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What to revise first, by exam

Most candidates revise evenly and run out of time on the chapters that carry the marks. Below is the real weighting for every exam we cover, taken from the published syllabus, and the revision order it implies. The walkthroughs and cram sheets linked here are free and need no account.

FFS IISI SIE ICWIM UAE FRR GFC CFC RFS CFR GSO

CISI Fundamentals of Financial Services (FFS)

Complete beginners; the cheapest way into the industry's vocabulary.

The paper: 30 questions · 60 minutes

ChTopicMarksShare
3Banking517%
4Equities517%
5Bonds517%
8Other Areas of Financial Services517%
2Saving and Borrowing413%
7Markets413%
1Ethics and Integrity in Financial Services13%
6Derivatives13%

Work in this order — heaviest share of the paper first:

  1. Ch 3 Banking — 5 of 30 marks
  2. Ch 4 Equities — 5 of 30 marks
  3. Ch 5 Bonds — 5 of 30 marks
  4. Ch 8 Other Areas of Financial Services — 5 of 30 marks
  5. Ch 2 Saving and Borrowing — 4 of 30 marks
  6. Ch 7 Markets — 4 of 30 marks
  7. Ch 6 Derivatives — 1 of 30 marks
  8. Ch 1 Ethics and Integrity in Financial Services — 1 of 30 marks

The first three (Ch 3, Ch 4, Ch 5) are 50% of the paper between them. If time runs short, that is where it should go.

CISI International Introduction to Securities & Investment (IISI)

Career-switchers and graduates wanting a first CISI credential.

The paper: 50 questions · 60 minutes · pass mark 70%

ChTopicMarksShare
3Equities / Stocks1020%
4Bonds612%
7Investment Funds612%
1Financial Services Sector510%
5Other Markets & Investments510%
6Derivatives510%
2Economic Environment48%
8Regulation and Ethics48%
9Other Financial Products36%
10Financial Advice24%

Work in this order — heaviest share of the paper first:

  1. Ch 3 Equities / Stocks — 10 of 50 marks
  2. Ch 7 Investment Funds — 6 of 50 marks
  3. Ch 4 Bonds — 6 of 50 marks
  4. Ch 6 Derivatives — 5 of 50 marks
  5. Ch 5 Other Markets & Investments — 5 of 50 marks
  6. Ch 1 Financial Services Sector — 5 of 50 marks
  7. Ch 8 Regulation and Ethics — 4 of 50 marks
  8. Ch 2 Economic Environment — 4 of 50 marks
  9. Ch 9 Other Financial Products — 3 of 50 marks
  10. Ch 10 Financial Advice — 2 of 50 marks

The first three (Ch 3, Ch 7, Ch 4) are 44% of the paper between them. If time runs short, that is where it should go.

FINRA Securities Industry Essentials (SIE)

Anyone 18+ heading into US securities — no sponsoring firm needed.

The paper: 75 questions · 105 minutes · pass mark 70

The paper is 75 scored questions plus 10 unscored pretest questions, so 85 in the seat.

ChTopicMarksShare
2Understanding Products and Their Risks3344%
3Understanding Trading, Customer Accounts and Prohibited Activities2331%
1Knowledge of Capital Markets1216%
4Overview of the Regulatory Framework79%

Work in this order — heaviest share of the paper first:

  1. Ch 2 Understanding Products and Their Risks — 33 of 75 marks
  2. Ch 3 Understanding Trading, Customer Accounts and Prohibited Activities — 23 of 75 marks
  3. Ch 1 Knowledge of Capital Markets — 12 of 75 marks
  4. Ch 4 Overview of the Regulatory Framework — 7 of 75 marks

The first three (Ch 2, Ch 3, Ch 1) are 91% of the paper between them. If time runs short, that is where it should go.

CISI ICWIM (ICWIM)

Wealth managers, advisers and private bankers; half of the UAE Cat 5 pair.

The paper: 100 questions · 120 minutes · pass mark 70%

ChTopicMarksShare
5Economics & Investment Analysis2121%
7Investment Advice2121%
6Investment Management1515%
3Asset Classes & Markets1414%
8Lifetime Financial Provision1313%
4Collective Investments77%
2Industry Regulation55%
1Financial Services Sector44%

Work in this order — heaviest share of the paper first:

  1. Ch 5 Economics & Investment Analysis — 21 of 100 marks
  2. Ch 7 Investment Advice — 21 of 100 marks
  3. Ch 6 Investment Management — 15 of 100 marks
  4. Ch 3 Asset Classes & Markets — 14 of 100 marks
  5. Ch 8 Lifetime Financial Provision — 13 of 100 marks
  6. Ch 4 Collective Investments — 7 of 100 marks
  7. Ch 2 Industry Regulation — 5 of 100 marks
  8. Ch 1 Financial Services Sector — 4 of 100 marks

The first three (Ch 5, Ch 7, Ch 6) are 57% of the paper between them. If time runs short, that is where it should go.

UAE Financial Rules & Regulations (UAE FRR)

Anyone licensed onshore in the UAE by the CMA (formerly SCA); the other half of Cat 5.

The paper: 100 questions · 120 minutes · pass mark 70%

ChTopicMarksShare
3Investment Funds1515%
2Licensed Bodies1414%
4Markets1414%
5AML / CFT1414%
1Regulatory Infrastructure1111%
7Trading (ADX & DGCX)1111%
8Dubai Financial Market (DFM)1111%
6Client Protection1010%

The marks are spread evenly — the gap between the heaviest and lightest chapter is 5 questions. There is no chapter you can afford to skip, so plan even passes over all 8 rather than ranking them.

