How to Pass the CISI GSO (Global Securities Operations) Exam: Complete 2026 Study Guide
The CISI GSO exam covers custody, settlement and corporate actions in just 50 questions. Learn the exam format, chapter-by-chapter question weighting, a focused study plan, and how to pass on your first attempt.
The CISI Global Securities Operations (GSO) exam is one of the most popular technical units in the Investment Operations Certificate (IOC) — a qualification with more than 12,000 exams taken annually worldwide. In the UAE and globally, GSO is a benchmark for middle and back office managers and clearing and settlement staff working across global custody and settlement.
The good news: with a pass rate of around 60%, GSO is more achievable than many CISI exams. The catch: it is a technical, jargon-heavy operations exam with a demanding 70% pass mark — so four in ten candidates still fail. If you want to know exactly what makes it tricky, see our guide to whether the GSO exam is difficult.
This guide breaks down what is on the exam, how the 50 questions are distributed across the 5 chapters, and the study strategy you need to pass on your first attempt.
📋 Quick Reference: CISI GSO Exam Format
- Questions: 50 multiple-choice questions
- Duration: 1 hour
- Passing Score: 70% (35 out of 50)
- Pass Rate: ~60% (one of the more achievable CISI units)
- Grades: Pass with merit (46–50), Pass (35–45), Fail (0–34)
- Delivery: Computer-based testing (CBT) at CISI test centres worldwide
- Administered by: Chartered Institute for Securities & Investment (CISI)
Who Needs the CISI GSO Qualification?
Global Securities Operations offers an introduction to global securities, focusing on the main industry participants, settlement characteristics, other investor services, and aspects of taxation and risk. It is aimed at:
- Middle and back office managers
- Clearing and settlement staff
- Operations and administration staff involved in all aspects of global custody and settlement
As one of 15 technical units within the IOC, GSO is a recognised operations benchmark for custodians, banks and brokers — including firms operating across the UAE and wider global markets.
Understanding the CISI GSO Exam Structure
The exam tests whether you understand how securities operations actually work end to end — not just definitions. Here is what you are up against:
- 50 multiple-choice questions in 1 hour (about 1.2 minutes per question)
- Passing score: 70% — at least 35 correct answers
- Delivery: computer-based testing (CBT) at a CISI test centre; a worldwide network of centres is available
For the full breakdown of grade bands and what to expect on the day, see our guide to the GSO passing score and exam format.
GSO grades your performance in bands:
- Pass with merit: 46–50 marks
- Pass: 35–45 marks
- Fail: 0–34 marks
The 5 Chapters and How Questions Are Distributed
CISI publishes how the 50 questions are split across the 5 chapters. This tells you exactly where to focus your study time.
| Chapter | Topic | Questions |
|---|---|---|
| 1 | Main Industry Participants | 13 |
| 2 | Settlement Characteristics | 11 |
| 3 | Other Investor Services | ⭐ 16 |
| 4 | Aspects of Taxation | 4 |
| 5 | Risk | 6 |
Key insight: Chapters 1, 2 and 3 — Main Industry Participants, Settlement Characteristics, and Other Investor Services — together carry 40 of the 50 questions. Chapter 3 alone is the single heaviest at 16 questions. Master these three chapters and you are most of the way to a pass. Taxation (4) and Risk (6) are smaller, but the marks are easy to pick up.
ExamPrep.ae provides instant feedback and explanations to help you understand each concept, not just memorise it.
Chapter-by-Chapter Study Strategy
Chapter 1: Main Industry Participants (13 questions)
The foundation. Learn the roles of investors, brokers, inter-dealer brokers, investment banks and central banks, plus custodians and sub-custodians, ICSDs and CSDs (Euroclear, Clearstream, the Bridge), and the technology behind operations (STP, SWIFT, FIX).
Chapter 2: Settlement Characteristics (11 questions)
The mechanics of settlement — matching, clearing, netting, DvP, rolling settlement, payment systems (CHIPS, CHAPS, TARGET2, Fedwire, CLS), depositary receipts, failed settlement and buy-ins. Includes ICMA interest-claim calculations.
Chapter 3: Other Investor Services (16 questions)
The heaviest chapter. Safekeeping and client-asset protection, corporate actions (dividends, rights issues, splits, takeovers and the key dates), cash management, and securities financing (lending, collateral, repos, SFTR). This chapter also carries custody-fee and corporate-action calculations.
