Courses / IAD Level 4 / Investment, Risk & Taxation
CISI Investment Advice Diploma · IAD Level 4
Investment, Risk & Taxation exam preparation.
A personal study timetable from today to your exam date. Each session has a date and names the Concept Videos, Chapter Summaries or questions to do. Choose from four study options, including live teaching.
Concept Video4 min 47 s
Exam at a glance
- Number of questions
- 80 multiple-choice questions, plus up to 10% unscored trial questions
- Time allowed
- 2 hours
- Pass mark
- 56 out of 80
- Syllabus edition
- Edition 17 (syllabus version 17.0)
- Applicable exam dates
- 1 December 2026 to 30 October 2027
Source: CISI, checked 3 November 2026.
Your timetable for Investment, Risk & Taxation.
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Investment, Risk & Taxation
All four options cover this exam. Access lasts 12 months. No VAT is added to our prices.
Online course
£497per exam
- Personal study timetable to your exam date
- Concept Videos, Chapter Summaries, Chapter Revision Questions and Mock Tests
- Progress tracked against the pass mark
- Access for 12 months
Online course with tutor support
£697per exam
- Everything in the online course
- Send your questions to our tutors on WhatsApp
- Help getting back on track if you fall behind your timetable
- Replies within one working day, Monday to Friday
Weekend revision course
£750per person
- Two live days on Zoom, Saturday and Sunday, around your working week
- Includes the online course and your personal study timetable
- Recordings to rewatch for 30 days
- Next dates: contact us for the next available weekend
- Minimum 3 participants
- Free repeat weekend within 6 months if you attend both days and do not pass
Private tutoring
Free callto plan your hours
- We advise how many hours you need, with no obligation
- 10 or 20 hours one-to-one on Zoom, to use within 6 months
- Sessions placed in your timetable, on your weak areas
- Includes the online course and WhatsApp support
Not sure which option suits?We will help you choose. No obligation.
Book a short, free callWhat is in the course
Open any chapter to see everything in the course. Items marked Preview or Try 10 Questions Free can be tried now.
Included in every option
105Concept Videos
8Chapter Summaries
1,015Chapter Revision Questions
10Mock Tests
+ A formula sheet for calculation questions
1Chapter 1Asset Classes191175
- Concept Video 1.1: Cash deposits, interest and money market funds6:25In the course
- Concept Video 1.2: The foreign exchange market5:10In the course
- Concept Video 1.3: Fiat currencies and cryptocurrencies5:10In the course
- Concept Video 1.4: Bond issuers, markets and types of bond5:56In the course
- Concept Video 1.5: Sukuk and Islamic fixed income4:25In the course
- Concept Video 1.6: Green bonds and blue bonds4:46In the course
- Concept Video 1.7: Private credit and peer-to-peer lending4:52In the course
- Concept Video 1.8: Bond risks, real returns and duration5:43In the course
- Concept Video 1.9: Bond yields and holding period return4:52In the course
- Concept Video 1.10: Selecting bonds: strategies, benchmarks and ESG5:39In the course
- Concept Video 1.11: Ordinary and preference shares5:23In the course
- Concept Video 1.12: Private equity strategies4:55In the course
- Concept Video 1.13: Equity risks, listing and trading venues5:12In the course
- Concept Video 1.14: Share dealing, prices, dividends and indices5:27In the course
- Concept Video 1.15: Corporate actions: bonus, split and rights issues4:44In the course
- Concept Video 1.16: Equity valuation ratios5:42In the course
- Concept Video 1.17: Selecting equities and equity funds6:00In the course
- Concept Video 1.18: Property: types, returns, valuation and funds6:15In the course
- Concept Video 1.19: Alternative investments5:45In the course
- Chapter SummaryPDF · preview page 1
- Chapter Revision Questions175 questions · each answer marked and explained
2Chapter 2Fundamental Analysis9175
- Concept Video 2.1: Financial statements, profitability, liquidity, gearing5:50In the course
