Free CISI Derivatives mock exam
Sit the whole Derivatives paper: 100 questions running from contract specifications to margin and trading strategies, under a 120-minute clock. Free, no sign-up, with a weighted score and an explanation for every answer.
What is on the CISI Derivatives mock exam?
One full Derivatives practice paper: 100 questions in 120 minutes, weighted across the nine syllabus elements exactly as the real paper is. Score 70 out of 100 to meet the 70% practice threshold, then review every answer one at a time.
- Questions
- 100 original practice questions
- Time
- 120 minutes
- Practice threshold
- 70%, which is 70 of 100
- Access
- Free, with no account or card
How the paper is weighted
Derivatives is more evenly spread than Securities, but the balance is not where most candidates expect. The pricing element people dread is smaller than the two introductory elements they skim.
| Element | Questions |
|---|---|
| 1. Introduction to Derivatives | 17 |
| 2. Underlying Markets | 16 |
| 3. Market Structure | 9 |
| 4. Principles of Pricing & Valuation | 11 |
| 5. OTC Derivatives | 7 |
| 6. Principles of Clearing & Margin | 14 |
| 7. Delivery & Settlement | 6 |
| 8. Trading, Hedging & Investment Strategies | 14 |
| 9. Regulatory Requirements | 6 |
| Total | 100 |
Introduction to Derivatives and Underlying Markets are 33 marks between them, more than Pricing and OTC Derivatives combined. Clearing & Margin and Trading, Hedging & Investment Strategies are fourteen each. Revising in the order the workbook prints them, and running out of steam in the last three chapters, costs you 26 marks.
For the cleanest rehearsal, set aside the full 120 minutes, avoid notes and answer every question. There is no negative marking on the real paper, so a guess is always better than a blank. The mock hides feedback until submission and warns you before handing in a paper with blanks.
Full practice paper
75 questions. 90 minutes. No sign-up.
Sit the paper in one go if you can. Answers and explanations stay hidden until you submit, so the score is a more useful rehearsal than an instant-feedback quiz.
The timer starts when you press the button. Reloading or leaving the page ends this sitting.
Where the marks go on this paper
The first two elements are the ones candidates under-revise, because they read like preamble. They are not: 33 of the 100 marks test the vocabulary of the market, contract specifications, and the underlying commodities, equities, rates and currencies that everything else is written on. They are also the cheapest marks on the paper.
Principles of Clearing & Margin is fourteen marks and the place where working knowledge helps least. Initial margin, variation margin, the role of the clearing house as central counterparty and the mechanics of novation are precise concepts, and a candidate who has watched margin calls arrive without ever reading the mechanics will guess between two right-sounding options.
Trading, Hedging & Investment Strategies is the other fourteen-mark element and it is where the paper stops testing recall. You need to work out what a spread, a straddle or a collar actually does to a position, and under a two-hour clock that is a skill you either drilled or did not.
Pricing and valuation frightens people out of proportion to its eleven marks. Cost of carry, fair value and the basis are formulaic once you have done twenty of them. Ration your panic accordingly.
How to use your result
Treat 70% as a practice threshold, not a readiness promise. A stronger signal is a run of timed scores above the threshold with no element repeatedly falling behind. If your total is short but Clearing & Margin and Trading Strategies are strong, you are usually closer than the number suggests: the first two elements are quick to fix. The reverse pattern takes longer.
Use the answer review to understand each miss, then revisit the relevant part of the Derivatives exam guide. To drill a single topic rather than sit a whole paper, start with the free Derivatives practice questions.
Looking for official material? Derivatives past papers: what actually exists explains what CISI actually publishes and how to combine it with question practice. For more full papers, see the £59 Pass Package.
Independent practice material: PasskeyPrep is not affiliated with, endorsed by or accredited by the Chartered Institute for Securities & Investment. These questions were written independently against the syllabus. They are not copied from a live CISI exam or official past paper.
Frequently asked questions
Is this CISI Derivatives mock exam really free?
Yes. All 100 questions are free, with no account, email address or card required. Submit and you get a weighted score, a nine-element breakdown and a written explanation for every question you missed.
Does this mock match the real CISI Derivatives exam format?
It uses 100 questions, a 120-minute timer, a 70% practice threshold and the published weightings across the nine syllabus elements. The questions are original PasskeyPrep practice material, not the CISI examination platform or official exam questions.
Should I sit Derivatives or Securities?
The Capital Markets Programme needs UK Financial Regulation plus one technical unit, so you pick one. Derivatives suits futures, options, swaps and margin roles; Securities suits cash products, corporate actions and settlement. Our guide on choosing between them walks through the decision.
How much maths does the Derivatives paper involve?
Less than its reputation suggests. Pricing and valuation is eleven of the 100 marks and the arithmetic is straightforward once you recognise the question type. The larger risk is time lost working out a formula you never drilled.
Turn the element breakdown into a study plan.
Unlock the full Derivatives question bank, more timed mocks, study notes, flashcards and weak-spot tracking as part of the £59 Pass Package.