List of securities examinations

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

• Financial Institute of Cambodia (FIC)

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

• Canadian Securities Institute (CSI) – variety of exams for certification.
• IFSE Institute (IFSE) – variety of exams for certification.

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" (PDF).
3. "Recognition of Exams – SAIFM". saifm.co.za.
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". www.finra.org.
8. "Research Analyst Qualification Examinations" (PDF). www.finra.org.

External links

• SEC
• NYSE
• FINRA
• South African Institute of Financial Markets