Structured preparation for Portfolio Construction Theory, the second unit in the three-unit CISI Chartered Wealth Manager Qualification.
Course syllabus information reviewed for 2026. Always check the awarding body’s latest official syllabus and candidate updates before booking or sitting your exam.
Your exam preparation path
Preparation for the Portfolio Construction Theory unit; completing the Chartered Wealth Manager Qualification requires all current CISI route requirements to be satisfied.
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Try 15 answer-planning prompts from Sample Topic
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Portfolio Construction Theory, commonly shortened to PCT, is the second unit in the CISI Chartered Wealth Manager Qualification. It is a standalone Level 7 written examination rather than the complete Level 7 Diploma. Candidates progress from Financial Markets and then continue to Applied Wealth Management, subject to the current CISI route requirements.
The current syllabus contains ten learning outcomes across client risk and objectives, asset allocation, risk and return, asset pricing, efficient markets, behavioural finance, fund management, portfolio-level derivatives, performance measurement and UK taxation. The workbook uses the same ten-chapter structure. The syllabus also states that learning builds on Financial Markets and that aspects of the previous unit may be assessed in the PCT examination.
The formal assessment is a three-hour, 100-mark paper with three distinct sections. Section A is worth 20 marks and requires all multiple-choice questions. Section B is worth 40 marks and requires all questions. Section C is worth 40 marks and requires two written answers selected from three, worth 20 marks each.
The learning hub includes ten detailed chapter summaries, 140 flashcards, 152 rapid-reference and exam-trap entries, five 20-prompt practice sets, and a syllabus-grounded AI tutor. The practice sets support Section A knowledge and Sections B/C answer planning; they do not claim to reproduce or automatically grade the official written paper. Always confirm the latest official CISI syllabus and Candidate Update for your sitting; this page records the 2026 review year so the guidance remains useful when individual amendments are issued.
| Assessment | Three-hour examination: compulsory multiple choice, compulsory written questions and two 20-mark answers selected from three |
| Duration | 180 Minutes |
| Level | CISI Level 7 |
| Total Qualification Time | 200 hours |
| Feature | Exams Academy | Details |
|---|---|---|
| Access Period | Lifetime Access | One-time enrollment with no recurring fee |
| Answer-Planning Practice | Unlimited Retakes | |
| Study Support | Instant 24/7 AI Tutor | Self-service AI support; live instructor support is not included |
| Cost | $249 (One-Time) | One-time payment with no recurring subscription |
Prepare the different response skills needed for compulsory multiple choice, compulsory written questions and the choice in Section C.
Link client objectives and strategic allocation with investment theory, implementation, performance and tax consequences.
Study PCT as the middle unit while keeping its dependence on Financial Markets and progression to Applied Wealth Management clear.
Use the answer-planning prompts in two ways: build understanding with instant feedback, then switch to timed planning practice when you are ready.
Choose an answer, see immediately whether it is right or wrong, and read the explanation before moving on.
Complete selected-response answer-planning prompts against the timer, then review the relevant points and explanations. The platform does not grade written exam scripts.
Determine client circumstances, risk characteristics, investment objectives and suitable strategy while applying relevant duties.
Construct, implement and evaluate strategic and tactical allocation using asset-class evidence, constraints and portfolio tools.
Apply risk-free assets, inflation, foreign currency and time-period concepts to investment risk, return and performance.
Evaluate asset-pricing models and apply investment and valuation measures within portfolio construction.
Evaluate informational efficiency, market evidence, anomalies and their implications for investment approaches.
Explain behavioural-finance theory and evidence and evaluate implications for markets, clients and portfolio design.
Evaluate manager selection, active and index approaches, security selection, stewardship and responsible investment.
Appraise derivatives used to control portfolio risk, manage inflation exposure and protect portfolio value.
Apply benchmark selection and performance-attribution techniques to assess investment results.
Assess how UK taxation affects assets, funds, wrappers, investment returns, valuation and portfolio strategy.
Preparation centre
Use these connected guides for the syllabus, exam format, booking and revision strategy.
PCT is a three-hour, 100-mark examination. Section A is worth 20 marks and requires all multiple-choice questions, Section B is worth 40 marks and requires all questions, and Section C is worth 40 marks and requires two answers selected from three, worth 20 marks each.
No. It is the second unit. The qualification route also includes Financial Markets and Applied Wealth Management, subject to the current CISI entry and completion requirements.
Yes. The current official syllabus states that PCT builds on Financial Markets and candidates can be assessed on aspects of that previous unit.
The official learning material recommends approximately 200 hours for this unit, including workbook study, tuition where used, wider reading and examination practice.
The ten outcomes cover client risk and objectives, asset allocation, risk and return, pricing models, efficient markets, behavioural finance, fund management, portfolio-level derivatives, performance and UK taxation.
Yes. The learning hub includes ten chapter summaries, 140 flashcards, 152 rapid-reference and exam-trap entries, five 20-prompt practice sets and a syllabus-grounded AI tutor. The objective sets support knowledge and answer planning rather than claiming to reproduce or automatically grade the official written paper.
Yes! Test your knowledge and see our AI tutor explanations with the free CISI Portfolio Construction Theory Topic Quiz below. It contains 15 questions from one named topic and is not a full mock exam or overall readiness assessment.
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 Portfolio Construction Theory. 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 Portfolio Construction Theory connects to regulation, qualification pathways, booking, currency and careers in the United Kingdom before paying the official exam fee.
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.
Financial Conduct AuthorityUse the official CISI booking flow to check remote-invigilation or test-centre availability for CISI Portfolio Construction Theory. Confirm the current workbook edition and read Candidate Updates before booking.
Find a CISI test centreICWIM knowledge is relevant to international private banking, client services, wealth operations and entry-level investment-support roles. Regulated UK advice roles may require a different or higher-level qualification.
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
Review the official format, syllabus and study plan.
Compare ICWIM's international foundation with a UK role-focused progression route.
Explore UK-specific wealth-management context beyond the global ICWIM syllabus.
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