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.
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.
| Assessment | Multiple-choice examination |
| Duration | 120 Minutes |
| Level | CISI Level 4 |
| Total Qualification Time | 140 hours |
Understand exactly where this unit fits within the Investment Advice Diploma and related CISI qualification routes.
Prioritise all 80 questions using the eight published syllabus elements and their exact weightings.
Prepare against Version 16 with the applicable 2026 formula, tax, options, product and portfolio updates.
Cash, fixed-income securities, equities, property and alternative assets, including their characteristics, valuation, risks and returns.
Company accounts and valuation, economic concepts, macroeconomic indicators, policy and the influences on asset classes.
Time value of money, return measurement, investment risk, portfolio theory, behavioural finance and statistical analysis.
UK income tax, investment income, NICs, CGT, IHT, residence, stamp taxes, VAT, corporation tax, compliance and planning.
Collective and closed-ended investments, wrappers, insurance bonds, private markets, derivatives, structured products and pensions.
Asset allocation, diversification, investment theory, product selection, research, charges and management styles.
Client information, needs, objectives, capacity for loss, risk profiling, suitability, recommendations, disclosure and implementation.
Performance measurement, attribution, benchmarks, appraisal, rebalancing and ongoing client and portfolio review.
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.
No. For UK regulated activities, the firm must map the role to the FCA Training and Competence sourcebook and its appropriate-qualification tables. A CISI course title alone does not establish authorisation for every activity. Confirm the requirement with the employer and regulator before booking.
Use the official CISI booking flow to check remote-invigilation or test-centre availability for CISI Investment, Risk and Taxation. Confirm the current workbook edition and read Candidate Updates before booking.
Exams Academy checkout is displayed in US dollars and the card provider converts it to GBP. The official CISI exam and required workbook are booked and paid for separately at the current CISI price.
🇬🇧 Local market guide
Review how CISI Investment, Risk and Taxation connects to regulation, qualification pathways, booking, currency and careers in the United Kingdom before paying the official exam fee.
Investment, Risk and Taxation is one of the two Level 4 core units in the CISI Investment Advice Diploma. To complete the IAD, 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 Certificate in Paraplanning.
Financial Conduct AuthorityUse the official CISI booking flow to check remote-invigilation or test-centre availability for CISI Investment, Risk and Taxation. Confirm the current workbook edition and read Candidate Updates before booking.
Find a CISI test centreThis unit supports the technical knowledge used in investment advice, paraplanning and portfolio work across asset classes, risk, taxation and suitability. It is part of wider qualifications, not a standalone licence for every regulated activity; the employer and FCA Training and Competence tables determine the requirements for each role.
Exams Academy checkout is displayed in US dollars and the card provider converts it to GBP. The official CISI exam and required workbook are booked and paid for separately at the current CISI price.
Market-specific reading
Enroll while we update the question bank to the latest official syllabus. Your dashboard will show the current update status and remaining time.
Only if you have already purchased. Enter the email you used to buy. We'll send a sign-in link AND a 6-digit code so you can log in on any device.