To execute equities trades on the JSE Securities Exchange South Africa, it is necessary to pass the JSE Registered Securities Trader Examination. JSE Rule 6.10.5 states that a person who seeks to be registered with the JSE as a registered securities trader must satisfy the fit and proper requirements of rule 4.10 and must have obtained a pass in the registered securities trader examination prescribed by the JSE.
The syllabus (January 2018 edition) is made up as follows:
• JSE Equities Rules and JSE Listing Requirements
• JSE Equities Directives
• Act no. 19 of 2012: Financial Markets Act, 2012
• JSE Trading System
Further information regarding accessing the learning material and updates can be found below.
Duration: 1 hour
Number of questions: 50
Competency (Pass) mark: 70%
No negative marking.
The system will keep time in accordance with the downloading speed of a particular Internet connection. In other words no time will be lost if the download is slower than normal. An eye should be kept on the timer displayed at the right hand corner of the Examination Title Screen to keep track of time. If the time runs out, the examination will automatically terminate and the score will be calculated.
The system is specifically designed to save any questions submitted so that in the case of a power failure or internet interruption, no data will be lost. In the event of a learner not being able to continue the exam within a reasonable period of time due to a power failure or internet interruption, the exam must be abandoned. The questions already answered will be deleted and a new appointment must be made to retake the exam from the start.
In the event of any delay in starting or any interruption of the exam, the learner is entitled to reschedule the exam appointment. Should a learner decide to wait for the cause of the delay to be resolved and start or carry on with the assessment, there can be no recourse taken with SAIFM should the outcome of the assessment not be a competent (pass) mark.
Log in with your identity number or passport number. This must correspond with the number used to enrol. Please leave out all alphabetical spacing symbols (-) and spaces.
- Next a screen will appear with all the examinations that you are registered for.
- Select the examination you wish to do.
- The invigilator at the testing centre will unlock the exam session for you.
- The Exam Title Page will now appear.
The navigation bar has the following options:
Back: Regress to the previous question without submitting an answer to the current question.
Submit: Submits your answer for the current question and continues to the next question.
Progress indicator: Shows you the list of questions that you have already answered. If you want to change the answer to a question that you have already answered, click on the question in the progress window in the bottom left hand corner and select “GO”.
Leave unanswered: If you have selected an answer, but change your mind and wish to rather leave the question unanswered, select this option.
Final submission of answers: Once you have reached the end of your examination and there is still some time left, you will be requested to submit your final answers. Once you hit the “Submit Final Answers” button your final score will be calculated and you will not be able to correct any more answers.
Revision of incorrect answers:
Upon completion of your exam once the results have been obtained, you will be allowed 10 minutes to review the questions and answers that you had wrong. This is the only time that will be available for you to review your incorrect answers and you will not be able to review them at a later stage.
Enrolment and Payment
Enrolment takes places online via the SAIFM Virtual Exam Centre. To create or update a profile, select Enrol and enter an identity or passport number. If the database contains information linked to the identity or passport number, the information will display and any changes can be updated. If no information is linked to the identity or passport number, the required information must be completed.
Time limits within which exams must be taken
Exams must be taken within 6 months of date of payment. After the 6-month period, the right to take the assessment lapses and no refunds will be made. Should a candidate wish to take the exam after the 6-month period, the exam will have to be repurchased.
Purchase the exam by credit card
The exam(s) can be purchased by adding them to the shopping basket at the Virtual Exam Centre and proceeding to checkout to pay by credit card through the secure credit card facility.
Access to the learning material will be automatic after the payment has been made.
Purchase the exam by cash, cheque or electronic transfer
SAIFM staff cannot accept cash payments. Any cash payment should therefore be deposited into the SAIFM bank account by the candidate.
The following procedure applies when paying by cash, cheque or electronic transfer (EFT):
- Proof of the payment (stamped bank deposit slip or EFT confirmation) must be sent to SAIFM via email to either Hayley Pfeifer or Susan Jansen van Rensburg.
