ACI 002-101 Real Exam Dumps [June 2026 Update]

ACI 002-101 Dealing Certificate Real Exam Questions [June 2026 Update]

There is one rule about the ACI 002-101 exam that every candidate must understand before opening a single study guide: passing the exam requires scoring at least 50% in each of the five sections individually, not just an overall passing total. A candidate can score 75% average across the paper and still fail if one section falls below 50%. This is not a minor footnote. It defines exactly how you must prepare. You cannot afford a weak section and plan to compensate with strength elsewhere. Every one of the five topic areas — Financial Markets Environment, Foreign Exchange, Rates, FICC Derivatives, and Financial Markets Applications — must clear the minimum floor on exam day. Candidates who prepare evenly and build general competence across all five sections consistently outperform those who go deep on their strongest area while leaving one section underexplored.

The ACI 002-101 (Dealing Certificate New Version) is issued by ACI Financial Markets Association, the global body for professional financial markets standards. It is the foundation credential for front office, middle office, and operations professionals in foreign exchange and money markets, accepted globally as the entry-level qualification for dealing room participation. Unlike many financial exams, it includes quantitative calculation questions requiring a handheld calculator and the ACI Formula Sheet, which can be requested at the test centre. Passing at 60-69.9% earns the pass grade; 70-79.9% earns merit; 80% and above earns distinction.

Cert Empire’s 002-101 exam questions cover all five topic sections with quantitative calculation questions included, ensuring you build the calculation fluency the real exam demands alongside the conceptual knowledge that underpins every section.

Exam Snapshot

The Five Sections: What Each Tests and Why Every One Matters

Section 1: Financial Markets Environment

This section establishes the structural and regulatory context for everything that follows. The exam tests:

Market structure and function: How global financial markets are organized, the role of central banks as market makers and policy setters, the distinction between OTC (over-the-counter) markets and exchange-traded markets, and why OTC dominates FX and interest rate instruments.

Market participants: Central banks (FX intervention, monetary policy), commercial banks (market making, proprietary trading, client servicing), institutional investors (asset managers, pension funds, insurance companies), corporates (hedging FX and rate exposures), and retail participants.

Transaction lifecycle: The lifecycle of a typical financial market transaction from pre-trade to execution to confirmation to settlement. Understanding SWIFT messaging roles (MT300 for FX confirmations, MT202 for payments), CLS (Continuous Linked Settlement) for FX settlement risk mitigation, and the distinction between trade date and settlement date for spot, forward, and derivative contracts.

Risk management framework: The six major risk categories — credit risk, market risk, liquidity risk, operational risk, legal/documentation risk, and reputational/regulatory risk. Candidates are tested on definitions and which risk applies to specific market situations.

Regulation and codes of conduct: The FX Global Code of Conduct, which sets professional standards for FX market participants globally. Awareness of the IBOR transition (LIBOR phased out by end-2021, replaced by SOFR, SONIA, ESTR, TONA) is a current and tested topic.

Section 2: Foreign Exchange

This is the largest and most calculation-intensive section. It requires both conceptual understanding and numerical fluency.

FX spot market mechanics: Direct quotation (domestic currency per one unit of foreign) versus indirect quotation (foreign currency per one unit of domestic). Big figure versus pip. Bid and offer interpretation: the market maker’s bid is where they buy the base currency; the offer is where they sell it. The client always buys at the offer and sells at the bid.

Cross-rate calculations: Computing EUR/JPY when EUR/USD and USD/JPY are given. The exam presents two-way prices and asks candidates to calculate the correct cross-rate bid and offer, which requires multiplying or dividing prices depending on whether the USD is the base or terms currency in each pair.

FX outright forward pricing: The forward rate is derived from the spot rate adjusted for the interest rate differential between the two currencies over the forward period. Using the formula: Forward = Spot × (1 + base currency rate × days/360) / (1 + terms currency rate × days/360). Understanding why the higher-yielding currency trades at a forward discount relative to the lower-yielding currency.

