Finance:List of securities examinations

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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:
    • Uganda Securities Exchange Ltd (USE)
    • Kenya's Nairobi Securities Exchange Ltd (NSE)
    • Tanzania's Dar-es-Salaam Stock Exchange Ltd (DSE)
    • the Rwanda Stock Exchange.
  • 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

  • ATA

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)
    • The Hong Kong Polytechnic University
    • The City University of Hong Kong

India

  • National Institute of Securities Markets
  • National Stock Exchange of India NCMP Certified Market Professional
  • Bombay Stock Exchange Training & Certification

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
  • 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

  • Irish Stock Exchange Xetra Exam
  • Chartered Institute for Securities & Investment (CISI) (United Kingdom)
  • The Finnish Society of Financial Analysts
  • Courses & Seminars in English, offered by Oslo Stock Exchange
  • Courses & Seminars in Norwegian/Norsk, offered by Oslo Stock Exchange
  • SwedSec Licensiering AB, subsidiary of the Swedish Securities Dealers Association
  • The European Federation of Financial Analysts Societies

See also

  • Registered Representative
  • Registered Investment Advisor

References

  1. ↑ The South African Institute of Financial Markets, saifm.co.za
  2. ↑ "Guide to Examinations and Regulatory Recognition". https://saifm.co.za/site/wp-content/uploads/2023/02/Guide-August-2022.pdf. 
  3. ↑ "Recognition of Exams – SAIFM". https://saifm.co.za/careers/. 
  4. ↑ Registered Persons Examinations, saifm.co.za
  5. ↑ workshops, saifm.co.za
  6. ↑ South African Institute of Stockbrokers, sais.co.za
  7. ↑ "Series 57 - Securities Trader Representative Exam | FINRA.org". http://www.finra.org/industry/series57. 
  8. ↑ 8.0 8.1 "Research Analyst Qualification Examinations". https://www.finra.org/sites/default/files/Series_86-87_Content_Outline.pdf. 

External links



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