100+ Free GISI Intermediate Practice Questions

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2026 Statistics

Key Facts: GISI Intermediate Exam

70%

Passing Score

GISI Guidelines

Syllabus Chapters

GISI Intermediate Syllabus

GHS 500

Exam Fee

GISI 2026 Fees

GHS 1,973

Tuition Fee

GISI 2026 Fees

8 Weeks

Tuition Duration

GISI Course Structure

The GISI Securities Course Intermediate Level (Level 200) exam is the second stage of the professional pathway for securities industry practitioners in Ghana. The exam requires a passing score of 70% and covers 15 key subjects. It is designed to validate your knowledge of corporate finance, portfolio management, asset valuation, and local regulatory frameworks.

Sample GISI Intermediate Practice Questions

Try these sample questions to test your GISI Intermediate exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the GISI Code of Conduct, if an investment advisor becomes aware of a material conflict of interest regarding a recommended security, what is the correct course of action?

A.Disclose the conflict of interest in writing to the client before executing any transaction.

B.Execute the transaction first, then disclose the conflict in the post-trade confirmation statement.

C.Avoid disclosing the conflict if the advisor believes the transaction is in the client's best interest.

D.Transfer the client account to another advisor without explaining the conflict.

Explanation: Fiduciary duty and ethics require immediate and full disclosure of any material conflict of interest in writing to the client prior to executing any transactions, allowing the client to make an informed decision.

2Which of the following practices is considered a violation of the professional ethics regarding client confidentiality in the Ghanaian securities market?

A.Disclosing client portfolio holdings to the Securities and Exchange Commission (SEC) Ghana during an official investigation.

B.Discussing client investment strategies with a colleague from a competing firm without client consent.

C.Sharing client financial details with a co-trustee of the client's discretionary trust.

D.Providing transaction records to a court of law under a valid judicial subpoena.

Explanation: Sharing confidential client information with employees of other firms without explicit consent is a direct violation of client confidentiality. Exceptions only apply to legal/regulatory demands or authorized parties.

3An investment analyst in Accra receives a luxurious weekend resort package from a corporate issuer shortly before publishing a research report on that company. Which action best aligns with professional ethical standards?

A.Accept the gift but disclose it fully in the research report to maintain transparency.

B.Decline the gift to maintain independence and objectivity, and report it to the firm's compliance officer.

C.Accept the gift but write a balanced, objective report regardless of the corporate favor.

D.Accept the gift and delegate the writing of the report to a junior colleague to avoid direct bias.

Explanation: To maintain independence and objectivity, analysts must decline gifts or favors that could reasonably be expected to influence their professional judgment. Reporting the event to compliance ensures institutional transparency.

4Under the principles of fair dealing, when a broker-dealer firm in Ghana changes its investment recommendation from "Buy" to "Hold" for a listed stock, how should this change be disseminated?

A.Inform the largest institutional clients first, then notify retail clients the following business day.

B.Execute pending client orders based on the old advice before distributing the new recommendation.

C.Disseminate the new recommendation to all clients simultaneously to ensure equal opportunity.

D.Inform the firm's proprietary trading desk first to allow hedging before notifying clients.

Explanation: Fair dealing requires that all clients be treated fairly and given a reasonable opportunity to act on recommendation changes. Selective dissemination to larger clients or proprietary desks violates this duty.

5An investment advisor manages a discretionary account for a client. The advisor executes a high volume of trades primarily to generate commissions for their brokerage firm, rather than to meet the client's investment objectives. What unethical practice has occurred?

A.Churning (excessive trading)

B.Front-running

C.Market manipulation

D.Insider trading

Explanation: Churning refers to the unethical practice of executing excessive trades in a client's discretionary account solely to generate commissions for the broker, violating the fiduciary duty of suitability.

6A portfolio manager discovers that a research assistant has compiled a report using plagiarized material from an international database without attribution. If the manager publishes the report under the firm's name, which professional standard has been violated?

A.Standard of Integrity and Professional Competence regarding plagiarism and misrepresentation.

B.Standard of Capital Market Integrity regarding insider trading.

C.Standard of Loyalty to Employer regarding compensation disclosures.

D.Standard of Referral Fees regarding disclosure of third-party payments.

Explanation: Plagiarism is a form of misrepresentation and violates the professional standard of integrity. Members must attribute all sources of information and analysis that they use in their work.

7Which body within the Bank of Ghana is statutory responsible for formulating monetary policy, including setting the Monetary Policy Rate (MPR)?

A.The Monetary Policy Committee (MPC)

B.The Board of Directors

C.The Financial Stability Department

D.The Banking Supervision Division

Explanation: The Monetary Policy Committee (MPC) of the Bank of Ghana is responsible for formulating monetary policy, which includes setting the policy interest rate to manage inflation and support economic growth.

8If the Bank of Ghana decides to adopt a contractionary monetary policy to combat high inflation, which of the following measures is it most likely to take?

A.Lower the Monetary Policy Rate and decrease the cash reserve ratio.

B.Increase the Monetary Policy Rate and increase the cash reserve ratio.

C.Purchase government securities through open market operations (OMO).

D.Provide cheaper emergency liquidity support to commercial banks.

