South African Institute of Financial Markets
The South African Financial Markets Journal

EXAMS > Registered Persons Examinations


The Registered Persons Examination (RPE) is intended to provide an introduction to the financial markets for persons wishing to become financial market practitioners and is also ideal for individuals in other spheres of life who wish to obtain background knowledge to enhance their career prospects. The instruments, processes and activities on the regulated exchanges as well as the over-the-counter (OTC) markets are covered. The RPE ensures wide accessibility and has therefore no formal prerequisites. A good basic knowledge of English and Mathematics will however be an advantage

Modules of the RPE

The RPE comprises of various modules. Candidates can make up a basket of modules according to the requirements of the exchange for the specific function they wish to perform. Not all modules enjoy the same recognition by regulatory authorities and care should be taken when choosing the correct modules for the intended purpose, e.g. a candidate employed by an equities member of the JSE Limited that wants to provide advice to clients, should select the module called "The Equity Market" in addition to the compulsory modules.

There are eight modules of the RPE:

  1. The Regulation and Ethics of the South African Financial Markets (Compulsory module)
  2. Introduction to the Financial Markets (Compulsory module)
  3. The Equity Market (Elective module)
  4. The Bond Market (Elective module)
  5. The Derivatives Market (Elective module)
  6. The South African Money Market (Elective module)
  7. The South African Foreign Exchange Market (Elective module)
  8. Agricultural Products Market Dealers Examination (Elective module)

Each module is individually examined and has its own learning material. There is no restriction as to the order in which examinations should be taken i.e. it is not required that a candidate pass the compulsory modules before continuing with the elective modules. However, for those who are new to the financial markets, it is advisable to do the Introduction to Financial Markets Module before attempting the Regulations and Ethics of the South African Financial Markets.

The modules chosen to be written should be dependent on which modules are required for the specific function one wishes to perform. The combination requirements in terms of the exchanges’ directives according to our understanding thereof are listed here. The combination requirements in terms of the FSB requirements according to our understanding thereof are listed here. Please take note that SAIFM cannot accept responsibility for advice on which exams should be done. The relevant exchange, FSB or compliance officer must be consulted.

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