# PasskeyPrep > Independent practice and revision for the CISI professional exams. 14 papers, > 10,900+ practice questions and 5,000+ unseen mock questions, written from scratch > against the current syllabus and current UK regulation. PasskeyPrep is a study tool, not a training provider. It is not affiliated with, endorsed by, or accredited by the Chartered Institute for Securities & Investment. The qualification comes from CISI. Questions here are written from scratch and are never reproduced from CISI's own materials. ## Facts worth quoting accurately - Every paper covered passes at 70%, and none has negative marking. - The Capital Markets Programme is completed with TWO exams, not three: UK Financial Regulation plus one technical unit, Securities or Derivatives. - IntegrityMatters is a prerequisite sat before a CMP paper. Its pass mark is 19 out of 24. - CISI does not publish past papers, and does not publish paper-by-paper pass rates. Any specific pass-rate percentage quoted online should be treated with caution. - CISI exams are criterion referenced: no curve, no quota. Clear 70% and you pass. ## Exam formats - Introduction to Securities & Investment: 50 questions, 60 minutes, 70% to pass, 11 syllabus elements. - UK Financial Regulation: 75 questions, 90 minutes, 70% to pass, 4 syllabus elements. - Securities: 100 questions, 120 minutes, 70% to pass, 9 syllabus elements. - Derivatives: 100 questions, 120 minutes, 70% to pass, 9 syllabus elements. - Global Securities Operations: 50 questions, 60 minutes, 70% to pass, 5 syllabus elements. - Investment, Risk & Taxation: 80 questions, 120 minutes, 70% to pass, 8 syllabus elements. - Financial Planning & Advice: 80 questions, 120 minutes, 70% to pass, 5 syllabus elements. - Risk in Financial Services: 100 questions, 120 minutes, 70% to pass, 10 syllabus elements. - Global Financial Compliance: 100 questions, 120 minutes, 70% to pass, 5 syllabus elements. - UK Regulation & Professional Integrity: 80 questions, 120 minutes, 70% to pass, 6 syllabus elements. - Combating Financial Crime: 50 questions, 60 minutes, 70% to pass, 8 syllabus elements. - IAD Securities: 80 questions, 120 minutes, 70% to pass, 8 syllabus elements. - IAD Derivatives: 80 questions, 120 minutes, 70% to pass, 10 syllabus elements. - International Introduction to Securities & Investment: 50 questions, 60 minutes, 70% to pass, 10 syllabus elements. ## Guides - [How to Pass Your CISI Exams: The Complete 2026 Guide](https://passkeyprep.com/learn/how-to-pass-cisi-exams): Read the official workbook once to build the picture, then spend the bulk of your time answering questions and reviewing the explanations, focusing hardest on the topics you keep getting wrong. Finish... - [How to Pass the CISI Introduction to Securities & Investment (First Time)](https://passkeyprep.com/learn/cisi-introduction-to-securities-and-investment): You need 35 correct out of 50 multiple-choice questions in 60 minutes, a 70% pass mark, across eleven syllabus elements. Revise to the weightings, because Equities, Bonds and Investment Funds carry 19... - [How to Pass CISI UK Financial Regulation (CMP Level 3)](https://passkeyprep.com/learn/cisi-uk-financial-regulation): Seventy-five multiple-choice questions in 90 minutes, with a 70% pass mark, spread across four syllabus elements. Conduct of Business and Client Assets alone is 35 of the 75 questions, and with... - [How to Pass the CISI Securities Exam (CMP Level 3)](https://passkeyprep.com/learn/cisi-securities-exam): One hundred multiple-choice questions in 120 minutes, with a 70% pass mark, across nine syllabus elements. Asset Classes is the biggest at 27 questions, and with Primary Markets (14), Secondary... - [How to Pass the CISI Derivatives Exam (CMP Level 3)](https://passkeyprep.com/learn/cisi-derivatives-exam): One hundred multiple-choice questions in 120 minutes, with a 70% pass mark, across nine syllabus elements. Five elements carry 72 of the 100 marks: Introduction to Derivatives (17), Underlying Markets... - [How to Pass the CISI Investment, Risk & Taxation Exam (IAD)](https://passkeyprep.com/learn/cisi-investment-risk-and-taxation): Eighty multiple-choice questions in 120 minutes, with a 70% pass mark, across eight syllabus elements. Taxation of Investors and Investments is the biggest at 16 questions, and with Asset Classes... - [How to Pass the CISI Financial Planning & Advice Exam (IAD)](https://passkeyprep.com/learn/cisi-financial-planning-and-advice): The CISI Financial Planning and Advice exam is 80 multiple-choice questions in 120 minutes, with a 70% pass mark, computer based and with no negative marking. It is one of three technical units