CISI Corporate Finance Regulation Version 21: 80-Hour Study Plan

Table of Contents

• • Exam and syllabus structure
• • Before week 1: apply the update
• • Eight-week schedule
• • Weeks 1–2: regulatory environment
• • Weeks 3–4: managing regulatory obligations
• • Week 5: corporate governance
• • Week 6: takeovers and mergers
• • Week 7: equity capital markets
• • Week 8: final correction cycle
• • Weekly rhythm for working candidates
• • Conclusion

An effective Corporate Finance Regulation Version 21 plan must do two things: allocate time according to the five exam weights and remove superseded material affected by the March 2026 candidate update.

Plan summary: study for approximately 80 hours over eight weeks, prioritising the 30 questions from the UK Regulatory Environment and Managing Regulatory Obligations. Begin mixed timed practice halfway through and reserve unseen full mocks for the final two weeks.

Exam and syllabus structure

Item	Detail
Questions	50 multiple choice
Duration	60 minutes
Pass mark	70%
Current syllabus	Version 21
Exam period	11 April 2026–10 April 2027
Recommended study	Approximately 80 hours

Element	Questions	Share
The Regulatory Environment in the UK	14	28%
Managing Regulatory Obligations	16	32%
Corporate Governance	5	10%
Takeovers and Mergers	7	14%
Equity Capital Markets	8	16%

Before week 1: apply the update

Download the official March 2026 addendum and identify every affected workbook page. Replace superseded notes with the current Public Offers and Admissions to Trading Regime, PRM sourcebook, primary-MTF prospectus material and revised secondary-issuance content.

Do not leave old and new rules side by side without labels. Each numerical threshold and rule summary should show its source and effective date.

Eight-week schedule

Week	Main focus	Hours
1	UK regulatory infrastructure and company law	10
2	UK MiFID II, authorisation and regulatory scope	10
3	Conduct, clients, promotions and conflicts	11
4	Financial crime, market abuse, POATR and PRM	12
5	Corporate governance and ESG	8
6	Takeovers, mergers and competition	10
7	Equity capital markets and first full mock	10
8	Mixed mocks, thresholds and error correction	9
Total		80

Weeks 1–2: regulatory environment

Build a map of legislation, regulators, rulebooks and responsibilities. Company law and UK MiFID II should fit into that map rather than becoming separate lists.

For each authority or source, record its purpose, scope and interaction with corporate-finance activity. Practise scenarios that ask who acts, which rule applies and what consequence follows.

Weeks 3–4: managing regulatory obligations

This is the largest element with 16 questions. Cover client categorisation, conduct, financial promotions, conflicts, financial crime, insider dealing and market abuse.

Add the March 2026 public-offers and admissions update during week 4. Run the public-offer and admission tests as separate branches because a transaction may engage both and an exemption on one branch does not close the other. Build this decision tree:

transaction → public offer or admission → venue → document or exemption → responsible rule set.

At the end of week 4, complete a mixed 25-question set in 30 minutes and analyse every error.

Week 5: corporate governance

Five questions can be prepared efficiently with a clear framework: board responsibilities, governance codes, reporting, stakeholder considerations and ESG requirements.

Compare principles-based expectations with specific obligations. Scenario questions may test which body is responsible or which disclosure and oversight mechanism is relevant.

Week 6: takeovers and mergers

Map the roles of the Takeover Panel, competition authorities and the Pensions Regulator. Create a chronological takeover process and attach key rules or restrictions to each stage.

Timelines and thresholds should be practised through retrieval, not repeatedly reread. Keep them in a dedicated numerical-rules sheet that is checked against current sources.

Week 7: equity capital markets

Connect listing, sponsor, disclosure, market-abuse and AIM requirements to the updated admissions framework. Ask which market, issuer, transaction and rule set are present before deciding the obligation.

Complete the first unseen 50-question mock in 60 minutes. Score by element as well as overall.

Week 8: final correction cycle

Use two or three unseen mocks, with a correction session between them. Classify errors as:

• missing rule;
• wrong authority or sourcebook;
• outdated threshold;
• scenario misclassification;
• rushed reading.

Return to the exact learning objective and then answer a different question on the same rule. Avoid simply memorising the option letter.

Weekly rhythm for working candidates

Day	Activity	Time
Monday	Read and map rules	75 min
Tuesday	Active recall	60 min
Wednesday	Scenarios and comparisons	75 min
Thursday	Timed questions and error log	60 min
Saturday	Deep-study block	3 h
Sunday	Mixed review	2.5 h

Adjust the pattern to reach each week’s target. Consistency matters more than matching the exact days.

Read the official March 2026 addendum and check the current candidate-update page before the exam.

The CISI Corporate Finance Regulation preparation page maps the five Version 21 elements and current assessment format.

Conclusion

The exam is manageable when rules are organised by authority, transaction and decision path. Protect the 60% represented by the first two elements, integrate the March update early and use the final two weeks to correct errors under real timing.