CME-3A · CISI Securities Level 3
CME-3A Securities Complete Review Guide 2026–2027
Every exam topic in a 32-page Arabic PDF, ordered from the heaviest unit to the lightest. The first three chapters alone cover about 56% of the exam questions.
- 32Pages
- 49Key points
- 9Common mistakes
- 18Flashcards
Guide map
Each chapter is one exam unit, ordered by its weight in the real exam.
| Chapter | Unit | Weight | Exam questions | Key points |
|---|---|---|---|---|
| 1 | Asset Classes | 27% | 27 | 8 |
| 2 | Secondary Markets | 15% | 15 | 6 |
| 3 | Primary Markets | 14% | 14 | 5 |
| 4 | Accounting Analysis | 14% | 14 | 7 |
| 5 | Investment Management | 10% | 10 | 5 |
| 6 | Clearing and Settlement | 8% | 8 | 5 |
| 7 | Corporate Actions | 7% | 7 | 5 |
| 8 | The Financial Services Industry | 3% | 3 | 5 |
| 9 | Markets | 2% | 2 | 3 |
Chapter 1 in full: Asset Classes
27% of the exam, about 27 questions. These are its key points, as in the guide.
- Cash is liquid but exposed to inflation and counterparty risk. Treasury bills are short-term securities generally issued at a discount and redeemed at par.
- Ordinary shares are residual ownership interests with no guaranteed dividend. Preference rights depend on terms such as accumulation, conversion and redemption.
- Current yield = annual coupon / price × 100. It excludes redemption gains or losses; yield to maturity incorporates cash-flow amounts and timing.
The rest of chapter 1, on this page
- Other things equal, fixed-rate bond prices rise when yields fall. Modified duration approximates sensitivity: proportional price change ≈ minus duration × yield change in decimal form.
- Dirty price = clean price + accrued interest. Use the specified day-count basis instead of automatically assuming 360 or 365.
- In a repo the cash borrower sells securities with an agreement to repurchase them. The other side is a reverse repo; collateral reduces but does not eliminate risk.
- A Eurobond need not be denominated in euros. Currency, issuance market and issuer are different concepts. Separate credit, currency and liquidity risks.
- A structured product may combine a bond and derivative. Examine protection conditions, early redemption and guarantor; capital protection does not remove issuer risk.
Common mistakes in this chapter
- Do not turn common practice in one market into a universal rule; follow the question’s terms and stated jurisdiction.
The other chapters are in the full guide
One purchase · lifetime access · review guide included
7-day review plan
The chapters are spread over 6 days by weight so each day carries a similar load. Day 7 is a full exam.
Day 1 · 27% of the exam
Chapter 1: Asset Classes
Day 2 · 15% of the exam
Chapter 2: Secondary Markets
Day 3 · 14% of the exam
Chapter 3: Primary Markets
Day 4 · 14% of the exam
Chapter 4: Accounting Analysis
Day 5 · 15% of the exam
Chapter 5: Investment Management
Chapter 8: The Financial Services Industry
Chapter 9: MarketsDay 6 · 15% of the exam
Chapter 6: Clearing and Settlement
Chapter 7: Corporate ActionsDay 7
Full mock exam: 100 questions in 120 minutes, then review the common mistakes in the units where you lost marks.
How many correct answers do you need?
- Pass mark 70%70 correct out of 100
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The first three key points of each chapter, as they appear in the guide (in Arabic in the PDF).
Chapter 1: Asset Classes
- Cash is liquid but exposed to inflation and counterparty risk. Treasury bills are short-term…
- Ordinary shares are residual ownership interests with no guaranteed dividend. Preference rights depend on…
- Current yield = annual coupon / price × 100. It excludes redemption gains or…
Chapter 2: Secondary Markets
- In a quote-driven market dealers display bid and offer prices. In an order-driven market…
- A market order prioritises execution without guaranteeing price. A limit order sets a maximum…
- A fill-or-kill order requires immediate complete execution or cancellation. Separate quantity conditions from order…
Chapter 3: Primary Markets
- An IPO is a company’s initial public offering; a follow-on occurs later. A sale…
- Underwriting transfers the agreed risk of unsold securities to the underwriter. Best efforts does…
- A bookrunner gathers investor demand to support pricing and allocation. Its role differs from…
Chapter 4: Accounting Analysis
- A statement of financial position is a dated snapshot
- Profit is not cash. Credit sales may increase earnings and receivables without immediate collection;…
- Current ratio = current assets / current liabilities. The quick ratio excludes inventory from…
Chapter 5: Investment Management
- Total return includes income and capital change. Separate nominal from real return, and price…
- Diversification reduces specific risk when assets do not move perfectly together; it does not…
- An institutional mandate defines return, risk, constraints and liquidity. A pension scheme’s liabilities differ…
Chapter 6: Clearing and Settlement
- Clearing establishes, matches and may net obligations; settlement transfers cash and securities. Execution is…
- Delivery versus payment links securities delivery to cash payment to reduce principal risk. It…
- Registered and beneficial ownership may differ under nominee arrangements. Understand local, global and sub-custodian…
Chapter 7: Corporate Actions
- Dividend entitlement follows market rules around record and ex dates. Payment date differs from…
- A share split increases share count and reduces theoretical unit price proportionately without automatically…
- A rights issue offers shareholders new shares on stated terms. TERP equals old equity…
Chapter 8: The Financial Services Industry
- Financial firms connect savers with users of capital. Distinguish an individual client from a…
- An investment bank helps issuers raise finance and arrange offerings; a fund manager makes…
- A broker executes or arranges client trades. A dealer may trade as principal, changing…
Chapter 9: Markets
- Primary markets fund an issuer through new securities; secondary markets transfer existing securities between…
- Secondary-market liquidity and price discovery help investors assess new issues and exit later; the…
- Shares represent ownership and bonds contractual obligations. Both can trade in secondary markets despite…
The full guide comes with lifetime access
The full guide (32 pages) is included with lifetime access to this exam, together with every question and full mock exam. Chapter 1 is free for everyone.
Questions about the guide
Is the guide free?
Chapter 1 is free to read on the guide page. The full guide comes with lifetime access to this exam; 7-day access does not include it.
Is it up to date for 2026–2027?
Yes. Unit weights and exam facts follow what the exam body last published, and the last check date is printed in the guide. If the standards change we update the file and buyers download the new version.
Does the guide have questions?
No. The guide covers key points and common mistakes; scoring, weak-area practice and full mock exams are on the site.
Can I read it on my phone?
Yes. A5 pages in a single column, with chapters linked from the contents.
- Pages
- 32
- Edition
- 1448 AH · 2026–2027
- Language
- Arabic
- Last updated
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- 510 questions, every option explained with its source
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