The FISD Financial Information Associate (FIA) exam is for anyone who works in the financial information industry. That includes market data and reference data teams, data vendors, and the technology groups that support them. This page covers the exam format, fees and retake rules from the FISD site. It also matches our free practice sets to the official content areas and explains sample questions in full.
The FIA has 150 questions and takes about 160 minutes[1] (FISD, verified Oct 25, 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 | 150 multiple-choice and multiple-selection questions[1] | FISD · Oct 25, 2026 |
| Time limit | 160 minutes (2 h 40 min)[1] | FISD · Oct 25, 2026 |
| Passing score | 75%, not rounded[1] | FISD · Oct 25, 2026 |
| Exam fee (Exam + eBook) | $600 per candidate (exam + FISD FIA eBook)[1] | FISD · Oct 25, 2026 |
| Exam fee (Exam + eTraining + eBook (members)) | $1,040 for FISD members (with Finance Modules eTraining)[1] | FISD · Oct 25, 2026 |
| Exam fee (Exam + eTraining + eBook (non-members)) | $1,140 for non-members (with Finance Modules eTraining)[1] | FISD · Oct 25, 2026 |
| Retake fee | $150 for non-members; free for members[1] | FISD · Oct 25, 2026 |
| Retake policy | Unlimited retakes, no waiting period[1] | FISD · Oct 25, 2026 |
| Validity | Results never expire[1] | FISD · Oct 25, 2026 |
| Renewal | No recertification required[1] | FISD · Oct 25, 2026 |
| Delivery | Online at home, any computer, any time; no test centers[1] | FISD · Oct 25, 2026 |
| Eligibility | Anyone working in the financial information industry[1] | FISD · Oct 25, 2026 |
| Score release | Immediately on screen after submitting[1] | FISD · Oct 25, 2026 |
| Testing window | On demand; no advance registration[1] | FISD · Oct 25, 2026 |
According to FISD, “You must score at least 75% on the exam to pass. Scores are not rounded.”[1]
FISD's Financial Information Associate (FIA) certification is meant for anyone who works in the financial information industry. That includes people who handle market data, reference data, data licensing, vendor relationships or the systems that move financial information. The exam checks that you understand how the markets, the data and the technology behind them fit together.
You take the exam online at home, on any computer, at any time. There are no test centers and no advance registration, so you start when you are ready. You get 150 multiple-choice and multiple-selection questions and up to 160 minutes (2 hours and 40 minutes) to finish. You need at least 75% to pass. Scores are not rounded, so a score just under 75% is not a pass. Your result appears on screen as soon as you submit. Results never expire, scores are not published, and you never need to recertify.
The fee depends on the package. The exam plus the FISD FIA eBook costs $600. The exam with Finance Modules eTraining and the eBook costs $1,040 for FISD members and $1,140 for non-members. You can retake the exam as many times as you need, with no waiting period. Retakes cost $150 for non-members and are free for members. Prices and policies can change, so check the FISD FIA page at fisd.net before you buy.
The content areas below are copied from the official FIA content outline published by FISD, with the share of the exam each area carries. The right-hand column shows which of our practice sets covers it.
| Official content area | Weight | Practice on this site |
|---|---|---|
| The Markets[1] | 30% | FIA Global Financial Markets Practise how equities, fixed income, derivatives, currencies and commodities trade, and who the main market participants are. |
| Data[1] | 30% | FIA Financial Data Analysis & Reporting Practise the types of financial data, such as prices, reference data and corporate actions, and how that data is sourced, checked and reported. |
| Technology[1] | 30% | FIA Financial Technology & Systems Practise how market data moves from sources to users, including feeds, distribution platforms, storage and security controls. |
| Issues & Trends[1] | 10% | FIA Regulatory Compliance & Ethics Practise the regulatory and compliance topics that shape how financial information is used, and read current FISD material on industry changes. |
Prepare for the FIA - Financial Information Associate Certification 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: Under the USA PATRIOT Act, financial institutions must implement a Customer Identification Program (CIP) to verify the identity of customers when:
Answer: B. Opening a new account for an individual or entity
Explanation:
B is correct. The Customer Identification Program rule ties identity checks to opening an account. When a new account is opened for an individual or an entity, the institution must collect identifying details and verify them. A is wrong because a wire transfer over $3,000 falls under separate recordkeeping rules, not the CIP. C describes suspicious activity monitoring. That happens after the relationship already exists and can lead to a report, but it is not what triggers the CIP. D is wrong because the CIP does not require existing customers to be verified again each year. Ongoing due diligence is a separate obligation. Rule to remember: the CIP is about confirming who the customer is when the account is opened.
