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Professional Stockbroker Exams

SAIS Examinations: Ensuring Excellence and Integrity

Welcome to the future of financial market professionalism. Our examinations are designed to ensure that financial professionals have the knowledge, skills, and ethical grounding needed to serve the public effectively.

By aligning our educational standards with COFI principles, SAIS supports a transparent, ethical financial ecosystem that protects savers and investors and strengthens trust in South Africa’s financial markets.

The Professional Stockbroker Examinations (PSE) reinforce this commitment by helping ensure the financial services industry operates at the highest standards, benefiting individuals and contributing to broader economic prosperity.

The ultimate aim of the PSE is to develop competent individuals who, by carrying the designation CSb(SA), demonstrate thorough understanding, essential skills, and ethical standards required to excel in a dynamic and evolving industry.

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Professional Stockbroker Examinations

In order to become a Certified Stockbroker and hold the designation CSb(SA), a series of exams and practical experience in the financial markets is required. The following Professional Stockbroker Examinations must be completed:

  • Legislation
  • Rules Part 1
  • Rules Part 2
  • Taxation in Financial Markets
  • Investment Advice and Portfolio Management
  • Finance

There are a number of entry routes to the Professional Stockbroker Examinations. Exemptions may be available for some examinations, as detailed in the SAIS Education Policy.

Examination Timetables

The Professional Stockbroker Exams for 2026 will be held as follows:

Applications open: 12 January 2026 (Semester 1) and 26 June 2026 (Semester 2)
Applications close: 1 month before the exam date

Exam1st Semester2nd Semester
Financial Markets Legislation25 May 202619 October 2026
Investment Advice and Portfolio Management1 June 202626 October 2026
Rules Part 2N/A2 November 2026
Rules Part 115 June 2026N/A
Taxation in Financial Markets8 June 20269 November 2026
Finance22 June 202616 November 2026

Please note:

  • Rules Part 1 is only available in Semester 1, and Rules Part 2 is only available in Semester 2.
  • Examinations are held in Johannesburg and Cape Town (dependent on demand and number of registrations).
  • Times and venues will be confirmed to registered candidates.
  • If candidates have not received registration confirmation at least 4 days before the exam, they must contact SAIS.
  • Access to course materials is granted only once full payment has been made.
  • Dates are subject to change.
Candidates who have registered and are absent for an exam will forfeit their exam fee and will have to register for the next exam session. No exceptions will be considered.

Course Information

Once students have registered for one or more of the Professional Stockbroker Examinations, they will be provided with the most recent study material. These materials may include prescribed textbooks, study notes, practical examples, and exercises. Online contact sessions with subject matter experts are recommended but not compulsory. Students can also reach out to experts for help on specific course content.

Note: Study materials are continuously revised. Using outdated content may not adequately prepare students for their exams.

Finance

This course focuses on the analysis and interpretation of financial statements and reports. It helps students evaluate a company's financial position and security valuation to support investment decisions.

The course consists of the following units:

Study UnitTopic
Study Unit 1Introduction to Financial Statements and Financial Analysis
Study Unit 2Ratio Analysis
Study Unit 3Investment Criteria & Valuations
Study Unit 4Dividends and Taxation
Study Unit 5Capital Structure & Markets
Study Unit 6Integrated Application of the Finance Course

Important dates for 2026 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening Date12 January 20267 June 2026
Registration Closing Date22 May 202618 September 2026
Contact Session with subject expert22 April 202616 September 2026
Contact Session with subject expert27 May 202613 October 2026
Exam22 June 202616 November 2026

Financial Markets Legislation

This course focuses on the legislative landscape, including FMA, FAIS, FICA, POPI, FATCA, AML, etc.

The course consists of the following units:

Study UnitTopic
Study Unit 1Introduction to the Regulatory Landscape
Study Unit 2Financial Sector Regulation Act
Study Unit 3Introduction to Rules Part 1 - Financial Markets Act (No 19 of 2012)
Study Unit 4Financial Intelligence Centre Act
Study Unit 5Financial Advisory Intermediary Services Act
Study Unit 6Protection of Personal Information Act
Study Unit 7Foreign Account Taxation Compliance Act

Important dates for 2026 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening Date12 January 202626 June 2026
Registration Closing Date24 April 202618 September 2026
Contact Session with subject expert7 May 202624 September 2026
Exam25 May 202619 October 2026

Investment Advice and Portfolio Management

This course aims to develop proficiency in the following areas: financial needs analysis, analysis of investments, investment advice, legal and regulatory compliance and portfolio management.

The course consists of the following units:

Study UnitTopic
Study Unit 1Introduction to the Financial Markets Environment
Study Unit 2Economics
Study Unit 3Financial Markets
Study Unit 4Financial Needs Analysis
Study Unit 5Portfolio Management Theory
Study Unit 6Securities
Study Unit 7Analysis, Evaluation and Pricing of Securities
Study Unit 8Corporate Actions

Important dates for 2026 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening Date12 January 20267 June 2026
Registration Closing Date4 May 202628 September 2026
Contact Session with subject expert9 April 202620 August 2026
Contact Session with subject expert6 May 202617 September 2026
Revision Session with subject expert25 May 202614 October 2026
Exam1 June 202626 October 2026

Rules Part 1

The Rules Part 1 course aims to develop an in-depth understanding of the Financial Markets Act, how it relates to an exchange, and the JSE Rules and Directives (and in future those of other exchanges in South Africa).