Swap points (forward points): The difference between the forward rate and the spot rate, expressed in pips. When swap points are positive, they are added to the spot (forward premium on the base). When negative, they are subtracted (forward discount on the base). Candidates must interpret a forward point quote and derive the outright forward rate.

FX swap mechanics: An FX swap combines a spot transaction in one direction with a forward transaction in the opposite direction at agreed rates. Used for rolling positions forward, funding management, and short-term liquidity. The exam tests why FX swaps create no net currency exposure at initiation but do create interest rate and counterparty risk.

Non-deliverable forwards (NDFs): Forward contracts for currencies with restricted convertibility (CNY, BRL, KRW), settled in USD at maturity based on the official fixing rate. The exam tests the rationale for NDFs and their settlement mechanics.

Precious metals: Basic gold and silver quotation conventions (troy ounce, USD/oz) and the distinction between spot gold trading (via LBMA) and gold futures. Gold frequently appears in quantitative questions.

Section 3: Rates (Money Markets and Interest Rate Capital Markets)

Time value of money: The principle that a dollar today is worth more than a dollar in the future due to its earning potential. Present value and future value calculations using simple interest for money market instruments.

Money market instruments and calculations: Treasury bills (discount instruments: return = face value minus price; quoted as discount rate not yield), commercial paper, certificates of deposit, and repurchase agreements (repos). The exam requires calculating yields, prices, and returns for instruments quoted on different bases (discount rate vs. add-on rate; Act/360 vs. Act/365 day-count conventions).

Day-count conventions: A critical and often tripped-upon detail. USD money markets use Act/360; GBP money markets use Act/365 (actual/actual); EUR and most other major currencies use Act/360. The exam will present a rate and ask candidates to calculate the correct interest amount or equivalent yield using the right day-count.

Yield curve construction and interpretation: Normal (upward sloping), inverted (downward sloping), and flat yield curves. What each shape signals about market expectations for interest rates and economic conditions. Forward-forward rates: the implied rate for a future period derived from the current yield curve.

Interest rate benchmark transition: LIBOR has been replaced. Current risk-free rates: SOFR (USD), SONIA (GBP), ESTR (EUR), SARON (CHF), TONA (JPY). These are overnight rates compounded in arrears, creating a fundamentally different dynamic from LIBOR’s term rate structure. The exam tests the core characteristics of these replacement rates and why the transition matters for financial markets.

Section 4: FICC Derivatives

FX options: Calls (right to buy the base currency) and puts (right to sell the base currency). European-style (exercisable only at expiry) versus American-style (exercisable at any time). Premium: the price paid by the option buyer. In-the-money, at-the-money, and out-of-the-money options. The exam tests basic option payoff profiles at expiry, not complex Greeks.

Interest rate futures: Standardized exchange-traded contracts on short-term interest rates. Eurodollar futures (CME), SOFR futures (CME, replacing Eurodollar), SONIA futures (ICE). Futures prices are quoted as 100 minus the implied rate (a price of 95.00 implies a 5.00% rate). Tick size and tick value calculations.

Forward Rate Agreements (FRAs): OTC contracts that fix the interest rate on a future notional borrowing or lending. Settlement at the start of the contract period (discounted), not at maturity. The exam tests FRA settlement calculations using the formula: Settlement = (Contract rate – Settlement rate) × Notional × Days/360 / (1 + Settlement rate × Days/360).

Interest Rate Swaps (IRS): Exchange of fixed for floating interest payments on a notional principal. Plain vanilla IRS: one party pays fixed, receives floating; the other receives fixed, pays floating. Used to convert a fixed-rate debt into floating or vice versa. The exam tests why a corporate with floating-rate debt might use a payer IRS to fix their cost.

Overnight Indexed Swaps (OIS): Swaps where the floating leg is linked to a compounded overnight rate (SOFR, ESTR, SONIA). OIS rates closely reflect market expectations for central bank policy rates and are increasingly central to short-end interest rate markets following the LIBOR transition.

