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About this Exam
How to Prepare for ACI Dealing Certificate (August 2026)
By the QuizzPrep Team | Published: August 1, 2026 | Last Updated: August 16, 2026 | Reading Time: 8 minutes
The ACI Dealing Certificate New Version is an internationally recognized qualification for financial market professionals, proving your expertise in foreign exchange, interest rates, and commodities. Whether you are entering a dealing floor or formalizing your treasury knowledge, our study resources will help you pass with confidence.
Sample Questions
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Additional Information
Free ACI Dealing Certificate Study Tools
Study Guide: Review the five core syllabus topics, including Foreign Exchange and FICC Derivatives, with structured breakdowns. View Study Guides →
Cheat Sheet: Keep a quick-reference list of cross-rate calculations, yield curves, and market regulations handy for last-minute review. Get the Cheat Sheet →
Flashcards: Memorize essential formulas, ISO codes, and terminology for rapid recall during the exam. Access Flashcards →
ACI Dealing Certificate Quick Facts
⏱️ Exam duration: 2 hours (120 minutes)
???? Total questions: 70 multiple-choice questions (all scored)
???? Passing score: 60% minimum (42 correct answers)
???? Current exam fee: €250 EUR (plus applicable taxes)
Introductory Exam Review
The ACI Dealing Certificate New Version, administered by the ACI Financial Markets Association (ACI FMA), is the benchmark qualification for treasury and dealing floor personnel. It is distinctive for its rigorous focus on real-world calculations, ethical standards, and global market mechanics. Earning this certificate demonstrates to employers that you possess a strong foundation in the time value of money, derivatives pricing, and market regulations. Using targeted preparation tools helps bridge the gap between theoretical finance concepts and the high-speed practical scenarios you will face on the exam.
Practice Test Modules
Financial Markets Environment
This module tests your understanding of the macroeconomic environment and the primary functions of financial markets. You will practice identifying the roles of central banks, regulatory bodies, and major economic agents. Questions also cover market segmentation and basic compliance frameworks like MiFID II and the Market Abuse Regulation, ensuring you grasp the legal and structural boundaries of modern trading. Start Free Test →
Spot Foreign Exchange Operations
Master the foundational elements of the FX market. This section covers spot trading mechanics, exchange rate quotations, and the identification of base and quote currencies. You will also calculate cross-rates and reciprocal rates. Practicing these fundamental currency operations is critical for anyone aiming to execute rapid, accurate trades on a dealing desk. Start Free Test →
Forward Foreign Exchange
Move beyond spot trades to understand FX outright forwards and forward-forward swaps. This module requires you to calculate forward rates using spot rates and interest rate differentials. You will also test your knowledge of how forward points are derived and how to hedge an outright forward position using money market transactions. Start Free Test →
Non-Deliverable Forwards and Metals
Focus on specialized FX products. You will answer questions on Non-Deliverable Forwards (NDFs), explaining their rationale and structural features in restricted currency markets. Additionally, this module tests your knowledge of precious metals trading, including the specific ISO codes for gold, silver, platinum, and palladium used in global financial systems. Start Free Test →
Money Markets and Short-Term Rates
Explore the cash instruments that drive short-term liquidity. This module tests your ability to define the time value of money, calculate short-term interest rates, and analyze yield curves. You will review standard market practices for quoting and trading money market instruments, building the core mathematical skills required for interest rate management. Start Free Test →
Repurchase Agreements
This module zeroes in on the repo market, a vital component of institutional liquidity. Practice answering questions about repo mechanics, the relationship between repos and the bond market, and the roles of various market participants. You will calculate cash flows and collateral values, ensuring you understand how secured lending functions in practice. Start Free Test →
Fixed Income Valuation
Test your proficiency in bond market mathematics. You will calculate clean and dirty prices, accrued interest, and fair value for plain vanilla and zero-coupon bonds. The module also covers the relationships between price, coupon, and yield to maturity, providing essential practice for managing fixed-income portfolios and pricing debt instruments. Start Free Test →
Interest Rate Risk Measurement
