List of securities examinations explained
The following is a list of securities examinations and the organizations that offer them.
Africa
- The Securities Industry Training Institute East Africa (SITI) was conceptualized in 2008 to standardize and administer market education for the East African region. It is a joint effort involving the region's Central Depository & Settlement Corporation Ltd (CDSC) and the following exchanges:
- Ethiopia Institute of Financial Studies (EIFS) training program
- Ghana Stock Exchange (GSE) Securities Courses
- Namibia Stock Exchange (NSX) semi-annual Stock-brokering Exams
- Nigerian Stock Exchange (NSE) offers a few certificate programs including:
- Module 1: The role and responsibilities of compliance officers in the capital market
- Module 2: Compliance risk based monitoring programmes
- Module 3: Conduct of business obligations of a broker dealer firm
- Module 4: Anti-money laundering and terrorist financing
- Module 5: Capital market operations
- South Africa
- The South African Institute of Financial Markets (SAIFM)[1] offers the specific technical exams[2] required with regard to the "Regulated Positions"[3] of trader, compliance officer, and settlement officer, at the JSE Stock Exchange, JSE Debt Market, South African Futures Exchange, AltX, and STRATE.
- SAIFM also offers the "Registered Persons" examinations,[4] required for licensing as financial market "practitioners" on the various exchanges, selecting up to 8 according to the requirements of the exchange for the specific function; the typical roles here are investment advisor and fund manager, as well as those executing transactions. (Additional to these, it offers various training courses and workshops.[5])
- The South African Institute of Stockbrokers[6] administers the six exams required to become a qualified stockbroker, so as to manage a member firm of the JSE; other requirements are 3 years' work experience, and specified education.
Asia Pacific (ASEAN Plus Three)
Indonesia
- Indonesia Stock Exchange (IDX) Educational Programs
- IDX Basic Education Program
- IDX Intermediate Education Program
- IDX Advance Education Program
- The Indonesia Capital Market Institute (TICMI) / The Committee For Capital Market Professional Standards (PSPPM)
- Wakil Perantara Pedagang Efek (WPPE) / Broker Dealer Representative
- Wakil Manajer Investasi (WMI) / Investment Manager Representative
- Wakil Penjamin Emisi Efek (WPEE) / Underwriter Representative
- Ahli Syariah Pasar Modal (ASPM) / Shariah Capital Market Professional
Singapore
- Singapore College of Insurance (SCI)
Malaysia
The Securities Commission of Malaysia (Suruhanjaya Sekuriti Malaysia) provides an overview of licensing/certification in the country for those who deal in securities, derivatives, financial planning, etc.
For actual exam detail, see SIDC
- Module 6: Stock Market and Securities Law
- Module 7: Financial Statement Analysis and Asset Valuation
- Module 9: Funds Management Regulation
- Module 10: Asset and Funds Management
- Module 11: Fundamentals of Compliance
- Module 12: Investment Management and Corporate Finance
- Module 14: Futures and Options
- Module 16: Rules and Regulations of Futures and Options
- Module 17: Securities and Derivatives Trading (Rules and Regulations)
- Module 18: Securities and Derivatives Trading (Products and Analysis)
- Module 19: Advisory Services (Rules and Regulations)
- Module 19A: Advisory Services (Rules and Regulations) - Part A
- Module 19B: Advisory Services (Rules and Regulations) - Part B
China
For Futures Practitioners:
- China Futures Association
- Futures Practitioner Exam
- Futures Analyst Exam
Hong Kong, S.A.R.
- The Hong Kong Securities and Investment Institute (HKSI)
- Joint Programs with HKSI
- Hong Kong Exchanges and Clearing Limited (HKEx)
- The Chartered Institute for Securities & Investment (CISI)
India
Japan
- Core Knowledge Inc
- Japanese Securities Dealers Association (JSDA)
- FINRA Series 47
Philippines
- Securities Representative Certification Exam (SRCE)
- Associated Persons Certification Exam (APCE)
- The Investment Company Representative Certification Program (ICRCP)
Thailand
- Securities Analysts Association (SAA)
Cambodia
Global
- ACI The Financial Markets Association, f.k.a. Association Cambiste Internationale, offers a full 'suite of examinations' including Dealing & Operations certificates, among others
- CFA Institute
- Certified Futures and Options Analyst (CFOA), an examination focused on derivatives offered by the ICFDT.
- Securities & Investment Institute (SII) for Islamic/Syariah Finance
- Thomson Reuters
The Middle East
- The Israel Securities Authority requires six exams and an internship to become a portfolio manager. Exams:
- Securities Law and Ethics
- Accounting
- Statistics and Finance
- Economics
- Securities and Financial Instrument Analysis
- Portfolio management
- Capital Market Authority (Saudi Arabia)
- General Securities Qualification Examination (CME-1)
- Compliance & Anti-money laundering/CTF (CME2)
- Broker-Dealer Qualification Certificate (CME-3)
- Various courses for The U.A.E. (Dubai, Abu Dhabi), Kuwait, Bahrain, Saudi Arabia
North America
Canada
United States
The following is a list of the U.S. Financial Industry Regulatory Authority (FINRA), NASAA, and National Futures Association (NFA) financial securities examinations. Most FINRA examinations are divided into two categories: Registered Representative and Registered Principal levels. An asterisk designates that there is no sponsorship requirement in order take the exam.
