Certified Documentary Credit Specialist (CDCS)

Self Study Guide

CDCS Examinations – April 2011

BAFT- IFSA US, Canada, Mexico, Latin America April 2011 Testing Window
Registration Deadline – February 28, 2011

ifs School of Finance outside the US, Canada, Mexico, Latin America 15 April 2011
Registration Deadline – 31 January 2011

BAFT – IFSA ifs School of Finance

9 Sylvan Way, Suite 130 4-9 Burgate Lane
Parsippany, New Jersey 07054 Canterbury
Kent CT1 2XJ
Telephone (973) 656-1900 Telephone +44 (0)1227 818609
Fax (973) 656-1915 Fax +44 (0)1227 784331/786030

www.cdcs.org

For BAFT- IFSA registered candidates, the 2011 CDCS Examination will
only be offered electronically within candidate’s banks and institutions.
CDCS Self-Study Guide 2011 2

June 2010

Dear CDCS Candidate:

Welcome. You made a significant commitment to your career when you registered for the CDCS
examination. This Self-Study Guide has been prepared with your success in mind. It will help
you make the transition from the CDCS Content Outline and the Study Text; in addition, it will
outline a variety of study techniques for your consideration.

The text for the CDCS examination has been updated and revised and published as The Guide
to Documentary Credits: third edition (revised). There are changes to the content outline,
including the changes in UCP 600 and other rules, as well as updating to the general text. It is
important that you study the third edition (revised) as you prepare for the examination.

If it has been a few years since you last studied for an examination, a review of this publication
will help you identify the areas you will find helpful as you develop your individual study plan.
Experiment to find out what suits you best.

The CDCS examination is based on a Job Analysis Study that identified the knowledge and
skills required for competent practice in the field of documentary credits. The Content Outline
details the results of the survey and the Study Text is based on the Content Outline. You can
build on the information and experience you have, as you are involved with documentary credit
practice.

As you can see from the Table of Contents there are many different areas that will be of
assistance to you as you prepare to study for the CDCS examination; not all may apply to you.
Your first step will be to identify those sections that you want to include in your study plan.

Sections 2 and 3 contain the CDCS Content Outline and Examination Specifications. These two
documents are the basis for the CDCS examination and should be reviewed in depth.

The CDCS examination is an opportunity for you to demonstrate what you know and your skills
as a documentary credit specialist. We wish you success in your preparation for the
examination.

There are several products that will assist you as you prepare for the CDCS examination:

The Study Text is the basic reference for the examination; all Multiple-Choice questions
are documented to this text.

The 2011 examination will be delivered in the U.S. and Canada electronically at bank
training sites. For additional information, go to the CDCS website (www.cdcs.org).

CDCS Website (www.cdcs.org): information will be posted on the website as it becomes
available. This will be a source of continuing help to you as you prepare for the
examination.

Dan Taylor Gavin Shreeve

President & Chief Operating Officer Principal
BAFT-IFSA ifs School of Finance

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CDCS Self-Study Guide 2011 3

Table of Contents

Introduction

Section l. CDCS Study Text

Section 2. CDCS Content Outline

Section 3. Planning Your Study - Study Plan

Section 4. Keys to Studying for Success

Section 5. CDCS Study Groups

Section 6. Multiple-Choice Question Formats

Section 7. Analysis Questions, In-Basket and Simulation Exercises

Section 8. Tips for Answering Multiple-Choice Questions

Section 9. Pre-examination Check List

Section 10 Practice Test

Section 11 Sample Test

Section 12. CDCS Website

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Introduction

Volunteers Associated with the CDCS Project

The Certified Documentary Credit Specialist (CDCS) credential is a peer-review project that
includes volunteers in each segment of its development. It is a joint project of the ifs School of
Finance in the UK, and BAFT- IFSA in the U.S. and is endorsed by the International Chamber of
Commerce (ICC). There are several volunteer-intensive phases of the project and they include:

• Job Analysis Study: volunteers identified the major responsibilities of a Documentary Credit
Specialist. They also detailed the knowledge and experience required to competently meet
these responsibilities. The Job Analysis Study serves as the basis of the CDCS Content
Outline and the CDCS Examination Specifications.

