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The Financial Markets Professional Regulatory Recognition (FMPRR) Exams
As the Professional Body for Stockbrokers and other Financial Markets Professionals, the South African Institute of Stockbrokers (SAIS) offers everything you need to pursue an exciting career in the industry. The SAIS’ Financial Markets Professional Regulatory Recognition (FMPRR) Examinations are geared towards providing those wishing to practice within the Financial Markets with the requisite skills.
There are 10 examinations that fall into 4 broad categories:
- Equities;
- Derivatives;
- Interest Rate and Currency (IRC) Market (Bond); and
- Investment Advice and Portfolio Management (IAPM).
To help decide which examination/s to write, a little more about the stockbroking industry's structure follows. This will provide a crucial insight of where you would fit in before you embark on this dynamic journey.
Front, Middle, and Back Office
The divisions that are found within a brokerage (whether small or not so small) can loosely be divided into three broad areas, Front Office, where the "magic" happens; Middle Office, where logic prevails and Back Office, the silent engine keeping the wheels turning.
Front Office: The Thrill of Trading
This is the heartbeat of the industry, where the ethical “Wolf of Wall Street” is found. The role of the Front Office is to generate revenue for the company and profit for the client.
In days gone by, this is where you would have found the open outcry trading floor. The modern-day setup utilizes cutting-edge technology, software packages and applications to track, analyse and predict the markets and facilitate the trades themselves. Researchers uncover market opportunities guiding pitches and asset management, while traders execute trades. Stockbrokers assist clients in buying, merging, selling and offer portfolio advice and services. Traders, brokers, researchers, sales and structuring professionals as well as asset managers converge here.
Environment and Person
Expect high pressure and long hours in this environment! Front office roles involve critical decisions with significant financial impact in tight timeframes. If you excel under pressure and embrace long hours, the front office could be your ideal fit.
SAIS examinations to consider: Equities Trader; Derivatives Trader; IRC Trader, and the Investment Advice and Portfolio Management Suite (IAPM)
Middle Office: Logic and Compliance
This is where logic and rationality come into play. The Middle Office usually consists of risk management, research and compliance departments, and some elements of technology. The risk and research side work closely with those in the Front Office. It provides the Front Office with the pertinent information that assists them to make the correct investment decisions and mitigate risks, as far as possible. The Middle Office is responsible for the compliance function, making sure that the brokerage stays on the right side of the law and meets the financial markets industry standards.
Environment and Person
This is a role for the level-headed, as they navigate the delicate balance between risk, compliance and reward. They need to be willing to take on challenging negotiations. Middle Office balances risk by convincing the Front Office not to get carried away with excessive risk while giving them room to make strategic, lucrative moves. A compliance Officer ensures compliance with legislation and the rules and that all trading activities comply with legal and regulatory requirements, internal policies and ethical standards.
SAIS examinations to consider Equities Compliance Officer, Derivatives Compliance Officer and IRC Compliance Officer
Back Office: Keeping Operations Smooth
The unsung heroes - ensuring deals stay on track. From clearing to settlement, the Back Office handles administrative tasks crucial for the smooth functioning of the business. Essentially, these are the procedures that tie up a deal. The Back Office ensures seamless post-transaction processes, handling handovers, payments, accurate ownership transfers, and meticulous documentation. A settlement officer is responsible for ensuring the settlement of trades.
Environment and Person
Suited for those who enjoy meeting essential deadlines and have meticulous attention to detail. With more standard office hours compared to the Front Office, people who enjoy making sure that things are done properly and effectively will most likely thrive in this type of environment.
SAIS examinations to consider: Equities Clearing and Settlement Officer, Derivatives Clearing and Settlement Officer, and IRC Clearing and Settlement Officer
The SAIS offers qualifications that will drive your career to new heights. Whether you are drawn to the fast-paced world of trading or see yourself thriving in the essential middle or back-office roles, the SAIS provides recognized exams that will open doors to new career opportunities.
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Derivatives
- Derivatives Compliance Officer; and
- Derivatives Trader.
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Interest Rate and Currency
- IRC Compliance Officer;
- IRC Settlement Officer; and
- IRC Trader.
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Investment Advice and Portfolio Management
- IAPM Equities;
- IAPM Derivatives; and
- IAPM IRC and All Markets