ACI Diploma study guide
ACI Diploma · Work through your exam, one topic at a time.
The ACI Diploma is the advanced qualification in the education track of the ACI Financial Markets Association (ACI FMA), a long-established association of financial markets professionals with affiliated associations in Africa, Asia, the Americas, Europe and the Middle East. ACI FMA describes itself as "setting the benchmark in certifying the global financial industry," and its education programme spans the ACI Certificates, the Diploma and an online exam, alongside accreditation of ACI FMA exams and accredited trainers. The Diploma sits above the entry certificates and is aimed at practitioners who already know market mechanics and want to demonstrate broader command of conduct, products, risk and regulation; it suits dealers, treasury and risk staff, compliance and audit professionals, and those moving into supervisory or client-facing roles. Because ACI FMA's stated mission places education at the heart of the association and pairs it with ethical conduct and adherence work, the Diploma is built around both technical competence and professional standards, and the association's motto, "Our Word is Our Bond," signals the behavioural expectation. The ACI Diploma study guide has 4 sections and about 1,811 words.
01Ethical Conduct
Ethical Conduct tests whether you can apply the ACI Model Code and wider market-integrity principles to realistic dealer situations: conflicts of interest, confidentiality, personal account dealing, client order handling and whistleblowing. Questions often turn on the gap between what is legal and what is ethical.
363 words, about 2 min02Financial Markets Products and Instruments
Financial Markets Products and Instruments covers the building blocks of wholesale markets: money market instruments, FX, fixed income, repo and derivatives. You must recognise cash flows, quoting conventions and the risk each product transfers.
360 words, about 2 min03Trading
Trading tests execution: quote conventions, order types, market making, electronic venues, last look and the trade lifecycle from execution to settlement. It rewards candidates who can reason about execution quality and the incentives of each party.
353 words, about 2 min04Risk Management and Treasury Operations
Risk Management and Treasury Operations tests how firms measure and control market, credit, liquidity and operational risk, and how treasury manages cash, collateral and settlement. Expect sensitivity calculations, margining and settlement-risk questions.
735 words, about 4 min