Study Text: The Guide to Documentary Credits: third edition (revised) is the reference text
for the CDCS examination. It is based on the Content Outline and was reviewed by
volunteers who served as topic experts.

Item Writing and Test volunteers write, review and revise the questions on the CDCS
examination. This is a very intensive responsibility and the Test Committee meets annually
to prepare for each examination administration.

CDCS Test Committee

Lowell Campbell, CDCS, J.P. Morgan/Chase Bank N.A. co-chair

Steve Cooke, CDCS Standard Chartered Bank co-chair

Maria Adamczyk, CDCS

Martin Stocks, CDCS, The Royal Bank of Scotland.
Gary Bishop, CDCS British Arab Commercial Bank Limited
Sam Hodges, CDCS Square 1 Bank
Victor Pena, CDCS Citicorp

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CDCS Self-Study Guide 2011 5

Section 1. CDCS Study Text

The Study Text for the CDCS examination is The Guide to Documentary Credits: third edition
(revised).

The text was reviewed by ifs School of Finance and BAFT-IFSA volunteers and produced by
the ifs School of Finance and BAFT-IFSA. The Study Text is intended to assist CDCS
candidates prepare for the examination. The text is based on the CDCS Content Outline (see
Section 2); the Content Outline details the knowledge and skills identified through a Job
Analysis Study as necessary to fulfill the major responsibilities of a documentary credit
practitioner. A thorough understanding of the topics covered in the CDCS Content Outline
should result in success on the CDCS examination.

Examination questions in the first section of the examination are referenced to the Study Text.
Questions in the Simulation portion of the examination are based on the analysis and
application of the information in the Study Text to actual situations.

Section 2. CDCS Content Outline - 2011

Multiple Choice Questions

The CDCS examination has a total of 120 questions and is in two parts:
• Part A contains 83 multiple-choice knowledge (KN) and application (AP) questions
based on the Study Text -approximately 1.5 hours of the examination.
• Part B contains 37 analysis, in-baskets and simulation questions.
• Effective 2008, the 120 questions within the CDCS examination will include 15 pre-
testing questions. These 15 questions are for pre-testing purposes only and the
grade awarded to candidates will be based upon their performance on the remaining
105 questions.
• The 15 pre-testing questions will be distributed throughout the examination paper
and will not be identifiable by candidates. Candidates should therefore answer all of
the 120 questions on the examination paper.

CDCS Content Outline – Summary

A. Documentary Credit Groups

A.1. Types and Uses of Documentary Credits
A.2. Parties to the Credit: Roles, Responsibilities and Risks
A.3. Types of Payment
B. Characteristics of Documentary Credits
B.1. Primary Characteristics
B.2. Specialty Characteristics
C. Operations
C.1 Processes
C.2 Related Products/Terms
D. Financial and Commercial Documents
E. Rules

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CDCS Content Outline

A. Documentary Credit Groups

A.1 Types and Uses of Documentary Credits
A.1a Commercial
A.1b Standby
A.2 Parties to the Credit: Roles, Responsibilities and Risks
A.2.a Required Parties
A.2.a.(1) Issuing Bank
A.2.a.(2) Beneficiary
A.2.b Applicant
A.2.c Banks’ Roles and Obligations
A.2.c.(1) Issuing Bank
A.2.c.(2) Confirming Bank
A.2.c.(3) Advising Bank
A.2.c.(4) Negotiating Bank
A.2.c.(5) Paying Bank
A.2.c.(6) Accepting Bank
A.2.c.(7) Reimbursing Bank
A.2.d Types of Risk
A.2.d.(1) Operational/UCP600
A.2.d.(2) Credit
A.2.d.(3) Foreign Exchange
A.2.d.(4) Fraud
A.2.d.(5) Legal
A.2.d.(6) Political
A.3 Types of Payment
A.3.a Sight
A.3.b Deferred
A.3.c Negotiation
A.3.d Acceptance
B. Characteristics of Documentary Credits
B.1 Primary Characteristics
B.2 Specialty Characteristics
B.2.a Revolving Credits
B.2.a.(1) Cumulative vs. Non-Cumulative
B.2.a.(2) Automatic vs. Controlled
B.2.b Instalment
B.2.c. Advance Payments
B.2.d Transferable
B.2.e Evergreen
B.2.f. Clean
B.2 g. Direct Pay
C. Operations
C.1 Processes
C.1.a Issue
C.1.b Pre-advise
C.1.c Advise

