CISI Investment, Risk and Taxation Exam Preparation
Structured preparation for the CISI Level 4 Investment, Risk and Taxation unit, aligned to Version 16 and the current Candidate Update for exams through 30 November 2026.
Course syllabus information reviewed for 2026. Always check the awarding body’s latest official syllabus and candidate updates before booking or sitting your exam.
Prepare for CISI Investment, Risk and Taxation
Investment, Risk and Taxation is one of the two core Level 4 units in the CISI Investment Advice Diploma. Candidates combine it with UK Regulation and Professional Integrity and one technical unit: Securities, Derivatives, or Financial Planning and Advice. The same unit also combines with Financial Planning and Advice in the CISI Certificate in Paraplanning.
The syllabus moves from asset classes and fundamental analysis through investment risk, UK taxation, investment products, portfolio construction, the advice process and portfolio review. This page follows Version 16, maps all 80 questions across the eight official elements and incorporates the CISI Candidate Update posted in June 2026, including its extended final exam date of 30 November 2026.
Exam Format & Details
| Assessment | Multiple-choice examination |
| Duration | 120 Minutes |
| Level | CISI Level 4 |
| Total Qualification Time | 140 hours |
Key Benefits
Core IAD preparation
Understand exactly where this unit fits within the Investment Advice Diploma and related CISI qualification routes.
- ✓ IAD core unit
- ✓ Certificate in Paraplanning unit
- ✓ Level 4 assessment
Official weighting plan
Prioritise all 80 questions using the eight published syllabus elements and their exact weightings.
- ✓ Taxation: 16 questions
- ✓ Asset Classes: 13 questions
- ✓ Advice Process: 13 questions
Current corrected scope
Prepare against Version 16 with the applicable 2026 formula, tax, options, product and portfolio updates.
- ✓ June 2026 Candidate Update
- ✓ Extended exam window
- ✓ All eight elements
Syllabus
Module 1: Asset Classes 16.25% syllabus weight
Cash, fixed-income securities, equities, property and alternative assets, including their characteristics, valuation, risks and returns.
- • Cash and fixed income
- • Equities and property
- • Alternative assets
Module 2: Fundamental Analysis 7.5% syllabus weight
Company accounts and valuation, economic concepts, macroeconomic indicators, policy and the influences on asset classes.
- • Company analysis
- • Economic indicators
- • Fiscal and monetary policy
Module 3: Principles of Investment Risk and Return 11.25% syllabus weight
Time value of money, return measurement, investment risk, portfolio theory, behavioural finance and statistical analysis.
- • Time value and returns
- • Risk and portfolio theory
- • Statistics and behavioural finance
Module 4: Taxation of Investors and Investments 20% syllabus weight
UK income tax, investment income, NICs, CGT, IHT, residence, stamp taxes, VAT, corporation tax, compliance and planning.
- • Personal and trust taxation
- • CGT and IHT
- • Investment tax planning
Module 5: Investment Products 16.25% syllabus weight
Collective and closed-ended investments, wrappers, insurance bonds, private markets, derivatives, structured products and pensions.
- • Funds and tax wrappers
- • Derivatives and structured products
- • Pensions and private markets
Module 6: Portfolio Construction and Planning 6.25% syllabus weight
Asset allocation, diversification, investment theory, product selection, research, charges and management styles.
- • Asset allocation
- • Diversification
- • Investment selection
Module 7: The Process of Giving Investment Advice 16.25% syllabus weight
Client information, needs, objectives, capacity for loss, risk profiling, suitability, recommendations, disclosure and implementation.
- • Fact finding and objectives
- • Risk and suitability
- • Recommendations and implementation
Module 8: Portfolio Performance and Review 6.25% syllabus weight
Performance measurement, attribution, benchmarks, appraisal, rebalancing and ongoing client and portfolio review.
- • Performance measurement
- • Attribution and appraisal
- • Review and rebalancing
Who Is This For?
Frequently Asked Questions
The Level 4 assessment contains 80 multiple-choice questions and lasts 120 minutes.
The page follows Version 16 and the current CISI Candidate Update. The update extends the final exam date for this version to 30 November 2026.
Not by itself. The IAD requires this unit, UK Regulation and Professional Integrity, and one technical unit: Securities, Derivatives, or Financial Planning and Advice.
Yes. CISI also uses Investment, Risk and Taxation with Financial Planning and Advice in the Certificate in Paraplanning.
Taxation of Investors and Investments carries 16 of 80 questions. Asset Classes, Investment Products and the Process of Giving Investment Advice each carry 13.
The storefront and checkout are open while the latest Version 16 exams, flashcards, summaries and revision resources are being completed. Purchasers see the current two-hour completion notice on their dashboard.
Always confirm the latest official CISI syllabus and Candidate Updates for your 2026 sitting. This page records Version 16 and the applicable update verified on 10 August 2026.
CISI Investment, Risk and Taxation
Course Features
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