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About this exam

The ACI Dealing Certificate is a professional qualification offered within the education programme of the ACI Financial Markets Association (ACI FMA), a global association whose stated mission centres on education, ethical conduct and market integrity for financial-market professionals. ACI FMA describes itself as "Setting the benchmark in certifying the global financial industry" and organises its education offering around ACI certificates, a diploma and online exams, with accredited trainers and a network of exam booking and test centres. The Dealing Certificate is aimed at practitioners and aspiring practitioners in treasury, foreign exchange and money markets - dealers, sales and support staff, risk and operations personnel, and graduates entering trading rooms - who need a structured grounding in how wholesale markets work rather than narrow product specialisation.

Preparation should be built around four study pillars of equal weight: the financial markets environment (market participants, infrastructure, settlement and the regulatory backdrop), foreign exchange (spot, forwards, swaps, quotation conventions and calculations), interest rate instruments (money-market instruments, discount and yield conventions, and hedging), and ethical conduct and market practice, an area ACI FMA treats as central through its Ethical Conduct programme, handbook and industry codes. Because exam logistics are not currently published on the association's site, confirm format, timing and booking directly with ACI FMA or an accredited trainer before scheduling. Work through worked calculations, practise quoting conventions aloud, and study the conduct material as seriously as the quantitative topics.

What you'll study

Common questions

About ACI Dealing Certificate preparation

What is the ACI Dealing Certificate?

It is a professional certificate in the ACI FMA education programme, which also includes other ACI certificates, a diploma and online exams. It is designed to certify practical knowledge of wholesale financial markets - the market environment, foreign exchange, interest rate instruments and ethical conduct - for dealing-room and treasury professionals.

Who should take it?

Typically new or aspiring dealers, treasury and money-market staff, FX sales and support functions, operations and risk staff who need product fluency, and graduates entering trading rooms. It also suits anyone whose role requires a credible, externally recognised statement of market knowledge rather than a narrow vendor or in-house certificate.

How is the exam structured and how long does it take?

ACI FMA's public site does not currently publish the Dealing Certificate's question count, duration, format or pass mark, so no figure can be quoted reliably here. Check the current syllabus and booking page with ACI FMA or an accredited trainer before you plan your schedule, and confirm whether your sitting is online or at a test centre.

How much does it cost and where can I sit it?

Fees are not stated on the association's public pages, and ACI FMA lists exam booking and test centres as a distinct part of its education offering. Contact ACI FMA directly or an accredited trainer for current pricing, available locations and online options, since these vary by country and membership status.

How difficult is it, and how long should I study?

The material is broad rather than highly mathematical, but the calculation conventions and quoting terminology trip up candidates who only read. Most people need a structured few weeks of study covering all four pillars. Treat ethics and market practice as a full quarter of the effort, not an afterthought - it is a substantial part of the syllabus.

Which topic should I study first?

Start with the financial markets environment to fix the vocabulary - participants, infrastructure, settlement and regulation - then move to foreign exchange and interest rate instruments, which build on it. Run ethical conduct and market practice alongside from the beginning, because conduct scenarios are easier to absorb gradually than crammed at the end.

What are the most common failure modes?

Three recur: skipping calculation practice in FX and money markets and hoping definitions will carry you; ignoring quoting conventions and day-count details that change the answer; and underestimating the conduct section. Candidates who memorise lists without understanding settlement and dealing mechanics usually find the applied questions hardest.

Can I retake it if I fail, and how long is it valid?

Retake policy and certificate validity are not published on the association's site as retrieved, so neither can be stated with confidence. Ask ACI FMA or your accredited trainer about retake windows and whether your employer or regulator requires periodic refresher or re-certification before you rely on the credential.

Does it count as an official ACI qualification?

The certificate is issued within ACI FMA's education programme; this page is independent study material and is not affiliated with, endorsed by or authorised by ACI FMA. Always verify syllabus, fees, dates and recognition against ACI FMA's own published information and your employer's requirements before booking.

Is there anything new I should be aware of?

ACI FMA has publicised a move to a T+1 settlement cycle across the UK, EU and Switzerland taking effect 11 October 2027, and is running related briefings. Settlement-cycle change is exactly the kind of market-environment topic worth reading up on, since exam syllabi are periodically updated to reflect it.