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C.1.d Confirm
C.1.e Amend
C.1.f Transfer
C.1.g Present
C.1.h Examine
C.1.i Pay/Reject
C.1.j Claim
C.1.k Reimburse Funds
C.1.l Cancel
C.2 Related Products/Terms
C.2.a Letter of Indemnity
C.2.b Air Way Release
C.2.c Steamship Guarantee
C.2.d Assignment of Proceeds
C.2.e Participation and Syndication
C.2.f Trade-related Incoterms
D. Financial and Commercial Documents
D.1 Draft/Bill of Exchange
D.2 Commercial Invoice
D.3 Non-negotiable Seaway Bill
D.4 Charter Party Bill of Lading
D.5 Multimodal Transport Document
D.6 Air Transport Document
D.7 Road, Rail or Inland Waterway Transport Document
D.8 Forwarder’s Cargo Receipt, Mate’s Receipt and Consolidator’s Receipt
D.9 Post Receipt or Certificate of Posting
D.10 Courier or Expedited Delivery Service Document
D.11 Insurance Document
D.12 Weight Certificate
D.13 Certificate of Origin
D.14 Packing Lists
D.15 Inspection Certificate
D.16 Other Documents
Rules
E.1 UCP600 – Uniform Customs and Practice for Documentary Credits
E.2 ISP98 – International Standby Practices
E.3 URR 725 – Uniform Rules for Bank-to-Bank Reimbursements Under
Documentary Credits
E.4 ICC Decision on Original Documents (Appendix to ICC Publication 681 – ISBP)
E.5 ISBP 681
E.6 eUCP

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General Information

Candidates will have THREE hours to complete the examination.

Candidates are responsible for timing themselves to ensure there is sufficient time to
complete both sections of the examination in three hours.
• The multiple-choice questions test your knowledge and how to apply that knowledge to
specific situations outlined in the simulation exercises.

Each question qualifies for one point/mark; incorrect answers/points are not deducted
from the number of correct answers.

Types of questions - There are three basic levels of multiple-choice questions :

Knowledge questions are recall questions.

Application questions apply knowledge

Analysis questions require both knowledge and application skills
(See Section 9 for additional explanations on the three cognitive levels for multiple-
choice questions.)

Section 3. Planning Your Study

Tips from successful certification examination candidates

• Your objective should be to arrive at the examination secure in the knowledge that, through
a well planned course of study and your practical experience, you are in as strong a position
as possible to be successful.

• Draft a study schedule/timeframe based on your objectives and a realistic view of your time
available for study and preparation.

• Review the CDCS Content Outline and Examination Specifications (Sections 2 and 3) and
identify the areas with which you are familiar and require review and the areas that are new
and will require in-depth study.

• Discuss your objectives and study plan with a colleague or mentor who is willing to discuss
the examination materials with you and assist you during your study phase.

Study Techniques

Using your experience, think about study techniques that have helped you in the past and any
others you may have come across.

Some ideas you may want to consider include:

• Summarize the main ideas in the text.
• Write study questions for self-testing based on materials in the text.
• Use the key terms to identify not only definitions but use them for review.
• Identify/flag key words, terms and concepts you do not understand or that are new to you.
• Prepare ‘flash cards’ to capture key terms, definitions, exhibits and other material that you
have identified for additional study.
• Work with a partner or study group to teach and test each other.

