CISI Collective Investment Schemes Administration (IOC) (KSA)
Master the administration, regulation, and pricing of collective investment schemes — from UCITS and OEICs to ACS and LTAF structures — for the CISI Investment Operations Certificate exam.
Updated for 2026. 100% matching with the latest official workbook revisions.
Listen to course modules on the go. Perfect for studying while driving or commuting.
* This is a chapter sample. All audio is available in the full version.
CISI Collective Investment Schemes Administration (CISA) — IOC Exam Preparation
Collective Investment Schemes Administration is a specialist unit in the CISI Investment Operations Certificate (IOC) pathway. This complete exam simulation system helps fund-administration and operations candidates master the CISA syllabus from legal structures through taxation.
We've distilled the COLL sourcebook, Consumer Duty rules, and pricing mechanics into a dynamic learning environment that adapts to your needs. No more guesswork — just targeted, interactive practice that builds real exam confidence.
Exam Format & Details
| Assessment | 50 multiple-choice questions |
| Duration | 70 Minutes |
| Standard Pass Mark | 70% |
Exams Academy vs. Traditional Training
| Feature | Exams Academy | Traditional Providers |
|---|---|---|
| Access Period | Lifetime Access | 30 - 90 Days |
| Practice Exams | Unlimited Retakes | 1 - 2 Static Mocks |
| Study Support | Instant 24/7 AI Tutor | Email Support |
| Cost | $189 (One-Time) | $300+ (Recurring) |
Key Benefits
AI Audio Summaries New
Listen to course modules on the go. Practice anytime, anywhere - even while driving or commuting.
- ✓ Studio-quality AI voice narration.
- ✓ Perfect for auditory learners.
- ✓ Maximize your study time during daily commutes.
Strategic Mock Exams
4 full exams replicating the 50-question, 70-minute CISA format.
- ✓ Proportional chapter weighting across all 10 chapters.
- ✓ Scenario-based MCQs matching CISI examiner style.
- ✓ Instant feedback with detailed explanations.
200+ High-Yield Questions
Built from real workbook MCQs and authored scenario questions.
- ✓ Covers UCITS limits, pricing, income, and tax rules.
- ✓ Dual-pricing creation/cancellation and swing pricing.
- ✓ FSMA 2000, Consumer Duty, and FCA authorisation rules.
AI Exam Mentor
Your private tutor trained on the CISA workbook and COLL sourcebook.
- ✓ Explains UCITS 5/10/40% rules clearly.
- ✓ Clarifies dilution levy vs swing pricing.
- ✓ Available 24/7 for immediate support.
150 Rapid-Recall Flashcards
12 per chapter plus 30 Number Recall cards for key thresholds.
- ✓ FOS £430,000, FSCS £85,000, SDRT 0.5%.
- ✓ Report deadlines, distribution timelines.
- ✓ Mobile-friendly for studying on the go.
High-Yield Cheat Sheets
105 exam traps and key rules condensed for final-hour review.
- ✓ All UCITS, NURS, QIS, LTAF distinctions.
- ✓ Trustee vs Depositary, AFM vs ACD roles.
- ✓ Pricing mechanics: dual, single, swing, dilution.
Syllabus
Module 1: Collective Investment Schemes (CISs) 2% syllabus weight
Legal structures (AUT, OEIC, ACS), regulatory categories (UCITS, NURS, QIS, LTAF), and key characteristics of authorised funds.
- • AUT vs OEIC vs ACS legal structures.
- • UCITS, NURS, QIS, and LTAF categories.
- • Guaranteed vs protected funds.
- • Physical vs synthetic fund structures.
- • Umbrella funds and share classes.
Module 2: The Regulatory Framework 9% syllabus weight
FSMA 2000, FCA objectives, Consumer Duty, and key legislation governing CIS administration.
- • FSMA 2000 and FCA regulatory powers.
- • Consumer Duty (July 2023) obligations.
- • FOS £430,000 award limit and FSCS £85,000 compensation.
- • AML (POCA 2002 / MLR 2017) and Bribery Act.
- • GDPR / DPA 2018 data protection obligations.
Module 3: Roles and Responsibilities 4% syllabus weight
AFM, ACD, trustee, depositary, transfer agent, registrar, and auditor duties under COLL.
