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Investment and risk

CF2 (20 Certificate credits)

The objective of this unit is to develop an understanding and knowledge of investment products and the risks involved.

This unit is being withdrawn in August 2015

Please note, this unit is being withdrawn and will be examined for the final time in August 2015. The Certificate in Financial Planning and units CF4 and CF5 are also being withdrawn.

This follows a significant drop in demand since advisers' minimum qualification level was raised from QCF Level 3 to Level 4. Access our FAQs  for further information.

Important note regarding learning materials

Study material based on the 14/15 tax year and exam syllabus is applicable to exams taken until 31 August 2015.

 

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Learning materials

Study options – printed book

Members
£54.00
Non-members
£67.00
Study text with updates- 14/15 edition

This is a self-study course applicable to exams sat from 1 Sep 2014-31 Aug 2015. It consists of a study text, with electronic updates which will automatically be made available for the examination period to which they relate (further details are included on the title page of the study text).

Developed to assist you in understanding and learning the exam syllabus, the text breaks down the syllabus into concise sections, with each chapter containing clearly defined learning outcomes and a series of self-test questions.

RevisionMate

Additionally, you will have access to an unrivalled suite of online services to support your studies through our RevisionMate study tool. Please note: Access is granted until 31 Aug 2015 when this study text enrolment expires.
 
Support typically include a study planner, a  knowledge check (multiple choice test) facility covering each chapter, student  discussion forums, the latest examination guide and hints and tips on how to pass the exam. Full details will be provided with your study text.

Study text with updates- 14/15 edition

This is a self-study course applicable to exams sat from 1 Sep 2014-31 Aug 2015. It consists of a study text, with electronic updates which will automatically be made available for the examination period to which they relate (further details are included on the title page of the study text).

Developed to assist you in understanding and learning the exam syllabus, the text breaks down the syllabus into concise sections, with each chapter containing clearly defined learning outcomes and a series of self-test questions.

RevisionMate

Additionally, you will have access to an unrivalled suite of online services to support your studies through our RevisionMate study tool. Please note: Access is granted until 31 Aug 2015 when this study text enrolment expires.
 
Support typically include a study planner, a  knowledge check (multiple choice test) facility covering each chapter, student  discussion forums, the latest examination guide and hints and tips on how to pass the exam. Full details will be provided with your study text.

Members
£36.00
Non-members
£43.00
Update your study text to the next edition

As the study text is a valuable reference tool in your day-to-day job, for current study text enrolees, we offer an option to receive the next edition of the study text together with electronic updates. This option is renewable on an annual basis and you will be sent a letter inviting you to update your material. Editions run from 01 September - 31 August.

Update your study text to the next edition

As the study text is a valuable reference tool in your day-to-day job, for current study text enrolees, we offer an option to receive the next edition of the study text together with electronic updates. This option is renewable on an annual basis and you will be sent a letter inviting you to update your material. Editions run from 01 September - 31 August.

Study options – ebook (not refundable once downloaded)

Members
£36.00
Non-members
£43.00
Update your ebook study text to the next edition

As the study text is a valuable reference tool in your day-to-day job, we offer an option to receive the next edition of the ebook study text together with electronic updates. You will automatically be sent an invitation to update your material. Editions run from 01 September - 31 August.

Update your ebook study text to the next edition

As the study text is a valuable reference tool in your day-to-day job, we offer an option to receive the next edition of the ebook study text together with electronic updates. You will automatically be sent an invitation to update your material. Editions run from 01 September - 31 August.

Members
£54.00
Non-members
£67.00
ebook study text with updates - 14/15 edition

This is a self-study course applicable to exams sat from 1 Sep 2014-31 Aug 2015. It consists of a digital ebook study text, with electronic updates which will be made available for the examination period to which they relate (further details are included on the title page of the study text).

Developed to assist you in understanding and learning the exam syllabus, the text breaks down the syllabus into concise sections, with each chapter containing clearly defined learning outcomes and a series of self-test questions.

RevisionMate
ebooks are delivered via RevisionMate, the CII's online study tool, where you will also have access to an unrivalled suite of online services to support your studies. Please note: Access to this support is granted until 31 Aug 2015 when this study text enrolment expires.

Support typically includes a study planner, key points and a knowledge check (multiple choice test) facility covering each chapter, student discussion forums, the latest examination guide and hints and tips on how to pass the exam.

ebooks
ebooks are compatible with most portable electronic devices including Android and Windows tablets/smart phones, Kindles and iPads/iPhones. They can also be viewed on desktop and laptop computers using appropriate EPUB/Kindle reader software (required).

