CIS exemptions: what the syllabus lists

Holding a qualification the Chartered Institute of Stockbrokers lists can excuse you from sitting specific papers. An exemption does not make you an Associate (ACS).

You still sit whatever papers the row leaves, and ACS still requires the experience rule. Both are in the CIS guide. Learn does not award an exemption.

The rows below reflect the exemption table published in the CIS qualification and syllabus (revised 2020), as checked on 31 October 2026. Although hosted on the institute's website, this document reflects the revised 2020 syllabus rather than a newer circular, and candidates must verify their standing directly with the institute.

The published rows divide into distinct categories depending on which papers remain compulsory.

Candidates required to write Level 2 paper 2.4 only

These qualifications grant exemptions from Level 1 papers 1.1, 1.2, 1.3, and 1.4, as well as paper 3.0:

• CFA Charter: Exempts papers 1.1, 1.2, 1.3, 1.4, and 3.0. Level 2 paper 2.4 remains required.
• CIIA: Follows the same pattern, exempting papers 1.1, 1.2, 1.3, 1.4, and 3.0. Level 2 paper 2.4 remains required.

Candidates assessed subject for subject

• CISI Diploma with full membership: Mapped on a subject-for-subject basis. Paper 2.4 is compulsory in all cases.

Candidates required to write Level 2 papers 2.4 and 3.0

These qualifications grant exemptions from all Level 1 papers, leaving papers 2.4 and 3.0 to be completed at Level 2:

• ICAN ACA or FCA: Exempts all Level 1 papers. Still requires Level 2 papers 2.4 and 3.0.
• ACCA or FCCA: Exempts all Level 1 papers. Still requires Level 2 papers 2.4 and 3.0.
• CIBN or UK banking ACIB or FCIB: Exempts all Level 1 papers. Still requires Level 2 papers 2.4 and 3.0.
• MSc in finance, investment, or capital-market studies: Must be from a recognised or CIS-accredited institution. Exempts all Level 1 papers. Still requires Level 2 papers 2.4 and 3.0.
• Accredited undergraduate degree: Specifically, a degree described by the syllabus as accredited for securities or investment options, or finance and investment. Exempts all Level 1 papers. Still requires Level 2 papers 2.4 and 3.0.

Candidates granted single-paper Level 1 exemptions

These academic qualifications grant credit for a single foundation paper. Candidates must still sit the remaining Level 1 papers, as well as Level 2 papers 2.4 and 3.0:

• BSc or HND in Accountancy, Economics, Finance, Business Administration, Banking, Insurance, Mathematics, or Statistics: Must be awarded by a recognised university or polytechnic. Exempts Level 1 paper 1.1 only. All other Level 1 papers, along with Level 2 papers 2.4 and 3.0, remain required.
• MBA: The syllabus table specifies an exemption for Level 1 paper 1 only. It does not grant an exemption from every Level 1 paper. The remaining Level 1 papers and Level 2 papers 2.4 and 3.0 remain required.

Always confirm your specific row and eligibility directly with CIS before submitting your application or planning your study path. Holding a degree with an economics or finance title is not automatically identical to graduating from a CIS-accredited programme or route listed in the official schedule.

If your qualification does not appear above, it is not part of the specific syllabus rows covered in this review. Qualifications such as CIMA or CIPFA, along with other unlisted professional credentials, are not addressed in these entries, and you should inspect the official syllabus or contact CIS directly for individual guidance.