- • AFM (AUT) vs ACD (OEIC) distinctions.
- • Trustee (AUT) vs Depositary (OEIC) strict liability.
- • Transfer agent and registrar functions.
- • 0.5% pricing error reporting trigger.
- • Auditor 4-month deadline and rotation rules.
Module 4: Diversification and Investment Limits 5% syllabus weight
UCITS 5/10/20/25/35/40% rules, NURS wider powers, and QIS/LTAF flexibilities.
- • UCITS 5/10/40% transferable securities limits.
- • GAPS regime allowing 35% in government securities.
- • NURS: 35% in other schemes, 15% single property, 80% property funds.
- • Stock lending (no limit) vs borrowing (max 100% NAV).
- • Money Market Fund types: CNAV, LVNAV, VNAV.
Module 5: Valuations and Pricing 5% syllabus weight
Forward pricing, single vs dual pricing, swing pricing, dilution levy, and SDRT.
- • Forward pricing and valuation points (minimum twice monthly).
- • Dual pricing: issue price vs cancellation price.
- • Single pricing and the dilution levy (0.5% de minimis).
- • Swing pricing: full swing and partial swing.
- • SDRT 0.5% and 4-significant-figure rounding rule.
Module 6: Unit/Share Transactions and the Register 8% syllabus weight
Dealing procedures, settlement (4 business days), ISA wrappers, and cancellation rights.
- • Issue and cancellation of units/shares.
- • Settlement within 4 business days of valuation point.
- • 14-day cancellation right under COBS 15.
- • ISA and JISA rules for CIS investments.
- • Contract note content and 1 business day issuance.
Module 7: Launching a New Collective Investment Scheme (CIS) 5% syllabus weight
FCA authorisation process, scheme documentation, KIID/NURS-KII, and financial promotions.
- • FCA authorisation: 2 months (UCITS); 6 months (NURS, QIS, LTAF).
- • Prospectus content and disclosure requirements.
- • KIID and NURS-KII Document obligations.
- • PRIIPs KID for non-UCITS retail funds.
- • FCA financial promotion rules under COBS.
Module 8: Upholding the Rights of Unit/Shareholders 4% syllabus weight
AGMs, EGMs, extraordinary resolutions (75%), and investor rights under COLL.
- • Annual General Meetings and extraordinary resolutions (75% threshold).
- • Annual report within 4 months; half-yearly within 2 months.
- • Assessment of Value (AoV) obligations.
- • AFM removal by 75% unitholder vote.
- • FSCS and FOS complaint procedures.
Module 9: Income 4% syllabus weight
Income allocation, distribution types, equalisation, and unclaimed distribution rules.
- • Dividend, interest, and property income distributions.
- • Distribution payment deadline: 4 months after accounting reference date.
- • Equalisation: Group 1 vs Group 2 unit holders.
- • PAIF streaming and TEF regime.
- • Unclaimed distributions after 6 years.
Module 10: Taxation 4% syllabus weight
UK income tax on distributions, CGT, SDRT, offshore fund reporting, and PAIF/TEF tax treatment.
- • Dividend tax: 8.75% (basic), 33.75% (higher), 39.35% (additional); £500 allowance.
- • CGT rates: 18% (basic) / 24% (higher) on shares.
- • SDRT 0.5% on UK equity purchases.
- • Offshore funds: reporting vs non-reporting fund status.
- • PAIF and TEF tax-transparent structures.
Interactive Playground
Explore our interactive learning tools below
What is the publication deadline for the interim (half-yearly) report of an authorised fund?
Who Is This For?
Frequently Asked Questions
The CISI Collective Investment Schemes Administration (IOC) exam is a Computer-Based Test of 50 multiple-choice questions in 70 minutes. The pass mark is 70% (35 out of 50). Exams are available year-round at Prometric centres worldwide.
CISA is primarily taken by fund administrators, transfer agents, compliance professionals, and operations staff working in asset management and fund administration. It is part of the CISI Investment Operations Certificate (IOC).
CISA covers the full lifecycle of CIS administration: legal structures (AUT/OEIC/ACS), FCA regulatory framework, AFM/trustee/depositary roles, UCITS investment limits, pricing mechanics (dual/single/swing), income and distributions, ISA rules, financial promotions, and UK taxation of fund income.
