All eight elements of the CISI ICWIM syllabus, what each one covers, what it is worth in the exam, and where the marks actually sit.
The ICWIM exam is 100 multiple choice questions in two hours. The syllabus divides into eight elements, and they are not equal: Chapters 5 and 7 carry 21 questions each, while Chapter 1 carries 4. Knowing that shape before you start studying is worth more than any study tip.
| Chapter | Questions | Objectives | In our bank | Formula lessons |
|---|---|---|---|---|
| 1. The Financial Services Sector | 4 | 5 | 48 | 0 |
| 2. Industry Regulation | 5 | 7 | 60 | 0 |
| 3. Asset Classes and Financial Markets | 14 | 18 | 168 | 5 |
| 4. Collective Investments | 7 | 8 | 84 | 0 |
| 5. Economics and Investment Analysis | 21 | 22 | 252 | 18 |
| 6. Investment Management | 15 | 17 | 180 | 1 |
| 7. Investment Advice | 21 | 24 | 252 | 0 |
| 8. Lifetime Financial Provision | 13 | 15 | 156 | 1 |
| Total | 100 | 116 | 1,200 | 25 |
Chapters 5, 6 and 7 together account for 57 of the 100 questions. Add Chapter 3 and you are at 71. A candidate who is strong on those four is in a very different position from one who has spread their time evenly across all eight, and the difference has nothing to do with working harder.
The two smallest chapters are still worth having. Chapters 1 and 2 total 9 questions between them, and both are largely definitional, which makes them among the most reliably scoreable material in the paper.
Three chapters contain calculation objectives. Chapter 3 has the forward rate using interest rate parity. Chapter 5 has most of the rest: present and future value, annuities, perpetuities, interest, dispersion and correlation. Chapter 8 asks you to calculate a retirement need. Our Formula Lab covers these across 25 lessons and 177 drills. Formula Lab also covers the portfolio performance measures in Chapter 6.
4 of 100 questions · 5 learning objectives
The shortest chapter in the syllabus, and the one that sets the vocabulary for everything after it. Four questions out of a hundred, but the distinctions it draws reappear in chapters you cannot afford to lose marks on.
Read the Chapter 1 guide5 of 100 questions · 7 learning objectives
Five questions, and among the most reliably scoreable in the paper. The content is definitional rather than analytical, which means the marks are available to anyone who has learned the distinctions precisely.
Read the Chapter 2 guide14 of 100 questions · 18 learning objectives
Fourteen questions and nine separate sections, which makes this the broadest chapter in the syllabus. It also contains the first learning objective phrased as be able to calculate, so it is the first chapter where reading is not enough.
Read the Chapter 3 guide7 of 100 questions · 8 learning objectives
Seven questions, and a chapter that rewards structural thinking. Almost every question comes down to how a vehicle is built rather than what it holds.
Read the Chapter 4 guide21 of 100 questions · 22 learning objectives
Twenty one questions, tied for the largest share of the paper, and seven sections wide. It is also where most of the calculating lives: present and future values, annuities, perpetuities, interest, dispersion, correlation and the ratio family.
Read the Chapter 5 guide15 of 100 questions · 17 learning objectives
Fifteen questions, and the chapter where the earlier statistics turn into portfolio decisions. It is also the most theory heavy part of the syllabus, with four named models to keep apart.
Read the Chapter 6 guide21 of 100 questions · 24 learning objectives
Twenty one questions, tied for the largest share, and twenty four learning objectives, more than any other chapter. Several objectives are phrased as apply and analyse rather than know, which is the highest demand in the syllabus.
Read the Chapter 7 guide13 of 100 questions · 15 learning objectives
Thirteen questions, and the chapter that turns everything before it into a plan for one person. It contains a calculation objective, and two objectives about writing a recommendation report.
Read the Chapter 8 guideNo card. The answer is only revealed once you have committed to one.
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