Question: What role does continuous improvement play in derivatives & risk products for FIA certified professionals?
Answer: B. It drives ongoing enhancement of practices, processes, and outcomes through systematic evaluation
Explanation:
B is correct. Continuous improvement means regularly reviewing how work is done, measuring the results, using feedback, and changing processes so practice keeps getting better. In derivatives and risk work, that could mean reviewing valuation inputs, data controls or risk reports after each cycle. A is wrong because it treats improvement as a box to tick at renewal. Good practice does not wait for a deadline, and the FISD FIA does not require recertification anyway. C is wrong because continuous improvement applies to everyone, not only professionals in their first year. D is wrong because cost is only part of the picture. Quality, accuracy and control matter too. Rule to remember: answer options that limit a good practice to a narrow time, group or goal are usually distractors.
Question: What is cybersecurity’s role in financial systems?
Answer: B. Protect data and systems
Explanation:
B is correct. Cybersecurity in financial systems protects data and the systems that process it: customer records, transactions, market data feeds and the infrastructure behind them. Its goals are usually summed up as confidentiality, integrity and availability. A is wrong because marketing is a business function, not a security goal. C is wrong because security does not reduce financial reporting. Reporting actually depends on secure, accurate data. D is wrong because good security aims to protect operations without adding needless manual work, and automation is often part of the controls. Rule to remember: when a question asks what a control function is for, pick the option about protecting assets and reject options about unrelated business outcomes.
Take the FIA practice test without notes to get a baseline. Sort the questions you miss into the FISD content areas: The Markets, Data, Technology, and Issues & Trends.
Read the FISD FIA eBook sections for your weakest area. Then work through the matching topic sets, such as Financial Data Analysis & Reporting or Financial Technology & Systems. For every wrong answer, write a short note on why the correct option is right and why yours was wrong.
Keep in mind that we wrote our sets with AI tools. They cover a wider range of finance topics than the FISD outline, and they are not real exam questions. The FISD eBook is the authority on what the exam covers.
The exam plus the FISD FIA eBook costs $600 per candidate. If you also want the Finance Modules eTraining, the exam, eTraining and eBook package costs $1,040 for FISD members and $1,140 for non-members. Retakes cost $150 for non-members and are free for members. Check current prices on the FISD FIA page before you buy.
You need at least 75% to pass, and FISD does not round scores. A score just below 75% is not a pass. Your result appears on your screen as soon as you submit your answers, so you know right away. FISD does not publish scores.
The exam has 150 multiple-choice and multiple-selection questions. You can take up to 160 minutes (2 hours and 40 minutes) to finish. Multiple-selection questions can have more than one correct answer, so read each option carefully and practise pacing before test day.
No. The FIA exam is taken online at home on any computer, and there are no test centers. FISD says you can take it whenever you want, with no advance registration. Choose a quiet time with a reliable internet connection.
Yes. Retakes are unlimited and there is no waiting period between attempts. Each retake costs $150 for non-members and is free for FISD members. Before you try again, review the content areas where you lost marks so the next attempt goes better.
No. FISD says no recertification is required and results never expire. Once you pass, you do not need to renew the FIA or pay renewal fees. Scores are not published, so only you see your exact result.
How we verify: editorial & fact-checking policy. Report an error: contact us.