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• Test yourself frequently. Do not spend time studying what you know. Use what you know for
review at the end of the study process.
• What is troublesome? Identify someone to help you understand sections you do not know
and find difficult.
• Use the resources available through ifs School of Finance and BAFT-IFSA: Check the web
site (www.cdcs.org) for the CDCS Forum, a listing of review/revision courses and other
examination-related information.
• Note questions to ask others with more experience or members of your study group.

Develop a Study Plan

Once you have considered the different study options available to you, it is still important to draft
a study schedule/timeframe based on your objectives and a realistic view of your time for study
and preparation. Your study plan should reflect your individual preferences and methods of
working. It is important to remember that a study plan is a flexible document and is both an
indicator of where you are and where you want to be.

The first step you should take is to determine your personal study objectives based on the
Content Outline and Study Text.
• You may find it helpful to write out your objectives and post them in a visible location.

• Advance planning will provide multiple benefits as you prepare for the CDCS
examination. It will not require much time to develop a study plan, but doing so will
establish your priorities. The most important part of a study plan is to identify how, when
and where you want to study.

• By reviewing the CDCS Content Outline and Examination Specifications (Sections 2 and
3), you will be able to identify the areas with which you are familiar; those you wish to
review in detail; and those that are new to you and need in-depth study.

• You will now be in a position to develop an overall study plan with specific timelines. In
drawing up your plan, you may find the following useful:

− Prepare a study schedule — be realistic. Space your studying and allow ample time
for review.

− Keep a copy of the CDCS Content Outline in a prominent place as you will refer to it
often.

− Make the best of your environment. Some individuals prefer to study in a quiet
place, while others prefer working with the radio or television on in the background.
Whatever your preference, you can usually create the environment you want for
your study session.

− Be prepared to study in free moments, whenever you can. This means identifying
times that are available to you for study, such as travel time, standing in lines and
queues, waiting for a meeting to start, etc.

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Summary

Relax while studying. The CDCS examination is an opportunity for you to learn and to
demonstrate your knowledge and ability. Maintain a positive attitude that you will be successful
on the examination and will allocate the resources required to ensure success.

Do not worry about how much time is left before the examination. You have planned adequately
to allow for the maximum use of your time.

Take breaks, exercise. Keep your body and mind relaxed.

A sample Study Plan is shown on the next page – you may wish to reproduce it to assist you in
your preparation for the examination.

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Study Plan

Content Outline Topic Page Reference Completed

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Section 4. Keys to Studying for Success

As adults we know that we learn in a variety of ways that differ significantly from the ways we
learned as children. As you read the Study Text you will be able to compare the information with
your own experience and knowledge. You can use the information you are studying in several
ways:

• If this is information you already know, the materials will reinforce your knowledge.

• If the information is new to you, you can relate it to your own experience and consider how
the information can be used in your job.

• Each chapter has objectives and study questions that will assist you as you focus on the key
elements within a chapter.

• Use your memory effectively:

− Frequent Recall and Use: build regular reviews into your study sessions. Be selective
about what you need to recall — use key terms and facts.

− Indicate Significance: make the information you need to recall stand out by emphasizing
it; link the information to your experience; use mnemonics.

− Link to Other Items: link information to your own experience; look for patterns and
relationships among the items; compare and contrast information.

• Regular Review: plan regular reviews of key points; end a session by summarizing what you
have studied.

• Getting started can be difficult: starting a session with a brief review of the previous session
may be helpful.

• If you are not feeling motivated, consider why you started this study in the first place and
think about what the CDCS credential will enable you to do.

• Build in rewards: at the end of study sessions; at the completion of a predetermined number
of study sessions; and when you have completed your study.

• It is important to think positively during your preparation period. If you do not feel
comfortable about your memory, monitor your progress. You will be pleased at how much
you can recall.

