Timing Is Everything With The ACI Dealing Certificate

Understanding the structure of the exam before studying is essential.

The ACI Dealing Certificate is a timed, multiple-choice exam designed to test applied market knowledge rather than academic theory.

You have two hours to answer 70 multiple choice questions. With roughly one minute and a half minutes per question, candidates must prioritise speed and accuracy.

A three-pass approach works best: answer obvious questions first, return to calculations second, and guess intelligently at the end.

Candidates who practise under timed conditions perform significantly better than those who do not.

Don't forget that you need a 50% pass rate in each of the 5 modules to pass the exam.

Even if you don't know the answer, take a guess. You still have a one in four chance of getting it right!

SwapSkills_ACI_Dealing_Certificate_Exam_Strategy.pdf

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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