Free CISI International Introduction to Securities & Investment mock exam
Sit the whole international paper: 50 questions running from the economic environment and equities to funds, derivatives and regulation, under a one-hour clock. Free, no sign-up, with a weighted score and an explanation for every answer.
Sitting the UK Introduction instead?What is on the CISI International Introduction to Securities & Investment mock exam?
One full International Introduction to Securities & Investment practice paper: 50 questions in 60 minutes, weighted across the ten syllabus elements exactly as the real paper is. Score 35 out of 50 to meet the 70% practice threshold, then review every answer one at a time.
- Questions
- 50 original practice questions
- Time
- 60 minutes
- Practice threshold
- 70%, which is 35 of 50
- Access
- Free, with no account or card
How the paper is weighted
This is the international foundation unit of the CISI Level 3 Certificate in Investment Operations, and it is not the UK Introduction to Securities & Investment. Different workbook, different examiner, and a syllabus written for international rather than UK markets. Ten elements share 50 questions, and two of them take 16 between them.
| Element | Questions |
|---|---|
| 1. Introduction | 3 |
| 2. The Economic Environment | 4 |
| 3. Equities/Stocks | 9 |
| 4. Bonds | 7 |
| 5. Other Markets and Investments | 5 |
| 6. Derivatives | 4 |
| 7. Investment Funds | 6 |
| 8. Regulation and Ethics | 5 |
| 9. Other Financial Products | 4 |
| 10. Financial Advice | 3 |
| Total | 50 |
Equities/Stocks is nine marks and Bonds is seven, 16 of the 50 together and almost a third of the paper. Investment Funds is six, Other Markets and Investments and Regulation and Ethics are five each, The Economic Environment, Derivatives and Other Financial Products are four apiece, and Introduction and Financial Advice are three each.
For the cleanest rehearsal, set aside the full 60 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
50 questions. 60 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.
Sample International Intro to Securities questions, with answers
8 questions at the standard of the paper above, weighted towards the elements that carry the most marks. Pick an answer to see whether you were right and why. None of these appear in the timed mock, so working through them first costs you nothing when you sit it.
A government that is pursuing a contractionary fiscal policy would:
Not quite. The answer is D.
Contractionary or tight fiscal policy emphasises cutting government spending or raising taxes, and it is used to restrain an economy rather than stimulate it. Increasing spending and lowering taxes is the tempting alternative because it uses the same two instruments, but that is expansionary or loose fiscal policy. Changes to interest rates and reserve requirements belong to monetary policy.
The company that repurchases its own shares returns value to shareholders:
Not quite. The answer is D.
A repurchase takes shares out of the market so that fewer shares remain in issue and each remaining share represents a larger slice of the company. Increasing the number in issue is the tempting mirror image, but that is the effect of a bonus or rights issue rather than a repurchase.
What does the nominal amount of a bond holding represent?
Not quite. The answer is C.
The nominal amount is the quantity of stock held, and it fixes both the interest paid each year and the sum repaid at redemption. It is not what the holding cost, since the purchase price, with or without dealing charges, depends on the price ruling when the bond was bought. Nor is it the current market value, which is the nominal amount multiplied by today's price.
A Treasury bill, which does not pay interest, is bought for US$99,200 and matures at US$100,000. Calculate the return, selecting the closest figure.
Not quite. The answer is C.
The return on a discount instrument is the difference between the price paid and the sum repaid, which is US$100,000 less US$99,200. The figure of US$8,000 comes from misplacing the decimal point when taking that difference.
A trader who has bought futures avoids delivery by:
Not quite. The answer is C.
Most opened futures never reach delivery because an opening buyer almost always closes out with a matching sale before the delivery date. A future cannot simply be allowed to lapse, since a buyer who fails to close out must pay the agreed sum and receive the underlying asset.
Passive management rests on the assumption that markets are:
Not quite. The answer is B.
