CISI Capital Markets Programme: The Complete 2026 Guide
What the Capital Markets Programme actually is, the two exams you sit (not three), how to choose between Securities and Derivatives, and how to pass each paper first time.
The Capital Markets Programme is the CISI qualification that major banks use to benchmark people working on the securities and derivatives side of the business. If you have just joined a markets desk, an operations team supporting one, or a graduate scheme at a bank with a trading floor, there is a good chance this is the qualification your firm has pointed you at. This guide explains what the Programme actually is, which papers you sit, how each one works, and how to pass them first time.
The single most misunderstood thing about the Programme is how many exams it takes. You complete it with two, not three. Everyone sits UK Financial Regulation, the regulatory unit. You then choose one technical unit: Securities or Derivatives. You do not need both. Which technical paper you sit is usually decided by your desk, not by you, so check before you buy anything.
The three papers at a glance
| Paper | Questions | Time | Pass mark | Syllabus |
|---|---|---|---|---|
| UK Financial Regulation | 75 | 90 min | 70% | 4 elements: the regulatory framework, the FCA, conduct of business, complaints and redress |
| Securities | 100 | 120 min | 70% | 9 elements: asset classes, primary and secondary markets, corporate actions, accounting analysis |
| Derivatives | 100 | 120 min | 70% | 9 elements: futures and options, OTC products, clearing and margin, trading strategies |
All three are computer based, multiple choice, and marked at 70% with no negative marking, so you should never leave a question blank. Each syllabus element carries a fixed question weighting, which means you can, and should, revise to the weightings rather than giving every chapter equal time.
Before you can sit anything: IntegrityMatters
The Programme has a prerequisite that catches people out. Before you can sit the CMP exams in the UK you must pass IntegrityMatters, CISI's short online integrity test. It is not difficult, but it is compulsory, so get it done in your first week of preparation rather than discovering it the day you try to book. One more piece of admin: a CISI workbook must be purchased when booking each Capital Markets Programme unit exam, so budget for that alongside the exam fee.
Securities or Derivatives?
If your firm has not already chosen for you, the honest answer is that it should follow your role. Securities is the natural fit if you work with cash products: equities, bonds, new issues, corporate actions, or the operations that support them. Derivatives is the fit if your desk lives in futures, options, swaps and the clearing and margin machinery behind them.
Neither is meaningfully easier. Securities carries more calculation and accounting analysis, and candidates who have not drilled the ratios lose easy marks there. Derivatives is lighter on arithmetic but dense with terminology and mechanics: long versus short, covered versus naked, initial versus variation margin, and the exam is built around whether you can keep those pairs straight. We have a full guide to each: how to pass the Securities exam and how to pass the Derivatives exam.
What order to sit them in
Most candidates sit UK Financial Regulation first. It is the shorter paper, every CMP candidate has to pass it regardless of technical unit, and getting it done early builds momentum before the longer technical paper. It is also the paper where revising from stale material hurts most, because it tests current UK regulation: the FCA's rules, conduct of business, complaints handling and compensation limits all move over time. Make sure whatever you practise from reflects the current rules. Our UK Financial Regulation guide breaks down the four elements and where the marks concentrate.
There is nothing wrong with doing the technical paper first if your desk wants it that way. The two papers barely overlap, so the order is logistics, not strategy.
How hard are the CMP papers?
Harder than the Introduction to Securities & Investment, and it is worth being honest about why. The papers are longer, at 75 to 100 questions, the syllabuses go deeper, and the questions test application rather than recognition. The failure pattern is the same one we see across every CISI exam: candidates read the workbook, feel familiar with the material, and never test themselves under the clock. Familiarity is not recall. A paper full of carefully written distractors punishes that gap ruthlessly.
The fix is equally consistent. Read the workbook once to build the map. Then spend the bulk of your preparation answering exam-standard questions element by element, hunting your weak spots, and finishing with full timed mocks weighted exactly like the real paper. When you are clearing 70% comfortably and repeatedly on weighted mocks, you are ready to book. The method is covered in depth in our complete guide to passing CISI exams.
Want to see where you stand on any CMP paper before committing to a study plan? Try the free practice questions for UK Financial Regulation, Securities and Derivatives. No sign-up, full explanations.
Where Passkey fits
Passkey covers all three Capital Markets Programme papers, alongside the Introduction to Securities & Investment and Global Securities Operations, in one place. You practise by element, the weak-spot tracker shows you where your marks are leaking, spaced repetition brings those topics back until they stick, and the mock exams replicate each paper's exact element weightings and clock: 75 questions in 90 minutes for UK Financial Regulation, 100 in 120 for Securities and Derivatives. One payment of £59 covers every exam we support, with access until your exam date, capped at three months.
To be clear about what we are: Passkey is an independent study tool. It is not affiliated with, endorsed by, or accredited by the Chartered Institute for Securities & Investment. Every question is written from scratch against the current syllabus and current UK regulation. The qualification comes from CISI. We help you walk in ready.
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Frequently asked questions
How many exams do I need to pass the Capital Markets Programme?
Two. UK Financial Regulation is compulsory for everyone, and you then sit one technical unit: Securities or Derivatives. You do not need both technical papers. Passkey covers all three so you are prepared whichever route your firm points you toward.
Do I need to pass IntegrityMatters before the CMP exams?
Yes. In the UK, CISI requires you to pass IntegrityMatters, its short online integrity test, before sitting the Capital Markets Programme exams. It is quick, but it is compulsory, so complete it early in your preparation.
Should I choose Securities or Derivatives?
Follow your role. Securities fits cash products: equities, bonds, new issues, corporate actions and the operations behind them. Derivatives fits futures, options, swaps, clearing and margin. Neither is meaningfully easier; Securities is heavier on calculation, Derivatives on terminology and mechanics. Most firms tell you which one they expect.
What is the format and pass mark for each CMP paper?
UK Financial Regulation is 75 multiple-choice questions in 90 minutes across 4 syllabus elements. Securities and Derivatives are each 100 questions in 120 minutes across 9 elements. Every paper is computer based with a 70% pass mark and no negative marking, so always answer every question.
How long should I study for a Capital Markets Programme exam?
Longer than for the Introduction exam, because the papers are longer and go deeper. What matters more than the hours is the method: read the workbook once to build the picture, then spend most of your time answering questions, attacking your weak elements, and finishing with full timed mocks weighted like the real paper.
Find your weak spots before exam day.
Start free with chapter 1 of every exam, take the free diagnostic to see where you stand, then unlock everything for one payment of £59, backed by our 80% mock guarantee.