• There are no trick questions. As you take and study the sample test, you will see how
straightforward the questions are.

• The answers to all multiple-choice questions have been documented to the Study Text.

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Successful students offer the following advice on planning

your study and preparation for the CDCS examination.

• To develop my study plan, I reviewed the syllabus and study materials. Then I divided the
study text and the study topics into the number of weeks before the exam, allowing time
for review.

• Design your plan with short study sessions (about 45 minutes) on a regular basis. This
builds a study habit and makes it easier to stick to your plan.

• When planning your schedule or timetable of study, always build in extra time for
contingencies, time off and relaxation and fun. There is nothing worse than feeling like a
prisoner of the examination preparation process. If you build in extra study sessions, you
can afford to be flexible and remain in control of your time.

• Plan to revise your study schedule as you go along.

• Tell your family, friends and colleagues what you are doing. They will then know what to
expect of your schedule and be more supportive.

• Take charge of your own studies. Spend time getting to know the structure and layout of
the materials. Monitor your study progress against your plan and make adjustments as
needed. Expect success — if you put the effort in, you will pass.

At the Examination Site

1. Plan to arrive at least 30 minutes early, as identification will be checked prior to your being
allowed into the examination room.

2. The examination will start promptly.

3. You will be allowed a full three hours to take the examination.

4. Read all instructions carefully.

5. Pace yourself: the examination has been written to allow approximately 1½ hours for each
section of the CDCS examination.

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Section 5 CDCS Study Groups

There is a great deal of benefit to studying with others. Conference calls, email and the
Internet provide access to your colleagues preparing for the CDCS examination. Usually
two types of information are shared in study groups:

Topic information from the Study Text

Informal study tips, support and general assistance

There are several ways to form study groups; most candidates preparing for other
certification examinations prefer the following two:

Local Study Group: if there are others in your bank or city preparing for the
examination that is your first and probably best option.

Electronic Study Group: identify others preparing for the examination who are willing
to share ideas, information and provide support by phone, fax and/or email.

All questions on the examination are referenced to the Study Text; it is very important to use
the Study Text as the sole reference. It should be supplemented by the Rules outlined in
Section E of the Content Outline.

Study Groups Tips

1. Select the format that meets the schedules within your group:
Weekly usually meets for 1 – 1 ½ hours per session
Semi-monthly usually meets twice a month for 3-hour sessions
Monthly usually meets for 3 or 4 hours per session
Two Days often 4 - 6 hours per day
Three Days often 4 - 6 hours per day

2. Determine the number and length of sessions

3. Determine the topic schedule: number of sessions on topic material and number of
sessions focused on study tips etc.

4. Determine how presentations will be made to the group:

Will leadership rotate and each individual assume responsibility for certain
sections of the Study Text, which they will prepare for the rest of the group?

Will you have experienced managers, supervisors or CDCSs from the banks
discuss the chapters in the Study Text?

5. Supplement the sessions with review of the Self-Study Guide.

6. After individual or group review of a chapter, answer the questions at the end of
each chapter. They are not in the examination format but highlight the important
information in each chapter.

7. Prepare test questions for other members of the group.

8. Prepare glossary cards based on the terms in the Self-Study Guide and other key
terms identified from the Study Text.

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Section 6 Multiple-Choice Question Formats

Levels of Multiple-Choice Questions

Section A of the CDCS examination is entirely multiple-choice questions. There are three
levels of questions based on the cognitive or thinking levels required to correctly answer a
question.

Knowledge (KN) questions are recall questions.

Application (AP) questions apply knowledge.

Analysis (AN), also called higher level thinking, questions require both
knowledge and application skills.

There are several standard formats for multiple-choice questions. Becoming familiar with
the various types will assist candidates as they prepare for the examination.

Sample Generic Questions

Correct answers are noted by an *

Recall/Knowledge: recall or knowledge questions recognize specific information and facts

that do not vary by situation. Such questions are predominantly an effort of memory and
include the recall of specific facts, generalizations, concepts, theories, formulae and
procedures. There will be approximately 46 knowledge or recall questions in the
examination.

