Changes to the Level 3 ‘Derivatives’ Exam Units
- In order to offer greater clarity to candidates, we are withdrawing three of our four level 3 ‘Derivatives’ exams on 31 December 2020. We will continue to offer one level 3 Derivatives exam, which is named ‘Derivatives’. Candidates affected by these changes have been sent communications with further explanations. If you have any questions, please contact our Customer Support Team
Capital Markets Programme
ESMA/MiFID II compliant
Why study the Capital Markets Programme?
Our Capital Markets Programme offers a study pathway for practitioners in the capital markets wholesale sector. The programme offers you flexibility, allowing you to choose your technical unit covering either Securities or Derivatives.
The programme was developed with representatives from leading global financial services organisations, both capital markets, wholesale, and retail and with input from AFME, WMA, AIC, FOA and accredited training partners to meet the needs of the constantly changing landscape of the profession.
Is the Capital Markets Programme right for me?
It is suitable for practitioners involved in the securities and / or derivatives sectors.
The qualification is increasingly used as a benchmarking tool by major banks and investment firms to ensure that staff possess practical knowledge which can be immediately applied to business activities.
In line with the CISI’s aim to increase ethical awareness, all candidates for the Capital Markets Programme in the UK, Ireland, Europe and North America must have passed IntegrityMatters, an online integrity challenge, as a pre-requisite to sitting the Capital Markets Programme exams.
We introduced this initiative to ensure that new entrants to the capital markets sector, who will be working directly with banks and clients, realise the importance of integrity and ethics from the moment they enter the profession. We believe that the standard of integrity needs to be at least equal to that of the retail sector. This will also provide the public with some tangible evidence which demonstrates that banks and other financial organisations really are changing their culture.
Frequently Asked Questions
The Capital Markets Programme is achieved by passing a regulatory unit and a technical unit. Exemptions from certain units are available. View exemption list
The qualifications which form the Capital Markets Programme are recognised by Ofqual as the level 3 Certificate in Securities and the level 3 Certificate in Derivatives. On the European Qualifications Framework, this equates to level 4. Total qualification time for these certificates is 183 hours.
Ofqual regulated qualifications are marked +
Pass Mark / Pass Rate
The current pass rate for this exam is and the pass mark is . The exam grades are as follows:
Regulated Qualifications Framework
credits on the Regulated Qualifications Framework are awarded upon successfully passing this exam
Feedback and Appeals
For further details on how to give us your feedback and / or Appeal your result, please refer to our Exam Policies.
A CISI workbook is required to be purchased when booking each Capital Markets Programme unit exam. This is to ensure there is one standard workbook from which all exam candidates can prepare. You can also choose to purchase CISI elearning to support your exam preparation.
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Accredited Training Partners
You can choose to complete formal training for our exams with a CISI Accredited Training Partner (ATP).
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Post Qualification Opportunities
Obtaining the Capital Markets Programme qualification entitles you to join the Institute at Associate level. As a member of the Institute, you will enjoy the recognition of being a professional in a world of increasing competition. The extensive continuing professional development (CPD) opportunities available through the CISI’s suite of membership benefits ensures financial services practitioners can maintain competence and meet the requirements of firms and the regulator.
Higher Level Qualifications
To further theoretical and practical knowledge upon completion of the Capital Markets Programme a higher level qualifications to take are:
Capital Markets Programme
We are withdrawing our DIFC Rules and Regulations exam on 30 November 2023. If you have any questions, please contact our Customer Support Team.