Tips on how to pass the CISI’s Portfolio Construction Theory exam

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Congratulations! If you’re reading this it’s highly likely that you’ve successfully passed your CISI Level 7 Financial Markets exam (no mean feat!) and you’re now onto the next step to becoming a CISI Chartered Wealth Manager.

To complement your diligent revision (the CISI advises 200 hours), here are some tips to help you deal with the three different sections within the CWM Portfolio Construction Theory (PCT) narrative exam.

 

Exam Section A – 20 multi-choice questions

Allow yourself 35 – 40 minutes for Section A and try not to go too much over this. You are definitely going to get caught in this part of the exam if you don’t have a good knowledge of all major syllabus topics. Watch out for a few other points though.

 

Firstly, the examiner often uses negatives in the question stem and / or the distractors. You must read all parts of each question and in many instances, read them again to make sure you know exactly what the examiner is asking. He will frequently offer a distractor that is very close to the correct answer, so your mind may start to feel unsure even when your knowledge is good. Don’t let this put you off. Keep working through the questions you can definitely answer and afterwards go back to those where you are unsure about when you have ‘bought’ yourself a bit of time.

 

Secondly, you will need to be aware that with many of the key investment models and theories, you should read widely to understand their origins and the rationale behind their development. Candidates have historically been put off by the way the examiner has presented these models only to find out later that they had a reasonable knowledge and could have made a better attempt at the question set.

 

The examiner will also throw in a calculation or two in this section which may take some time to work out. Keep an eye on time here remembering you will only get one mark for each correct question. If it is getting too much, move on and perhaps go back to it later.

 

Exam Section B – short answer questions

I personally like Section B. It gives candidates an opportunity to demonstrate their understanding, often requiring them to appraise a situation either with good literal skills or by way of some key calculations.

 

Again the subject matter is varied so you can achieve a high score with a good knowledge of the syllabus and some practical application. With 40 marks on offer, it is a section worth paying attention to and candidates who score highly in Section B, will often do well overall.

 

My advice is to firstly make sure you can deal with a range of situations relating to key investment theory and risk management. As well as reading extensively, you will also need to work through exam papers as soon as possible and start getting used to the different ways in which questions are presented.

 

At one extreme, they can be very short and to the point. At the other, they can run alongside some quite complex information such as a graph or a table that you have to quickly decipher and analyse in order to provide a satisfactory answer. The information provided may seem horrendously complex but invariably with these questions, the examiner is asking you to “look through” the details to bring out some fairly easy to understand points relating to the syllabus.

Finally, wherever you are asked to calculate something, make sure all workings are shown.

 

Exam Section C – choice two out of three scenarios

This can be a tough section with the time allowed in the exam. If you have kept disciplined with the other parts of the paper, you should be able to make a reasonable stab at section C but I often get feedback from students who have answered the exam in section order (you don’t have to do this – you can attempt the sections in any order you like) saying that they just did not have enough time to do justice to themselves.

 

The three scenarios given obviously provide candidates with a choice. This is where the first alarm bells go off for me. They pick the subjects they favour most rather than the questions that are likely to give them the best marks as quickly as possible.

 

For instance, assuming you have a reasonable knowledge of all topics, you would probably be better off with a question broken down into sub sections of a few marks each using the wording of the questions as the signposts for where you are likely to pick marks up. Even if you are very well versed on a topic, you may struggle to quickly establish exactly what the examiner wants for 20 marks if you are set an essay using a single short sentence.

 

Many questions in section C present some quite detailed scenarios asking for a commentary on either establishing a portfolio/fund or, managing an existing one, making any recommended changes along the way. Use all of the information you are given to build the template for your commentary. For example:

 

  • What are the objectives of the fund?
  • What types and level of risk have been established?
  • Are there any particular constraints relating to the type(s) of investor(s), timescale, tax status etc?

 

Some sensible planning and structure in your commentary can start to pick up a healthy quota of marks even if to you, they may seem obvious.