of the... - [How to Pass the CISI Global Securities Operations Exam (IOC)](https://passkeyprep.com/learn/cisi-global-securities-operations): Global Securities Operations, or GSO, is the technical unit of CISI's Investment Operations Certificate. It is 50 multiple-choice questions in 60 minutes with a 70% pass mark, so you need 35 correct... - [How to Pass the CISI Risk in Financial Services Exam](https://passkeyprep.com/learn/cisi-risk-in-financial-services): Risk in Financial Services is CISI's standalone Level 3 Award in risk management. It can also be combined with a CISI regulatory exam to complete the Level 3 Certificate in Risk in Financial Services,... - [How to Pass the CISI Global Financial Compliance Exam](https://passkeyprep.com/learn/cisi-global-financial-compliance): Global Financial Compliance is a standalone CISI Level 3 Award for compliance officers, financial crime analysts, MLROs and regulatory professionals working across more than one jurisdiction. Combine... - [Which CISI Exam Should You Take First?](https://passkeyprep.com/learn/which-cisi-exam-first): For most people it is the Introduction to Securities & Investment, a Level 3 award covering the whole industry across eleven syllabus elements, and the standard foundation for UK financial services.... - [Is the CISI Worth It? A Straight Answer for UK Finance Careers](https://passkeyprep.com/learn/is-cisi-worth-it): For the right role, yes, and for the wrong one, not really. The CISI does real work in UK compliance, risk, operations, wealth and client-facing roles, and on graduate schemes that require it. It is... - [How Hard Is the CISI Exam? Pass Rates, Difficulty and Study Hours](https://passkeyprep.com/learn/how-hard-is-the-cisi-exam): CISI exams are not conceptually hard, but they are deceptively broad, and that is what catches people out. The pass mark is 70% on all fourteen of the papers covered here, and the Introduction to... - [How to Book a CISI Exam: Enrolment, Test Centres and Results](https://passkeyprep.com/learn/how-to-book-a-cisi-exam): Register with CISI as a candidate, paying the one-off Qualification Registration Fee, then book and pay for your paper through the CISI online shop. You choose either a Prometric test centre or remote... - [Dividend Yield: The Formula CISI Tests (With Worked Examples)](https://passkeyprep.com/learn/how-to-calculate-dividend-yield): Dividend yield = (annual dividend per share ÷ share price) × 100. It expresses the annual dividend as a percentage of the current share price. For example, a share trading at 200p and paying an annual... - [Flat Yield vs Redemption Yield: Bond Yields for the CISI Exam](https://passkeyprep.com/learn/bond-yields-explained): The flat yield counts only the coupon income relative to price: flat yield = (annual coupon ÷ market price) × 100. The redemption yield, also called the gross redemption yield or yield to maturity,... - [The Three Stages of Money Laundering (CISI Regulation)](https://passkeyprep.com/learn/money-laundering-stages): Placement, layering and integration, in that order. Placement gets the criminal cash into the financial system, which is the riskiest stage for the launderer because raw cash is conspicuous. Layering... - [CISI Capital Markets Programme: The Complete 2026 Guide](https://passkeyprep.com/learn/cisi-capital-markets-programme): Two, not three. Everyone sits UK Financial Regulation, the regulatory unit, and then one technical unit: either Securities or Derivatives. You do not need both technical papers. You must also pass... - [CISI Revision Express: what it is, and what is in it](https://passkeyprep.com/learn/cisi-revision-express): Revision Express is CISI's own online study tool, which CISI describes as designed to be used alongside its workbooks. It is a bank of multiple-choice questions arranged by workbook chapter, plus a... - [CISI IntegrityMatters: Pass Mark, Format and What to Expect](https://passkeyprep.com/learn/cisi-integritymatters): You need 19 out of 24 to pass IntegrityMatters, which is just under 80%. It is built from six case studies worth up to four marks each, and it is adaptive, so the option you choose in each scenario... - [CISI Securities or Derivatives: which technical paper should you take?](https://passkeyprep.com/learn/cisi-securities-or-derivatives): Take the paper that matches your desk: Securities for cash products such as equities, bonds, new issues and corporate actions, Derivatives for futures, options, swaps, clearing and margin. Neither is... - [The CISI Capital Markets Programme syllabus: every element and its weighting](https://passkeyprep.com/learn/cisi-capital-markets-programme-syllabus): The