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Chartered Insurance Institute
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Key facts


Key facts for the Certificate in Investment Operations

Ofqual Regulated Qualification Framework (RQF) Level Level 3
Number of available units 4 Certificate units and 1 Diploma unit
Compulsory units 2 units
• (R01) Financial services, regulation and ethics; or
• (CF1) UK financial services, regulation and ethics; and
• (FA4) Collective investment scheme administration; or
• (FA5) Individual savings account administration; or
• (FA6) Investment client servicing
CII credits required to complete (existing credits carried forward) 25
CII credits per unit

• R01- 20 credits
• CF1- 15 credits
• FA4-FA6 - 10 credits

Combination of units at any level allowed Yes
At Certificate and Diploma level
(subject to completion requirements)
Exam format

R01/CF1
• Online, 2 hours
• 100 multiple choice questions (MCQs)
FA4-FA6
• Online, 1 hour
• 50 MCQs

Average study time per unit • R01/CF1 - 60 hours
• FA4-FA6 - 70 hours
Availability of exam sessions (Details shown apply to the UK. Outside of the UK exams are offered twice-yearly) Year-round
Availability varies from centre to centre, but typically weekly
Entry requirements? None
Credits available for prior learning? Yes
Record of Achievement issued for each exam pass? Yes
CII/PFS membership designation n/a