 

Remember, the examiner doesn’t know you, so tell him everything you feel is relevant, including the basic stuff. Again, working through past exams and examiner reports will often give you a feel for what the examiner expects of you in terms of depth of knowledge, understanding and application.

 

To summarise, your studies should concentrate as soon as possible on both learning the syllabus in detail alongside practise on exam technique. Get used to the examiner’s requirements and idiosyncrasies so that come exam day, you know exactly how much time and effort you devote to each very different section.

 

Choose tutor-led training with Glascow

As a CISI Premier ATP, we will guide students to craft top-scoring answers. This is a core focus of our Level 7 Portfolio Construction Theory training course.

 

Engaging tutor-led Zoom workshops form the cornerstone of our training approach, fostering an environment where all questions are welcomed. Active discussions of real-world scenarios and past papers help to firm up exam technique and key understanding. We limit the class size to 12 students too. This high quality learning experience is essential, we feel, to perform well in the advanced CISI qualification exams.

 

Next Steps

Improve your probability of a first time pass with small group training from Glascow Consulting. Our comprehensive CWM Portfolio Construction Theory course runs twice annually in the lead up to the CISI exam sittings. They include four, two-day workshops, online materials, email tutor support, 1:1 support as needed and two mock exams.

 

A two day revision course is also available twice annually for students who prefer independent learning but require some support with exam technique.

 

Secure your place on one of the upcoming CWM Portfolio Construction Theory courses today or call / email for more details.

 

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  • Bruce Turkington

    Cris and Kathryn couldn’t have been more helpful when trying to fit studying around a busy lifestyle. I found the courses engaging and very enjoyable. Cris has a knack of making tricky parts of the syllabus easy to understand.

  • Bertie GrossartTrainee Investment Manager. August 2023

    I was very fortunate to have Cris Glascow’s support through the CISI Chartered Wealth Manager qualification. Cris really is an expert in his field and has an extremely deep understanding of the subject matter. No questions were left unanswered and he wastes no time responding to queries.  The small class sizes made for an interactive and collaborative learning environment where I never felt unable to ask questions.  He was always available and tailored the sessions, particularly in the run up to exams, to areas the class felt needed more attention. Without Cris’s support the process would not have been so smooth.  Thank you.

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    Crispin was an invaluable resource to me on my final submission. Whilst I’m confident in my ability to provide financial planning to my clients, that isn’t enough to pass the case study assessment. Having Crispin’s knowledge of the assessment criteria, and his ability to think like an assessor, enabled me to fine tune my plan to pass almost all of the assessment criteria.

  • Nick LawsonTurnbull CFP Passed at first submission

    Cris was instrumental in guiding me through the CISI Level 7 Financial Plan Case Study. Particularly given that I had completed my Level 4 Diploma through the CII, I was still getting accustomed to how the CISI approaches its qualifications. Generally the CII are very modular in approach whereas the Case Study takes a holistic look at the entire syllabus and requires a candidate to show application of technical knowledge through the 6 steps of the financial planning process. I found it difficult to combine the theoretical and practical financial planning knowledge but with the constant challenge by Cris this became possible over time. He also encouraged me to develop a framework/structure before starting to draft my financial plan, without this I wouldn’t have been successful. Cris also constantly reminded me to stress test my plan and this was something I didn’t initially do – this was another benefit of getting guidance from Cris.

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    Crispin Glascow is in my opinion the best Financial Services Qualifications trainer out there by far . I started my qualifications journey with Cris back in 2015 . And I have successfully passed all my exams and courses under his tutorage. Most recently my level 7 CISI CFP exam and case study which I passed in 2021. Cris is the perfect trainer and without him I doubt I would have achieved the qualifications I have today.

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    The guidance and assistance I received throughout the exam process was perfect for me. The small classes and the support I received every step of the way, was a crucial factor in helping me get over the line. Cris and Kathryn helped me whenever I had any struggles, whether that be a question query or an issue with an exam sitting. I would highly recommend Glascow Consulting to colleagues and others within the Financial Services industry.

