CISI MAMR Level 6 Exam Guide: Format, Syllabus and Study Plan

Table of Contents

• • Where MAMR fits in the CISI Diploma
• • CISI MAMR Level 6 exam format
• • The five MAMR syllabus elements
• • How to approach MAMR case studies
• • A practical 100-hour MAMR study plan
• • Build connected transaction notes
• • Stay current for your sitting
• • Final takeaway

The CISI MAMR Level 6 exam is the Mergers & Acquisitions and Market Regulations unit in the current Diploma in Corporate Finance route. It moves beyond stand-alone recall: half of the scored paper sits inside transaction case studies that can draw on any syllabus element.

Quick answer: the current assessment contains 30 scored questions in 70 minutes. Fifteen are standalone questions; the remaining 15 are organised into three case studies with five questions each.

Where MAMR fits in the CISI Diploma

MAMR is the third unit in the current four-unit Diploma route:

1. Level 3 Financial Reporting and Financial Statements Analysis
2. Level 4 Sources of Finance, Capital Investments and Valuations
3. Level 6 Mergers & Acquisitions and Market Regulations
4. Level 6 Corporate Finance Strategy and Advice

The route matters because MAMR assumes candidates can interpret financial information and valuation effects, then apply that knowledge to acquisition strategy, transaction structure, financing and regulation.

CISI MAMR Level 6 exam format

Feature	Current detail
Level	CISI Level 6
Scored questions	30
Standard duration	70 minutes
Standalone section	15 questions
Case-study section	3 case studies × 5 questions
Question styles	Multiple choice, drag and drop, numerical answer and multiple response may be used
Syllabus elements	Five
Approximate workbook study time	100 hours

Computer-based examinations may contain up to 10% additional unidentified trial questions, with proportionately more time when they appear. Trial questions do not contribute to the result.

The five MAMR syllabus elements

Element	Standalone questions in the specification	Core focus
Making Acquisitions	4	Strategy, target selection, synergies, process, due diligence and public offers
Deal Structuring and Financing	3	Share versus asset purchases, consideration, financing and transaction effects
Disposals and Demergers	3	Sale processes, auctions, motivations and demerger routes
Main Regulations for Listed and Quoted Companies	2	UKLR, prospectuses, continuing obligations and AIM rules
Other Regulatory and Ethical Considerations	3	Regulation, ethics, governance, company law, financial crime and intervention

These figures describe the 15 standalone questions, not fixed percentages for the complete paper. The three case studies can cover any element, and the question count in an element may vary slightly within the flexibility stated by CISI.

How to approach MAMR case studies

Case questions become easier when you process the facts in a fixed order:

1. Identify the transaction and parties. In an acquisition, establish whether the buyer takes shares in the company or selected assets and liabilities; that choice changes consents, continuity, tax and where historic liabilities remain. Then decide whether the case is private, public, a disposal, a demerger or another listed-company event.
2. Define the decision. Are you evaluating strategy, choosing structure or consideration, analysing effects, or applying a regulatory requirement?
3. Select only relevant facts. Separate decisive information from narrative detail.
4. Apply the framework. Link facts to the appropriate process, calculation, rule, ethical principle or regulatory body.
5. State the consequence. Explain the impact on value, control, risk, timetable, documentation or required action.

Do not jump directly to a remembered rule or formula. A technically correct statement can still answer the wrong transaction question.

A practical 100-hour MAMR study plan

The official material gives an approximate 100-hour benchmark but does not prescribe how candidates must divide it. This starting plan protects time for applied case work:

Workstream	Hours
Making Acquisitions	22
Deal Structuring and Financing	20
Disposals and Demergers	13
Listed and quoted company regulation	15
Other regulatory and ethical considerations	18
Mixed case studies and timed review	12
Total	100

Adjust the allocation after diagnostic practice. A candidate with transaction experience may need more time for regulatory scope and financial crime; another may need additional work on merger gains, EPS effects, financial risk and ROIC.

Build connected transaction notes

Avoid five disconnected piles of definitions. Build one transaction map that follows a deal from rationale to outcome:

• strategic objective and target criteria;
• synergy evidence and failure risks;
• private or public acquisition process;
• due diligence findings;
• share or asset structure;
• cash, shares, loan stock, earn-out or deferred consideration;
• financial and shareholder effects;
• documentation, disclosure and regulatory obligations;
• integration, disposal or demerger consequences.

For each concept, record the purpose, trigger, choice, consequence and limitation. That structure prepares you for both standalone questions and cases that combine several chapters.

Stay current for your sitting

This guide was reviewed against the latest official syllabus available in 2026, Version 3, which applies from 11 July 2026 to 10 July 2027. Always check the Diploma in Corporate Finance page, the CISI Candidate Update page and the latest official syllabus for your examination date.

The CISI MAMR preparation page provides the complete five-element storefront syllabus and assessment map. The course includes five study chapters, 123 flashcards, 150 searchable references with 19 worked calculations, 150 practice questions across five 30-question mock exams, plus an AI tutor. The 150 practice questions across the five mocks use single and multiple selection; numerical methods and sequencing are adapted to selected response.

Final takeaway

Prepare for MAMR as a transaction adviser, not as a glossary reader. Establish the deal context, choose the relevant analytical or regulatory framework, apply it to the facts and explain the consequence. That method makes the 15 standalone questions more reliable and gives you a repeatable process for all three case studies.