Please note:
• ebooks are not pdf files and cannot be printed.
• the reading experience will depend on the portable device used or the reading software installed, if viewed on a computer.

An ebook provides the same benefits as the the printed study text, with the same enrolment period, updates to content and access to RevisionMate. The cost (incl.VAT) is the same as the equivalent printed study text.

Additional benefits include:
• Portability - study on the move and when using a printed study text isn't practical
• Reduced paper use - paperless study reduces your impact on the environment
• No postage fee - ebooks are delivered electronically through RevisionMate
• Fast delivery - we aim for same day delivery for orders before midday Monday to Friday(customers receive an email to confirm their ebook is ready to download).

Depending on the device used, ebook features can include:
• Annotation tools - these include the ability to add notes to pages and highlight key points
• Easy navigation - interactive contents page and search function help you pinpoint content
• Quick web link access - related articles and resources can be accessed with a single click
• In-built dictionary - definitions for unfamiliar words
• Read-aloud - available on supporting devices, allowing increased accessibility.

Find out more
• Free sample chapters
• ebooks FAQs and unit availability

Non-EU candidates should note: if buying this option from outside the EU, you will be charged a fee without VAT. The price you will see throughout the web checkout process will be inclusive of VAT, however if you are outside the EU, your card will be charged the 'ex VAT' price and this will be reflected in the receipt you receive when payment is complete.

ebook study text with updates - 14/15 edition

This is a self-study course applicable to exams sat from 1 Sep 2014-31 Aug 2015. It consists of a digital ebook study text, with electronic updates which will be made available for the examination period to which they relate (further details are included on the title page of the study text).

Developed to assist you in understanding and learning the exam syllabus, the text breaks down the syllabus into concise sections, with each chapter containing clearly defined learning outcomes and a series of self-test questions.

RevisionMate
ebooks are delivered via RevisionMate, the CII's online study tool, where you will also have access to an unrivalled suite of online services to support your studies. Please note: Access to this support is granted until 31 Aug 2015 when this study text enrolment expires.

Support typically includes a study planner, key points and a knowledge check (multiple choice test) facility covering each chapter, student discussion forums, the latest examination guide and hints and tips on how to pass the exam.

ebooks
ebooks are compatible with most portable electronic devices including Android and Windows tablets/smart phones, Kindles and iPads/iPhones. They can also be viewed on desktop and laptop computers using appropriate EPUB/Kindle reader software (required).

Please note:
• ebooks are not pdf files and cannot be printed.
• the reading experience will depend on the portable device used or the reading software installed, if viewed on a computer.

An ebook provides the same benefits as the the printed study text, with the same enrolment period, updates to content and access to RevisionMate. The cost (incl.VAT) is the same as the equivalent printed study text.

Additional benefits include:
• Portability - study on the move and when using a printed study text isn't practical
• Reduced paper use - paperless study reduces your impact on the environment
• No postage fee - ebooks are delivered electronically through RevisionMate
• Fast delivery - we aim for same day delivery for orders before midday Monday to Friday(customers receive an email to confirm their ebook is ready to download).

Depending on the device used, ebook features can include:
• Annotation tools - these include the ability to add notes to pages and highlight key points
• Easy navigation - interactive contents page and search function help you pinpoint content
• Quick web link access - related articles and resources can be accessed with a single click
• In-built dictionary - definitions for unfamiliar words
• Read-aloud - available on supporting devices, allowing increased accessibility.

Find out more
• Free sample chapters
• ebooks FAQs and unit availability

Non-EU candidates should note: if buying this option from outside the EU, you will be charged a fee without VAT. The price you will see throughout the web checkout process will be inclusive of VAT, however if you are outside the EU, your card will be charged the 'ex VAT' price and this will be reflected in the receipt you receive when payment is complete.

Revision aids

Members
£12.00
Non-members
£13.00
CF2 Examination Guide for exams from 1 September 2013 - 31 August 2014

Multiple choice question Examination guides consist of a specimen examination, answers and useful hints on how to prepare for the examination.

Multiple choice question Examination guides are updated annually to take into account syllabus and legislative changes.

Important note:The content of the latest Examination guide is included FREE within the RevisionMate online study tool, provided with a study text purchase for this unit. When separately purchased, Examination guides are supplied as PDF files for you to print off as and when required for your own use.

CF2 Examination Guide for exams from 1 September 2013 - 31 August 2014

Multiple choice question Examination guides consist of a specimen examination, answers and useful hints on how to prepare for the examination.

Multiple choice question Examination guides are updated annually to take into account syllabus and legislative changes.