Yes — all content reflects the latest CISI syllabus, including Consumer Duty (July 2023), the revised dividend allowance (£500 for 2024–25), updated CGT rates (18%/24%), and FCA COLL sourcebook requirements.
All content is created directly from the official CISI CISA workbook (IOC). Every fact, threshold, and deadline is verified against the workbook text to ensure accuracy and alignment with the exam.
We do not guarantee a pass — the CISA exam requires genuine understanding of FCA regulation and fund administration rules. Our mock exams replicate the question style and chapter weighting to help you identify weak areas before the real exam.
You get lifetime access from the moment of purchase. Study at your own pace with no time limits or recurring fees.
Yes — the entire platform is mobile-responsive. Pricing mechanics flashcards, UCITS limit summaries, and the AI tutor all work seamlessly on any device.
Yes! Test your knowledge and see our AI tutor explanations with the free CISI Collective Investment Schemes Administration (IOC) Sample Paper. It contains 15 questions from one named topic and is not a full mock exam or overall readiness assessment.
Student Reviews
From finance professionals who prepared and passed their CISI exams.
Recent Reviews
Fund taxation simplified
The chapter on taxation of distributions is excellent. It turns a very dry subject into an easy-to-memorize format. Highly recommended for fund ops staff.
Equalisation and NAV calcs
The AI tutor explained the mechanics of fund equalisation and swing pricing so well. The flashcards for UCITS borrowing limits are a must-use.
Passed CISA easily
Collective Investment Schemes Administration is notoriously dense. This platform separated OEICs, AUTs, and investment trusts beautifully. Passed first time.
CISA exam success
I needed to pass the collective investment schemes module for my IOC and this made the fund accounting and NAV calculation topics way less intimidating. The scenario questions are realistic.
Useful for fund admin concepts
Covers unit trusts and OEICs well. The transfer agency section could use a bit more detail but the overall quality is high. Flashcards are great for memorizing fund structures.
definitely recommend to anyone in fund admin
My manager recommended the CISA as a career booster and this course made the journey straightforward. The mock exams are realistic and the feedback on wrong answers teaches you why not just what the correct answer is.
Excellent for self-studiers
No employer support, no study group just me and this platform. The AI tutor filled in as my study partner perfectly. I particularly liked how it asked me follow-up questions to check I really understood, not just memorised.
Great value compared to alternatives
I compared four different CISA prep courses before choosing this one. The combination of mock exams, flashcards, AI tutor, and cheat sheet is far more comprehensive than anything else at this price point. Two thumbs up.
Clear and concise
The way taxation of distributions is explained here is so much clearer than the official workbook. The 8.75/33.75/39.35% breakdown with worked examples made the taxation chapter actually enjoyable. Scored 78% in the real exam.
Passed in December great resource
Booked my exam with only 3 weeks to prepare. The structured chapter summaries and the strategic mock exams got me across the line. The AI tutor was available at midnight when I had last-minute questions about the FSMA 2000. definitely recommend.
Best CISA prep out there
I tried textbooks, YouTube, and another exam prep site. None of them came close to this. The 150 flashcards are gold I drilled them every morning on my commute. The AI tutor corrected my misunderstandings about equalisation instantly.
Worth every penny
The chapter summaries alone are worth the price. I work in fund administration and always struggled with the UCITS limits and NURS distinctions. After two weeks on this platform, they felt like second nature. Passed with a comfortable margin.
AUT vs OEIC finally makes sense
I kept confusing the AFM/ACD distinction and couldn't get the trustee vs depositary roles straight. Five minutes with the AI tutor on this and it clicked immediately. Passed first attempt, genuinely couldn't have done it without this.
Passed CISA first time!
Finally passed CISA after failing with a different provider. The mock exams here are incredibly close to the real thing especially the pricing mechanics questions. The AI tutor explained swing pricing vs dilution levy so clearly I actually understood it for the first time.
Super useful for fund ops professionals
Ive been in fund operations for three years so I knew the theory but the exam-style questions showed me exactly where my knowledge had gaps. The cheat sheet with all 105 traps was particularly helpful for the final week of prep.
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