experience.
    • High risk investors have firm investment views and will make up their minds on financial matters quickly. They do not suffer from regret to any great extent and can accept occasional poor outcomes without much difficulty.
    • Investors with time horizons of ten years or more typically have portfolios made up primarily of higher-risk investments such as equities, with little in bonds and cash.

     
    08/06/2023 - 30/11/2023
    20/02/2023
    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

  • Financial Markets Edition 10

    Financial Markets Edition 10
     

    The Financial Markets workbook edition 10 has been updated to reflect the following changes:

    Chapter 1, section 3.1.2, p.39, Return on Equity (ROE) -

    ROE (%) = Net income / Shareholders' equity

    Chapter 1, Section 3.1.2, p.39-40, Asset Turnover -

    An alternative way of calculating the asset turnover is as follows:

    Asset turnover (x) = Revenue / Average total assets

    where ‘average total assets’ is the average value of the assets at the beginning and the end of the period under analysis. This can be used instead of capital employed, since the value of the assets recorded on a company’s statement of financial position can change over time.

    Chapter 1, Section 3.1.2, p.41, DuPont Analysis
     Du Pont Analysis 

    Learning Outcome 2

    2.3        Appy the following profitability ratios:

    • Return on capital employed
    • Gross and net profit margins
    • Asset turnover and gearing
    • Return on Equity

     

    Chapter 1, Page 24 has been amended to read: 


    The initial cost in sterling terms, of the equity investment made on 1 September is £158,415,842. The company retranslates the investment at the closing rate, giving a carrying value of £163,039,048 (ie, £158,415,842 x 1.2625/1.2267) on 31 December. The exchange rate gain of £4,623,206 is taken to reserves.
     
    Similarly, in sterling terms, the company has a liability to bondholders of £118,811,881 on 1 September and £122,279,286 on 31 December - an exchange rate loss of £3,467,405. This is also taken to reserves and offset against the exchange gain to give a net movement of £1,155,802.

     

    07/06/2023 - 29/11/2023 
    17/02/2023
    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 4 Investment Advice Diploma

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

  • Economics and Markets for Wealth Management V2

    Economics and Markets for Wealth Management V2

    The following update has been made to your workbook edition.

    Chapter 3, Section 1.4.5 - The calculation under ‘Real Returns’ has been amended as shown below:



    Chapter 4, section 5.3 – The table has been amended as shown below:

    Chapter 4, section 7.3.2 – The table has been amended as shown below:



    Chapter 6, section 5.5.3 – The following calculations have been amended as shown below:

      

    21/12/2021 - 20/12/2023
    12/04/2022
    Testing

  • UK Regulation & Professional Integrity V15

    UK Regulation & Professional Integrity V15

    The following updates have been made to your workbook edition.

    Chapter 9, Section 1.2 - FOS Awards, the last two bullets of the complaints limits amended to read:

    • £170,000 for complaints about acts or omissions by firms before 1 April 2019, and which are referred to the service after 1 April 2022.
    • £160,000 for complaints about acts or omissions by firms before 1 April 2019, and which are referred to the service after 1 April 2020 but before 1 April 2022.

     

    Chapter 7, Section 1.2.1 has been amended to read:

    Firms must make a record of the arrangements they have made to satisfy the FCA and PRA requirement to apportion responsibilities among directors and senior managers. They must also take reasonable care to keep this record up to date and retain the record for six years from the date on which it was superseded by a more up-to-date record.

    Multiple choice question 64 has been amended to read:

    64. Which of the following is one of the Principles for Businesses?

    A. Capital and liquidity requirements

    B. Non-financial conduct

    C. Consumer duty

    D. Complaint resolution

     

     

    12/03/2023 - 11/03/2024
    21/02/2023
    Testing

  • 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

  • Investment, Risk & Taxation V14

    Investment, Risk & Taxation V14
    The following updates have been made to your workbook edition.

    Page 434, Chapter 5, Section 13.1.2, Buffer Zone Investments, has been added with an example and amended to read:

    31/10/2023 - 30/10/2024
    06/09/2023
    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