Indexation starts from the view that securities are efficiently priced and so cannot be beaten consistently, which is why no attempt is made to forecast events. If prices were thought to be inefficient the logical response would be active management, not tracking.
An adviser at a member firm finds that a colleague has been misreporting client valuations, and challenges and reports the behaviour. Identify the CISI principle being applied.
Not quite. The answer is A.
Conflict of Interest covers obeying legislation, being open with regulators and challenging and reporting unlawful or unethical behaviour. Speak Up and Listen Up is very tempting, but that principle is about encouraging others to raise concerns and creating a safe environment for them.
Under an Ijara contract, the customer pays the bank:
Not quite. The answer is A.
Ijara is a leasing structure under which the bank leases the property for rent over the financing period and promises to transfer title once all payments are made. Paying instalments of a marked-up price is Murabaha, which achieves the same end by sale rather than by lease.
Where the marks go on this paper
Two elements decide this paper. Equities/Stocks is nine marks on ordinary and preference shares and the rights attached to each, primary issuance and listing, order-driven and quote-driven trading, depositary receipts, indices, dividends, and the corporate actions candidates most often reverse: rights issues against bonus issues. It is the largest single element and the one worth over-preparing.
Bonds is seven, and it is the element that most often decides a borderline paper. Government and corporate issuance, coupon and redemption structures, the relationship between a bond price and its yield, credit ratings and what a downgrade does to a price, and the inflation and liquidity risks sitting behind all of it. It is also the part of the syllabus that behaves like arithmetic rather than memory.
Investment Funds is six and turns almost entirely on telling one fund structure from another: open-ended against closed-ended, the roles around a fund, and how pricing and charges work. Other Markets and Investments is five, on property, commodities and foreign exchange. Regulation and Ethics is another five, on financial crime, money laundering, insider dealing and market abuse, and the standards expected of an individual.
The Economic Environment, Derivatives and Other Financial Products are four each, and Introduction and Financial Advice are three each. That is 18 marks across five short elements, more than a third of the paper, and none of them is deep enough to need a second evening. Candidates lose those marks by skipping the small elements, not by finding them hard.
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. On a 50-question paper each question is two percentage points, so three careless answers are the difference between 35 and 32. Equities/Stocks and Bonds are 16 of the 50 between them, and if both are under 70% the total rarely recovers. No mock score can predict an individual result.
Use the answer review to understand each miss, then revisit the relevant part of the International Introduction to Securities & Investment exam guide. To drill a single topic rather than sit a whole paper, start with the free International Introduction to Securities & Investment practice questions.
Looking for official material? International Introduction to Securities & Investment 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 International Introduction to Securities & Investment mock exam really free?
Yes. All 50 questions are free, with no account, email address or card. Submit and you get a weighted score, a ten-element breakdown and an explanation for every answer.
Does this mock match the real exam format?
It uses 50 questions, a 60-minute timer, a 70% practice threshold and the element weightings set out for the paper. The questions are original PasskeyPrep practice material, not the CISI examination platform or official exam questions. Passkey is an independent study tool, not affiliated with, endorsed by, or accredited by the Chartered Institute for Securities & Investment.
Is this the same as the UK Introduction to Securities & Investment?
No. This is the international paper, written against workbook edition 18. It has a different workbook and a different examiner from the UK unit, and its syllabus is international rather than UK-centred, so a UK question bank will leave gaps. Check which of the two your booking is for before you start revising.
Who sits this paper?
It is the international foundation unit of the CISI Level 3 Certificate in Investment Operations, sat all over the world and often as a first qualification, in many cases not in the candidate's first language. It is common in the Gulf and is used as a regulatory qualification in several markets, so check what your own regulator or employer asks for before you book.
Turn the element breakdown into a study plan.
Get the full International Introduction question bank of 500 questions, more timed mocks, 56 study-note sections, 479 flashcards and weak-spot tracking as part of the £59 Pass Package.