You are reading the 2026 curriculum (exams up to November 2026). Sitting in February 2027 or later? Go to the 2027 Derivatives guide.

Derivatives

Exam weight

5–8%

Questions, roughly

9–14 of 180

Learning modules

10

Lessons

37

1. Module 1 Derivatives and Derivative Markets 3 lessons
2. Module 2 Forwards, Futures, Swaps, Options and Credit Derivatives 6 lessons
3. Module 3 Derivative Benefits, Risks and Uses 4 lessons
4. Module 4 Arbitrage, Replication and the Cost of Carry 4 lessons
5. Module 5 Pricing and Valuing Forward Contracts and FRAs 4 lessons
6. Module 6 Pricing and Valuing Futures Contracts 3 lessons
7. Module 7 Pricing and Valuing Interest Rate Swaps 3 lessons
8. Module 8 Pricing and Valuing Options 3 lessons
9. Module 9 Put–Call Parity and Option Replication 4 lessons
10. Module 10 The One-Period Binomial Model 3 lessons