Understanding risk is just as important as pricing assets. This module focuses on the interest rate risk profile of fixed-rate bonds. You will calculate the duration of vanilla bonds and measure the impact of credit spreads and yield shifts on bond prices. These scenarios simulate the risk-management decisions made daily by corporate treasurers. Start Free Test →
FICC Derivatives Forward Rate Agreements
Dive into synthetic interest rate management. Here, you will tackle Forward Rate Agreements (FRAs), exploring their construction and pricing. You will practice calculating synthetic FRAs using forward-forward FX swaps and money market futures. Mastery of these derivatives is essential for hedging short-term interest rate exposure in complex portfolios. Start Free Test →
Financial Markets Applications
This capstone module integrates your knowledge across all asset classes. You will analyze practical scenarios requiring a combination of FX, fixed income, and derivatives strategies to solve corporate treasury problems. Questions emphasize risk mitigation, ethical considerations in trading, and the application of the ACI Model Code to real-world dealing disputes. Start Free Test →
ACI Dealing Certificate Flashcards and Exam Questions
Question: Which of the following best describes a Non-Deliverable Forward (NDF)? Answer and Explanation: An NDF is a cash-settled, short-term forward contract on a thinly traded or non-convertible foreign currency. At maturity, the difference between the contracted NDF rate and the prevailing spot rate is settled in a convertible currency (usually USD), meaning there is no physical delivery of the restricted currency. Start the Free Practice Test →
Question: What is the primary difference between a clean bond price and a dirty bond price? Answer and Explanation: A clean bond price is the quoted price of the bond excluding any accrued interest since the last coupon payment. The dirty price is the actual price paid by the buyer, which includes the clean price plus the accrued interest. View Study Guides →
Question: If EUR/USD is quoted at 1.1050 and USD/JPY is quoted at 145.20, what is the calculated EUR/JPY cross-rate? Answer and Explanation: To find the EUR/JPY cross-rate, you multiply the two rates because the common currency (USD) is the quote currency in the first pair and the base currency in the second pair. 1.1050 × 145.20 = 160.446. Access Flashcards →
Question: Under the Market Abuse Regulation (MAR), what is the definition of insider dealing? Answer and Explanation: Insider dealing occurs when a person uses material, non-public information to acquire or dispose of financial instruments to which that information relates. It also includes canceling or amending an existing order based on inside information. Start the Free Practice Test →
Comprehensive ACI Dealing Certificate Study Guide
Basics | Format | Registration | Results | Study Tips
Exam Overview
The ACI Dealing Certificate New Version is an industry-standard credential that validates the competence of professionals operating in global financial markets. The syllabus reflects the latest market practices, regulatory changes, and mathematical models used in foreign exchange, fixed income, and derivatives trading.
Exam Administrator
The exam is administered globally by the ACI Financial Markets Association (ACI FMA). Founded in Paris, ACI FMA is a leading trade association representing the interests of the wholesale financial markets community, focusing on ethical conduct and professional education.
Reasons to Take the Exam
Earning this certification proves your technical proficiency and commitment to ethical trading standards. It is often a mandatory requirement for new entrants on bank dealing floors, corporate treasury departments, and risk management teams, making it a crucial stepping stone for career advancement.
Registration and Delivery
Candidates can register for the computer-based exam through the official ACI FMA portal or authorized testing partners. The exam is delivered at proctored test centers worldwide or via approved online proctoring services, offering flexibility for international professionals.
Navigating Cross-Rate Calculations
Advisory: Calculating synthetic cross-rates under time pressure is notoriously difficult because you must immediately identify whether to multiply or divide bid/offer spreads depending on the base currency. A single misaligned decimal can invalidate your answer. To master this, avoid memorizing generic formulas; instead, practice writing out the currency fractions (e.g., EUR/USD × USD/JPY) to visually cancel out the common currency. Use our flashcards to drill these pairings until the mechanical steps become automatic.
Score Calculator
The ACI Dealing Certificate uses a straightforward grading system based on the percentage of correct answers out of the total scored questions.
Total Exam Questions: 70
Scored Questions: 70
Unscored/Pretest Questions: 0
Minimum Passing Score: 60% (42 correct answers)
Merit Score: 70% to 79.99% (49 to 55 correct answers)
Distinction Score: 80% and above (56+ correct answers)
Illustrative Candidate Result: A candidate answers 50 out of 70 questions correctly. Their score is 71.4%, earning them a "Pass with Merit" classification.
