CISI IISI
CISI Investment Operations Certificate (IOC) - Investment Industry Standards and Integrity
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Cheat sheet
Keep the key ideas within reach.
ExploreKey terms
Get comfortable with the vocabulary.
ExploreStudy plan
Give each week a clear focus.
ExploreCommon mistakes
Understand the traps and how to avoid them.
ExploreCase studies
Put your knowledge to work in context.
ExploreExam-day guide
Prepare for the day ahead.
ExploreAbout this exam
The CISI Investment Operations Certificate (IOC) is a professional qualification from the Chartered Institute for Securities & Investment, a body that reports more than 54,000 members worldwide and is registered in England and Wales as charity number 1132642 and in Scotland as SC040665. The Investment Industry Standards and Integrity (IISI) unit is the standards and conduct component of that qualification, and it is aimed at people working in, or moving into, investment operations roles: settlement and custody staff, fund administrators, trade support, reconciliations, client onboarding and compliance-adjacent functions. Candidates are typically new entrants building a baseline, or experienced operations staff who need a recognised demonstration of technical and ethical competence for their firm's training records. The syllabus is organised around four themes: ethics and professional standards; the financial services industry and its regulation; investment products, markets and operations; and integrity, conduct and client treatment. Expect multiple-choice questions that test applied judgement as well as recall, so memorising definitions alone is rarely enough. A sensible preparation route is to work through the official syllabus and learning materials topic by topic, keep a log of the regulatory and ethical concepts you meet, and then move to timed practice questions so you can rehearse the pace of the real exam. Treat this page as orientation only, and confirm exam format, fees and booking arrangements with the CISI directly before you commit.
What you'll study
About CISI IISI preparation
Who should sit the IISI unit?
It suits investment operations staff such as settlement, custody, fund administration, trade support and reconciliations teams, plus new entrants who need a recognised baseline in regulation and conduct. Experienced staff also use it to evidence continuing competence. Check the CISI qualification pages for any recommended prior knowledge or entry requirements before booking.
What does the exam actually cover?
Four themes carry equal weight: ethics and professional standards; the financial services industry and its regulation; investment products, markets and operations; and integrity, conduct and client treatment. Questions mix factual recall with scenario judgement, so you need to apply rules to situations rather than simply recite definitions. Work from the official syllabus so nothing is missed.
How hard is it, and what trips candidates up?
Most failures come from treating it as pure memorisation. Candidates learn definitions but cannot apply them to a scenario, or they neglect the ethics and conduct material because it feels less technical. The other common error is uneven coverage, over-studying products and markets while leaving regulation and client treatment thin. Practise scenario questions across all four themes.
How should I sequence my study?
Start with the industry and regulation theme to build vocabulary, then products, markets and operations, since these give context. Layer ethics and integrity throughout rather than leaving them to the end, and finish with timed mixed practice so you switch between themes under pressure. Review every wrong answer against the syllabus line it came from.
What is the exam format and how long do I get?
This page does not state the question count, duration or pass mark, so do not rely on figures quoted elsewhere. Confirm the current format, number of questions and passing score with the CISI before you book. Use that information to plan your practice timings, and build speed with mixed-topic question sets.
Can I retake the exam if I fail?
The CISI sets retake rules, waiting periods and any fees, and these are not stated in the source material for this page. Check the CISI qualifications and exam booking pages for the current policy before assuming you can resit immediately. Budget for a possible gap between attempts when planning your study schedule.
How much does it cost and how do I book?
Fees and booking arrangements are not published in the source material for this page, so no figure is given here. The CISI site provides membership fee information and an exam booking route. Confirm the current price, available dates and locations directly with the CISI, and check whether membership affects your fee.
Does the qualification expire?
Validity periods are not specified in the source material, so treat any expiry claim you see elsewhere with caution. The CISI operates continuing professional development, including events such as the Annual Integrity Event 2026, announced for 4 November 2026 with 1.25 hours of ethics CPD. Check current CPD obligations with the CISI for your membership grade.
Where can I get official support and materials?
The CISI publishes learning materials, a qualifications navigator and a Learning Platform with CPD content. Support is available by email at [email protected] or by telephone on +44 (0)20 7645 0777, Monday to Friday, 12:00 AM to 5:30 PM GMT. Its head office is at 20 Fenchurch Street, London EC3M 3BY, United Kingdom.