Professional Stockbroker Exams

Introduction to the SAIS Professional Examinations

Welcome to the future of financial market professionalism! The South African Institute of Stockbrokers (SAIS) is proud to introduce a comprehensive suite of professional examinations designed to equip you with the essential skills, knowledge and ethical standards required to excel in the dynamic and evolving financial markets industry.

 

NB: First-time candidates are required to 

Register as a Candidate Stockbroker 

 

The Conduct of Financial Institutions (COFI) Bill in South Africa is designed to regulate the conduct of financial institutions to protect consumers and ensure a fair, efficient, and transparent financial sector.

The fundamental principles of the COFI Bill are:

 

  1. Fair Treatment of Customers: Financial institutions must treat customers fairly and act in their best interests, ensuring that products and services are appropriate for their needs and circumstances.

  2. Transparency and Disclosure: Institutions must provide clear, accurate and timely information to customers about products, services and associated risks, fees and charges.

  3. Professionalism and Competence: Employees of financial institutions must be adequately trained and qualified, maintaining a high standard of professionalism and ethical conduct.

  4. Risk Management and Governance: Institutions must have robust risk management frameworks and governance structures to identify, manage and mitigate risks effectively.

  5. Market Integrity and Stability: Financial institutions should operate in a manner that promotes market integrity and stability, avoiding practices that could lead to systemic risks.

  6. Consumer Protection: Strong mechanisms must be in place to protect consumers from unfair practices, ensuring access to redress and compensation in case of misconduct or service failure.

  7. Regulatory Compliance: Institutions are required to comply with all relevant laws and regulations, cooperating with regulatory authorities and adhering to supervisory requirements.

  8. Financial Inclusion: Institutions should promote financial inclusion by providing access to financial services for all segments of society, particularly underserved and vulnerable groups.

  9. Conflict of Interest Management: Institutions must identify and manage conflicts of interest to ensure that they do not compromise the interests of their customers.

  10. Culture and Conduct: Financial institutions should foster a culture of good conduct, integrity and accountability, embedding these values in their operational practices and decision-making processes.

 

These principles aim to enhance consumer confidence in the financial sector, promote financial stability and support sustainable economic growth in South Africa.

 

Why SAIS Developed Examinations in Line with COFI

The SAIS has developed a suite of professional examinations designed to align with the principles and objectives of the COFI Bill. This initiative underscores our commitment to fostering a financial sector that prioritises consumer protection, ethical conduct and market integrity.

 

SAIS Examinations: Ensuring Excellence and Integrity

Our examinations are meticulously designed to ensure that financial professionals possess the knowledge, skills and ethical grounding necessary to serve the public effectively. By aligning our educational standards with COFI principles, we are committed to upholding the highest standards of professionalism and integrity in the financial sector. This not only protects savers and investors but also enhances the overall trust in financial markets.

 

The SAIS is dedicated to fostering a financial ecosystem that promotes a culture of savings and investment, safeguarded by transparent and ethical practices. Our professional examinations are a testament to this commitment, ensuring that the financial services industry operates with the highest standards, ultimately benefiting individuals and contributing to the broader economic prosperity of South Africa.


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 and Portfolio Management; and 
  • Finance.

 

There are a number of entry routes to the Professional Stockbroker Examinations. Exemptions are also available for some of the examinations. These are detailed in the SAIS’ Education Policy.

 

NB: First-time candidates are required to 

Register as a Candidate Stockbroker 

 

 

Examination Timetables

The Professional Stockbroker Exams for 2025 will be held as follows:

Applications open: 13 January 2025 in semester 1 and 8 June in semester 2
Applications close: 1 month before the exam date

Exam1st Semester2nd Semester
Financial Markets Legislation26 May 202520 October 2025
Investment Advice and Portfolio Management2 June 202527 October 2025
Rules Part 2N/A3 November 2025
Rules Part 117 June 2025N/A
Taxation in Financial Markets9 June 202510 November 2025
Finance23 June 202517 November 2025

Please note:

  • Rules Part 1 is only available in the 1st semester and Rules Part 2 is only available in the 2nd semester.
  • The examinations are held in Johannesburg and Cape Town (dependant on demand and number of registrations).
  • The times and venues will be confirmed to registered candidates.
  • If candidates have not received their 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 references to 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 2025 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening Date6 January 20258 June 2025
Registration Closing Date23 May 202519 September 2025
Contact Session with subject expert7 May 202525 August 2025
Contact Session with subject expert28 May 202516 September 2025
Exam23 June 202517 November 2025

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 2025 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening Date6 January 20258 June 2025
Registration Closing Date25 April 202522 September 2025
Contact Session with subject expert5 May 20257 October 2025
Exam26 May 202520 October 2025

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 2025 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening Date6 January 20258 June 2025
Registration Closing Date5 May 202529 September 2025
Contact Session with subject expert19 May 202520 August 2025
Revision Session with subject expert26 May 202515 October 2025
Exam2 June 202527 October 2025

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 2025 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening Date6 January 2025N/A
Registration Closing Date16 May 2025N/A
Contact Session with subject expert23 April 2025N/A
Contact Session with subject expert5 May 2025N/A
Contact Session with subject expert12 May 2025N/A
Contact Session with subject expert19 May 2025N/A
Contact Session with subject expert26 May 2025N/A
Revision Session with subject expert2 June 2025N/A
Exam17 June 2025No 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 2025 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening DateN/A8 June 2025
Registration Closing DateN/A13 October 2025
Contact Session with subject expertN/A14 July 2025
Contact Session with subject expertN/A21 July 2025
Contact Session with subject expertN/A28 July 2025
Contact Session with subject expertN/A4 August 2025
Contact Session with subject expertN/A11 August 2025
Contact Session with subject expertN/A18 August 2025
Contact Session with subject expertN/A25 August 2025
Contact Session with subject expertN/A1 September 2025
Contact Session with subject expertN/A8 September 2025
Contact Session with subject expertN/A15 September 2025
Contact Session with subject expertN/A22 September 2025
Contact Session with subject expertN/A29 September 2025
Revision Session with subject expertN/A20 October 2025
ExamN/A - No Exam in Semester 13 November 2025

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 2025 are tabulated below:

EventSemester 1 - DateSemester 2 - Date
Registration Opening Date6 January 20258 June 2025
Registration Closing Date9 May 202513 October 2025
Contact Session with subject expert15 May 202520 October 2025
Exam9 June 202510 November 2025