Career or Education Opportunities
Junior FX Dealer: Execute spot and forward currency trades on behalf of clients or the bank's proprietary desk. This high-pressure environment requires rapid mental math and strict adherence to dealing limits.
Corporate Treasury Analyst: Manage cash flows, liquidity, and currency risk for multinational corporations. The role involves analyzing interest rate environments and executing hedging strategies.
Middle Office Risk Manager: Monitor trading activities to ensure compliance with internal risk limits and external regulations like MiFID II. This role offers better work-life balance than front-office dealing but requires deep analytical skills.
Money Market Trader: Manage the bank's short-term liquidity by trading cash instruments, repos, and short-term interest rate derivatives.
Financial Markets Compliance Officer: Ensure that all dealing room activities adhere to the ACI Model Code and international market abuse regulations, serving as a vital control function within financial institutions.
Test-Day Checklist
Verify the exact location of your test center or the technical requirements for your online proctored setup.
Bring two forms of valid, unexpired government-issued identification (one must include a photo and signature).
Confirm whether a standard calculator is provided on-screen or if you are permitted to bring an approved non-programmable financial calculator.
Arrive at the test center at least 30 minutes before your scheduled appointment time to complete security procedures.
Ensure you have the login credentials provided by the testing vendor if taking the exam on a proprietary system.
Dress in comfortable, layered clothing to adapt to varying temperatures in the testing room.
Store all personal items, including mobile phones and smartwatches, in the provided secure lockers.
Review the ACI FMA examination rules regarding breaks, scratch paper, and permissible testing behavior.
Trust Your Preparation
Mastering the mechanics of global financial markets is a complex challenge, but every formula you memorize and every concept you grasp brings you closer to your goal. The ACI Dealing Certificate demands a broad understanding of theory and practice, so focus on steady, consistent study habits. Trust in the hours you have invested, stay calm under pressure, and let your preparation guide your performance.
Pros and Cons
Pros
Internationally recognized standard for financial market professionals.
Covers a comprehensive range of asset classes (FX, Rates, FICC).
Strongly emphasizes ethical conduct and regulatory compliance.
Enhances employability on global dealing floors and treasury departments.
Available worldwide through accessible computer-based testing centers.
Cons
Requires a high degree of proficiency in financial mathematics.
The €250 exam fee can be a barrier for independent students.
The two-hour time limit requires rapid calculation and decision-making.
Broad syllabus demands extensive study time across multiple specialized topics.
Frequently Asked Questions
What is the ACI Dealing Certificate? It is a globally recognized foundation program that tests the practical knowledge and ethical standards required for professionals working in foreign exchange and money markets.
How long do I have to complete the exam? Candidates are given exactly 2 hours (120 minutes) to complete the 70-question multiple-choice exam.
What is the passing score for the ACI Dealing Certificate? You must answer at least 60% of the questions correctly (42 out of 70) to achieve a passing grade.
Can I retake the exam if I fail? Yes, candidates who do not pass can register to retake the exam, though a new examination fee will apply for each attempt.
Are there prerequisites to take the exam? There are no mandatory educational prerequisites, but it is highly recommended that candidates have a basic understanding of financial markets and mathematics.
What topics are covered on the exam? The exam covers five core areas: Financial Markets Environment, Foreign Exchange, Rates, FICC Derivatives, and Financial Markets Applications.
Is a calculator allowed during the exam? Most testing environments provide an on-screen basic or scientific calculator. You should verify current calculator policies with your specific testing center prior to exam day.
How long is the certificate valid? ACI FMA certificates generally do not expire, but professionals are encouraged to engage in continuous learning to stay updated with evolving market regulations.
Disclaimer, References, and Author Bio
Were these resources helpful? Let us know or suggest improvements!
Disclaimer: QuizzPrep is not affiliated with or endorsed by ACI Financial Markets Association. This information is provided for general educational guidance.
Official Research References:
ACI Financial Markets Association (ACI FMA) Official Website, Syllabus and Exam Details (Accessed August 2026).
ACI Dealing Certificate New Version Information Guide (Accessed August 2026).
This page was independently written and fact-checked by QuizzPrep for this site.
About the Author: The QuizzPrep Team consists of senior financial educators, certified market professionals, and instructional designers dedicated to your success. With decades of combined experience in banking and treasury training, we create accessible, highly accurate study materials designed to help you confidently conquer your global financial certification exams.
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