Explanation: A contractionary policy aims to reduce money supply and credit growth. Increasing the Monetary Policy Rate (making borrowing more expensive) and raising the cash reserve ratio (restricting bank lending capacity) are primary tools.

9How does a significant depreciation of the Ghana Cedi (GHS) against major currencies like the US Dollar typically affect inflation in Ghana?

A.It lowers inflation by making foreign products cheaper for local consumers.

B.It causes cost-push inflation due to higher import costs of fuel, raw materials, and finished goods.

C.It has no impact on inflation because Ghana is entirely self-sufficient in manufacturing.

D.It lowers inflation by reducing the nominal money supply in the domestic banking system.

Explanation: As a net importer of fuel, raw materials, and finished goods, a weaker Ghana Cedi directly raises the domestic price of imports, leading to imported cost-push inflation.

10In macroeconomics, the "crowding-out effect" refers to a situation where:

A.High commercial bank reserve requirements crowd out foreign direct investment (FDI).

B.Increased government borrowing to finance fiscal deficits drives up interest rates, reducing private investment.

C.A surge in equity listings on the Ghana Stock Exchange crowds out investor demand for government bonds.

D.Central bank open market sales crowd out commercial banks from secondary bond markets.

Explanation: When the government borrows aggressively from the domestic market to fund its budget deficit, it competes with the private sector for loanable funds, pushing up interest rates and crowding out private sector investment.

About the GISI Intermediate Exam

Prepare for the GISI Securities Course Intermediate Level (Level 200) exam with our comprehensive practice questions covering investment analysis, corporate finance, asset valuation, and Ghanaian securities laws.

Questions

100 scored questions

Time Limit

2 hours 30 minutes

Passing Score

70%

Exam Fee

GHS 500 (Ghana Investment and Securities Institute (GISI))

GISI Intermediate Exam Content Outline

12%

Ethics and Corporate Governance

Professional conduct, conflicts of interest, corporate governance codes, and board responsibilities.

14%

Economics and Quantitative Methods

Macroeconomics, monetary and fiscal policies, time value of money, statistical returns, and probability.

10%

Financial Reporting and Analysis

Analysis of IFRS balance sheets, income statements, cash flow statements, and financial ratio analysis.

10%

Corporate Finance

Weighted average cost of capital (WACC), capital budgeting, leverage, and working capital management.

10%

Securities Market Operators and Investment Funds

Market structures, GSE, GAX, CSD operations, mutual funds, and unit trust structures.

12%

Investment Analysis and Portfolio Management

Asset allocation, CAPM, Sharpe ratio, diversification, portfolio theory, and active vs passive strategies.

12%

Valuation of Securities and Derivatives

Gordon growth equity model, bond pricing, current yield, duration, call/put options, and swaps.

Investment Risk Management

Market, credit, liquidity, and operational risks, Value at Risk (VaR), and stress testing.

Securities and Pension Laws

Securities Industry Act 2016 (Act 929), National Pensions Act 2008 (Act 766), and 3-Tier Pension Scheme.

Marketing of Financial Services

KYC/AML regulations, product suitability, direct marketing rules, and consumer disclosures.

How to Pass the GISI Intermediate Exam

What You Need to Know

Passing score: 70%
Exam length: 100 questions
Time limit: 2 hours 30 minutes
Exam fee: GHS 500

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

GISI Intermediate Study Tips from Top Performers

1Focus on Quantitative Methods and Valuation: Practice TVM, bond pricing, and Gordon growth equity model calculations.

2Understand the Ghanaian legal framework: Pay close attention to the provisions of the Securities Industry Act 2016 (Act 929) and the National Pensions Act 2008 (Act 766).

3Study the 3-Tier Pension Scheme: Understand the operational differences, tax incentives, and regulatory rules between Tiers 1, 2, and 3.

4Go through all 100 practice questions to familiarize yourself with the question formats, option structures, and detailed explanations.

5Focus on the ethics chapters: The GISI places high importance on professional ethics and fiduciary duties.

Frequently Asked Questions

What is the GISI Intermediate Level course?

The Intermediate Level of the Ghana Investment and Securities Institute (GISI) professional pathway is a Level 200 training program designed for capital market practitioners. It covers intermediate finance concepts, investment analysis, corporate governance, and Ghanaian regulatory compliance.

What subjects are covered in the GISI Intermediate syllabus?

The syllabus covers 15 subjects including Ethics, Economics, Quantitative Methods, Financial Reporting and Analysis, Corporate Finance, Corporate Governance, Securities Market Operators, Investment Funds, Portfolio Management, Derivatives, Valuation, Risk Management, Securities Industry Laws (Act 929), Pension Laws (Act 766), and Financial Marketing.

What is the pass mark for the GISI Intermediate exam?

The passing score required to pass the GISI Intermediate exam is 70%. Candidates must pass this exam before progressing to the next level of the professional pathway (Legal and Regulatory Framework, followed by the Professional Level).

How much does the GISI Intermediate exam cost?

For the 2026 academic year, the examination registration fee is GHS 500, and the tuition fee is GHS 1,973, bringing the total program cost for the level to GHS 2,473.

What is the next step after passing the GISI Intermediate level?

Upon passing the Intermediate level exam, candidates progress to the Legal and Regulatory Framework Level, which focuses on the regulatory structure governing the financial services sector in Ghana.