CISI Exams: Structure, Costs and How to Prepare

The Chartered Institute for Securities & Investment (CISI) offers a range of professional qualifications for people working in or entering financial services. From entry-level certificates to advanced diplomas, CISI exams underpin careers in wealth management, compliance, investment operations, and financial planning. Here's everything you need to know about how the exams work.

CISI Qualification Levels at a Glance

CISI qualifications span five levels under the Regulated Qualifications Framework (RQF):

The IMC — Investment Management Certificate

The IMC (Investment Management Certificate) deserves special mention. Co-administered with CFA Society UK, it is the benchmark entry qualification for investment management roles in the UK. The IMC has two units:

• Unit 1: Investment Environment — financial markets, economic context, asset classes, regulation
• Unit 2: Investment Practice — portfolio construction, risk management, performance measurement, client management

Each unit is a separate computer-based exam, typically taken a few weeks apart. Pass mark is 70%. Study time is typically 80–120 hours per unit for candidates without a finance background. The IMC is required or strongly preferred for analyst, junior portfolio management, and investment operations roles at most UK asset management firms.

CISI Exam Format

Most CISI exams are computer-based assessments (CBAs) taken at Pearson VUE centres or, for some qualifications, online. The format varies by qualification:

• Multiple choice and objective test questions — the most common format at Levels 2–4
• Case study and extended answer questions — used at Diploma level (Level 6)
• On-demand or scheduled sittings — varies by qualification; many CISI exams can be sat on demand throughout the year

Pass marks are typically 70% for multiple choice exams. Diploma-level exams may have different thresholds.

CISI Exam Costs

CISI exam fees vary significantly by level. Approximate 2025/2026 costs (exam fees only, excluding study materials):

• Introduction to Securities & Investment: ~£115
• IOC individual units: ~£175–£200 per unit
• IMC (per unit): ~£215 per unit (£430 total)
• Certificate in Wealth & Investment Management: ~£200–£250 per unit
• Diploma in Wealth Management: ~£275–£350 per unit

Many employers fund CISI exam fees for employees in relevant roles, particularly where the qualifications are required for FCA regulatory purposes.

How to Prepare for CISI Exams

Official CISI Study Materials

CISI publishes official workbooks for each qualification. These are comprehensive and directly map to the exam syllabus — using them is strongly recommended over third-party alternatives. CISI also provides specimen papers and practice questions online via its Professional Refresher platform.

Study Time Estimates

CISI guidance and practitioner experience suggest:

• Introduction to Securities & Investment: 30–50 hours
• IMC per unit: 80–120 hours
• Certificate-level qualifications (per unit): 60–100 hours
• Diploma (per unit): 150–200+ hours

Practical Tips

• Practice questions are essential — CISI exams are knowledge-based but require you to apply concepts to scenarios. Past paper practice is the single most effective preparation activity.
• Read the official workbook cover to cover — the examiners write from the official materials; questions map closely to the workbook content.
• Use Professional Refresher — CISI's online learning platform includes short modules and question banks that are particularly useful for targeted revision of weak areas.
• Don't underestimate regulation questions — FCA rules, MiFID requirements, and conduct standards appear regularly across all CISI qualifications. These are highly learnable with focused study.

Frequently Asked Questions

How many times can you resit a CISI exam?

There is no limit on resits for CISI exams, but there is typically a waiting period (usually 30 days) between attempts. Some qualifications have a maximum number of sittings per year. Check the specific qualification rules with CISI directly.

Are CISI qualifications recognised internationally?

CISI qualifications are most widely recognised in the UK and select Commonwealth countries. For international recognition — particularly in the US and Asia — CFA and CFP qualifications have broader reach. However, CISI's Chartered MCSI designation is growing in recognition, particularly in the Middle East and Southeast Asia.

Do CISI qualifications expire?

CISI qualifications themselves don't expire, but CISI membership (and therefore the right to use post-nominals) requires annual renewal including CPD compliance. Some FCA-regulated activities require periodic reassessment to demonstrate ongoing competence, which may involve refresher exams or structured CPD.