CISI Derivatives Past Papers: What Exists and the Best Mock Exams (2026)

Here is the answer to the search before you waste an evening on it: CISI does not publish past papers for the Derivatives exam. There is no archive of previously sat papers to download, official or otherwise. What exists is one specimen paper, the workbook's own questions, and a scatter of unofficial PDFs and flashcard decks of unknown age and accuracy.

For this paper that matters more than most, because Derivatives is the CMP unit where rehearsal counts double. Pricing, margin and strategy questions are not things you read your way into. They are things you drill.

The paper you are preparing for

The syllabus runs from futures and options fundamentals through underlying markets, pricing and valuation, OTC products, clearing and margin, delivery and settlement, trading strategies and the regulatory overlay. The full element weightings, and where the marks concentrate, are in our guide to passing the Derivatives exam.

What official material exists

CISI gives you one sample paper written to the live standard, end-of-chapter questions and a practice paper inside the official Derivatives workbook, the paid Revision Express tool, and a free Prometric demo of the on-screen test. All of it is worth using. None of it is renewable: each is a fixed set you can only sit cold once.

Remember the Programme's prerequisite too. You must pass IntegrityMatters, CISI's online integrity test, before you can sit any CMP exam in the UK, and you complete the Programme with UK Financial Regulation plus one technical unit, Derivatives or Securities, not both.

The trouble with the PDFs and flashcard decks

Unofficial Derivatives material ages badly in two specific places. The first is clearing and margin, where the rules and market infrastructure have kept moving; material written a few editions ago describes a landscape that has since shifted. The second is the regulatory element, which tracks live UK and international rules. An old paper does not just miss new content, it actively teaches superseded answers, and the exam's distractors are built precisely from plausible-but-wrong versions of the rules. Add unverified answer keys and you are revising blind.

The alternative: current, weighted mock papers

Passkey gives the Derivatives exam four full mock papers, each 100 questions in two hours, weighted element by element like the real paper, with no question shared between papers. The bank is written from scratch against the current syllabus, the calculations come with worked explanations, and practice mode lets you drill pricing and margin questions until they are automatic before you burn a full mock on them. The weak-spot tracker then tells you, element by element, whether you are ready.

The readiness signal is backed by a promise: average 80% or higher across your last three Passkey mocks, sit the real paper within 30 days, and if you fail we refund you in full.

Every Derivatives revision resource, in one list

• The official CISI Derivatives workbook, current edition. The syllabus's single source of truth.
• The official sample paper, saved for a single timed sitting late in revision.
• CISI Revision Express (paid) and the free Prometric CBT demo.
• Passkey: full question bank, four weighted 100-question mocks, worked calculation explanations, weak-spot tracking. £59 once covers all nine exams we support, for up to three months.
• Free Derivatives practice questions and the free diagnostic.
• Our Derivatives exam guide and the Capital Markets Programme overview.

Passkey is an independent study tool and is not affiliated with, endorsed by, or accredited by the Chartered Institute for Securities & Investment. For the picture across every paper, see CISI past papers: what's actually available.