What are Regulatory Exams?
The Regulatory Examinations (RE Exams) was introduced to assess financial advisors’ competency and application of knowledge relating to the regulatory framework of the financial services industry. It deals with specific legislation contained in the Financial Advisory and Intermediary Services Act (FAIS Act), Financial Intelligence Centre Act (FICA), the General Code of Conduct and various Board Notices.
We can assist you in passing your RE 1 and RE 5 Exams with ease and confidence
What attendees had to say
“Masthead’s RE 1 and RE 5 Training webinar created a solid foundation in preparing for my RE Exams. The attention to detail and professionalism in presenting the webinar is certainly beneficial in preparing for and writing the RE Exams. The combination of studying the material, attending the webinar and completing the online RE Mock Exams provided a holistic learning experience and it helped me identify my strengths and areas of development. I feel more confident and settled in my preparation for the RE Exams. Thank you.”
– Karabo Maelane | PAPE Fund Managers (Pty) Ltd
“After attempting my RE Exam 4 times and without success, I looked for ways on how to successfully pass RE exams and came across Masthead’s online RE Mock Exams. Their mock exams were affordable, and after registering I attempted the mock exams on a daily basis. I have since passed my RE Exam and would like to thank Masthead for their assistance. I would recommend Masthead to everyone.”
– Tania Cloete | Nedbank
Who should write Regulatory Exams?
In addition to providing accurate information to clients about financial products and services, financial advisors are also required to understand their regulatory responsibilities and duties when providing financial advice. This requires individuals who provide financial advice/services on behalf of a financial services provider to complete RE Exams in order to demonstrate their competency prescribed by regulation.
There is no limit on the number of exam attempts you are allowed.
For more information on Regulatory Examination and Competency requirements set out in the new Fit and Proper requirements for Financial Service Providers (Board Notice 194 of 2017) and who is exempt from writing RE Exams, click here.
Which RE Exam should I write?
Your role and responsibilities as a financial advisor will determine which RE Exam you need to complete. The content of each exam is based on the regulatory framework and the regulatory role of the individual.
Category I Key Individuals are required to write the Level 1 RE 1 Exam, while Representatives are required to write the Level 1 RE 5 Exam. Key Individuals who are appointed as Representatives are required to write both the RE 1 and RE 5 Exams. These are the two most common exams.
For a full list and more information on which exams should be written for each Category of FSP (i.e. Category I, II, IIA, III and IV), click here
What is the format of the Regulatory Exams?
The exam is a closed book exam that consists of multiple-choice questions (MCQs). Each question has four options, and you must select the correct option.
The RE 1 exam has 80 questions, it is written in 2 hours and 30 minutes and the pass mark is 65%. The RE 5 exam has 50 questions, it is written in 2 hours and the pass mark is 66%.
The exams are completed in paper format with a pencil. You will select your answer by colouring in the circles. It is important to not tick or mark your answer with a cross.
Preparing for your RE 1 or RE 5 Exam
You should not underestimate the amount of preparation time and effort that needs to be applied to pass the RE exam. Here are tips to help you prepare:
Plan and schedule time to read and revise the study material
Start early with your preparation. There is a lot of resource material to read through when preparing for your exam. Key Individuals and Representatives are advised to devote at least three months to preparing for their exam.
Use the FSCA’s RE Exam Preparation Guides
The FSCA publishes and regularly updates their RE Exam Preparation Guides which contains detailed information to help you prepare for your exam. This guide should be your starting point before you start studying the material, as it gives a summary of the exam format, how to study, what to expect when writing the exam and more.
Study material
Your study material should include the FSCA Preparation Guide and all applicable legislation (i.e. FAIS Act, FICA, the General Code of Conduct and various Board Notices).
You must also include the Qualifying Criteria in your exam preparation as it is the basis of knowledge that the regulatory examinations are set against. The Qualifying Criteria is included as an annexure in the FSCA’s Preparation Guide and an explanation on how to read the Qualifying Criteria can also be found in the guide. All this information is available on the FSCA website.
Practice with online RE 1 and RE 5 Mock Exams
It is recommended to practice answering MCQs to help assess your understanding of the resource material. The RE 1 Mock Exam and the RE 5 Mock Exam on the Masthead Learning Centre is a convenient way for you to assess if you are ready to write your RE Exams. The questions cover all the areas that will be included in the actual exam and have been deliberately constructed to resemble the type of questions asked, as well as the way in which the questions are asked in the official exam.
If you are interested in enrolling for an RE Mock Exam, click here to view our courses.
Attend an RE Training Webinar or face-to-face Seminar
You can attend the RE 1 and RE 5 Training webinar or seminar to grow your knowledge and be guided through the resource material by a competent facilitator who is well versed in the subject matter so you will be well-equipped with an in-depth knowledge and understanding of the RE exam content.
Attend one of Masthead’s RE 1 and RE 5 Exam Training sessions to ensure that you are ready to tackle the exam with confidence. Click here for more information.
Please note: The RE Mock Exams, Webinars and Seminars available on the Masthead Learning Centre are not replacements for the FSCA regulatory exams.
Where to register for your RE exam
You are required to register with an authorised institution or the independent FSCA examination body to write your RE exams.
Please note: Masthead does not administer RE Exams. For more information on where to register for RE Exams, click here.