Which of the following is a primary color?

A. Orange.
B. Purple.
C. Green.
* D. Red.

Application: application questions require comprehension, interpretation, or manipulation

of concepts or data. They primarily test simple interpretations or applications of limited
data. Questions may require recognition of more than one element or concept and the
ability to apply knowledge to a specific situation. There will be approximately 37 questions
in the examination.

If the time in London, using Greenwich Mean Time, is 7.30 P.M., what time will it
be in New York, using Eastern Standard Time (EST)?
A. 12:30 A.M.
B. 1:30 A.M.
C. 1:30 P.M.
* D. 2:30 P.M.

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Analysis: analysis questions require the integration or synthesis of a variety of concepts

and/or elements to solve a specific problem situation. Questions test the ability to gather
information, evaluate data and make decisions. Analysis questions often require value
judgments concerning the effectiveness, appropriateness or best course of action in a
given situation. There will be 7 analysis questions in the examination.

If a flight taking off from London at 12:35 P.M. takes 6.5 hours to reach New York,
what time will it land, using Eastern Standard Time (EST)?
A. 1:05 P.M.
* B. 2:05 P.M.
C. 12:35 A.M.
D. 1:05 A.M.

Question styles:

Direct or Closed Question: a complete question followed by four options; there is only one
correct answer to direct or closed questions.

Who was the King of England in 1484?

A. Henry V.
B. George I.
* C. Richard III.
D. Edward IV.

Open Question or Incomplete Sentence: an incomplete sentence with four options; there
is only one correct answer to incomplete sentence questions.

Confederate Commander General Robert E. Lee’s horse was named

A. Silver.
B. Trigger.
* C. Traveler.
D. Champion.

Complete Question that includes the phrase ‘which of the following’: is used when there is
more than one correct answer to a question, but ONLY one of the correct answers is
offered in the options.

Which of the following is a prime number?

* A. 7.
B. 10.
C. 12.
D. 15.

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Complex Multiple-Choice: there may be more than one correct answer. The response will
include options.

Which of the following cities are capitals of their respective countries?

1. Paris
2. Washington D.C.
3. Chicago
4. Sydney

A. 4 only
* B. 1 and 2 only
C. 1, 3 and 4 only
D. 2,3 and 4 only

Negatively worded or EXCEPT questions: three of the four options are correct and only
one option is incorrect. There is only one answer for EXCEPT questions.

All of the following are primary colors EXCEPT:

* A. red.
B. blue.
C. green.
D. orange.

Key Words — LEAST, BEST, MOST: the question requires evaluation and the selection of
the appropriate option.

MOST color blind males inherit the gene from their:

A. father.
* B. mother.
C. maternal grandmother
D. paternal grandfather

Situational Set: there is one answer to each question in situational sets. There may be
more than one question for each information set.

Michael has $100 to purchase clothes. Costs are: shirts, $20 each; sweaters $30
each; slacks $40 per pair; and socks $5 per pair.

1. If Michael purchased 1 pair of slacks and 1 sweater, how many shirts can he buy
with his remaining money?
* A. One.
B. Two.
C. Three.
D. Four.

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2. If Michael spent 40% of his money on socks, how many pairs did he purchase?
A. Four.
B. Five.
* C. Eight.
D. Ten.

Section 7 Analysis Questions, In-basket and Simulation Exercises

Section B of the examination consists of SEVEN analysis questions, THREE in-basket

exercises and THREE simulation exercises. The simulations test the information gathering and
decision-making skills of the candidate by requiring them to analyze the information provided
and identify the irregularities/discrepancies in the documents for each simulation.

In-Baskets

The content of in-baskets is designed to reflect real work situations and to be

relevant to the responsibilities of documentary credit specialists.

Each in-basket will comprise samples of documents for review and five related
questions.

Simulations

Each simulation exercise has five responses that equate to FIVE questions per
simulation.

