Exam Policies & Procedures

Exam results

Certificates

From 1 May 2018, the CISI will be launching e-certificates for all our exams. This initiative represents a significant improvement in the quality and efficiency of the service we provide.

All candidates who have successfully passed CISI exams after 1 May 2018 will be able to view, download and print their e-certificates via our secure candidate portal, MyCISI (My Account - My Account Activity-Qualifications Policies & Assessments).

Please note that only one original copy of each certificate is allowed. If you choose to open or download your certificate, any subsequent copies, physical or e-certificate will be clearly marked as a ‘Replacement’.

Find out more and view FAQs

Each CISI certificate will:

• clearly and uniquely identify the candidate via the CISI unique customer number
• clearly and uniquely identify the certificate itself via the unique certificate number
• give the title of the qualification achieved

In addition, for Ofqual regulated qualifications the CISI certificate will carry:

• the title of the qualification achieved (as above) as it appears on Ofqual's Register of Regulated Qualifications – it will not carry any other title for the qualification
• the Qualification Accreditation Number as shown on Ofqual's Register
• the Ofqual logo and the Welsh Government logo

View out full Certificates Policy
If you have any doubts about the authenticity of a CISI certificate presented to you, please contact our Customer Support team .

Exam Exemptions

Candidates who are seeking an exemption from a unit of a CISI qualification must familiarise themselves with the rules in the CISI Exemptions Policy before applying.

Eligibility for exemptions:

• Candidates seeking exemption must offer a qualification which was obtained within the last ten years.
• Exemptions cannot be granted retrospectively for any CISI examination that a candidate has previously sat.
• Candidates are only entitled to an exemption from one unit of any qualification.
• Exemptions will not be granted on the basis of work experience, or for qualifications that require gap-fill to meet the level required.

Types of exemption:

There are three exemption routes: recognition of CISI exams, recognised exemptions for non-CISI exams, and unrecognised exemptions for non-CISI exams.

How to apply for an exemption:

Candidates must apply for any exemptions before they sit the first unit of a qualification. Before a candidate submits their application, they must have registered their details on our website.

There are different application requirements, depending on your exemption route:

If you hold a qualification/unit (other than a postgraduate degree) which is not shown on the recognised exemptions list, but which you feel matches the subject matter and level of the CISI examination and covers the relevant FCA regulated activities, you may apply for the qualification/unit to be added to the CISI recognised exemptions list by emailing exemptions@cisi.org.

Appealing an Exemption decision

If a candidate is dissatisfied with the CISI’s decision in applying exemptions, they may appeal the decision in line with the CISI's Appeals Policy.

English Language Requirements

CISI exams require a good standard of English, as well as knowledge of the technical terms associated with the subject matter of the exams. Questions are designed to test specific knowledge and understanding and candidates need to absorb information quickly and to read questions very closely.

Although it is not a requirement that candidates taking CISI exams have a specified level of English language, it is advised that candidates should be proficient in English to B2 level, as determined by the  Common European Framework of Reference for Languages  (CEF or CEFR). 

Multiple-Choice Question (MCQ) Exam Trial Questions

In your exam you may find that you have some additional questions to answer which take the total number of questions above the published number for the exam. These are trial questions – questions which have recently been written for us, and on which we need to collect statistics so that we can see if those particular questions are good enough to go into the exam as live questions.

Why are trial questions needed?

It is important to us that the questions you get in your exam are fair – neither too difficult nor too easy, and free from ambiguity. Therefore, we test the questions before they are included in live exams. To ensure that they are tested in full examination conditions, they are not identified separately as trial questions in any exam, and are shown alongside the live, scored questions. Any of our multiple-choice question examinations may contain up to 10% additional trial questions. The trial questions are not scored, and do not contribute to your exam result, but you receive additional time in order to complete them.

Many of the live questions you will receive have all been through this process of trialling. Other candidates have taken them over a period of time, and we have been able to gather statistics on their performance. The contribution of other candidates in this way ensures that you experience an exam which is as fair as it can be. When you answer the trial questions in your exam, you are helping future candidates to experience the same fairness in their exam and your cooperation is much appreciated.

Why doesn't the CISI count trial questions in candidates' final scores?

We do not count trial questions in candidates' final scores because we do not know how good the questions are until statistics are gathered on how they have performed (eg, how many candidates get them right, how many people choose each option).

If a trial question is not sound, we could be awarding a mark for a question that is at a different standard from questions in the live exam, and this would not help us to uphold the standards which firms and individuals expect of us.

Are there always trial questions in exams?

No, not all exams will include trial questions. If you don't have any trial questions in your exam, this means that the exam does not need to be updated or refreshed at the moment. Similarly, in some exams there are more trial questions than others, depending on how much change we need to make to the exam in the coming year. You can be assured that you will receive the appropriate amount of time to answer the questions.

How the CISI ensures its qualifications are Fit for Purpose

To ensure qualifications are fit for purpose, the CISI obtains input from employers, trade bodies, training providers, the sector skills council (the Financial & Legal Skills Partnership) and other stakeholders in all stages of the development and assessment of qualifications.

