The ACI Dealing Certificate is very passable.
But that doesn't mean it's easy.
Many candidates preparing for the exam already work in banking, Treasury, financial markets or operations. They understand the terminology and recognise most of the products.
Then they sit the exam — and discover that recognising a subject and being able to answer an exam question about it are two very different things.
Here are five of the most common reasons candidates come unstuck — and what you can do about them.
1. They Underestimate Market Conventions
This is one of the easiest ways to lose marks.
You understand the product. You know the calculation. But you use the wrong convention.
Typical problem areas include:
Day-count conventions
Spot and forward value dates
Business-day conventions
Bid and offer
Currency quotation conventions
Accrued interest
Settlement conventions
For example, if a question requires ACT/360 and you calculate using ACT/365, understanding the underlying product won't save you.
How to avoid it: Don't treat conventions as background knowledge. Learn them specifically for the exam and practise applying them until they become automatic.
2. They Memorise Formulas Instead of Understanding Them
There are calculations in the ACI Dealing Certificate, but the mathematics is rarely the hardest part.
The real challenge is deciding what the question is asking you to calculate.
You may know a forward FX formula perfectly. But can you determine whether the forward points should be added or subtracted?
You may understand an FRA. But can you identify who pays whom when rates move?
You may know how bond prices work. But can you immediately recognise what happens to price and duration when yields change?
The same applies to swaps, futures and options.
How to avoid it: Learn the logic before memorising the formula. If you understand why a calculation works, you're much less likely to be caught by a slightly unfamiliar question.
3. They Don't Do Enough Exam-Style Questions
This is probably the biggest preparation mistake.
Reading a training manual isn't the same as passing an exam.
Watching a video isn't the same as passing an exam.
Highlighting your notes certainly isn't the same as passing an exam.
The real test is whether you can answer a question correctly when you're presented with four plausible answers and the clock is running.
Good question practice teaches you something else too:
how the examiner thinks.
You start recognising common traps, unnecessary information and the small words that completely change a question.
How to avoid it: Build question practice into your preparation from the beginning. Don't wait until you've completed the syllabus before testing yourself.
4. They Manage the Clock Badly
Imagine spending four minutes wrestling with a difficult derivatives calculation.
Eventually, you get it right.
Great.
But you've potentially sacrificed several easier questions later in the exam.
That's a bad trade.
Some candidates feel they have to solve every question before moving on. They don't.
The objective isn't to demonstrate how clever you are.
The objective is to accumulate enough marks to pass.
How to avoid it: If a question is taking too long, make your best assessment, flag it if the exam format permits, and move on. Protect the time you need for questions you can answer quickly.
5. They Have One Weak Section
This can be the most painful way to fail.
You can be strong in FX.
Good at money markets.
Comfortable with derivatives.
And still have a problem if there's one area of the syllabus that you've consistently avoided.
Candidates naturally spend more time studying subjects they enjoy and understand.
Unfortunately, that can leave significant gaps elsewhere.
Your preparation therefore shouldn't just ask:
"What is my overall mock score?"
It should also ask:
"Where are my marks coming from — and where am I consistently losing them?"
How to avoid it: Track your performance by syllabus area. If you're consistently weak in one section, deal with it before sitting the exam.
So, How Should You Prepare?
A good ACI Dealing Certificate study plan should combine five things:
Structured learning — understand the syllabus rather than jumping randomly between topics.
Worked examples — particularly for FX, money markets, bonds and derivatives.
Continuous question practice — not just at the end of your studies.
Timed mock exams — because knowledge without exam technique isn't enough.
Weak-area analysis — identify where you're losing marks and focus your revision accordingly.
That's exactly the approach I've taken with the Swapskills ACI Dealing Certificate training programme.
Click here to emrol:
The aim isn't simply to teach financial markets.
It's to help you pass the exam.
The course breaks difficult topics into manageable sections, explains the logic behind the calculations and gives you the opportunity to practise applying that knowledge to exam-style questions.
Because on exam day, there's only one question that really matters:
Can you select the correct answer when the clock is running?
Preparing for the ACI Dealing Certificate?
Don't leave your preparation to chance.
Use Swapskills to build your knowledge, practise the calculations, identify your weak areas and prepare specifically for the way you'll be tested.
Prepare smarter. Practise properly. Pass with confidence.