Section 5: Financial Markets Applications

This section applies the concepts from the four preceding sections to real-world market situations. Questions are scenario-based and require integrating knowledge across sections.

Risk management applications: A corporate treasurer must hedge a known future USD payable. Which instrument (forward, FX option, FX swap) best achieves the objective, and what are the trade-offs in cost, flexibility, and residual risk?

Funding and investment decisions: Comparing the effective cost of borrowing in different currencies after hedging the FX risk using an FX swap. Understanding covered interest parity: if interest rate parity holds, the cost of borrowing in currency A then swapping to currency B should equal the direct cost of borrowing in currency B. When it does not, an arbitrage opportunity (carry trade) exists.

Liquidity management: How dealers manage their positions overnight and across settlement dates using FX swaps and money market instruments. Understanding the nostro account reconciliation process and why settlement failures create operational risk.

Counterparty credit exposure: How mark-to-market values on derivative positions create credit exposure (replacement cost risk). Why banks require ISDA Master Agreements and Credit Support Annexes (CSAs) with collateral thresholds for bilateral OTC derivative trading.

What to Expect on Exam Day

• 70 questions in 2 hours: approximately 102 seconds per question.
• Both conceptual and quantitative questions are mixed throughout. Expect roughly 20-30 calculation questions.
• Bring a handheld calculator (confirm it meets test centre guidelines). Request the ACI Formula Sheet at the beginning of the exam.
• Questions are in English (or German if that language option was selected at registration).
• Immediate pass/fail result displayed on screen at exam completion.
• Results are graded: pass (60-69.9%), merit (70-79.9%), distinction (80%+).

5 Study Tips for ACI 002-101

• Tip 1: Map your preparation across all five sections before you start studying. Identify which section feels weakest and treat it as a priority, not an afterthought. You cannot afford to fall below 50% in any single section regardless of overall performance.
• Tip 2: Master FX calculation mechanics by working through cross-rate, forward pricing, and swap point problems with a calculator every day. Speed and accuracy under time pressure comes from repetition, not from re-reading theory.
• Tip 3: Memorize day-count conventions by currency before the exam: USD Act/360, GBP Act/365, EUR Act/360. A miscalculated day-count on a money market question produces a wrong answer even when the formula is applied correctly.
• Tip 4: Study the IBOR transition content specifically. SOFR, SONIA, ESTR, and TONA appear in both the Rates section and FICC Derivatives section. This is updated content that older preparation materials often under-cover.
• Tip 5: Practice with Cert Empire’s 002-101 exam questions in timed, section-by-section format so you can monitor your score by section, not just overall, replicating the exact passing structure the real exam uses.

Best Study Resources

• Cert Empire 002-101 exam questions PDF and practice simulator (June 2026 edition with IBOR transition updates).
• Official ACI Dealing Certificate syllabus (acifma.com).
• ACI Formula Sheet (available on ACI FMA website and at test centres).
• Philip Parker: “Mastering the ACI Dealing Certificate” (core preparation text).
• ACI Accredited Trainer courses (listed on acifma.com).
• Swapskills.com and other ACI-accredited online training providers.

Career Opportunities After 002-101

• Junior FX Dealer / FX Trader
• Treasury Operations Analyst
• Middle Office Analyst (FX / Rates)
• Compliance Officer (Financial Markets)
• Risk Analyst (Market Risk)
• Treasury Sales Analyst

The ACI Dealing Certificate is recognized and frequently required by financial regulators and major banks across Europe, Asia-Pacific, the Middle East, and Africa as the baseline competence credential for dealing room personnel. It opens the pathway to the ACI Diploma for advanced practitioners.

