People preparing for the CISI Introduction to Investment exam usually want a low-pressure way to check what they know before booking. This page gives free practice sets by topic, worked explanations, a study plan and plain answers on format, fees and results. The exam has 50 multiple-choice questions and a time limit of 60 minutes.
The CISI IoI has 50 questions, takes about 60 minutes and costs £275[1][2] (Chartered Institute for Securities & Investment, verified Oct 29, 2026).
Numbers in brackets link to the official sources listed under Sources & last verified. Dates that have passed are removed automatically.
| Item | Detail | Source · Verified |
|---|---|---|
| Number of questions | 50 multiple-choice questions[1] | Chartered Institute for Securities & Investment · Oct 29, 2026 |
| Time limit | 60 minutes[1] | Chartered Institute for Securities & Investment · Oct 29, 2026 |
| Exam fee | £275 for international first sitting (includes workbook)[2] | Chartered Institute for Securities & Investment · Oct 29, 2026 |
| Retake fee | £155 per resit[2] | Chartered Institute for Securities & Investment · Oct 29, 2026 |
| Delivery | Computer-based testing at test centres or online remote invigilation[1] | Chartered Institute for Securities & Investment · Oct 29, 2026 |
| Eligibility | No formal prerequisites; registration with CISI required; must be at least 18 for remote invigilation[3] | Chartered Institute for Securities & Investment · Oct 29, 2026 |
| Score release | Within 24 working hours online; provisional for 5 working days[4] | Chartered Institute for Securities & Investment · Oct 29, 2026 |
According to Chartered Institute for Securities & Investment, “The Introduction to Investment is a one-hour exam consisting of 50 multiple-choice questions.”[1]
The CISI Introduction to Investment is an entry-level exam set by the Chartered Institute for Securities & Investment. It is a multiple-choice paper with 50 questions and a time limit of 60 minutes.
Delivery: you can sit it by computer-based testing at a test centre, or online with remote invigilation. There are no formal prerequisites, but you must be registered with CISI, and remote invigilation is not available to candidates under 18.
Fees: the international first sitting is £275 and includes the workbook. Each resit is £155. Prices can differ by location and booking route, so check the CISI price list before you pay.
Results: MCQ results are available online within 24 working hours through MyCISI. They stay provisional for 5 working days after the exam date while CISI carries out checks.
Details such as the pass mark, syllabus wording and booking rules can change, so confirm them on the official CISI qualification page. The practice questions here are written by us with AI tools. They are not real exam questions and do not predict what you will see.
The content areas below are copied from the official CISI IoI content outline published by Chartered Institute for Securities & Investment. The right-hand column shows which of our practice sets covers it.
| Official content area | Practice on this site |
|---|---|
| Bonds[5] | CISI IoI Equities and Bonds Practise how bonds pay interest, how their prices move and how they differ from shares. |
| Derivatives[5] | CISI IoI Derivatives and Alternative Inves... Practise the purpose of derivatives and the basic features of options, futures and other alternatives. |
| Economic Environment[5] | CISI IoI Economic Indicators and Portfolio... Practise reading common economic indicators and linking them to markets and portfolios. |
| Equities[5] | CISI IoI Equities and Bonds Basics Practise share ownership, dividends and valuation measures such as the P/E ratio. |
| Financial Advice[5] | CISI IoI Financial Services Industry Practise who provides advice, what suitability means and how firms deal with clients. |
| Financial Services Regulation[5] | CISI IoI Financial Services Regulation (FCA) Practise the role of the FCA, the rules firms follow and how consumers are protected. |
| Introduction[5] | FREE CISI IoI PRACTICE TEST Start with the general practice test to find which topics need the most work. |
| Investment Funds[5] | CISI IoI Investment Funds Practise how pooled funds work and how different fund structures compare. |
| Other Financial Products[5] | Mixed practice tests above Read the official material on these products, then test yourself with the risk and return and fund sets. |
| Other Markets and Investments[5] | CISI IoI UK Financial Markets Overview Practise how UK markets are organised and where different investments are traded. |
| Taxation, Investment Wrappers and Trusts[5] | CISI IoI Taxation of Investments Practise which taxes apply to which investments and how wrappers change the outcome. |
Prepare for the CISI Introduction to Investment - Level 3 exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.
