ACI

Q1. How often will the ACI examinations be delivered?

A1. The examinations are available daily.

Q2. How can I register for the Examinations?

A2. The examinations are delivered, on behalf of ACI, by Prometric via its network of over 2,000 worldwide testing centres. Registration is made directly with Prometric and details of the regional telephone numbers for registration are available on the ACI website.

Q3. If I don't have Internet access, how can I get the registration information?

A3. You can obtain the information by contacting either your National Association or by calling ACI directly on the following number:
ACI Paris: (33) 1 42975115 or Email: secretariat@aciforex.org

Q4. How long after registering will I be able to take the examination?

A4. The time delay between registration and taking the examination will be based solely on the workload of the chosen Prometric test centre. However you should be able to take the examination within a week to ten days of registration at the very most.

Q5. What should I do if I encounter a difficulty at the Prometric test centre regarding my exam?

A5. Your ACI examination is downloaded overnight to the Prometric test centre where you have booked your examination. On the day, if you encounter any problem concerning your examination, ask the test centre to telephone Prometric and report the problem. If the difficulty remains unresolved contact ACI's Education Department (33) 1 42975115

Q6. How difficult is it to use the PC to take the examination?

A6. No special computer skills are required. Assuming you know how to use a PC mouse to move the on-screen cursor you will find the system very easy to operate. You will also be given a 15-minute tutorial, prior to the examination, on how to use the system.

Q7. Where can I obtain a copy of the Formulae Sheet?

A7. All training companies should have a supply of these. In addition you can obtain a copy from your National Association or from the ACI contact previously listed. A copy may also be downloaded from ACI's website.
All main Prometric test centres will also have a supply of Formulae Sheets and an ‘on-screen’ version is available on the test screen.

Q8. What calculator will I use?

A8. Calculators used in our exams mustn't be text programmable or capable of displaying graphics with a size
of maximum 2 lines.
Please find the most common calculator types meeting these criteria in the following list:
Casio: FX-82solar, FX-82MS, FX-85MS, FX-350MS, FX-115MS, FX-82ES, FX-350ES and FX-991ES
Texas Instruments: TI 30eco RS, TI 30XS Multiview, TI 36 XII and TI BAA II Plus
Hewlett Packard: HP 12 C, HP 17 BII+ and HP 19 BII
Other calculators may also be allowed.

Q9. How long will I need to wait to get my examination result?

A9. You will receive your final result immediately you have completed the examination. In addition you will receive detailed feedback on your scores in each of the topic areas covered by the syllabus.

Q10. Will I receive an official certificate?

A10. Successful candidates will receive written confirmation of their result at the Prometric test centre. A formal Certificate will be dispatched to them later, either directly by ACI or via their national association. In case candidates have not received their Certificate they need to inform the ACI Head Office within six months after sitting the exam. If the Certificate is requested after six months the candidates will be charged 50 €.

Q11. If I am unfortunate enough to fail, how long do I need to wait to be able to re-sit the examination?

A11. You can register and re-sit the examination as soon as you feel competent to do so. The detailed feedback you receive should make it easier for you to revise those areas where your score was below the required pass level.

Q12. What is the format of the ACI Diploma?

A12. The ACI Diploma is a multiple choice question paper. Information on the structure of this examination available on ACI's website.

Q13. Do the answers to the calculations questions in the ACI Diploma need to be 100% correct?

A13. Answers to the calculations questions must be 100% correct.

Q14. Can I request a blank sheet of paper to work out calculations?

A14. Prometric Test Centres will provide each candidate with a wipeable white board for workings. Blank sheets of paper are no longer available.

Q15. What percentage is required for a Pass, Merit & Distinction?

A15. ACI Dealing Certificate
The overall pass level is 60% (48 marks), assuming that the minimum score criteria for each of the topic baskets is met. There is a minimum score criteria of 50% for the Model Code section and 40% for each of the other topic baskets.

Grades:
Pass 60 – 69.99%
Merit 70 – 79.99%
Distinction 80% and higher.

ACI Operations Certificate
The overall pass level is 50% (30 marks), assuming that the minimum score criteria for each of the topic baskets is met. The minimum score criteria for each of the topic baskets is shown on the syllabus.

Grades:
Pass: 50 – 64.99%
Merit: 65 – 74.99%
Distinction: 75% and higher.

ACI Diploma
The overall pass level is 65% (167 marks).

Grades:
Pass: 60 – 69.99%
Merit: 70 – 79.99%
Distinction: 80% and higher.

Q16. Why are Repos included in the ACI Dealing Certificate?

A16. The Board of Education considers that Repos are now a pivotal instrument in the international money market and most (but not all) domestic money markets. The repo markets are massive and growing rapidly. The importance of repos is being increased by the pressure being placed on banks by regulatory capital requirements and economic capital constraints to switch from unsecured financing. An examination for dealers working in the modern, global money markets that did not include repos would not be credible. Dealers in domestic markets which do not trade repos need to be aware of the international dimension and position themselves for the eventual introduction of repos into their own market.

Q17. What does 'Principles of Risk' refer to?

A17. The management of risk is what dealing is all about. The Dealing Certificate introduces candidates to the subject, in particular, to the main types of risk, basic risk measurement and important ways of mitigating and controlling risk. Risk measurement covers only the market risk on spot FX positions.

Q18. Do I need to be a member of ACI to take the examinations?

A18. Not at all. ACI’s examinations are open to everyone be they members of ACI or not. However we do naturally encourage all candidates to join their local national association or, should this not exist, take up individual membership of ACI.

Q19. Are there any exemptions in place that I should be aware of?

A19. An exemption exists between ACI and the Securities Institute. The Securities Institute has agreed that holders of the ACI Diploma will be exempt from one of their three papers. A condition is that one subject combination is prohibited, namely the ACI Diploma with Financial Futures & Options and Bond & Fixed Interest Markets. Candidates holding the ACI diploma will therefore be permitted to offer EITHER Financial Futures & Options OR Bond and Fixed Interest Markets (but not both) for the award of the Securities Institute Diploma.

Q20. May I take a language dictionary into the test centre with me - eg English/ French?

A20. Yes, the use of a language dictionary is permitted.

Q21. How can I prepare for my examination?

A21. First of all contact your National Association or ACI Education Officer to find out what training programmes may be organised for ACI Examinations in your area. On the ACI web site www.aciforex.org you will find an information list of Training Companies. Contact a training company in your geographical area to find out what training schedules are available for ACI examinations. You need to consider which method of study suits you, or you may choose a combination of study methods to prepare for your examination. You can contact all of the companies on this document by email for more detailed information of their products and how to obtain them.

The ACI Board of Education suggests the following number of study hours of preparation for each examination:

ACI Dealing Certificate - 50 hours
ACI Operations - 40 hours
ACI Diploma - 120 hours

Q22. How often will the Syllabi be updated?

A22. The database of examination questions will be reviewed annually. Changes to the syllabi, if any, will be carried out once a year towards the end of June, becoming effective on 1st January of the following year. This will allow training companies sufficient time to make the necessary change to their materials and courses.