OpenExamsFREE PRACTICE — ANY EXAM

CII Securities advice and dealing (J12) — Information & Free Practice

100 free questions · Answer explanations · No signup required

Start free practice →

Exam Review

About CII Securities advice and dealing (J12)

CII Securities advice and dealing (J12) · GB

Key exam facts

Provider
Chartered Insurance Institute (CII), examination owner and assessment developer.
Format
Computer-based single-best-answer multiple choice examination, available at UK/non-UK online exam centres or by remote invigilation. Includes standalone questions and case-study questions, each with four options.
Exam questions
Total questions: 75.
Time limit
2 hours of examination time.
Passing score
Standard pass mark 65%; CII adjusts MCQ results for differences in exam-version difficulty through its awarding process. This is not a guaranteed fixed raw-mark threshold.
Exam fee
GBP: the default digital Enrolment only package is £234 for members or £334 for non-members, as displayed on 30 October 2026. Includes assessment entry (18-month exam voucher) and 12-month digital study-material access. Assessment Only and print options are separate products; these amounts are not asserted as standalone assessment or resit fees.

Topics covered

  • Analyse the characteristics, features, behaviours and risks of securities and equities in the context of the market for these products (52%)

    • Analyse the characteristics, features, behaviours and risks of debt securities.
    • Analyse the characteristics, features, behaviours and risks of equities.
    • Explain the characteristics, features, behaviours and risks of the main competing asset classes and onshore/offshore investment products.
    • Domestic and international government securities.
    • Corporate debt securities.
    • Macaulay duration, Modified duration, interest rate movements, price/yield relationship.
    • Credit ratings, creditor rankings.
    • Share classes, valuation measures, stock markets and indices.
    • American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs).
    • Comparative valuation measures and relevance.
    • Credit ratings, creditor rankings.
    • Financial statement analysis (balance sheet, income statement, cash flow statement, financial ratios, profitability ratios, investor ratios, corporate actions and their impact.
    • Cash and cash equivalents.
    • Warrants and covered warrants.
    • Contracts for difference (CFDs).
    • Open and closed ended.
    • Asset value, pricing and gearing.
    • Asset cover, redemption yields.
    • Funds: investment management styles.
    • Exchange traded funds, exchange traded commodities, exchange traded notes.
    • Life assurance-based investments onshore and offshore.
    • Structured products and unregulated products.
    • Foreign Exchange.
    • Derivatives.
    • Digital assets, crypto currencies, non-fungible tokens

  • Understand the structure, features, and regulatory and trading environment of the securities market (12%)

    • Describe the key features of the main trading markets.
    • Describe the role, structure and regulation of the global securities market.
    • Equities.
    • Government bonds.
    • Corporate bonds.
    • Other trading venues: Multilateral Trading Facilities (MTFs), Systematic Internalisers, dark pools.
    • Developed and emerging markets.
    • Foreign Exchange market.
    • Structure and access considerations.
    • Primary, secondary and dual listing.
    • Exchange trading and over-the-counter (OTC) trading.
    • Role of regulators, other supervisory bodies and trade associations, main market participants and roles.
    • Domestic markets: Issuing, listing, quotation, admission to market.
    • Financial Conduct Authority’s ‘primary market’ functions.
    • NEX Exchange, AIM market.
    • Issuing securities without a prospectus.
    • Takeovers and mergers.
    • MiFID II.

  • Apply dealing principles and practice relevant to client investment activity (4%)

    • Apply dealing principles and practice.
    • Best execution.
    • Aggregation and allocation.
    • Front running, conflicts of interest.
    • International markets - main differences in principles and practice.
    • Domestic markets, rules and principles.
    • Market abuse.

  • Understand clearing, settlement and custody principles and practice relevant to client investment activity (5.33%)

    • Explain the principles and practices of clearing, settlement and custody.
    • Settlement - UK process, International Central Securities Depositories, risk and its mitigation.
    • Stamp Duty and Stamp Duty Reserve Tax.
    • Custody of assets and client money.
    • Relevance and impact of corporate actions - registered title, nominees.
    • Stock lending and prime brokerage services.
    • CREST- stock lending.
    • Clearing and central counterparty.

  • Assess the factors that influence market behaviour relevant to investment advice (6.67%)

    • Assess the factors that influence investment markets and the movement of individual securities.
    • Macro-economic and financial environment, their communications, research and reports.
    • Information and disclosure: Issuer reporting and announcements, corporate actions, transparency obligations – transaction reporting, share ownership and disclosure, short selling.
    • Market data convention.
    • Impact of derivatives market, interactivity of timed events, relationship with cash market.
    • Volume and liquidity.
    • Impact on securities pricing.

  • Apply the relevant factors and considerations to decide and implement appropriate investment recommendations (20%)

    • Analyse the full range of objective and subjective client information and the different investment options.
    • Recommend appropriate investment options and/or asset allocations.

How to prepare

Work through the topics, read the explanation after each answer, and revisit the areas where you miss questions. Use the official outline and reference materials below to guide your study.

These independent practice questions are not actual exam items and do not guarantee a passing result.

Frequently asked questions

What is the exam format?

Computer-based single-best-answer multiple choice examination, available at UK/non-UK online exam centres or by remote invigilation. Includes standalone questions and case-study questions, each with four options.

How many questions are on the exam?

Total questions: 75.

How long is the exam?

2 hours of examination time.

What is the passing score?

Standard pass mark 65%; CII adjusts MCQ results for differences in exam-version difficulty through its awarding process. This is not a guaranteed fixed raw-mark threshold.

How much does the exam cost?

GBP: the default digital Enrolment only package is £234 for members or £334 for non-members, as displayed on 30 October 2026. Includes assessment entry (18-month exam voucher) and 12-month digital study-material access. Assessment Only and print options are separate products; these amounts are not asserted as standalone assessment or resit fees.

Official sources and references

Confirm current exam arrangements with the exam provider.