A Self-Paced Study Programme For The ACI Dealing Certificate (Designed For Working Professionals)

You have plenty of material to cover but you need a learning plan.

Take a look at this schedule, which works for a course that is delivered through on-demand video + PDFs + quizzes + mock exams.

Recommended duration: 6–8 weeks (60–80 study hours)

PROGRAMME STRUCTURE (HIGH LEVEL)

Module	Topic	Outcome
0	Orientation & Exam Strategy	Understand exam & study method
1	Financial Markets Environment	Macro & market framework
2	Foreign Exchange	Spot, forwards, swaps
3	Rates & Money Markets	Interest rates & instruments
4	FICC Derivatives	Futures, swaps, options
5	Financial Markets Applications	Risk & market practice
6	Final Revision & Mock Exams	Exam readiness

MODULE-BY-MODULE BREAKDOWN

MODULE 0 – Orientation & Exam Strategy

(2–3 hours)

Lessons

• How the ACI exam really works

• Time management & guessing strategy

• Common failure patterns

• How to use this course effectively

Resources

• ACI exam checklist

• Study planner (fillable PDF)

• Formula overview sheet

Quiz

• 10-question exam-technique quiz

MODULE 1 – Financial Markets Environment

(8–10 hours)

Lessons

• How funds flow through the financial system

• Role of central banks & monetary policy

• Economic indicators & inflation

• Fiscal vs monetary policy

• Yield curves & expectations

Key Outcomes

✔ Understand macro drivers✔ Interpret yield curves✔ Spot exam trick wording

Resources

• Macro cheat sheet

• Yield curve quick guide

Quiz

• 20 MCQs (exam-style)

MODULE 2 – Foreign Exchange

(15–18 hours)

Lessons

• FX market structure & conventions

• Spot FX & settlement dates

• Reflecting interest rates in forwards

• FX swaps & liquidity management

• CLS & settlement risk

Key Outcomes

✔ Master base/terms currency ✔ Calculate forwards confidently ✔ Understand FX logic

Resources

• FX formula sheet

• Settlement date calendar

• FX exam traps PDF

Quiz

• 30 MCQs + calculations

MODULE 3 – Rates & Money Markets

(10–12 hours)

Lessons

• Money market instruments

• Repos explained simply

• Interest calculations & day count

• Bonds, yields & duration

• Yield curve interpretation

Key Outcomes

✔ Price simple instruments✔ Avoid day-count errors✔ Understand bond price logic

Resources

• Money market cheat sheet

• Day count reference card

Quiz

• 25 MCQs

MODULE 4 – FICC Derivatives

(10–12 hours)

Lessons

• Futures vs forwards

• Margin & mark-to-market

• Interest rate swaps

• Options basics & Greeks

• Commodity derivatives

Key Outcomes

✔ Know product differences✔ Understand risk transfer✔ Score easy derivative marks

Resources

• Derivatives comparison table

• Options quick-logic guide

Quiz

• 25 MCQs

MODULE 5 – Financial Markets Applications

(6–8 hours)

Lessons

• Market risk, credit risk & liquidity risk

• VaR, limits & stress testing

• Front, middle & back office roles

• Operational & settlement risk

• Regulation & compliance basics

Key Outcomes

✔ Clear risk definitions✔ Understand control frameworks✔ Pick fast theory marks

Resources

• Risk summary sheet

• Market structure diagram

Quiz

• 20 MCQs

MODULE 6 – Final Revision & Mock Exams

(10–12 hours)

Lessons

• Rapid syllabus refresh

• Calculation speed drills

• Exam-day execution plan

Mock Exams

• Mock Exam 1 (70 questions)

• Mock Exam 2 (70 questions)

• Mock Exam 3 (70 questions)

✔ 50% pass required in each section✔ Timed conditions✔ Detailed explanations

STUDY PATH OPTIONS (IMPORTANT)

Standard Path (8 weeks)

• 1 module per week

• Mocks in final 2 weeks

Accelerated Path (4 weeks)

• FX + Rates first

• Applications + Derivatives later

Learn How to Pass The ACI Dealing Certificate Exam - A Practical Guide

The ACI Dealing Certificate is not an academic theory test.

It is a practitioner’s exam designed to confirm that you understand how real financial markets operate day to day. Candidates who fail usually do so not because the material is too hard, but because they prepare in the wrong way.

Here is a practical, no-nonsense approach that works.

First, understand the structure of the exam. The paper is split into five sections: Financial Markets Environment, Foreign Exchange, Rates, FICC Derivatives, and Financial Markets Applications.

You must score at least 50% in each section, not just overall. This means you cannot afford to ignore a weak area and hope to compensate elsewhere.

Second, think like a dealer, not a student. Many questions test judgement rather than formulas. You will be asked what a trader, dealer, or treasury professional would actually do in a given situation.