- The candidate’s name, ID number and title(s) of the exam(s) to be purchased must be clearly noted on the email.
- Confirmation that SAIFM has received proof of payment should be made telephonically (011 802 4768) once emailed.
- Loading an exam is not automatic as is the case with credit card transactions and can take up to 2 business days for SAIFM staff to process.
It is very important to note that if the above procedure is not followed correctly, the exam(s) may not be loaded. Candidates should NOT instruct the bank to automatically email the payment if paying via EFT. It is advisable to forward the proof of payment to SAIFM once you have received it from the bank with the required details, thus ensuring it has been correctly done.
Payments made by employers
Should an invoice be required before a payment can be made, an email request can be sent to Hayley Pfeifer or Susan Jansen van Rensburg. The following information must be supplied when requesting an invoice:
- Name of company
- Address of company
- VAT number of company
- Name(s) of candidate(s) (Note all candidates must have their information registered on the Virtual Exam Centre before an invoice will be issued)
- ID or Passport number of candidate
- Exams(s) required for the candidate(s)
Cheques referred to drawer
Cheques that are referred to drawer by the bank will be subject to such fee that the bank may charge.
The SA Institute of Financial Markets
Account No: 1557 0709 401
Branch Code: 462005
Account Type: Business Account
Exams loaded can be checked by logging onto Virtual Exam Centre using the identity or passport number that was used when enrolling. It is advisable to confirm registration in all cases where a credit card payment was not used.
Each module is designed to be a self-study workbook. It contains all the information necessary to pass the examination.
Activities at the end of each chapter are meant to enrich the learning process and to make it more meaningful. They are entirely voluntary and can be skipped if desired. Activities are recommended however as they familiarise one with certain websites that serve as sources of information, enabling one to learn how to research information independently. This is a valuable skill to have once qualified as a securities market practitioner.
Candidates must ensure that the correct learning material is being studied. SAIFM cannot be held responsible if the incorrect learning material is used. The latest edition is stated next to the name of each exam (see Syllabus Outline below).
Accessing the learning material
The learning material can be downloaded from the Virtual Exam Centre once the exam has been paid for. If the purchase takes place by credit card through the secure e-commerce facility, the learning material will be available immediately. In the case of payment by electronic transfer, the exam will be loaded by SAIFM staff within 2 business days of confirmation of receiving the faxed or e-mailed proof of payment.
Once the exam has been purchased, the learning material will be available for download until the exam has either been taken or the six-month time period (see time limits within which exams must be taken) has elapsed.
SAIFM is able to download and print the learning material on behalf of candidates who do not have access to a printer. Such hard copies may be purchased once the exam has been paid for.
Learning material is amended from time to time.
If the learning material is replaced with an updated version that affects the exams or new learning material, notice will be given to registered candidates of the changeover to the new exam. This fact will also be advertised on both www.saifm.co.za and www.virtualexamcentre.co.za. Candidates may therefore, before the changeover date, write an exam based on the old material while the new material will be examined from the changeover date. The new book will be e-mailed to learners on request from the date of notice until the changeover date.
Strict email filters and incorrectly supplied addresses could hinder delivery of notifications and SAIFM cannot guarantee that email notifications are always delivered. Candidates are thus advised to check the SAIFM website for notices that may affect learning material before booking to write an exam.
Should a candidate study from the incorrect learning material and notices regarding updates have been published, there can be no recourse taken against SAIFM.
Exam dates and venues
Exams do not take place on set dates, but on any date that suits the candidate as long as it falls on a business day within the 6-month time limit (see time limits within which exams must be taken) and subject to the availability of an opening at the exam venue concerned.
When booking an exam date it is advisable to give 3-5 business days’ notice. That way, the desired date and time is more likely to be available.
Most exam venues (including SAIFM’s offices) close for a period during the festive season in December. This should be taken into consideration when planning to make an exam booking.
SAIFM makes use of an extensive network of exam venues countrywide in order to accommodate candidates not only within the borders of South Africa but in countries bordering South Africa as well as abroad.
