TCCA One-Page Study Checklist
Last reviewed February 2026
(If you can do everything on this page, you are exam-ready.)
✅ Before You Start
- ☐ Read the TCCA syllabus once, end to end
- ☐ Understand domain weightings and exam format
- ☐ Accept that this is a professional judgement exam, not a technical test
📘 Core Materials (Authoritative)
You must be able to apply the following Institute frameworks:
1. Portfolio Construction & Risk
- ☐ Explain why crypto belongs (or does not belong) in a portfolio
- ☐ Use risk-adjusted allocation ranges appropriately
- ☐ Relate allocation size to volatility contribution
- ☐ Explain diversification within crypto and across asset classes
- ☐ Justify rebalancing decisions (when and why)
2. Suitability & Client Profiling
- ☐ Assess risk tolerance realistically
- ☐ Consider time horizon, liquidity needs, and experience
- ☐ Recognise when crypto exposure is unsuitable
- ☐ Document suitability clearly and defensibly
3. UK Regulatory & Promotions Rules
- ☐ Distinguish between financial promotions and one-to-one advice
- ☐ Apply Section 21 approval rules correctly
- ☐ Use FCA-mandated risk warnings properly
- ☐ Avoid prohibited practices (guarantees, urgency, downplaying risk)
4. Custody & Operational Risk
- ☐ Compare self-custody vs third-party custody
- ☐ Identify key risks (loss, hacks, governance failures)
- ☐ Explain custody risks in plain English to a client
- ☐ Recognise when custody arrangements are inappropriate
5. Professional Ethics
- ☐ Act in the client’s best interest
- ☐ Manage conflicts of interest
- ☐ Avoid over-concentration and hype-driven advice
- ☐ Communicate honestly about uncertainty and downside risk
❌ You Do NOT Need To
- ☐ Predict market prices
- ☐ Memorise blockchain internals
- ☐ Read central bank research papers
- ☐ Know smart contract code
- ☐ Sound “bullish” to pass
🕒 Exam Day Focus
- ☐ Identify the client objective
- ☐ Identify the key risk
- ☐ Make a clear recommendation
- ☐ Justify it professionally
- ☐ Communicate like a responsible adviser
TCCA Scenario Responses
What “Good” vs “Weak” Looks Like
This is where most candidates either pass comfortably… or implode quietly.
A 42-year-old client with moderate investment experience has a £250,000 diversified portfolio. They request a 20% allocation to cryptocurrency after seeing strong recent market performance. They state they are “comfortable with risk” but have never experienced a significant drawdown.
Question: How would you approach this request, and why?
Crypto is volatile so a 20% allocation may be risky. I would explain the risks to the client and possibly suggest a lower allocation. The client should understand that prices can go down as well as up.
- No clear recommendation
- No framework applied
- No suitability assessment
- No justification of numbers
- Reads like a disclaimer, not advice
This avoids responsibility. That is not advisory competence.
While the client expresses comfort with risk, a 20% allocation to cryptocurrency would be disproportionate given their experience and portfolio size. Cryptocurrency exhibits significantly higher volatility than traditional assets, and at this level would dominate portfolio risk, potentially leading to drawdowns the client has not previously experienced.
Based on the Institute’s portfolio construction framework, I would recommend an initial allocation in the range of 3–5%, consistent with a moderate risk profile. This allows the client to gain exposure while limiting downside impact. I would also explain, using historical drawdown examples, how crypto volatility differs from equities and ensure the client understands the behavioural implications during market stress.
The recommendation, rationale, and client discussion would be documented to evidence suitability. Any increase beyond this range would require demonstrated experience, tolerance for large drawdowns, and explicit acknowledgment of concentration risk.
- Clear decision
- Uses a defensible framework
- Applies suitability, not hype
- Explains risk in client-friendly terms
- Documents professional judgement
This sounds like a real adviser, not a Reddit thread.
Second Scenario (Shorter)
A client asks whether you can “market” your crypto advisory services on social media with performance examples.
I would be careful and include disclaimers to make sure it is compliant.
Public marketing of crypto advisory services constitutes a financial promotion and would require Section 21 approval by an FCA-authorised person. Past performance examples risk being misleading and are prohibited under FCA rules. I would advise against this approach and ensure any communications comply with mandatory risk warning requirements and approval processes.
What Markers Are Actually Looking For
Markers are asking:
- Did you protect the client?
- Did you act proportionately?
- Is the recommendation defensible?
- Can you explain your reasoning clearly?
- Would a regulator be comfortable reading this?
They are not asking:
- “Is this aggressive enough?”
- “Did the candidate maximise returns?”
Final Reality Check
A strong TCCA candidate:
- Makes a recommendation
- Explains the risks
- Applies standards consistently
- Documents suitability
- Communicates calmly and professionally
If your answers sound boring, measured, and slightly conservative, you are probably doing it right.