Registered representative level
- SIE – Securities Industry Essentials Exam*
- Series 00 – General Securities Principal Exam (Discontinued
- Series 1 – Registered Representative Exam (Discontinued)
- Series 2 – Non-Member General Securities Exam (Discontinued)
- Series 3 – National Commodities Futures Exam*
- Series 5 – Interest Rate Options Exams
- Series 6 – Investment Company and Variable Contracts Exam (Mutual Funds Broker/Variable Annuities)
- Series 7 – General Securities Representative Exam (Stockbroker)
- Series 11 – Assistant Representative – Order Processing
- Series 15 – Foreign Currency Options Exam
- Series 17 – United Kingdom Securities Representative Exam
- Series 22 – Direct Participation (Limited partnerships) Exam
- Series 30 – NFA Branch Manager Exam
- Series 31 – Futures – Managed Funds Exam*
- Series 32 – Limited Futures Exam - Regulations
- Series 37 – Canada Securities Representative Exam - With Options
- Series 38 – Canada Securities Representative Exam - No Options
- Series 42 – Registered Options Representative Exam
- Series 44 – NYSE Arca Options Market Maker Exam
- Series 47 – Japanese Module of the General Securities Exam
- Series 50 – Municipal Advisor Representative Exam
- Series 52 – Municipal Securities Representative Exam
- Series 55 – Equity Trader – Limited Representative Exam
- Series 56 – Proprietary Trader Qualification Exam
- Series 57 – Securities Trader Qualification Exam[7]
- Series 62 – Corporate Securities – Limited Representative Exam (Discontinued)
- Series 63 – Uniform Securities Agent State Law Exam*
- Series 65 – Uniform Investment Adviser Law Exam*
- Series 66 – Uniform Combined State Law Exam (Combined 63 and 65)*
- Series 72 – Government Securities – Limited Representative
- Series 79 – Investment Banking Exam
- Series 82 – Private Securities Offerings – Limited Representative
- Series 86 – Research Analyst – Securities Analysis [8]
- Series 87 – Research Analyst – Regulations[8]
- Series 99 – Operations Professional
Registered principal level
- Series 4 – Registered Options Principal Exam
- Series 8 – General Securities Sales Supervisor Exam – Options Module & General Module (Discontinued)
- Series 9 – General Securities Sales Supervisor Exam – Options
- Series 10 – General Securities Sales Supervisor Exam – General Module
- Series 12 – NYSE Branch Manager
- Series 14 – NYSE Compliance Officer
- Series 14A – NYSE DMM Compliance Official Examination
- Series 16 – NYSE Supervisory Analyst
- Series 23 – General Securities Principal (Upgrade from Series 9 and 10)
- Series 24 – General Securities Principal Exam
- Series 26 – Investment Company and Variable Contracts Products Principal Exam
- Series 27 – Financial and Operations Principal Exam
- Series 28 – Financial and Operations Principal Introducing Broker Exam
- Series 39 – Direct Participation Programs Principal Exam
- Series 51 – Municipal Fund Securities Limited Principal
- Series 53 – Municipal Securities Principal Exam
Latin America
Brazil
Issued by ANBIMA (Brazilian Association of Financial and Capital Markets):
- CPA-10 (Securities Representative - for Retail Investors)
- CPA-20 (Securities Representative - for Qualified Investors)
- CEA (Retail Account Financial Advisor)
- CGA (Professional Portfolio Management)
- AAI (Autonomous Investment Agent)
Issued by APIMEC (Brazilian Association of Investment and Capital Markets Professionals):
- CNPI (Fundamental Securities Research) [Required for all fundamental sell-side research analysts]
- CNPI-T (Technical Securities Research) [Required for all technical sell-side research analysts]
- CNPI-P (Fundamental and Technical Securities Research)
Costa Rica
- Securities broker license
- Operator and promoter in currency derivatives
Europe
See also
External links
Notes and References
- http://saifm.co.za/about/ The South African Institute of Financial Markets
- Web site: Guide to Examinations and Regulatory Recognition.
- Web site: Recognition of Exams – SAIFM. saifm.co.za.
- http://saifm.co.za/exams/registered-persons-examinations/ Registered Persons Examinations
- http://saifm.co.za/workshops/ workshops
- https://www.sais.co.za/becoming_a_stockbroker South African Institute of Stockbrokers
- Web site: Series 57 - Securities Trader Representative Exam | FINRA.org. www.finra.org.
- Web site: Research Analyst Qualification Examinations. www.finra.org.