SAIFM will endeavour, where possible, to accommodate candidates who are unable to secure an exam booking within a reasonable period of time, or if there is no exam venue within a reasonable distance of the candidate.
Candidates should familiarise themselves with the exam venues’ rules and procedures regarding bookings and cancellations. Exam venues are entitled to charge a cancellation fee, which may have to be paid before they will accept another booking, should a candidate fail to arrive for a booked exam appointment, or give insufficient notice to cancel the appointment.
A list of exam venues can be found here.
Booking the exam appointment
Once a candidate has studied the learning material and is ready to take the exam, the exam venue of choice can be contacted directly to book an appointment.
Should a candidate prefer to take the exam manually (i.e. not online), the arrangements must be made directly with SAIFM. Hayley Pfeifer or Susan Jansen van Rensburg are able to assist in this regard.
First time candidates are advised to take the demo exam prior to doing the exam to become familiar with the format and feel of the exam. The demo exam has no bearing whatsoever on the learning material. It is simply a fun tutorial of the exam system.
Candidates are required to present an identity document or passport when taking the exam and will not be allowed to take the exam if no official identification is presented. Candidates are also required to sign the SAIFM attendance register, which will be kept at each exam venue.
Should a student dispute the correctness of a question, his or her answers can be referred for an appeal by completing and submitting the appeal request form along with the proof of payment of the appeal fee, which must be done within 14 days of the exam.
Should it be found that the question/s was in fact incorrect, credit for the question/s, if necessary, will be awarded and the appeal fee will be repaid. To download the appeal request form, click here.
Results and certificates
In the case of an online exam, the results will be available immediately upon completion of the exam and a printout made thereof. This will be proof of the result of a particular module with the score indicated on the printout.
Results of a manual multiple choice exam can take up to 5 business days to be released.
A certificate will be printed and posted within 6-8 weeks of passing the exam. Arrangements to collect certificates as opposed to receiving them via post can be made with Hayley Pfeifer.
Lost certificates can be reprinted at a cost.
The cost of the JSE Registered Securities Trader exam is R1454-00 (Inc. VAT). This allows for:
- One opportunity to take the exam within the six-month time limit (see time limit below within which exams must be taken).
- Access to download the learning material until the exam has either been taken or lapsed (see time limit below within which exams must be taken).
- Access to purchase a hard copy of the learning material until the exam has either been taken or lapsed (see time limit below within which exams must be taken).
Should the exam need to be retaken, the cost is R1454-00 (Inc. VAT) effective 1 August 2020.
Note that our prices increase on 1 August each year. If payment is made before 1 August but proof thereof not sent and confirmed received by SAIFM by 1 August, when prices increase, the new price will be applicable.
Special exam procedure concessions
If you require any special assessment procedure concessions due to disability, or for any other reasons, please contact Christie-anne van Wyngaardt at firstname.lastname@example.org to make special arrangements to accommodate you.
The following non-negotiable conditions apply to refunds. It is automatically assumed that these conditions have been read and understood when we receive a refund request.
- Refunds can ONLY be made into a South African or Namibian bank account.
- All refunds are subject to a 20% administration fee.
- Refund requests must be submitted on or before the exact expiry date of the exam (see time limits below within which exams must be taken)
- Refunds can only be paid to the person/company that originally made the payment.
- The following information is required for the refund to be processed. (Note: if all of the information is not received or is incorrect, the refund will not be processed)
- Name of Learner
- Title of exam(s) you wish to be refunded for
- Name of account holder
- Name of Bank
- 6 digit branch code
- Account number
- Type of account (i.e. savings, current etc)
To request a refund, please email the above details to Melissa Joao
Exams must be taken within 6 months of date of payment. After the 6-month period, the right to take the exam lapses and no refunds will be made. Should a candidate wish to take the exam after the 6-month period, the exam will have to be repurchased.
It is advisable to purchase exams one at a time to prevent forfeiting any fees paid due to time contraints that may arise as a result of unforseen circumstances.