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    I was in a CISI level 6 training Advanced Financial planning workshop hosted by Cris and over the two days of the intensive course feel much more confident ahead of my exam. He explained material very clearly in every section of the syllabus. I have moved qualifications from CII to CISI and Cris was able to explain exam techniques relevant to CISI that was of great help. Would highly recommend Cris.

  • Ben BolgerSenior Financial Planner

    Cris supported me through the CISI Level 7 Diploma in Advanced Financial Planning and the CISI Level 7 Diploma in Wealth Management. His knowledge of the syllabus and the financial services industry is fantastic and the way in which he taught the course material was always extremely engaging and practical. He was quick to respond to all my questions and clarify anything I didn’t quite understand, whilst providing extensive learning material to work through. My level of confidence approaching the exams after working with Cris was far superior to when I had approached exams preparing either alone or with other training providers. I would without doubt recommend to anyone wanting to pursue exams with the CISI to get in touch with Glascow consulting and start working with Cris

  • Dan RoddyTraining & Development Manager, Rowan Dartington

    Our firm has worked with Glascow Training for several years now, during which time we have called on Cris’s considerable expertise numerous times. Cris has coached CISI exam candidates at all levels and the results have been excellent. The feedback from colleagues who have sought assistance has always reflected his excellent knowledge of both the technical topics and of exam craft. As a training manager I particularly value Glascow Consulting’s responsiveness and flexibility in providing us solutions that fit our needs and Cris’s insight and advice is highly recommended.

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    The Pension Transfers revision course was highly informative and well structured including time to practice past questions. The mock exam provided was also very useful and very detailed answers. What has also impressed me is the speed and quality of response from Cris to technical questions which I have asked following my attendance on the course. I believe that Cris’s help was instrumental towards me achieving a pass particularly as I had no practical experience in the subject.

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    Cris thanks for your help during and after the CISI Pension Transfers and Planning Advice course, I found the course and your support invaluable.  My understanding and approach to answering the questions was much improved giving me more confidence in approaching the exam.  It was good to be able to have a wider debate and discussion around the aspects of the syllabus for which I needed more clarification particularly when I don’t work in the industry.

  • Mark RobinsonDirector & Chartered Financial Planner

    I attended a 2 day workshop in London with Cris in preparation for the first sitting of the new CISI Level 6 Certificate in Advanced Financial Planning exam (March 2020). Having come from doing CII exams Cris was able to clearly explain how the CISI exams differ and guide me through the key parts of the syllabus. His style of teaching had the right balance of intensity and detail without overloading or confusing me and I left feeling in a much more confident and focused position. As a result I passed the exam with Merit and would have no hesitation in recommending Cris to anyone looking to improve their chances of passing.

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    I was lucky enough to have Cris Glascow as my tutor for the Chartered Wealth Masters. I cannot recommend him enough, I really believe there is no other tutor like him.  His approachable and relaxed nature made the whole learning experience really enjoyable. The depth and breadth of his knowledge is truly incredible and unique. I believe this gave us the real X factor to pass. No question was too much trouble for Cris. His clear teaching style with multiple methods, wealth of experience and speed and efficiency in responding to queries really makes him stand out from the industry. Cris played a momentous part in helping me qualify and I am forever grateful to him.

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    I had the pleasure of learning from Cris as I was studying towards my CISI Level 7 Diploma in Wealth Management. Whilst studying with Cris I was continually impressed by his depth of knowledge, his wealth of experience as well as his ability to teach and encourage everyone on his courses. He adapts his tuition and material to the groups strengths and weaknesses which I feel is crucial when undertaking such qualifications that require a depth of understanding beyond that which most candidates would possess when begging the qualification.

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  • Kevin Bray, FPFSFinancial Planning Director

    Having recruited two trainee advisers for the company I wanted to be sure they were given the best possible training for their level 4  qualification. The decision was taken to find the budget to bring in someone who could help them get through this first time. I had concerns that a centrally organised workshop may not be the answer from previous experience as larger groups are not always effective for every individuals learning style it also meant I could not dovetail the training with their work commitments. I needed something bespoke and I needed the right trainer with the right attitude. 