A panel of key stakeholders is appointed for each of the Institute’s exams. Each panel provides guidance on the development of each unit and meets at least biannually to review the syllabus and assessment content to ensure continued fitness for purpose.

Each panel reports to the Qualification Assessment Board (QAB) for the relevant qualification, which consists of senior representatives of each panel within the qualification. Each QAB subsequently reports to the Examinations Board (EB).

Through this framework, the CISI ensures all qualifications are fit for purpose and secure the requirements of validity, reliability, comparability, manageability and minimising bias, as detailed below.

Validity

Units are developed with input from all key stakeholders including employers, trainers and trade bodies to ensure that the assessment outcomes meet their intended uses. Where relevant, syllabi are mapped against Exam Standards and National Occupation Standards. Regular reviews of the assessment outcomes, typically annually, are carried by the unit’s Panel of key stakeholders to ensure the continued validity of the unit. Qualification Assessment Boards (QABs) undertake a review of all units pertaining to a qualification, reviewing pass rates, candidate registrations and all stakeholder feedback to ensure that validity of the units is supported by evidence from all stages of the assessment process.

Reliability

In the case of units assessed by computer-based tests (CBT), all exam forms are initially set at the same level of difficulty and reviewed throughout their lifespan using psychometrics to analyse item and test performance. Historical data is also used when creating forms. Each form’s performance is monitored continuously and reported at monthly exam managers’ meetings.

In the case of narrative exams, most exams have modest candidate numbers which enables all scripts to be marked by a single examiner. Answer scripts are then sampled and moderated by a panel of professional practitioners to ensure consistency of marking, whilst scripts from previous sittings are made available to ensure consistency of marking over time. Where an exam has a large number of entries, additional markers are employed and the Chief Examiner moderates the marking prior to the scripts being sampled and moderated by the panel.

Comparability

Item statistics for CBT exams are analysed using psychometrics to ensure comparability across forms within a unit. These, together with overall pass rate statistics for all units, are monitored and reported at monthly exam managers’ meetings to ensure comparability across exams and qualifications and over time. When new exams are being developed, comparisons are made with offerings from other awarding organisations, such as the number of learning outcomes, credits and notional learning hours.

For narrative examinations, the CISI relies on the expert judgement of a Panel of Practitioners and a Chief Examiner for each narrative assessment who have substantial experience in this process. The CISI also ensures that statistics for previous sittings as well as sample scripts are available at results moderation meetings.

Manageability

To ensure assessments are feasible and place a reasonable demand on centres and learners, feedback is obtained from user and stakeholders through regular meetings with Accredited Training Providers and online customer feedback.

Minimising

To ensure that assessments do not produce unreasonably adverse outcomes bias for candidates who share a common attribute, the CISI has a number of published policies, including the Reasonable Adjustments Policy and Special Consideration Policy. The application of such policies is monitored and reported on annually to the CISI Examination Board along with other monitoring relating to statutory equality duties.

Data release

The CISI holds member records for candidates who have taken any of our qualifications, or who have, in the past, completed the London Stock Exchange exams.

The CISI is only able to release information on qualifications and membership to persons authorised to request information on a candidate's behalf. You will need to verify that you have a signed statement from the member or candidate to authorise the release of their personal information.

We partner with Qualification Check to release this information, each enquiry will cost £160 + VAT.

Visit Qualification Check

Can I rely on the workbook alone?

The examination will be based on the content of the syllabus. The workbooks are designed to support your learning, although you may also find it helpful to read the financial press. At levels 3 to 5 you are expected to be able to apply principles outlined in the workbook to situations which are not explicitly stated in the material. However, our workbooks do provide a thorough preparation for the examination and are also a valuable reference aid for practitioners. The answer to a question could draw on information from more than one area of the workbook.

At level 6 and 7, while the official workbook is essential reading, you are also expected to read around the subject. This reading is not prescribed, although for some subjects, there are suggestions at the end of the syllabus. Questions are set on the whole syllabus, and topical issues may be tested, so candidates are expected to be aware of developments in the relevant area of financial services.

As part of your preparation for level 6 and 7 examinations you should thoroughly scrutinise the relevant materials (depending on the exam this could include sample papers, past papers or chief examiners reports) which are available free of charge via MyStudy and the CISI`s website. These materials give a detailed insight into the types of questions asked.

The two narrative examinations in the CISI Level 6 Diploma in Corporate Finance (Corporate Finance Techniques & Theory and Corporate Finance Strategy & Advice) differ from other high level CISI exams in that these two exams are tested by open book examinations. You are permitted to bring in texts, articles and notes of any kind. It is your responsibility to select and bring in any material that you intend to use, and any such texts brought into the examination venue must be in hard copy only. We recommend that Takeover Code/Listing Rules (whichever sections you deem relevant) are taken into the examination. You should be familiar with and understand relevant laws and regulations such as the Listing, AIM and ISDX Rules, the UK Takeover Code (Including Practice Statements) and the Companies Act.

You are advised to download the workbook and elearning editions charts to ensure that you have the correct edition for your exam. Study materials are included in the exam price for candidates sitting certain exams outside of the UK. For further details please contact our Customer Support Centre.

Exam Booking Forms

Please send your completed booking form to customersupport@cisi.org

CISI Diploma in Capital Markets