What you learn
The ACI Diploma Exam is designed to provide candidates with a deep, rounded understanding of the foreign exchange and money markets, their related instruments, environment and applications, and the linkages that exist between those markets and the practice of risk management.
Who will benefit from taking it
The ACI Diploma is a more advanced qualification to the Certificates. It tests a person’s knowledge of the topics covered in the Certificates at a deeper level and is ideal for people with five to fifteen years of industry experience – often individuals starting to move up within their organisation into team leader and managerial roles.
There is no obligation or condition for a candidate to have taken one or more of the Certificate level exams before studying for the ACI Diploma. However it is recommended as the ACI Diploma assumes candidates have the core knowledge that is covered in the syllabuses of the Certificate exams.
The syllabus for the ACI Diploma is split into the same five sections as in the ACI Dealing Certificate and ACI Operations Certificate, namely:
– Financial Markets Environment
– Foreign Exchange
– Rates (Money and Interest Rate Markets)
– FICC (Fixed Income, Currency and Commodities) Derivatives
– Financial Markets Applications
The principle of each section similarly remains the same (i.e. to provide a broader context, to understand the specifics of each suite of financial instruments, and to consider how these instruments are used in the real world).
The only difference is the depth and breadth with which each topic is explored.
The full detailed syllabus, together with the exam format and structure, may be found here.
Exam Format & Structure
The examination lasts THREE HOURS and comprises 100 MULTI-CHOICE QUESTIONS. Each question has four possible answers.
Overall Pass grades are as follows:
70% Pass with Merit
80%+ Pass with Distinction
To pass candidates must also achieve a MINIMUM 50% in each of the five exam sections.
The Exam Sections and the number of questions per section are:
10 Financial Markets Environment (all Theory)
16 Foreign Exchange (9 Theory / 7 Calculation)
26 Rates (15 Theory / 11 Calculation)
38 FICC Derivatives (22 Theory / 16 Calculation)
10 Financial Markets Applications (all Theory)
Some questions will require the use of a calculator. A basic one will be provided on the computer screen. Candidates may also use a personal calculator provided it is neither text programmable nor capable of displaying graphics with a size more than two lines.
A more detailed guide to the usage of calculators in ACI Exams is provided here.
Exam Formula Sheet
The Formula Sheet for this and all ACI exams may be found here.
Exam Sample Questions
Sample questions for the ACI Diploma may be found here.
Exam Period of Validity
There is no finite period of validity for the ACI Diploma.
It is a significant achievement for a candidate to successfully pass the ACI Diploma and in recognition of this ACIFMA grants any candidate that achieves this feat the right to use the designation ACICMP – ACI Certified Market Professional.