- Concept Video 2.2: Investors’ ratios, EBITDA, WACC, EV and free cash flow5:52In the course
- Concept Video 2.3: Economic cycles, bubbles, shocks and forecasting4:50In the course
- Concept Video 2.4: Key economic and business indicators5:02In the course
- Concept Video 2.5: Long-term global trends4:52In the course
- Concept Video 2.6: Fiscal and monetary policy4:29In the course
- Concept Video 2.7: Money supply and its effects4:45In the course
- Concept Video 2.8: Balance of payments and international trade4:53In the course
- Concept Video 2.9: Primary and secondary markets4:25In the course
- Chapter SummaryPDF · preview page 1
- Chapter Revision Questions75 questions · each answer marked and explained
3Chapter 3Principles of Investment Risk and Return121113
- Concept Video 3.1: Compounding, present values, annuities, perpetuities5:11In the course
- Concept Video 3.2: Nominal, real and total returns4:41In the course
- Concept Video 3.3: Risk premium and the main types of risk5:03In the course
- Concept Video 3.4: Concentration, diversification, timing and ESG risk4:32In the course
- Concept Video 3.5: Holding period, relative and risk-adjusted returns5:00In the course
- Concept Video 3.6: EMH, CAPM, APT and multi-factor models5:23In the course
- Concept Video 3.7: Behavioural finance: biases, theories and investor types4:36In the course
- Concept Video 3.8: Consumer attitudes to protection and the protection gap3:49In the course
- Concept Video 3.9: Protection products and life events3:54In the course
- Concept Video 3.10: Capital and income needs in real terms4:46In the course
- Concept Video 3.11: Data, sampling, presentation and averages4:48In the course
- Concept Video 3.12: Dispersion, correlation and regression5:07In the course
- Chapter SummaryPDF · preview page 1
- Chapter Revision Questions113 questions · each answer marked and explained
4Chapter 4Taxation of Investors and Investments201200
- Concept Video: Dividend tax when dividends cross into the higher rate4:47 · preview the first minute
- Concept Video 4.1: Income tax for individuals: bands and allowances6:04In the course
- Concept Video 4.2: Income tax on trusts and charities5:39In the course
- Concept Video 4.3: Tax on savings, dividend and rental income5:35In the course
- Concept Video 4.4: Income tax on collective investments and REITs5:05In the course
- Concept Video 4.5: National Insurance contributions5:18In the course
- Concept Video 4.6: CGT: disposals and chargeable assets4:49In the course
- Concept Video 4.7: CGT: rates, exemptions, losses and trusts4:48In the course
- Concept Video 4.8: IHT: transfers, nil rate bands and rates5:24In the course
- Concept Video 4.9: IHT: exemptions, reliefs, reservation, valuation5:15In the course
- Concept Video 4.10: Intestacy and estate administration4:34In the course
- Concept Video 4.11: Residence, domicile and the FIG regime5:26In the course
- Concept Video 4.12: Double tax treaties and withholding tax4:42In the course
- Concept Video 4.13: Stamp duty, SDRT and SDLT4:58In the course
- Concept Video 4.14: Value added tax4:44In the course
- Concept Video 4.15: Corporation tax5:02In the course
- Concept Video 4.16: Tax compliance and international disclosure4:51In the course
- Concept Video 4.17: Investment and pension tax planning4:56In the course
- Concept Video 4.18: Inheritance tax planning4:56In the course
- Concept Video 4.19: Common tax computations5:45In the course
- Chapter SummaryPDF · preview page 1
- Chapter Revision Questions200 questions · each answer marked and explained
5Chapter 5Investment Products181163
- Concept Video 5.1: Collective funds: types, structures and tax6:06In the course
- Concept Video 5.2: Collective funds versus direct investment4:57In the course
- Concept Video 5.3: ETFs and ETCs: structure, replication and tax4:48In the course
- Concept Video 5.4: ETFs and ETCs: risks, costs and regulation5:16In the course
- Concept Video 5.5: Closed-ended funds and investment trusts5:05In the course
- Concept Video 5.6: ISAs, Junior ISAs and Child Trust Funds5:38In the course
- Concept Video 5.7: National Savings & Investments3:28In the course
