CSDG Exam Format 2026: Sections, Timing and Structure

What the CSDG Exam Actually Tests

The Certificate for Specialists in Demand Guarantees (CSDG) is a practitioner-level qualification governed by Walbrook and LIBF, developed in association with the International Chamber of Commerce (ICC) and supported by BAFT. It is not a generic trade finance credential - it is built specifically around the mechanics, rules, and professional judgment required to work with demand guarantees at a specialist level.

The April 2026 specification reflects that focus precisely. Every component of the exam format - from the standalone multiple-choice questions to the document-checking simulations - is designed to test whether a candidate can do the work, not just recall terminology. Before examining each section in detail, it helps to understand that the exam follows a clear two-part architecture: Section A establishes breadth of knowledge, and Section B tests depth of application.

For professionals building toward or already holding this designation, understanding the exact format is the first step toward a targeted preparation strategy. You can explore our CSDG practice test platform to begin assessing where your knowledge currently sits against the real exam structure.

Section A: The Foundation Layer

Section A consists of 50 standalone multiple-choice questions. These are conventional four-option items, each with one correct answer. The section covers the breadth of demand guarantee knowledge - from the foundational principles and terminology of guarantee instruments to the interpretation of rules-based frameworks aligned with ICC guidance.

Do not mistake "multiple choice" for "straightforward." The CSDG is a specialist certification, and Section A questions are written to test genuine understanding of demand guarantee practice. Candidates encounter questions that hinge on precise distinctions: the difference between a conditional and an unconditional guarantee, the obligations of an issuing bank versus a confirming bank, the specific requirements for a complying demand, and the interplay between governing law and applicable rules.

What Section A Covers in Practice

Although Walbrook does not publish official percentage weights for individual topic areas, the content architecture of the CSDG centers heavily on demand-guarantee practice, URDG-style rules, case analysis, and document checking. In Section A, this translates into questions testing:

• The nature, purpose, and types of demand guarantees (performance, advance payment, bid, retention money)
• The independent character of demand guarantees versus accessory suretyship instruments
• Obligations of parties - applicant, beneficiary, guarantor, instructing party, and counter-guarantor
• Interpretation of guarantee terms and conditions under rules-based frameworks
• The examination of demands and supporting statements for compliance
• Expiry conditions, extension demands, and the mechanics of reduction and release

Fifty questions at the Section A level means candidates need consistent, broad competency - not just familiarity with headline concepts. Gaps in any of these areas will accumulate into a scoring deficit that is difficult to recover in Section B alone.

Section B: Where the Real Exam Begins

Section B is where the CSDG separates itself from generic trade finance credentials. It contains 28 items and exercises across five distinct formats, and each format type is designed to test a different dimension of specialist competence. The breakdown is as follows:

The Case Study Component

The case study in Section B presents a detailed scenario - typically involving a guarantee transaction with multiple parties, a demand, and associated documentation - followed by six linked multiple-choice questions. These questions are not independent; each draws on the same factual scenario, which means a misreading of the case can cascade across several answers.

The reject/pay questions are similarly high-stakes. With four items requiring a binary professional judgment (is this demand compliant and payable, or should it be rejected?), candidates must apply rules-based analysis quickly and accurately. This is a direct test of the kind of decision-making that characterizes specialist demand guarantee work.

Timing, Duration and the 3:15 Reality

The total exam duration is 3 hours and 15 minutes. Across 78 total items and exercises, that yields an average of approximately 2.5 minutes per item - but this average is misleading. Section A's 50 multiple-choice questions should ideally be completed more quickly, leaving adequate time for Section B's document simulations and case study, which require significantly more reading and analysis per item.

Experienced candidates typically recommend treating the exam in three distinct pacing phases:

1. Section A sweep: Move through the 50 MCQs at a disciplined pace. Flag any question requiring extended thought and return to it. Aim to complete Section A with at least 90 minutes remaining.
2. Section B structured work: Allocate more time per item for the case study, document simulations, and reject/pay questions. These require careful reading, not speed.
3. Review buffer: Reserve the final 15-20 minutes to revisit flagged questions and check document simulation responses before submitting.

