The Professional Stockbroker Examinations (PSE) assess the expertise, ethical standards and practical understanding expected of professionals working across South Africa’s financial markets, preparing candidates to practise with confidence, integrity and accountability.
Important:
First-time candidates are required to register as a Candidate Stockbroker. Returning candidates must log in to their profile.
EDUCATION
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.
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.
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.
The following Professional Stockbroker Examinations must be completed:
Category 1
Category 2
Category 3
Category 4
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
Financial Markets Legislation
25 May 2026
19 October 2026
Investment Advice & Portfolio Management
1 June 2026
26 October 2026
Rules Part 1
N/A
2 November 2026
Rules Part 2
15 June 2026
N/A
Taxation in Financial Markets
8 June 2026
9 November 2026
Finance
22 June 2026
16 November 2026
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.
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. Note: Study materials are continuously revised. Using outdated content may not adequately prepare students for their exams.
Courses
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:
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This course focuses on the legislative landscape, including FMA, FAIS, FICA, POPI, FATCA, AML, etc.
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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.
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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).
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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.
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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.
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Exemptions
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.
Candidates who meet the following subject criteria may be eligible for exemptions.
Originally certified copies of the following documentation are required for an exemption application:
