ACI Dealing Certificate study plan

Map the full ACI Dealing Certificate syllabus and tag each learning objective to one of the four domains so you know exactly which domain carries the most exam weight.

Define and distinguish the roles of central banks, commercial banks, brokers, and buy-side firms in the money and FX markets, writing a one-line definition for each.

Explain how monetary policy transmission works through short-term interest rates, and describe the difference between policy rates, money market rates, and interbank offered rates.

Identify the main market participants, instruments, and settlement conventions in the money market, and list the typical tenors traded from overnight to one year.

Describe the structure and function of the FX market, including spot, forward, swap, and option segments, and state the typical size and liquidity characteristics of each.

Explain the role of benchmark rates and reference rates in pricing, and describe how a fixing is determined and used.

Compare the main types of financial risk (market, credit, liquidity, operational, settlement) and give one concrete example of each from the dealing room.

Summarize the regulatory architecture that governs dealing activity, including the distinction between prudential regulators and conduct regulators.

Quote and interpret spot FX rates in both base/quote and market convention, and convert between direct and indirect quotations without error.

Calculate cross rates from two spot rates and identify the bid/offer spread in the resulting cross.

Compute forward outright rates from spot and interest rates using covered interest parity, and explain why the forward points are positive or negative.

Explain how bid/offer spreads widen with tenor, volatility, and reduced liquidity, and describe the dealer's risk in holding a position.

Calculate FX swap and forward-forward pricing, and distinguish an FX swap from a cross-currency swap.

Explain how a dealer manages an FX position, including the use of swaps to roll spot positions and the cost of carry.

Describe the mechanics of an FX option at a conceptual level, including premium, strike, and the difference between a call and a put on a currency pair.

Identify the main FX market conventions for value dates, settlement (T+2), and holiday handling, and apply them to given trade dates.

Distinguish money market instruments (deposits, CDs, commercial paper, treasury bills, repos) by issuer, tenor, and credit characteristics.

Calculate simple and compound interest, discount versus yield, and the proceeds of a deposit or bill over a given day count.

Apply the main day-count conventions (actual/360, actual/365, 30/360) and explain how the choice changes the interest amount.

Explain the pricing and use of a repo, including the roles of collateral, haircut, and repo rate.

Price and interpret forward rate agreements (FRAs), including the settlement amount and the difference between the FRA rate and the reference rate.

Describe interest rate futures, including tick size, tick value, margin, and the difference between futures and FRAs.

Explain the construction and use of an interest rate swap, and calculate the fixed and floating legs for a simple plain-vanilla swap.

Describe the yield curve, the difference between spot and forward curves, and how expectations and liquidity shape the curve.

State the core conduct obligations of a dealer, including acting with integrity, honesty, and fair dealing, and give a concrete example of each in a dealing-room setting.

Explain the risks of market abuse, including insider dealing, front running, and spoofing, and describe how each might appear in an FX or rates desk.

Describe the handling of confidential client information, conflicts of interest, and the rules on gifts and inducements.

Outline the requirements for recording, reporting, and best execution in dealing activity, and explain why accurate trade records matter for conduct and compliance.

Review every weak area flagged in weeks 1-7 and re-solve the questions you got wrong, without notes.

Complete two full-length timed mock exams under exam conditions and record your score by domain.

For any domain scoring below 60%, re-read the relevant notes and redo the corresponding calculation set.

Build a final one-page summary of formulas, conventions, and conduct rules to review in the last 48 hours.