The Ultimate Guide to the CISI Certificate in Corporate Finance

Table of Contents

• • Certificate in Corporate Finance at a Glance
• • The Two Required Units
• • Unit 1: Corporate Finance Regulation
• • Unit 2: Corporate Finance Technical Foundations
• • Is a Local Regulatory Paper an Automatic Substitute?
• • Recognition and Who the Certificate Is For
• • Certificate vs Diploma in Corporate Finance
• • Cost and Booking
• • A Two-Unit Preparation Plan
• - 1. Confirm the complete qualification route
• - 2. Use the current workbook for each unit
• - 3. Separate regulation recall from technical calculations
• - 4. Move from chapter practice to mixed timed sets
• - 5. Track completion at certificate level
• • Check Your Route Understanding

Quick answer: The CISI Certificate in Corporate Finance is a two-unit qualification, not another name for the Corporate Finance Regulation exam. Candidates must pass Corporate Finance Regulation and Corporate Finance Technical Foundations. CISI recognises the completed qualification as the Ofqual Level 3 Certificate in Corporate Finance and publishes a total qualification time of 162 hours.

Certificate in Corporate Finance at a Glance

Question	Current answer
Awarding body	Chartered Institute for Securities & Investment (CISI)
Qualification level	Ofqual Level 3; European Qualifications Framework Level 4
Required units	Corporate Finance Regulation + Corporate Finance Technical Foundations
Number of exams	Two
Total qualification time	162 hours
Entry requirements	None stated by CISI
Assessment for each unit	50 multiple-choice questions in one hour
Current pass mark for each unit	70%
Official source	CISI Certificate in Corporate Finance

CISI developed the progressive Corporate Finance Programme in partnership with ICAEW. The Certificate establishes the regulatory and technical foundation; the separate Diploma in Corporate Finance is the higher-level next step.

The Two Required Units

The certificate is awarded only after both units have been completed.

Unit	Main purpose	Current exam format	CISI minimum study recommendation
Corporate Finance Regulation	Regulatory environment, conduct, governance, ethics, takeovers, prospectuses and equity capital markets	50 MCQs, one hour	80 hours
Corporate Finance Technical Foundations	Quantitative methods, financial statements, capital structure, valuation, transactions and documentation	50 MCQs, one hour	80 hours

Each computer-based exam may contain up to 10% additional unidentified trial questions. Those questions do not contribute to the result, and CISI provides proportionately more time. Because candidates cannot identify them, every displayed question should be attempted seriously.

The two 80-hour study recommendations total 160 hours. CISI’s published 162-hour total qualification time also accounts for assessment activity; it is not a contradiction or a third course requirement.

Unit 1: Corporate Finance Regulation

This unit tests whether candidates understand the regulatory aspects of corporate-finance work. Current subject areas include:

• the UK regulatory environment;
• FCA conduct-of-business requirements;
• corporate governance and business ethics;
• takeovers and mergers;
• prospectus requirements; and
• equity capital markets.

The official page currently lists a 70% pass mark and a 74% pass rate. These figures mean different things:

• the pass mark is the score a candidate needs;
• the pass rate is the changing proportion of candidates who passed during CISI’s reporting period.

The pass rate was checked on 2 August 2026 and should not be treated as a permanent prediction of an individual’s result.

Unit 2: Corporate Finance Technical Foundations

The technical unit connects calculations and financial analysis to corporate transactions. Its current syllabus covers:

• quantitative methods;
• financial-statement analysis;
• capital structure;
• business valuation;
• corporate transactions; and
• corporate-finance documentation.

The official page currently lists the same 70% pass mark and an 85% pass rate, checked on 2 August 2026. The current CFTF exam guide gives the published question allocation and a calculation-focused preparation plan. Exams Academy also provides a separate CFTF preparation course; it is the second unit, not a substitute for the complete certificate.

Is a Local Regulatory Paper an Automatic Substitute?

No. The current CISI qualification page shows Corporate Finance Regulation plus Corporate Finance Technical Foundations as the two-unit structure. A UAE, Saudi or other local regulatory exam should not be presented as an automatic replacement unless CISI has formally recognised an exemption or alternative route for the candidate.

This matters because regional compliance exams can be relevant to employment or licensing without awarding the CISI Certificate in Corporate Finance. Confirm the exact qualification title, unit combination and any exemption directly with CISI before booking.

Recognition and Who the Certificate Is For

CISI describes the qualification as suitable for people working in corporate finance and related fields such as venture capital who need both regulatory and technical knowledge. There are no stated entry requirements and the exams are open to candidates at all levels.

The completed Certificate:

• is recognised by Ofqual at Level 3;
• equates to Level 4 on the European Qualifications Framework;
• appears in the FCA’s appropriate-qualification framework for the relevant corporate-finance activity; and
• entitles successful candidates to apply for CISI Associate-level membership and use the applicable ACSI designatory letters, subject to current membership requirements.

Recognition does not mean the certificate is legally mandatory for every corporate-finance role or automatically satisfies every jurisdiction. The employer and relevant regulator determine the requirement for a particular job.

Certificate vs Diploma in Corporate Finance

Certificate	Diploma
Foundation qualification	Higher-level qualification
Ofqual Level 3	Separate advanced route
Two computer-based MCQ units	Different assessment structure and requirements
Establishes regulatory and technical fundamentals	Develops more advanced corporate-finance knowledge and application

Do not use the two names interchangeably. Candidates comparing them should check the current CISI Diploma page for its current entry, exemption and assessment rules.

Cost and Booking

There is no single exam booking for the complete certificate. Candidates normally book and pay for the two units separately. CISI also requires its workbook to be purchased when each unit is booked.

Before paying, check:

1. the current exam price for each unit;
2. the workbook or learning-material charge for each unit;
3. test-centre or remote-invigilation availability;
4. the current syllabus and workbook-validity period; and
5. whether employer funding or an approved training package covers either cost.

Use the current CISI price list rather than copying a historical fee from a training-provider page.

A Two-Unit Preparation Plan

1. Confirm the complete qualification route

Record both required units and any formally accepted exemption. Do not assume that buying one Regulation course enrols you for the full certificate.

2. Use the current workbook for each unit

Regulatory rules, transaction terminology and syllabus objectives can change. Match each study plan to the version applicable to the booked exam.

3. Separate regulation recall from technical calculations

For Regulation, build tables for rules, responsibilities, documents and timelines. For Technical Foundations, practise calculations and interpretation across financial statements, valuation and transactions.

4. Move from chapter practice to mixed timed sets

Both exams currently allow an average of 72 seconds per scored question. Finish with full 50-question, one-hour simulations for the exact unit being prepared.

5. Track completion at certificate level

Passing one unit is progress, not the completed certificate. Keep the two results and qualification award distinct in study records, CV wording and employer evidence.

Check Your Route Understanding