    I ascertained that Cris Glascow came with CISI approval so that satisfied my due diligence. I made contact with him and found him to have a flexible attitude and a professional approach. We agreed that he deliver bespoke training events for my trainees as part of their exam preparations. 

    I never had any doubt in the fact they would pass all elements required first time with the expert help of Cris. They are now level 4 qualified with an embedded knowledge of financial services which they could not have gained from just reading the workbook.

    I was sufficiently impressed with Cris that I subsequently asked him to train myself and a newly hired Senior Adviser colleague in the new CISI Pension Transfer & Planning Advice exam. This presented a fresh challenge as it was a new exam and he had to teach us in a subject neither of us had experience in ( DB Pension Transfers) With his help we both passed this exam at the first time of asking which just goes to show " you can teach old dogs new tricks!

    Cris Glascow is an excellent financial services trainer. He has had a 100% success rate with our team and I cannot recommend him highly enough.

  • Victoria YungPerformance Measurement

    Cris Glascow was my tutor when studying for the CISI Level 7, Chartered Wealth Manager qualification, which I achieved in 2014. Cris was a brilliant tutor, not only did he cover relevant topics but he explained them in a very clear and concise manner. One of the most valuable parts of the support were the mock exams provided. They were set at the appropriate level, they were marked quickly and relevant feedback was provided. To have a well prepared, approachable and knowledgeable tutor is so important when studying for the CISI exams especially at higher levels and as such I would strongly recommend Cris as a tutor to anyone studying for CISI qualifications. He is an excellent tutor.

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    I am very grateful to Cris for helping me with my studies for the Applied Wealth Management CISI exam. Cris is an expert in all areas of course material and I have no doubt in recommending him to anyone looking to pursue financial qualifications.

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    Cris tutored me through the CISI Wealth Management program and under his guidance I passed all three modules on first attempt. His advice and tutoring were invaluable, and he made himself available to answer questions and help out at all times of day. His customised questions and detailed answers were particularly useful. Thanks Cris, I'm sure I couldn't have done it without you

  • Matt DickinsonInvestment Manager

    Cris stands out as someone that genuinely understands both the content of his training material and the individual needs of those taking the course. His training sessions are well paced and flow naturally between topics, with sufficient time reserved for open conversations and individual questions. Cris succeeds in creating an engaging learning environment which is supported by an impressive pass rate. I would happily recommend him to anyone and will certainly be working with him again.

  • Neil WinkworthSenior Manager 

    I was fortunate enough to have Cris deliver training to me for a number of CFP modules to me at a big 4 consultancy. Cris was fantastic from start to finish - most notably he knows his subject matter inside-out, delivers this knowledge and responds to questions in a logical and methodical manner - breaking complex concepts down into manageable chunks - and with a sense of humour. I highly recommend Cris to anyone considering training within his fields of expertise.

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    I had the pleasure of being taught by Cris for my Chartered Wealth Manager Qualification. Cris is enthusiastic, incredibly knowledgeable on his subject matters and teaches in a way that is easily understood. He is incredibly supportive, not only whilst in the training session but also by responding to questions on the material in personal study time. I felt well prepared for each of the exams I sat having been taught by Cris. Cris’ achievement record speaks for itself and I would be happy to recommend him to anyone who is looking for an excellent trainer for financial services exams

  • Sebastian TaylorInvestment Adviser

    I was fortunate enough to be taught by Cris for the revision course for Portfolio Construction Theory and the Applied Management course. His level of knowledge was second to none and I found his teaching methods to be very clear and easy to understand. Any questions I had out of class were answered very thoroughly and timely, even late at night and also on the weekends. I have no doubt that my pass success was attributable to Cris. I would definitely recommend him to anyone looking to study towards a financial exam.

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