These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.
Question: What is 'stamp duty reserve tax' (SDRT) and when does it apply?
Answer: B. A 0.5% tax on the purchase of UK shares traded electronically through CREST
Explanation:
The correct answer is the 0.5% tax on purchases of UK shares traded electronically through CREST. Stamp duty reserve tax is paid by the buyer and collected automatically when the trade settles.
The property option is wrong because property purchases have their own separate tax. The bond interest option is wrong because SDRT is charged on share purchases, not on income. The gift option is wrong because the tax is tied to buying shares, not to giving them away.
Rule to remember: this tax follows the purchase of UK shares, it falls on the buyer, and electronic settlement is what triggers the SDRT version.
Question: What is 'concentration risk'?
Answer: B. The risk of having too large a proportion of a portfolio in a single investment, sector, or asset class, so that poor performance in that area has a disproportionate impact
Explanation:
The correct answer describes having too large a proportion of a portfolio in a single investment, sector or asset class, so that poor results in that area hurt the whole portfolio.
The option about too many investors buying the same fund describes crowding, not portfolio weighting. The option about a manager holding too few investments is close, but it blames the manager rather than describing the exposure itself. The option about all global markets falling describes market-wide risk, which spreading your holdings cannot remove.
Rule to remember: concentration risk is about how your money is distributed, and the usual remedy is diversification across holdings, sectors and regions.
Question: What is the price-to-earnings (P/E) ratio and what does it indicate?
Answer: A. The ratio of a company's share price to its annual earnings per share, indicating how much investors are willing to pay for each pound of earnings
Explanation:
The correct answer is the ratio of a company's share price to its annual earnings per share. It shows how much investors are willing to pay for each pound of earnings, which makes it a quick way to compare valuations.
Debt to equity is a gearing measure, so that option is wrong. Dividend paid to the share price is the dividend yield. Current price to book value per share is the price-to-book ratio. Each of these looks similar but uses a different input.
Rule to remember: for P/E, price goes on top and earnings per share goes underneath. A higher figure suggests investors expect stronger growth or accept paying a premium.
Begin with the general practice test on this page, without notes, to see how you really do. Write down every topic where you guessed, then match each one to the official content areas in the table above.
Next, read the official CISI workbook one content area at a time. Straight after each area, try the matching practice set while the material is fresh. When you get a question wrong, read the explanation and write the rule in a sentence of your own. Do not just memorise the answer letter.
Give extra time to areas that mix similar-sounding terms, such as tax rules, fund structures and valuation ratios, since the wrong options often use a real term in the wrong place.
In the final stretch, repeat the sets you found hardest and take the general test again under timed conditions. Keep to 50 questions in 60 minutes so the pace feels familiar. Check the booking details, ID requirements and, for remote exams, the technical checks on the CISI site well before test day.
The exam has 50 multiple-choice questions and a time limit of 60 minutes. That works out to a little over a minute per question, so steady pacing matters. Check the official CISI factsheet for the current format before you book.
For the international first sitting the fee is £275, which includes the workbook. A resit costs £155. Fees can differ by location and booking route, so confirm the amount on the CISI price list before paying.
Yes. CISI offers the exam by computer-based testing at a test centre or online with remote invigilation. Remote invigilation is not available to candidates under 18. You must also be registered with CISI before you can book.
There are no formal prerequisites for the exam. You do need to register with CISI, and you must be at least 18 to sit it with remote invigilation. Test centre rules may differ, so check the CISI examination regulations.
MCQ results are available online within 24 working hours and can be viewed through MyCISI. All results stay provisional for 5 working days after the exam date, because CISI may carry out an investigation during that time.
No. The questions on this site are written by us with AI tools to help you practise the topics. They are not real exam questions, and we cannot say what will appear on your paper. Use them alongside the official CISI material.
How we verify: editorial & fact-checking policy. Report an error: contact us.