Free CISI mock exam
See how a CISI mock works and try a short taster below. Then take the free diagnostic for a proper read on your readiness, or unlock full timed mocks for every exam.
A mock exam is the best predictor you have of how you will do on the day, but only if it mirrors the real paper. A loose quiz tells you little. A full paper, weighted and timed exactly like the real exam, tells you almost everything. That is the difference between hoping you are ready and knowing it.
Passkey mocks match each CISI paper exactly:
| Exam | Questions | Time | Pass mark |
|---|---|---|---|
| Introduction to Securities & Investment | 50 | 60 min | 70% |
| CMP: UK Financial Regulation | 75 | 90 min | 70% |
| CMP: Securities | 100 | 120 min | 70% |
| CMP: Derivatives | 100 | 120 min | 70% |
| IOC: Global Securities Operations | 50 | 60 min | 70% |
| IAD: Investment, Risk & Taxation | 80 | 120 min | 70% |
| IAD: Financial Planning & Advice | 80 | 120 min | 70% |
| Risk & Compliance: Risk in Financial Services | 100 | 120 min | 70% |
| Risk & Compliance: Global Financial Compliance | 100 | 120 min | 70% |
The taster below is six questions from the Introduction to Securities & Investment, just to show the format and the instant explanations. For a proper, weighted read on where you stand, the free diagnostic is the place to start.
A 6-question taster
Pick an answer to see whether you got it, and why.
What is the primary role of a custodian in the financial services sector?
Not quite. The answer is A.
A custodian's primary role is the safekeeping and administration of financial assets on behalf of clients. They hold securities, settle trades, collect dividends, and provide reporting. They do not provide investment advice (that's an IFA or wealth manager), underwrite shares (investment banks), or set interest rates (central banks).
The Monetary Policy Committee (MPC) of the Bank of England is primarily responsible for:
Not quite. The answer is C.
The MPC's primary role is to set the Bank Rate (base interest rate) to achieve the government's inflation target of 2% CPI. Fiscal policy is set by the Chancellor/Treasury. Conduct regulation is handled by the FCA. The Debt Management Office manages the national debt.
Which of the following is NOT a characteristic of money market instruments?
Not quite. The answer is D.
Money market instruments are characterised by short maturities (under one year), high liquidity, and low risk. They are NOT known for high capital growth potential. Their purpose is capital preservation and liquidity management, not growth. Examples include Treasury bills, commercial paper, and certificates of deposit.
A company has a share price of 200p and pays an annual dividend of 8p per share. What is the dividend yield?
Not quite. The answer is A.
Dividend yield is calculated as: (Annual Dividend per Share / Share Price) x 100. So: (8p / 200p) x 100 = 4%. This tells the investor what percentage return they receive from dividends alone, relative to the current share price.
A zero coupon bond provides a return to the investor through:
Not quite. The answer is C.
A zero coupon bond pays no periodic interest. Instead, it is issued at a discount to its face value and redeemed at par on maturity. The investor's return is the difference between the purchase price and the redemption value. For example, buying at £80 and redeeming at £100 gives a £20 return.
A futures contract differs from an option contract in that a futures contract:
Not quite. The answer is D.
A futures contract creates a binding obligation on both the buyer and seller to transact at the agreed price on the settlement date. An option gives the holder a right but not an obligation, with only the writer being obligated. Futures can be based on financial instruments as well as commodities, and they typically trade on exchanges.
Ready for the real thing? The free diagnostic gives you a proper weighted assessment, and full timed mocks for all nine exams come with the £59 Pass Package, backed by our 80% mock guarantee.
Frequently asked questions
Is there a free CISI mock exam?
Yes. This page has a short free taster with no sign-up, and the free Passkey diagnostic gives you a proper weighted assessment of where you stand. A free account also opens chapter 1 of every exam. Full, timed mock exams for all nine CISI exams are part of the £59 Pass Package.
How realistic are Passkey mock exams?
Each mock is weighted and timed exactly like the real CISI paper: 50 questions in 60 minutes for the Introduction, 75 in 90 minutes for UK Financial Regulation, and 100 in 120 minutes for Securities and Derivatives, with the same element weightings. Your mock score is a realistic predictor of the real thing.
What mock score means I am ready to sit the real exam?
The pass mark is 70%. We suggest waiting until you are consistently clearing it across more than one full, timed mock. Passkey mocks are tuned a little harder than the real paper, so a steady 80%-plus average is a strong signal, and it is the threshold for our refund guarantee.
Know when you are ready.
Take the free diagnostic for a weighted read on your level, then unlock full timed mocks for all nine CISI exams for £59, backed by our 80% mock guarantee.