- Concept Video 5.8: Investment bonds and their tax treatment5:46In the course
- Concept Video 5.9: Protection policies: term, whole-of-life, endowment4:29In the course
- Concept Video 5.10: Private equity funds4:09In the course
- Concept Video 5.11: VCTs, EISs and SEISs5:32In the course
- Concept Video 5.12: Futures, forwards, warrants and CFDs4:56In the course
- Concept Video 5.13: Options5:00In the course
- Concept Video 5.14: Hedge funds4:45In the course
- Concept Video 5.15: Absolute return funds4:31In the course
- Concept Video 5.16: Structured products5:11In the course
- Concept Video 5.17: Pension schemes, annuities and investment5:31In the course
- Concept Video 5.18: Pension tax relief, allowances and access5:48In the course
- Chapter SummaryPDF · preview page 1
- Chapter Revision Questions163 questions · each answer marked and explained
6Chapter 6Portfolio Construction and Planning7163
- Concept Video 6.1: Asset allocation, modelling, SAA and TAA5:24In the course
- Concept Video 6.2: Applying investment theory to portfolio construction4:57In the course
- Concept Video 6.3: Basic ways to diversify a portfolio4:17In the course
- Concept Video 6.4: Combining asset classes: correlation and history5:46In the course
- Concept Video 6.5: Active and passive management and investment styles4:47In the course
- Concept Video 6.6: Charges, reduction in yield and cost disclosure5:03In the course
- Concept Video 6.7: Selecting investment product providers3:50In the course
- Chapter SummaryPDF · preview page 1
- Chapter Revision Questions63 questions · each answer marked and explained
7Chapter 7The Process of Giving Investment Advice161163
- Concept Video 7.1: Risk profiling, capacity for loss and shortfall risk5:30In the course
- Concept Video 7.2: Selecting suitable product solutions4:30In the course
- Concept Video 7.3: Suitability rules, Principles and Consumer Duty5:19In the course
- Concept Video 7.4: Appropriateness, IPS, affordability and providers4:56In the course
- Concept Video 7.5: ESG, SRI, ethical and impact investing5:22In the course
- Concept Video 7.6: Greenwashing, regulation and portfolio restrictions4:36In the course
- Concept Video 7.7: Faith values and Islamic finance4:44In the course
- Concept Video 7.8: Investing for charities5:26In the course
- Concept Video 7.9: Repaying a mortgage or debt versus investing4:32In the course
- Concept Video 7.10: Planning strategy, the financial plan and reviews4:22In the course
- Concept Video 7.11: Investor circumstances and allocation approaches4:36In the course
- Concept Video 7.12: Rebalancing, turnover and fees4:53In the course
- Concept Video 7.13: Presenting recommendations and checking understanding4:30In the course
- Concept Video 7.14: Consumer rights, cooling-off, the FOS and FCA rules5:04In the course
- Concept Video 7.15: Benchmark properties and choice4:39In the course
- Concept Video 7.16: Peer, custom, after-tax and alternative benchmarks4:48In the course
- Chapter SummaryPDF · preview page 1
- Chapter Revision Questions163 questions · each answer marked and explained
8Chapter 8Portfolio Performance and Review5163
- Concept Video 8.1: Benchmarks, performance evaluation and GIPS6:00In the course
- Concept Video 8.2: Return definitions, risk measures and ratios5:05In the course
- Concept Video 8.3: Allocation, currency and time-weighted returns5:45In the course
- Concept Video 8.4: Review frequency and triggers for review4:37In the course
- Concept Video 8.5: Rebalancing, benchmark review and the review process4:18In the course
- Chapter SummaryPDF · preview page 1
- Chapter Revision Questions63 questions · each answer marked and explained
Exam practiceMock Tests10
Mock Test 2In the course
Mock Test 3In the course
Mock Test 4In the course
Mock Test 5In the course
Mock Test 6In the course
Mock Test 7In the course
Mock Test 8In the course
Mock Test 9In the course
Mock Test 10In the course
Try the first 10 questions of Mock Test 1 free, with 15 minutes on the clock.
ExtraFormula Sheet
- Formula SheetPDFIn the course
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