How to study for CME-1: materials, study hours and a plan

Start with the free official workbooks

CME-1 is two papers, CME-1A and CME-1B, and the Financial Academy (FA) links free official study material for each, in Arabic and English, on the paper's exam page (CME-1A; CME-1B). For 1A it is the workbook of CISI (the Chartered Institute for Securities and Investment); for 1B it is the FA's own workbook on Saudi rules (1A workbook; 1B workbook). What each paper covers, and its fees, are on the CME-1 page.

• Read the Examination Specification first. It is at the front of each workbook and says how many of the 50 questions come from each chapter. Give each chapter study time in proportion; the chapter shares are in the tables on the CME-1 page.
• Study the edition for your exam date. The FA's policy says CISI exams test the exam specification, not textbooks, and that moving to a date covered by newer material makes it a new exam (FA exam policy, CISI rules).
• Study in the language you will sit in. The language of a CISI paper can't be changed after booking (FA exam policy), and the Arabic and English 1A material can be on different editions (CISI candidate update).
• Use the practice set at the end. Each workbook ends with 50 practice questions, the size of the real paper. The workbooks say these are for revision and don't necessarily match the exam's standard.

How many hours CME-1 takes

The FA suggests about 80 study hours for CME-1A and gives no figure for CME-1B (CME-1A page; CME-1B page). At 10 hours a week, 80 hours is 8 weeks. The papers can be sat in either order, and each is booked and paid for separately. How the two compare with the other papers is on the difficulty page.

A study plan for one paper

This plan is Opening Bell's suggestion, not an official one. It spreads the FA's 80 hours for CME-1A over 8 weeks; use the same steps for CME-1B.

CME-1B tests Saudi regulations, so read each rule for what it requires: the deadlines, the percentages and who must approve what.

Practice under exam conditions

Each paper has 50 questions in 60 minutes, which is 72 seconds a question, and a pass mark of 35 (70%). The FA's rules bar calculators, phones and watches from the exam room (FA exam policy). Timed practice is what trains the pace, so do at least part of your practice against the clock.

Each attempt costs SAR 1,100, and fees can be reclaimed through Hadaf only once both papers are passed (FA FAQ). A failed sitting costs the fee again, so it is worth scoring comfortably above 35 in practice before you book.

Where to find practice questions

• Free, official: the 50 practice questions at the end of each workbook.
• Free, from Opening Bell: a timed test of 10 questions for each paper, in the exam's format, with no account needed and a score against the pass mark.
• Paid: question banks and mock exams. Opening Bell, which writes this guide, sells one for CME-1 in Arabic or English, with an explanation for every answer.

Recalled questions: collections of questions that past candidates remember are shared in candidate groups. They are free, but they are not checked against the current workbooks, and CME-1 changed to the 1A and 1B papers in February 2023 (what's changed). Check anything you learn from them against the workbook.

Common questions

Is the official workbook enough to pass CME-1?

The workbook is the official material, and the exam tests its specification. Practice questions add two things reading can't: they show which chapters you are weak in, and they train you to answer in 72 seconds.

Should I sit CME-1A or CME-1B first?

You can sit either one first. The CME 1 certificate needs both papers (CME-1B page), so the order changes only what you study first: 1A is the international paper on securities and investment, and 1B is Saudi rules.

Should I study CME-1 in Arabic or English?

In the language you will sit the exam in. Every paper is offered in both, and the language of a CISI paper can't be changed after booking (FA exam policy).