ExamPrep.ae's Practice by Chapter mode lets you drill each of the 5 GSO chapters individually.
Chapter 4: Aspects of Taxation (4 questions)
Small but scoring. Tax on income and gains from equities and bonds, withholding tax, double taxation treaties, relief at source and reclamation, plus FATCA, CRS and Qualifying Intermediary rules.
Chapter 5: Risk (6 questions)
The main categories of risk (counterparty, credit, settlement, operational, systemic and more), risk reviews of custody networks and outsourcing, ISAE 3402 / SSAE 18 reports, and mitigating risk through reconciliation.
🧮 Expect a few calculations
GSO is mostly knowledge-based, but a handful of calculation questions appear — mainly in Chapters 2 and 3: basis-point custody fees, the effect of corporate actions, and ICMA interest claims on failed settlements. They are straightforward once you know the method, and ExamPrep.ae shows the full step-by-step working for each one.
Every calculation question includes step-by-step working, so you learn the method — not just the answer.
Your 2-Week Study Plan
Because GSO is a 50-question, single-hour exam, a focused two-week plan works well for most candidates.
Week 1: Participants + Settlement
- Chapter 1: Main Industry Participants (13 questions)
- Chapter 2: Settlement Characteristics (11 questions) — including interest-claim calculations
Week 2: Investor Services, Tax, Risk + Mocks
- Chapter 3: Other Investor Services (16 questions) — the heaviest chapter; drill custody-fee and corporate-action calculations
- Chapter 4: Aspects of Taxation (4 questions)
- Chapter 5: Risk (6 questions)
- Sit at least two full mock exams and review every wrong answer
ExamPrep.ae's performance-by-chapter analytics reveal your weakest chapters after every practice session.
💡 Pro Tip: Practise with Realistic Questions
GSO rewards candidates who practise. The terminology is dense, so drilling exam-style questions across all 5 chapters is the fastest way to lock it in. Not sure which resources to use? Compare your options in our guide to the best CISI GSO mock exams and study materials.
👉 Start CISI GSO Practice
The AI Weakness Engine builds personalised quizzes targeting your weakest GSO chapters after every mock exam.
Exam Day Tips
Manage Your Time
50 questions in 1 hour is about 1.2 minutes each. Flag anything you are unsure of, keep moving, and return to flagged questions at the end.
Attempt Every Question
Never leave a blank. If you are unsure, eliminate the options you know are wrong and make your best choice.
Watch the Terminology
GSO is full of precise operations terms — cum/ex dates, DvP, buy-ins, immobilised vs dematerialised. Read each question carefully; a single word often decides the answer.
ExamPrep.ae's Review Questions mode helps you revisit the questions you got wrong and lock in the concepts.
How to Register and What It Costs
You register for the GSO exam directly through the CISI website — our step-by-step GSO registration guide walks through the whole process. CISI sets its fees in GBP. As of 2026, the typical costs for an international candidate are:
| Item | Fee (GBP) |
|---|---|
| Qualification Registration Fee (one-off, first CISI qualification) | £68 |
| GSO exam — first sitting (workbook included) | £275 |
| GSO exam — resit | £155 |
A useful detail: the official CISI workbook is included in your exam fee. When you book, CISI provides the most up-to-date workbook for the subject, so every candidate prepares from the same definitive material. For a first-time international candidate, budget roughly £68 + £275 ≈ £343 all-in. Always confirm current pricing on the CISI website before you book.
Results: MCQ exam results are available online within 24 working hours and can be accessed via your MyCISI account.
Your Next Steps
- Understand the format — Read our CISI GSO passing score and exam format guide
- Know what you are up against — See whether the GSO exam is difficult and how to secure the 70% you need
- Register the right way — Follow our step-by-step GSO registration guide
- Test yourself — Try our free CISI GSO mock questions
- Choose the right prep — Compare your options in the best CISI GSO mock exams, then start practising with ExamPrep.ae
A 60% pass rate is on your side, but the 70% mark and the technical content still demand real preparation. Drill the three big chapters, practise the calculations, and you will be well placed to pass on your first attempt.
Good luck with your CISI GSO exam!
Frequently Asked Questions About the CISI GSO Exam
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