Each simulation will include samples of documents to review.

There will be a series of documents that the candidate must review prior to
answering the questions for each simulation.

Candidates are required to identify the FIVE correct discrepancies or irregularities

from a checklist of a possible ten.

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Section 8 Tips for Answering Multiple-Choice Questions

• In multiple-choice questions, the answer follows the question. There are four options and
only one is correct. Your task is to identify the correct answer from the plausible, but
incorrect, distracter answers. The correct answer is called the key and the other options are
called distracters.

• Remember that all multiple-choice questions have the same format — 4 options but only
one correct answer.

• The correct answer is the best answer for each question.

• Only correct answers are scored, so it is to your advantage to answer every question on the
examination.

• Analyze what the question is asking.

• Try to answer the question before looking at the options. Then decide which option is
closest to your answer and is the best option.

• It is best to answer questions as you proceed through the examination.

• The more questions you answer, the better your chances of achieving a passing score. For
best results pace yourself, periodically checking your progress.

• If you are near the end of the examination period, make your best guess at the unanswered
questions by eliminating the incorrect/wrong options. You could get the answer correct.

• Read all instructions carefully.

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Section 9. Pre-examination Check List

• The admission ticket/Confirmation Form should be received two weeks prior to the
examination.
• Select the best route to the test center and identify parking options.
• Plan to arrive at the test center 30 minutes prior to the examination start time.
• Plan on three full hours to complete the examination after instructions by the test center
supervisor.
• Bring your admission ticket/Confirmation Form and two forms of identification; one must be a
picture ID.
• For Paper and Pencil Examinations bring several HB/ #2 sharpened pencils and an eraser;
most test centers will not have pencil sharpeners.
• Bring a watch as the test center may not have a clock.
• Do not bring food, beverages, extra paper, books, supplies, etc. into the examination room.
• Do not bring electronic devices into the examination room. You will be disqualified if a pager
or phone vibrates or rings.

• Instructions to candidates:

Paper and Pencil Tests: ifs School of Finance candidates only
o Become familiar with the answer sheet.
o Use only HB/#2 pencil to complete this form.
o Make sure that you mark your choice with a straight line.
o To amend an answer, THOROUGHLY erase and mark the appropriate box.
o Mark ONE box only for questions 1 - 105.
o Mark FIVE boxes for simulations 1 – 3.
o Answer all 120 questions.

Electronic or Computer-Based Examinations in U.S. and Canada: BAFT-IFSA

candidates only

Candidates in the U.S. and Canada will have an opportunity to take a practice
test on the CDCS - Examsoft website prior to the examination in April.

Complete instructions will be available in January 2011.

Additional details will be available on the CDCS website (www.cdcs.org).

Registration No. — your candidate number as advised to you on your admission

ticket/Confirmation Form.

Session No. — as advised on your admission ticket/Conformation Form.

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CDCS Self-Study Guide 2011 21

Section 10. Practice Test

The practice test for electronic or computer based examinations in US and Canada will be
posted on the CDCS – ExamSoft Website

March/April 2011

Section 11. Sample Test

A sample test can be found on the CDCS website (www.cdcs.org). The sample test paper is
a small sample of the type of questions you will encounter in the actual test paper. The test
represents one third of the actual test and should take no longer than 1 hour to complete.

Section 12. CDCS Website

• The CDCS website is available for your use and is a helpful tool as you prepare for the
CDCS examination - www.cdcs.org.

• For additional information or if you do not receive your materials, visit either the ifs or BAFT-
IFSA website or contact ifs or BAFT-IFSA directly.

Ifs School of Finance

ifs House, 4-9 Burgate Lane
Canterbury, Kent, CT1 2XJ, United Kingdom
http://www.ifslearning.ac,.uk

BAFT-IFSA
9 Sylvan Way, First Floor
Parsippany NJ 07054 USA
http://www.intbanking.org

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 2010. IIFSA-BAFT, Parsippany NJ