Important note:The content of the latest Examination guide is included FREE within the RevisionMate online study tool, provided with a study text purchase for this unit. When separately purchased, Examination guides are supplied as PDF files for you to print off as and when required for your own use.

Members
£12.00
Non-members
£13.00
CF2 Examination Guide for exams from 1 September 2014 - 31 August 2015

Multiple choice question Examination guides consist of a specimen examination, answers and useful hints on how to prepare for the examination.

Multiple choice question Examination guides are updated annually to take into account syllabus and legislative changes.

Important note:The content of the latest Examination guide is included FREE within the RevisionMate online study tool, provided with a study text purchase for this unit. When separately purchased, Examination guides are supplied as PDF files for you to print off as and when required for your own use.

CF2 Examination Guide for exams from 1 September 2014 - 31 August 2015

Multiple choice question Examination guides consist of a specimen examination, answers and useful hints on how to prepare for the examination.

Multiple choice question Examination guides are updated annually to take into account syllabus and legislative changes.

Important note:The content of the latest Examination guide is included FREE within the RevisionMate online study tool, provided with a study text purchase for this unit. When separately purchased, Examination guides are supplied as PDF files for you to print off as and when required for your own use.

Revision courses

Members
£215.00
Non-members
£255.00
Revision day
 
Select course & date

Revision day

Revision day

CII revision courses provide expert tutor support ahead of the exam and are designed to improve your chances of passing.

Single day revision courses are structured to cover key elements of the syllabus and give suggestions for effective revision and exam technique.

They enable you to:

  • Explore the syllabus in detail
  • Clarify areas of concern in the syllabus
  • Discover what the examiner is looking for
  • Discuss common mistakes and how to avoid them
  • Learn useful revision and exam techniques.

Learn more about CII face-to-face training venues »

Exam entry

Members
£103.00
Non-members
£110.00
Unit CF2 exam
 

Certificate in Financial Planning units

Exam guide update

The CF2 Examination Guide for exams from 1 September 2013 to 31 August 2014 was first published in June 2013. Any questions which have been amended since the examination guide was first published will appear below.

 

Pdf icon small Question 59 amended 31.03.14

Learning solutions update

These updates are Learning Solutions updates for study purposes.

Please note that for Financial Planning examinations, the tax year 14/15 will be examined from 1 September 2014.

2014-15 edition

Pdf icon small CF2 2014 edition changes

2013-14 edition

Pdf icon small CF2_2013-14_Web_update_01_05-02-14

Pdf icon small CF2_2013_edition_changes

View the latest information on:

Pdf icon small Tax tables 14-15

Pdf icon small Tax tables 13-14

Pdf icon small Study text current editions

Qualification update

Testing Position

  • Examinations are based on the published syllabus. Syllabuses are available free of charge on the CII website www.cii.co.uk or on request.
  • Candidates will be examined on the basis of English law and practice unless otherwise stated. It should be assumed that all individuals are domiciled and resident in the UK unless otherwise stated.
  • The CF2 examination consists of 100 multiple choice questions (MCQs). 2 hours are allowed for this examination.
  • The general rule is that the new tax year and changes arising from the Finance Act will be examined from 1 September each year. Other changes, not related to the Finance Act, will not be examined earlier than 3 months after they come into effect.
  • Candidates must keep up to date with legislative and industry changes that occur.

Tax year

  • The tax year 2013/2014 will be examined from 1 September 2013 until 31 August 2014.
  • The tax year 2014/2015 will be examined from 1 September 2014 until 31 August 2015.

2014 Budget Announcement

  • ISAs: the rates applicable to the tax year 2013/2014 will continue to be tested until 31 August 2014.  From 1 September 2014, examination questions will test the New ISAs (NISAs) limit.
  • Pensions: the changes effective from 27 March 2014 will be tested from 1 September 2014.  While candidates should have an overall awareness of the pensions changes proposed in the budget for April 2015 these are still under consultation and will not be tested in any detail until September 2015.

Markets in Financial Instruments Directive (MIFID)

  • Where the Financial Services Authority has different rules for certain types of business, candidates should assume the non-MiFID position, i.e. a firm is authorised and transacting business in the United Kingdom, unless otherwise stated.

Financial Services Authority:

As of 1 April 2013, the Financial Services Authority became two separate regulatory bodies: the Financial Conduct Authority and the Prudential Regulation Authority.  Examinations will be reflective of this change from 1 September 2013.

 

Assessment information

It is important that candidates entering for a CII assessment familiarise themselves with our service, in particular the rules and procedures that are in place.