SAIS_logo
Becoming a Stockbroker

How to become a Stockbroker

In order to become a qualified Stockbroker you have to pass the Stockbroker exams set and administered by SAIS, and have 3 years relevant work experience in the financial markets industry. The financial markets industry includes any regulated person or entity as defined in the Financial Markets Act, Act 19 of 2012 as amended, all exchanges, members of such exchanges, central securities depositories, trade repositories, clearing houses, participants, authorised users, clearing members and all other corporate entities involved in the development, marketing, trading and administration of financial markets products, including collective investments, and financial market security services as determined by the competent regulatory authority from time to time.

Learning Programme, Exams and Exemptions

Entry Requirements

A person who meets any of the following entry requirements may enter for the Stockbroker learning programme and/or exams.

  1. A Bachelor of Commerce (Honours) or B Com degree in Investments, Accounting or Economics

  2. Chartered Accountant (South Africa) [CA (SA)]

  3. Chartered Financial Analyst [CFA]

  4. Any other degree AND who has written and passed or has been granted exemption from all of the following SAIFM Registered Persons examinations:
  • Introduction to the Financial Markets
  • Regulation and Ethics of the South African Financial Markets
  • The Equity Market
  • The Derivatives Markets
  • The Bonds Market
    1. Passed or has been granted exemption from all of the following SAIFM Registered Persons Examinations:
  • Introduction to the Financial Markets
  • Regulation and Ethics of the South African Financial Markets
  • The Equity Market
  • The Derivatives Markets
  • The Bonds Market
  • JSE Settlement Officer
  • JSE Compliance Officer
  • JSE Registered Securities Trader
    1. The Advanced Diploma in Financial Markets (University of Johannesburg)

    The learning programme

    The learning programme consists of five comprehensive and focused modules that aim to prepare practitioners for a career in stockbroking. The modules focus on best practice and aim to promote professionalism, integrity and credibility. The modules are:

  • Finance
  • Investment Advice and Portfolio Management
  • Taxation
  • Rules I
  • Rules II
  • The syllabi are made available to candidates once they have registered for the exams. The syllabi outline the learning outcomes against which candidates will be assessed in the exam.

    In order to receive study materials, candidates have to register for the respective courses. The study materials consist of any combination of: references to prescribed text books and publications, study notes, lectures, practical examples and exercises. In some instances lectures will be available online. Others are offered in person in Johannesburg. The attendance of lectures is not compulsory but it is highly recommended. Students who register for the courses will also have access to lecturers if they have specific questions or problems related to the course content.

    Please note that study materials are revised on a continuous basis and that old study materials may no longer be sufficient to prepare candidates for the exams.

    Exemptions

    In order to be eligible to apply for exemptions to any of the Stockbroker exams, a candidate must meet the exemption criteria specified for each subject.

    In addition to these criteria, the Education Committee reserves the right to apply discretion in the review of any exemption application, in accordance with industry requirements and standards. Where appropriate, candidates may be requested to prove competence in the subject through an assessment before exemption will be granted.

    1. Finance

    At least one of the following criteria needs to be met:

  • Fully qualified Certified Financial Analyst (CFA). Must provide proof of current CFA membership.
  • Fully qualified Chartered Accountant (South Africa) CA (SA). Must provide proof of current SAICA membership.
  • Fully qualified Chartered Global Management Accountant (CGMA). Must provide proof of current CIMA membership.
  • An Accounting degree with Accounting III. The candidate will need to complete an assignment to assess the current level of competence in this area.
    1. Investment Advice and Portfolio Management

    At least one of the following criteria needs to be met:

  • Fully qualified Certified Financial Analyst (CFA). Must provide proof of current CFA membership.
  • A B.Com (Honours), with Investments as one of the Honours subjects. The candidate will need to complete an assignment to assess the current level of competence in this area.
    1. Taxation

    The following criteria needs to be met:

  • Member of at least one of the following professional bodies: SAICA, SAIPA, SAIT and FPI. Must provide proof of current membership.
  • No exemptions will be given for Rules I and Rules II.

      Exemption assignments

      If it is not clear that a candidate strictly meets the criteria required for an exemption, in particular whether certain core or technical competencies have been acquired, the Education Committee may at its sole discretion choose to grant the candidate the opportunity to complete an assignment, which will be used to assess competence.

      The Education Committee’s assessment of competence and subsequent decision on exemption will be final.

      Cost to apply for exemptions

      A cost of R1,500 per subject is applicable in order to apply for an exemption from a Stockbroker exam.

      Application documents

      Documents which must be provided upon application of exemptions include certified copies of:

  • ID document (if not previously submitted)
  • Qualification certificate
  • Academic transcript
  • Proof of current membership of the relevant professional body