CISI Global Financial Compliance (GFC)

Compliance officers and analysts; the broad international baseline.

The paper: 100 questions · 120 minutes · pass mark 70%

ChTopicMarksShare
2The Compliance Function2424%
1International Regulatory Environment2020%
3Managing the Risk of Financial Crime2020%
4Ethics, Integrity and Fairness1919%
5Governance, Risk Management & Compliance1717%

The marks are spread evenly — the gap between the heaviest and lightest chapter is 7 questions. There is no chapter you can afford to skip, so plan even passes over all 5 rather than ranking them.

CISI Combating Financial Crime (CFC)

MLROs, financial-crime and KYC teams.

The paper: 50 questions · 60 minutes · pass mark 70%

ChTopicMarksShare
4Countering ML: The Framework1530%
2Money Laundering: The Offences816%
6Other Financial Crimes816%
3Money Laundering: Sources & Methods612%
1Introduction & Regulatory Response510%
5Terrorist Financing48%
7Recent Developments48%

Work in this order — heaviest share of the paper first:

  1. Ch 4 Countering ML: The Framework — 15 of 50 marks
  2. Ch 6 Other Financial Crimes — 8 of 50 marks
  3. Ch 2 Money Laundering: The Offences — 8 of 50 marks
  4. Ch 7 Recent Developments — 4 of 50 marks
  5. Ch 3 Money Laundering: Sources & Methods — 6 of 50 marks
  6. Ch 5 Terrorist Financing — 4 of 50 marks
  7. Ch 1 Introduction & Regulatory Response — 5 of 50 marks

The first three (Ch 4, Ch 6, Ch 2) are 62% of the paper between them. If time runs short, that is where it should go.

CISI Risk in Financial Services (RFS)

Risk officers and analysts; heavy on calculations.

The paper: 100 questions · 120 minutes · pass mark 70%

ChTopicMarksShare
3Operational Risk1818%
4Credit Risk1616%
1Principles of Risk Management1313%
5Market Risk1212%
6Investment Risk1111%
7Liquidity Risk88%
2International Risk Regulation77%
10Enterprise Risk Management (ERM)66%
9Risk Oversight and Corporate Governance55%
8Model Risk44%

Work in this order — heaviest share of the paper first:

  1. Ch 3 Operational Risk — 18 of 100 marks
  2. Ch 4 Credit Risk — 16 of 100 marks
  3. Ch 1 Principles of Risk Management — 13 of 100 marks
  4. Ch 5 Market Risk — 12 of 100 marks
  5. Ch 6 Investment Risk — 11 of 100 marks
  6. Ch 7 Liquidity Risk — 8 of 100 marks
  7. Ch 2 International Risk Regulation — 7 of 100 marks
  8. Ch 10 Enterprise Risk Management (ERM) — 6 of 100 marks
  9. Ch 9 Risk Oversight and Corporate Governance — 5 of 100 marks
  10. Ch 8 Model Risk — 4 of 100 marks

The first three (Ch 3, Ch 4, Ch 1) are 47% of the paper between them. If time runs short, that is where it should go.

CISI Corporate Finance Regulation (CFR)

M&A, ECM, nomads and company secretaries working under the UK regime.

The paper: 50 questions · 60 minutes · pass mark 70%

ChTopicMarksShare
2Managing Regulatory Obligations1632%
1The Regulatory Environment in the UK1428%
5Equity Capital Markets816%
4Takeovers and Mergers714%
3Corporate Governance510%

Work in this order — heaviest share of the paper first:

  1. Ch 2 Managing Regulatory Obligations — 16 of 50 marks
  2. Ch 1 The Regulatory Environment in the UK — 14 of 50 marks
  3. Ch 5 Equity Capital Markets — 8 of 50 marks
  4. Ch 4 Takeovers and Mergers — 7 of 50 marks
  5. Ch 3 Corporate Governance — 5 of 50 marks

The first three (Ch 2, Ch 1, Ch 5) are 76% of the paper between them. If time runs short, that is where it should go.

CISI Global Securities Operations (GSO)

Post-trade, custody, settlement and asset-servicing staff.

The paper: 50 questions · 60 minutes

ChTopicMarksShare
3Other Investor Services1632%
1Main Industry Participants1326%
2Settlement Characteristics1122%
5Risk612%
4Aspects of Taxation48%

Work in this order — heaviest share of the paper first:

  1. Ch 3 Other Investor Services — 16 of 50 marks
  2. Ch 1 Main Industry Participants — 13 of 50 marks
  3. Ch 2 Settlement Characteristics — 11 of 50 marks
  4. Ch 5 Risk — 6 of 50 marks
  5. Ch 4 Aspects of Taxation — 4 of 50 marks

The first three (Ch 3, Ch 1, Ch 2) are 80% of the paper between them. If time runs short, that is where it should go.

How to use this

Three passes beat one long one. Read the chapter, work questions until you can explain the wrong answers, then come back to it a week later. Put the heaviest chapters in the first pass while your attention is fresh, and leave the lightest for the week before — they are quick to read and quick to forget.

If you have a date, the plan builder turns this into dated sessions and re-orders itself around the chapters you score worst on.