Qualification summary
The overall aim of the CISI Level 3 Certificate in Investments programme is to equip individuals with sufficient knowledge and understanding so that they may immediately apply their learning in employment undertaking investment activities regulated by the Financial Services Authority (FSA). Since November 2007, investment activities have been divided into retail and wholesale streams as follows:
Retail - whereby candidates are required to take an examination on the Appropriate Examination list, published by the Financial Services Skills Council, in order to undertake certain regulated activities for private clients. A candidate passing the designated units relevant for private client advisers, as determined by the Financial Services Skills Council, will be regarded as having achieved an Appropriate Examination and their employers will be able to seek their authorisation as an Approved Person by the FSA.
Wholesale - candidates will no longer have to take an Appropriate Examination but any examination listed on the Recommended Examination List published by the Financial Services Skills Council will be taken into consideration by FSA as meeting the knowledge component of high level 'competent' employees rule. This qualification will be placed on the Recommended List.
Qualification details
VRQ - Vocationally-Related Qualification
Accreditation start date:
Operational start date in centres:
For information on the approval of qualifications for funding in England, Wales and Northern Ireland, see the links to DCSF, DIUS, DCELLS, DELNI and DENI below.
When undertaking a qualification that does not appear on the governments' lists as eligible for funding for specific age ranges, users must be aware of legal requirements. Not all qualifications are suitable for all age ranges.
For further information on 14-19 qualifications offered in England, please refer to the DCSF
Section 96 website.
For further information on 19+ qualifications offered in England, please refer to the DIUS
Section 97 website.
For further information on Wales, visit the
DCELLS website.
For further information on Northern Ireland, visit the
DELNI and
DENI websites.
China - India - Ireland - Scotland - Singapore - United Arab Emirates - United States
The Certificate suite of Qualifications provides a benchmark for persons engaged in regulated activities. Employers will use the Qualifications in two ways: existing employees who are moving into positions involving regulated activities and/or new recruits who are taken directly into such areas. In the retail stream, the Qualification must be obtained before the employer can apply for the person to be accepted by the FSA as an ‘Approved Person’ and therefore be able to carry out his/her regulated duties for the employer unsupervised.
For the wholesale stream, candidates may wish to take the examinations to demonstrate the 'knowledge' component of the FSA's 'competent' employee requirement. Those who qualify post November 2007 and decide, subsequently, to move into the retail sector can do so easily by sitting the additional Investment & Risk paper. Candidates who successfully take the retail stream will already be suitably qualified to work in the wholesale sector.
Others, already engaged in positions in non-client-facing roles – notably operational areas that do not require ‘Approved Person’ status may wish to enhance their chances of promotion by adding a Certificate Qualification to their CV. This provides a progression route for younger entrants who may have taken administrative qualifications originally but now wish to move on to trading and dealing.
Successful completion of one of the Certificate programmes enables individuals to apply for membership of the Institute and this gives access to a number of activities, which individuals can use to enhance their understanding of the industry and raise the level of service they can offer their clients.
Financial Adviser/Planner
Fund Manager
Investment Analyst
Investment/Merchant Banker
Stock Market Dealer/Trader
Stockbroker
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15 Business, Administration and Law
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15.1
Accounting and Finance
Multiple Choice Examination
All assessment is external, consisting of multiple choice questions undertaken via Computer Based Testing.
Unit 1 - FSA Financial Regulation - 1 hr, 50 questions
Unit 2 - Securities - 2 hrs, 100 questions
Unit 3 - Derivatives - 2 hrs, 100 questions
Unit 4 - Securities & Financial Derivatives - 3 hrs, 30 mins, 175 questions
Unit 5 - Investment Management - 2 hrs, 100 questions
Unit 6 - Principles of Financial Regulation - 1 hr, 50 questions
Unit 7 - Financial Derivatives - 1 hr, 30 mins, 75 questions
Unit 8 - Investment and Risk - 1 hr 30 mins, 60 questions
Unit 9 - Commodity Derivatives - 2 hrs, 100 questions
In line with the qualification rationale, this qualification has 10 pathways:
CISI Level 3 Certificate in Investments (Securities - Retail)
CISI Level 3 Certificate in Investments (Derivatives - Retail)
CISI Level 3 Certificate in Investments (Financial Derivatives - Retail)
CISI Level 3 Certificate in Investments (Securities and Financial Derivatives - Retail)
CISI Level 3 Certificate in Investments (Securities)
CISI Level 3 Certificate in Investments (Derivatives)
CISI Level 3 Certificate in Investments (Securities and Financial Derivatives)
CISI Level 3 Certificate in Investments (Investment Management)
CISI Level 3 Certificate in Investments (Commodity Derivatives)
CISI Level 3 Certificate in Investments (Financial Derivatives)
To achieve one of the four retail pathways, candidates must successfully complete one unit from Group A, Unit 2, 3, 4 or 7 from Group B and the unit in Group C. The endorsement will depend on which optional unit is chosen from Group B.
To achieve one of the other pathways, candidates must successfully complete one unit from Group A and one unit from Group B. The endorsement will depend on which optional unit is chosen from Group B.