Remote Invigilation: What Happens on Exam Day

The CSDG is delivered exclusively via Walbrook Brightspace remote invigilation. There is no option for a physical test center. This means candidates sit the exam at their own computer, in their own space, but under continuous online supervision.

The invigilation process includes:

• Identity verification: Candidates must present valid photo ID at the start of the session.
• 360-degree room scan: Using the webcam, candidates are required to show the invigilator a full view of the room environment before the exam begins. No unauthorized materials, second screens, or other persons may be present.
• Continuous monitoring: The exam session is monitored throughout via webcam and screen capture.

Practically, this means candidates should prepare their exam environment in advance: a quiet room with a reliable internet connection, a clean desk, and nothing on the walls or surfaces that could trigger an invigilation flag. Technical difficulties during a remote-invigilated session can result in session termination, so testing your equipment and browser setup before exam day is essential.

The Dual Passing Threshold You Cannot Ignore

The CSDG has a dual passing requirement that many candidates underestimate. To pass, you must achieve both:

• At least 70% overall across the full 78-item exam
• At least 60% in Section B specifically

This structure means that a candidate who performs strongly in Section A but struggles with Section B's document simulations and case study cannot simply average their way to a pass. Section B must be passed on its own terms. Conversely, a candidate who masters Section B's applied formats still needs broad competence across Section A's 50 questions to reach the 70% overall threshold.

If you do not pass on your first attempt, the resit fee is £350. Understanding which section and which item types caused the shortfall is therefore critical - a resit strategy without that analysis risks repeating the same gaps.

Registration, Fees and Recertification

The CSDG qualification fee is £750. An official USD price is not published by Walbrook. The exam is registered directly through Walbrook, which administers the qualification in association with LIBF. There are no formal entry prerequisites specified in the published specification, though Walbrook recommends that candidates have English-language ability at approximately Level 4 and relevant experience in demand guarantees or trade finance.

For more detail on who this exam is suited for and what background is typically expected, see our article on CSDG Prerequisites and Entry Requirements Explained.

The Three-Year Recertification Cycle

The CSDG designation is not a one-time credential. It operates on a three-year validation cycle. To maintain the designation, holders must either:

• Complete and evidence 36 CPD/PDU hours within the three-year period, or
• Retake the full assessment

The recertification fee is £230. For professionals in active roles - bank guarantee specialists, trade finance managers, corporate treasury professionals - accumulating 36 CPD hours over three years is typically achievable through a combination of ICC events, internal training, and structured learning. The recertification route via CPD is therefore the more common path for practitioners maintaining continuous employment in the field.

Domain 1 and the Content Architecture

Because Walbrook does not publish granular topic weights, candidates cannot strategically weight their preparation toward specific sub-topics and ignore others. The document-checking simulations and reject/pay items in Section B are strong signals that practical document analysis sits at the core of what the examination values most highly. Candidates with operational experience in guarantee processing will recognize the simulation format immediately; those coming from a purely theoretical background should prioritize hands-on practice with actual guarantee documents before sitting.

Structuring Your Preparation Around the Format

Given the CSDG's two-section architecture and dual passing threshold, preparation works best when structured in phases that mirror the exam's own logic. Below is a suggested weekly framework for candidates with roughly eight to ten weeks available before their scheduled exam date.

This framework applies spaced review naturally because each phase builds on the previous one, returning to earlier material in new applied contexts. The key discipline is resisting the urge to spend weeks seven and eight on further reading - by that stage, active simulation under timed conditions is more valuable than additional study of primary sources.

Candidates who have not yet confirmed whether they meet the recommended background for this exam should review our detailed article on CSDG Prerequisites and Entry Requirements Explained before finalizing a registration date.

Frequently Asked Questions