When revising, always ask yourself: Why does this instrument exist? Who uses it? What problem does it solve?

Third, master the core mechanics. You do not need advanced mathematics, but you must be fluent in basics: FX spot and forward pricing, interest-rate conventions, day-count bases, yield relationships, and simple swap logic. These are frequent and easy marks if properly understood.

Fourth, use mock exams properly. Don’t just check your score. Review every wrong answer and understand why the correct option is correct. The ACI often tests common operational and market misconceptions—exactly the traps mock exams should expose.

Finally, exam technique matters. Read questions slowly, watch units and conventions, and eliminate obviously wrong answers first.

The exam rewards calm, methodical thinking under time pressure.

If you prepare with a market-focused mindset, structured revision, and disciplined practice, the ACI Dealing Certificate is absolutely passable—even on your first attempt.

Exam Technique

What is the most effective first-pass strategy in the ACI exam?

A. Answer calculations first

B. Answer what you know instantly

C. Start with derivatives

D. Skip theory

Answer: B

10 Costly Mistakes Candidates Make In The ACI Dealing Certificate Exam (And How To Avoid Them)

The ACI Dealing Certificate is widely regarded as a practical qualification — yet many capable candidates fail or underperform for reasons that have nothing to do with intelligence or experience.

After decades of training market professionals, I see the same exam mistakes repeated again and again. If you’re preparing for the ACI Dealing Certificate, avoiding these errors can make the difference between a comfortable pass and an expensive resit.

1. Studying the textbook instead of the exam

The official ACI material is comprehensive — but the exam is selective.

A common mistake is treating the qualification like an academic course. The exam rewards:

• Familiarity with question style

• Recognition of conventions

• Speed and accuracy under pressure

Successful candidates study how questions are asked, not just the theory behind them.

2. Ignoring market conventions

This is one of the biggest mark-killers in the entire exam.

Typical convention errors include:

• Incorrect spot dates

• Wrong day-count conventions

• Confusing base and variable currencies

These topics appear repeatedly and are easy marks when properly learned — yet many candidates lose them through assumption rather than knowledge.

3. Mixing up bid and offer

Under time pressure, even experienced market participants make avoidable bid/offer mistakes.

Common errors:

• Buying at the offer when the question implies selling

• Adding FX points when they should be subtracted

Always slow down when reading bid/offer questions — one word can change the entire answer.

4. Overthinking simple questions

The ACI exam is not designed to trick candidates with unnecessary complexity.

Many lost marks come from:

• Turning definition questions into calculations

• Looking for “hidden meaning” that doesn’t exist

If a question looks simple, it probably is. Take the mark and move on.

5. Poor time management

The exam gives roughly one and a half minutes per question. (70 questions in 2 hours).

A frequent mistake is spending too long on early calculations, then rushing:

• Straightforward theory questions

• Risk and applications sections

Best practice is to:

1. Answer what you know instantly

2. Skip longer calculations

3. Return with remaining time

6. Weak formula familiarity

Knowing formulae is not the same as being able to use them quickly.

Candidates often fail because they:

• Try to re-derive formulas in the exam

• Forget signs or conventions

• Panic under time pressure

Formulas should be automatic, not reconstructed.

7. Poor FX logic — even when the maths is right

Some candidates calculate correctly but interpret incorrectly.

Typical mistakes include:

• Forgetting that higher interest rate currencies trade at a forward discount

• Producing answers that make no market sense

If the result contradicts basic FX logic, revisit the question before moving on.

8. Not using educated guesses

There is no negative marking in the ACI exam — yet candidates still leave questions unanswered.

Effective candidates:

• Eliminate obviously wrong options

• Make educated guesses

• Never leave questions blank

This alone can add several percentage points to a final score.

9. Neglecting applications and risk sections

Candidates often over-focus on FX and interest rates, then underperform in:

• Risk management

• Market structure

• Financial Markets Applications

These areas are high-scoring and less calculation-heavy, making them valuable pass-boosters.

10. Treating the exam as academic rather than practical

The ACI Dealing Certificate is set by market practitioners through the ACI Financial Markets Association.

The correct mindset is not:

“What does the textbook say?”

But:

“What would a dealer or treasury professional do in this situation?”

That practical lens is what the exam is designed to test.

Final thoughts

Most candidates who fail the ACI Dealing Certificate do not fail through lack of knowledge. They fail through:

1. Poor exam technique

2. Weak understanding of conventions

3. Inadequate time management

Mock exams, focused revision, and exam-specific preparation consistently outperform endless reading.

Prepare the ACI exam the way dealers think

Swapskills provides exam-focused ACI preparation designed around real exam behaviour, not theory alone.

👉 Mock exams👉 Formula sheets👉 Exam-technique training👉 Practical market explanations

Pass the exam — don’t just study it.