CCM Equity Securities
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Cheat sheet
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ExploreAbout this exam
Equity Securities is a unit of the CISI's Capital Markets Programme, delivered by the Chartered Institute for Securities & Investment, a UK professional body headquartered in London. It tests whether a candidate understands how equity markets work end to end: the instruments themselves, how shares are issued, how trades are cleared and settled, how equities are valued, and the rules that govern conduct. It suits people already working in, or moving into, capital markets roles - trading support, middle office, operations, settlement, compliance, investment administration, and client-facing staff who need to speak credibly about shares. Most candidates study alongside full-time work.
The syllabus is weighted evenly across five areas, roughly a fifth each: equity markets, instruments and market participants; primary markets, issuance and corporate actions; trading, clearing, settlement and post-trade processing; equity valuation, analysis and investment ratios; and regulation, compliance and ethical conduct.
For preparation, the CISI publishes learning materials and a Qualifications Navigator tool to confirm which qualification fits your role, and exams are booked through the MyCISI portal. There is no shortcut: the even weighting punishes candidates who skip post-trade mechanics or regulation because valuation feels more familiar. Build a calculation sheet for the ratios, learn the corporate-action timeline properly, and practise explaining the settlement cycle in your own words.
This page is independent study material and is not affiliated with, endorsed by, or connected to CISI.
What you'll study
About CCM Equity Securities preparation
What format is the Equity Securities exam?
It is a computer-based, multiple-choice test, according to the published exam profile. You book a slot online through the MyCISI portal and sit it at a test centre. The homepage does not publish the number of items or the duration, so confirm both on cisi.org before you book rather than relying on a study guide.
How many questions are there and how long do I get?
These figures are not stated in the source material available here, so treat any number you see elsewhere with suspicion until you verify it on the CISI site. Check the qualification page and your booking confirmation, because timings and item counts are revised between syllabus versions and older figures circulate widely.
What score do I need to pass?
The pass mark is not published in the source text used for this page, so it is deliberately not stated here. CISI sets a pass standard for each exam and it can change between versions. Confirm the current requirement on the CISI qualifications pages or with customer support before you set your practice targets.
Can I retake the exam if I fail?
Retake terms are not set out in the source material, so do not assume a free resit or a waiting period. The CISI customer support team can be reached at [email protected] or +44 (0)20 7645 0777 and will confirm the current policy, including any fee payable for a further attempt.
In what order should I study the five topic areas?
Start with markets, instruments and participants so the vocabulary is in place, then primary markets and corporate actions, then trading, clearing and settlement, then valuation ratios. Keep regulation and ethics running throughout rather than leaving it to the final week, because conduct questions reward steady familiarity more than last-minute memorisation.
How difficult is the exam?
Difficulty depends heavily on your background: operations staff often find settlement straightforward but struggle with ratios, while analysts find the reverse. Because the five areas carry equal weight, you cannot carry a weak topic with a strong one. Expect to need genuine comfort with calculation and with process detail, not just definitions.
What do candidates most often get wrong?
Three recurring traps: mixing up the corporate-action dates (announcement, ex-date, record date, payment date); confusing primary issuance with secondary trading; and vague, hand-waving knowledge of the settlement cycle and the role of the central counterparty. Ratio questions also punish candidates who memorise formulas without understanding which figure sits in the numerator.
How do I book and what materials should I buy?
The CISI site lets you buy learning materials and book an exam separately, and the Qualifications Navigator helps confirm the right qualification for your role. Buy the official learning material for the current syllabus version, then book only once you have a study plan that covers all five areas.
Do I have to be a CISI member to sit the exam?
The site presents membership and qualifications as separate sections and lists membership benefits, but the source text does not state that membership is a prerequisite for sitting an exam. Check directly with CISI before paying for membership purely to gain exam access, since the requirement may differ by qualification.