The course consists of the following units:

Study UnitTopic
Study Unit 1Market Infrastructure
Study Unit 2General Provisions and Admittance Requirements
Study Unit 3People and Risk Management
Study Unit 4The ethical conduct of business
Study Unit 5Client Assets (includes Segregation of Funds & Securities & Restriction on Alienation of Securities)
Study Unit 6Money Broking transactions, Trading in BEE Securities and Krugerrands
Study Unit 7Protection afforded to Clients
Study Unit 8Complaints and Disputes and Default
Study Unit 9Supervision and Enforcement
Study Unit 10Revision Study Unit

Important dates for 2026 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening Date12 January 2026N/A
Registration Closing Date15 May 2026N/A
Contact Session with subject expert22 April 2026N/A
Contact Session with subject expert4 May 2026N/A
Contact Session with subject expert11 May 2026N/A
Contact Session with subject expert18 May 2026N/A
Contact Session with subject expert25 May 2026N/A
Revision Session with subject expert1 June 2026N/A
Exam16 June 2026No Exam in Semester 2

Rules Part 2

The Rules Part 2 course follows on Rules Part 1 and deals in-depth with a variety of legislative and regulatory requirements that stockbroking firms have to comply with.

The course consists of the following units:

Study UnitTopic
Study Unit 1Practical Equity Trading
Study Unit 2Stock Accounts and STT
Study Unit 3Settlements
Study Unit 4Rolling of Settlement, Failed Trades and SLB
Study Unit 5Financial Records, Reporting & Credit Risk Management
Study Unit 6CAPAD
Study Unit 7Financial Resources Requirements & Settlement Assurance
Study Unit 8Financial Resources Requirements & Settlement Assurance - LER and Margining
Study Unit 9Securities Transfer Tax & STT Acts
Study Unit 10SLB
Study Unit 11Corporate Actions
Study Unit 12Market Abuse
Study Unit 13Listings Requirements
Study Unit 14Exchange Control and Dividends Tax
Study Unit 15Revision Study Unit

Important dates for 2026 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening DateN/A26 June 2026
Registration Closing DateN/A12 October 2026
Contact Session with subject expertN/A13 July 2026
Contact Session with subject expertN/A20 July 2026
Contact Session with subject expertN/A27 July 2026
Contact Session with subject expertN/A3 August 2026
Contact Session with subject expertN/A10 August 2026
Contact Session with subject expertN/A17 August 2026
Contact Session with subject expertN/A24 August 2026
Contact Session with subject expertN/A30 August 2026
Contact Session with subject expertN/A7 September 2026
Contact Session with subject expertN/A14 September 2026
Contact Session with subject expertN/A21 September 2026
Contact Session with subject expertN/A28 September 2026
Revision Session with subject expertN/A19 October 2026
ExamN/A - No Exam in Semester 12 November 2026

Taxation in Financial Markets

The course in Taxation aims to provide candidates with a broad understanding of taxation in so far as it is relevant to Stockbrokers. The course has a strong focus on investments and is not designed to prepare candidates to become tax practitioners or to give tax advice.

The course consists of the following units:

Study UnitTopic
Study Unit 1Basic Principles of S.A. Taxation
Study Unit 2Capital vs Revenue
Study Unit 3Taxation of Individuals
Study Unit 4Taxation of Trusts
Study Unit 5Company Taxation
Study Unit 6Collective Investment Schemes & Real Estate Investment Trusts
Study Unit 7Taxation of Investment Income
Study Unit 8Capital Gains Tax
Study Unit 9Taxation of Gains and Losses on Realisation of Investments
Study Unit 10VAT, STT & Other Taxes

Important dates for 2026 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening Date12 January 20267 June 2026
Registration Closing Date8 May 202612 October 2026
Contact Session with subject expert30 April 20261 October 2026
Revision Session with subject expert21 May 202622 October 2026
Exam8 June 20269 November 2026

Exemptions

Professional Stockbroker Examinations (PSE)

In order to be eligible to apply for exemptions for any of the PSE, a candidate must meet the exemption criteria specified for each subject. The Education Committee (EDCOM) reserves the right to apply its discretion in the granting of any exemptions.

Where necessary, candidates may be requested to prove competence through an assessment before an exemption is granted.

Exemption Criteria

Candidates who meet the following subject criteria may be eligible for exemptions:

SubjectCriteria
Finance
  • CFA Charter holder; or
  • Chartered Accountant (CA(SA)); or
  • Associate Chartered Management Accountant (ACMA); or
  • Fellow Chartered Management Accountant (FCMA); or
  • Global Chartered Management Accountant (GCMA); or
  • Associate Chartered Certified Accountant (ACCA); or
  • Fellow Chartered Certified Accountant (FCCA); or
  • Successful completion of CFA Level 3; or
  • NQF level 8 or above qualification in Finance.

Note: For all designations, membership must be current.

Investment Advice and Portfolio Management
  • Successful completion of CFA Level 3; or
  • CFA Charter holder; or
  • Successful completion of a NQF level 8 qualification in Investments, provided it had been completed within the exam validity time frames.

Note: For all designations, membership must be current.

Taxation in Financial MarketsNo exemptions.
Rules Part 1 and Part 2No exemptions.
Financial Markets LegislationNo exemptions.

Exemption Application Documentation

Originally certified copies of the following documentation are required for an exemption application:

  1. Identity document; and
  2. Proof of professional body membership