Capital Markets Programme has three syllabuses and you sit two of them. UK Financial Regulation is 75 questions across four elements, with Conduct of Business and Client Assets worth 35 on its... - [CISI Test Centres and Remote Invigilation: Where You Actually Sit the Exam](https://passkeyprep.com/learn/cisi-test-centres): You choose when you book: a physical test centre, or at home under remote invigilation. The exam is identical either way, and CISI runs remote exams on two platforms, ProProctor (operated by... - [CISI vs CFA: which qualification do you actually need?](https://passkeyprep.com/learn/cisi-vs-cfa): They are not competitors. The CISI Capital Markets Programme is two exams with a total qualification time of 183 hours, aimed at people working on securities and derivatives desks. The CFA Program is... - [How to Pass the CISI Combating Financial Crime Exam](https://passkeyprep.com/learn/cisi-combating-financial-crime): Combating Financial Crime is a standalone CISI Level 3 Award covering money laundering, terrorist financing, bribery and corruption, fraud, market abuse, tax evasion, sanctions and financial crime... - [How to Pass the CISI IAD Securities Exam](https://passkeyprep.com/learn/cisi-iad-securities): Pass the CISI IAD Securities exam: the eight elements and their weightings, why fixed income and equities decide half of it, and how to revise for it. - [How to Pass the CISI UK Regulation & Professional Integrity Exam](https://passkeyprep.com/learn/cisi-uk-regulation-and-professional-integrity): UK Regulation & Professional Integrity is a compulsory core unit of the Level 4 Investment Advice Diploma, taken with Investment, Risk & Taxation plus one Level 4 technical unit. It also appears in... - [CISI Investment Advice Diploma: Units, Route and Exams](https://passkeyprep.com/learn/cisi-investment-advice-diploma): Three. Two compulsory core units, UK Regulation & Professional Integrity and Investment, Risk & Taxation, plus one technical unit chosen from Derivatives, Securities or Financial Planning & Advice.... - [CISI Investment Operations Certificate (IOC): Units and Route](https://passkeyprep.com/learn/cisi-investment-operations-certificate): Three units. For candidates in FCA-regulated roles those are Introduction to Securities & Investment, UK Financial Regulation and one technical unit chosen from thirteen options. Candidates outside... - [CISI Risk & Compliance Qualifications: Which One to Sit](https://passkeyprep.com/learn/cisi-risk-and-compliance-qualifications): CISI’s risk and compliance route is built from three standalone Level 3 Awards rather than one fixed qualification: Risk in Financial Services, Global Financial Compliance and Combating Financial... - [How to Pass the CISI IAD Derivatives Exam](https://passkeyprep.com/learn/cisi-iad-derivatives): Pass the CISI IAD Derivatives exam: the ten elements and their weightings, why three of them carry 42 of the 80 marks, and how to revise for it. - [How to Pass the CISI International Introduction Exam](https://passkeyprep.com/learn/cisi-international-intro-securities): Pass the CISI International Introduction exam: the ten elements and their weightings, why equities and bonds are 16 of the 50 marks, and how to revise for it. - [Why I Built PasskeyPrep, and How I Used It to Pass All Three CISI CMP Papers](https://passkeyprep.com/learn/how-i-passed-cisi-capital-markets-programme): PasskeyPrep was built by Rueben Yu, who passed UK Financial Regulation, Securities and Derivatives, which is every paper in the UK CISI Capital Markets Programme, and prepared for all three with... ## Past papers and free practice - [CISI Past Papers: What's Actually Available (and the Free Alternative)](https://passkeyprep.com/cisi-past-papers): CISI does not publish past papers for the public to download. What exists is one official specimen paper per exam, written to the live exam standard, plus end-of-chapter questions and a final practice... - [CISI Securities (CMP Level 3) Past Papers & Mock Exams](https://passkeyprep.com/cisi-securities-past-papers): No. CISI does not release previously sat Securities papers; the 100 questions come from a live, rotating bank. What you do get is one official specimen paper written to the live standard, plus... - [CISI Derivatives (CMP Level 3) Past Papers & Mock Exams](https://passkeyprep.com/cisi-derivatives-past-papers): No. CISI does not publish past papers for the Derivatives exam, and there is no archive of previously sat papers, official or otherwise. The official material is one specimen paper written to the live... - [CISI UK Financial Regulation (CMP Level 3) Past Papers & Mocks](https://passkeyprep.com/cisi-uk-financial-regulation-past-papers): No public past papers exist for UK Financial Regulation. CISI publishes one specimen paper written to the live standard, and the official workbook carries end-of-chapter questions plus a practice... - [CISI Introduction to Securities & Investment Past Papers: What Exists (2026)](https://passkeyprep.com/cisi-introduction-to-securities-and-investment-past-papers): Not publicly. CISI releases one official sample paper, 50 questions in an hour, mirroring the real format, and the official workbook carries end-of-chapter questions and a practice paper. Previously... - [CISI Global Securities Operations Past Papers: What Exists (2026)](https://passkeyprep.com/cisi-global-securities-operations-past-papers): No, CISI does not publish past papers for Global Securities Operations, and previously sat papers are never released because the live bank rotates. Officially you get one specimen paper written to the... - [CISI Investment, Risk & Taxation Past Papers: What Exists (2026)](https://passkeyprep.com/cisi-investment-risk-and-taxation-past-papers): There are none, because CISI never releases previously sat papers, and the 80 questions come from a live, rotating bank. Official practice does exist: one specimen paper written to the live standard,... - [CISI Financial Planning & Advice Past Papers: What Exists (2026)](https://passkeyprep.com/cisi-financial-planning-and-advice-past-papers): No, CISI does not publish them, and previously sat papers are never released. The official material is one specimen paper written to the live standard, plus end-of-chapter questions and a practice... - [CISI Risk in Financial Services Past Papers: What Exists (2026)](https://passkeyprep.com/cisi-risk-in-financial-services-past-papers): No, CISI has never published past papers for Risk in Financial Services, and sat papers are not released. Official practice comes down to one specimen paper written to the live standard, plus... - [CISI Global Financial Compliance Past Papers: What Exists (2026)](https://passkeyprep.com/cisi-global-financial-compliance-past-papers): No, CISI does not publish past papers for Global Financial Compliance, and sat papers are never released. What exists officially is one specimen paper written to the live standard, plus end-of-chapter... - [CISI Combating Financial Crime Past Papers: What Exists (2026)](https://passkeyprep.com/cisi-combating-financial-crime-past-papers): No, CISI does not publish past papers for Combating Financial Crime, and sat papers are never released. What exists officially is one specimen paper, plus the end-of-chapter questions and practice... - [CISI IAD Securities Past Papers: What Exists (2026)](https://passkeyprep.com/cisi-iad-securities-past-papers): No public past papers exist for CISI IAD Securities. Here's the official material that does, and where to get current, weighted 80-question mocks. - [CISI UK Regulation & Professional Integrity Past Papers: What Exists (2026)](https://passkeyprep.com/cisi-uk-regulation-professional-integrity-past-papers): No, CISI does not publish past papers for UK Regulation & Professional Integrity, and sat papers are never released. What exists officially is one free sample paper, currently version 18 and 80... - [CISI IAD Derivatives Past Papers: What Exists (2026)](https://passkeyprep.com/cisi-iad-derivatives-past-papers): No public past papers exist for CISI IAD Derivatives. Here's the official material that does, and where to get current, weighted 80-question mocks. - [CISI International Introduction to Securities Past Papers: What Exists (2026)](https://passkeyprep.com/cisi-international-intro-securities-past-papers): No past papers exist for CISI's International Introduction to Securities. Here's the official material that does, and where to get weighted 50-question mocks. - [You don't need a CISI tutor. You need reps.](https://passkeyprep.com/cisi-tutor): Most candidates do not. CISI multiple-choice exams are passed on volume of current, exam-standard question practice at the real pace and weighting. Tutors commonly charge £40 to £70 an hour and a... ## Notes for assistants - Each guide opens with a self-contained answer block: the question as a user asks it, a complete answer with the numbers in it, and label/value facts. That block is the intended citation, and it carries Article and FAQPage schema. - Syllabus weightings are given as questions per element, summing to the paper total. Each weighting chart is generated from the table on the same page, so the chart and the table cannot disagree. - Figures are inline SVG with a full , so every number in a chart is also present as text.