Free CISI Investment, Risk & Taxation mock exam
Sit the whole Investment, Risk & Taxation paper: 80 questions weighted to the real element split, tax included, under a 120-minute clock. Free, no sign-up, with a weighted score and an explanation for every answer.
What is on the CISI Investment, Risk & Taxation mock exam?
One full Investment, Risk & Taxation practice paper: 80 questions in 120 minutes, weighted across the eight syllabus elements exactly as the real paper is. Score 56 out of 80 to meet the 70% practice threshold, then review every answer one at a time.
- Questions
- 80 original practice questions
- Time
- 120 minutes
- Practice threshold
- 70%, which is 56 of 80
- Access
- Free, with no account or card
How the paper is weighted
Investment, Risk & Taxation is a compulsory core unit of the Level 4 Investment Advice Diploma, sat alongside UK Regulation & Professional Integrity plus one technical unit. Its weighting rewards the candidates who take tax seriously.
| Element | Questions |
|---|---|
| 1. Asset Classes | 13 |
| 2. Fundamental Analysis | 6 |
| 3. Principles of Investment Risk & Return | 9 |
| 4. Taxation of Investors & Investments | 16 |
| 5. Investment Products | 13 |
| 6. Portfolio Construction & Planning | 5 |
| 7. The Process of Giving Investment Advice | 13 |
| 8. Portfolio Performance & Review | 5 |
| Total | 80 |
Taxation of Investors & Investments is the heaviest element at sixteen of the 80 marks, and Asset Classes, Investment Products and The Process of Giving Investment Advice are thirteen each. Those four elements are 55 of the 80 marks. Portfolio Construction & Planning and Portfolio Performance & Review are five apiece.
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
Taxation is the element that separates results, and it is the one that goes stale fastest. Income tax bands, dividend and savings allowances, capital gains, inheritance tax and the treatment of ISAs and pensions all carry current figures, and a candidate revising from an out-of-date workbook will confidently pick a number that was right two tax years ago.
Principles of Investment Risk & Return is nine marks of genuine quantitative work: standard deviation, correlation, beta, the efficient frontier and risk-adjusted return measures. It is the part of the paper least like the day job of most advisers, and the part where a formula you have practised twenty times is worth more than one you have read about.
The Process of Giving Investment Advice is thirteen marks and looks like common sense until the questions arrive. Know your customer, attitude to risk against capacity for loss, suitability and the shape of a compliant recommendation are tested precisely, and the everyday answer is often the wrong one.
The two five-mark elements at the end, portfolio construction and performance review, are where tired candidates stop revising. Ten marks is an eighth of the paper.
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. Read the Taxation line first. If it is below half, that alone is 20% of the paper in trouble, and it is also the element that responds fastest to drilling because the material is finite and mostly numeric.
Use the answer review to understand each miss, then revisit the relevant part of the Investment, Risk & Taxation exam guide. To drill a single topic rather than sit a whole paper, start with the free Investment, Risk & Taxation practice questions.
Looking for official material? Investment, Risk & Taxation 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 Investment, Risk & Taxation mock exam really free?
Yes. All 80 questions are free to sit, with no account, email address or card. Submit and you get a weighted score, an eight-element breakdown and an explanation for every answer.
Does this mock match the real IRT exam format?
It uses 80 questions, a 120-minute timer, a 70% practice threshold and the published weightings across the eight syllabus elements. The questions are original PasskeyPrep practice material, not the CISI examination platform or official exam questions.
Which units make up the Investment Advice Diploma?
Two compulsory core units, UK Regulation & Professional Integrity and Investment, Risk & Taxation, plus one Level 4 technical unit such as Financial Planning & Advice.
How current are the tax figures?
Tax questions are written against current UK rates and allowances rather than an older workbook edition. Always check the tax year your own study material is written for before you rely on a figure.
Turn the element breakdown into a study plan.
Unlock the full Investment, Risk & Taxation question bank, more timed mocks, study notes, flashcards and weak-spot tracking as part of the £59 Pass Package.