A Look at Recent Past Papers for the CII AF4 Exam – March 2026
In this article, we are taking a look at the questions asked in four past papers of the CII’s Advanced Diploma in Financial Planning AF4 exam – this is the unit that tests investment planning.
This article is correct as at 24 March 2026.
In the table below, we show the questions that were asked in the 2024 and 2025 exams showing the split between the marks available for theory questions and those available for calculations.
| Theory - 125 marks Factors to consider for an annual review. Beta. GAARP vs growth investing. Risk adjusted ratios. REITs. Commercial property. Portfolio optimisation and stochastic modelling. GDP and globalisation. Tax treatment of Friendly society policies. Benefits of frontier markets fund. Top down process. Active vs passive. Stocks and shares ISA vs Personal Pensions. Investment trusts and diluted NAV/undiluted NAV. EISs vs VCTs. Benefits and drawbacks of EIS. | Theory - 130 marks Taxation of Investment Bonds. GIA vs Investment Bond. Macaulay duration. Growth/value strategies. Regression analysis. MWR. Risks of structured products. NS&I Income Bonds. CAPM. Fund of funds vs managed portfolio service. Return objectives. Benchmarking. ROCE. Working capital ratio. Current and non-current assets. Criteria for AIM and the UK main market listings. Innovative Finance ISAs. | Theory - 120 marks Client-related factors to establish ATR. Beta and Alpha. Benefits/drawbacks of thematic funds. Money market funds. Future and options derivatives. Behavioural finance. Role/functions of central banks. Factors causing share prices to increase. US indices. Efficient market hypothesis. Reasons for switching funds. Rebalancing. Yields on fixed interest. Suitability of fixed interest. Sustainable withdrawal rate. Investment specific risks. | Theory - 133 marks Modern portfolio theory. Dividend cover/EPS. Information ratio. Momentum strategy. OEIC vs investment trust pricing. Impact of rise in inflation on economy. Drawbacks of EIS and deferral relief. Behavioural finance. Additional Permitted Subscription/ISA. CTF options. With profits and MVR. Why returns on ETF differs from index. Active vs passive. Platforms. Sequencing risk and CFL. Conventional vs index linked gilts. Drawbacks of relying on dividends for long-term income. |
| Calculations - 35 marks Beta. Additional amounts to be invested in ISAs and friendly societies. Diluted NAV. Investment in EIS. | Calculations - 30 marks MWR. CAPM. Operating profit margin and ROCE. Working capital ratio. | Calculations - 40 marks Alpha. Net income. Real/compound returns. Redemption yield. Theoretical share price. | Calculations 27 marks Dividend cover/EPS. Information ratio. Totals invested in ISAs. Standard deviation. |
The AF4 exam is challenging as not only is the information within J10 and R02 assumed knowledge, it is also important to keep up to date with changes in the economy as questions can often be based on what has happened as well as general economic theory.
As you can see in these papers, the split of marks varied between those allocated to theory questions and those allocated to calculations. In addition each of the calculations is different in each paper which does give a good indication that each of these should be practised by anyone studying for AF4 in 2026.
Anyone studying for AF4 should put in place a timetable of study that covers in full the learning outcomes using past exam guides as a reference to the types of question that have been asked within each of them. This will ensure that the level of detail needed is appreciated, that application of knowledge is being demonstrated and also serve as a reminder that answers should always be related to the information that has been given in the case study.
One final reminder is to show all of the workings in calculations; marks will be available for the process so even if the final answer is incorrect many marks can be achieved on the way.
Grab the resources you need!
Preparation for AF4 isn’t just about covering the syllabus – it’s about practising how to approach the exam itself. Our AF4 Mock Papers are designed to help you build confidence and sharpen your exam technique. Download the free AF4 Mock Paper Taster to see whether our mocks are the right fit for your revision.