Certifications to Pursue After 002-101

• ACI Diploma: The professional-level ACI credential for experienced practitioners, covering advanced FX derivatives, complex interest rate products, and portfolio risk management
• ACI Operations Certificate New Version: Parallel credential covering settlement, operations, and middle office competence
• ACI FX Global Code Certificate: A standalone ethics and conduct credential for FX market professionals
• CFA Level 1: For those moving into portfolio management or research from trading
• ACAMS: For those moving into financial crime compliance from middle office roles

How 002-101 Compares to Related Financial Markets Credentials

Why Candidates Choose Cert Empire for ACI 002-101 Preparation

✔ Section-by-section performance tracking built into the simulator. Our exam simulator reports your score by section after each practice session, so you know whether you are clearing the 50% floor in every topic area, not just your overall average. This is the only metric that matters for passing the real exam.

✔ Quantitative calculation questions with worked solutions. Our question bank includes FX cross-rate, forward pricing, swap point, FRA settlement, day-count, and yield calculation questions with step-by-step worked answers, not just the correct option. Knowing why the calculation works lets you apply it to any variation on exam day.

✔ IBOR transition content updated for 2026. Our questions cover SOFR, SONIA, ESTR, and TONA in both the Rates and FICC Derivatives sections, including OIS mechanics and how compounded overnight rates differ from term LIBOR.

✔ Practice under real exam conditions with the Cert Empire Exam Simulator. Our 002-101 simulator runs 70 questions in 120 minutes with a calculator-permitted environment and provides section-by-section breakdowns so your practice exactly mirrors the passing criteria of the real exam.

✔ Instant access, 90-day free updates, and 24/7 support. As ACI updates the Dealing Certificate syllabus, your materials update automatically. Our support team is available around the clock.

✔ Backed by a full money-back guarantee. If our exam questions do not help you pass, we refund your purchase with no conditions.

FAQS

What is the ACI Dealing Certificate New Version exam?

The ACI 002-101 (Dealing Certificate New Version) is the foundation-level credential issued by ACI Financial Markets Association for financial markets professionals. It validates working knowledge of FX, money markets, interest rate products, basic derivatives, and financial markets environment and applications. It is globally recognized as the entry-level qualification for dealing room roles.

Do I need a calculator for the ACI exam?

Yes. The exam includes quantitative calculation questions. You may bring a handheld calculator to the test centre (subject to test centre approval guidelines). The ACI Formula Sheet can also be requested at the test centre at no additional charge.

What is the section minimum rule and why does it matter?

Each of the five topic sections has a minimum passing score of 50%. Even if your overall score exceeds 60%, you fail the exam if any single section falls below 50%. This means preparation must be balanced across all five sections, not concentrated in areas of strength.

What grade levels are there on the ACI Dealing Certificate?

Scores of 60-69.9% earn a pass. Scores of 70-79.9% earn a merit. Scores of 80% or above earn a distinction. These grades appear on your certificate and are visible to employers.

What replaced LIBOR and what do I need to know for the exam?

LIBOR was phased out by end-2021. The key replacement rates are SOFR (USD, administered by the NY Fed), SONIA (GBP, administered by the Bank of England), ESTR (EUR, administered by the ECB), SARON (CHF), and TONA (JPY). These are overnight compounded risk-free rates, unlike LIBOR which was a term rate. The exam tests their basic characteristics and the rationale for the transition.

How much does the ACI Dealing Certificate exam cost?

The exam fee is €250 per attempt, inclusive of all applicable taxes. There is no requirement to be an ACI member to sit the exam, though ACI membership may provide access to discounted preparation resources.

Related Certifications Worth Exploring

Candidates who pass the 002-101 and want to advance toward professional-level credentials will find our ACI certification exam questions page covers advanced financial markets concepts, including FX derivatives, interest rate products, and risk management areas that build on the Dealing Certificate foundation. For those working in treasury operations alongside a front office dealing role, our exam preparation resources provide access to a wide range of certification materials, while helping professionals explore resources related to areas such as settlement, middle office, and operations knowledge that complements the front-office focus of the 002-101.