Becoming a Stockbroker
The role of a Stockbroker is to manage the financial portfolio of clients who could be individuals or organisations. Along with advice from investment analysts and knowledge of the regulatory framework and exchanges’ rules, Stockbrokers will advise their clients on which stocks to buy and which to sell.
In order to become a qualified Stockbroker, the required examinations will need to be passed. In addition, a minimum of three (3) years relevant practical experience is required. This experience is typically gained in the financial markets industry. The financial markets industry includes the following:
- any regulated person or entity as defined in the Financial Markets Act, Act 19 of 2012 as amended;
- all exchanges and members of said exchanges;
- central securities depositories;
- trade repositories;
- clearing houses;
- participants;
- authorised users;
- clearing members; and
- all other corporate entities involved in the development, marketing, trading and administration of financial markets products, including collective investments, and financial market security services as determined by the competent regulatory authority from time to time.
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.
Examination Timetables
The Professional Stockbroker Exams for 2023 will be held as follows:
Exam | 1st Semester Applications open: 11 January 2023 Applications close: 1 month before the exam date |
2nd Semester Applications open: 1 June 2023 Applications close: 1 month before the exam date |
---|---|---|
Financial Markets Legislation | 29 May 2023 | 23 October 2023 |
Investment Advice and Portfolio Management | 5 June 2023 | 30 October 2023 |
Taxation in Financial Markets | 12 June 2023 | 6 November 2023 |
Rules Part 1 | 19 June 2023 | N/A |
Rules Part 2 | N/A | 13 November 2023 |
Finance | 26 June 2023 | 20 November 2023 |
Please note that Rules Part 1 is only available in the 1st semester and Rules Part 2 is only offered in the 2nd semester.
- The examinations are held in Johannesburg, Durban 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.
Candidates who have registered and cannot make the exam date 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. The study materials consist of any combination of references to prescribed text books and publications, study notes, practical examples and exercises. Contact sessions with subject matter experts are only available online and students are expected to have prepared for these sessions. The attendance of these sessions is not compulsory but it is highly recommended. Students who register for the courses will also have access to subject matter experts if they have specific questions or problems related to the course content.
It should be noted that study materials are revised on a continuous basis and that old study material may no longer be sufficient to prepare students for the exams.
Finance
This course focuses on the analysis and interpretation of financial statements and reports. This knowledge will enable candidates to evaluate the financial and market positions of companies, the value of the securities issued and the risks associated with such securities. Ultimately this information will be used in investment decisions.
The course consists of the following study units:
Study Unit | Topic |
---|---|
Study Unit 1 | Introduction to Financial Statements, Financial Reporting and Financial Analysis |
Study Unit 2 | Ratio Analysis |
Study Unit 3 | Investment Criteria & Valuations |
Study Unit 4 | Dividends and Taxation |
Study Unit 5 | Capital Structure and Money, Capital and Derivatives Markets |
Study Unit 6 | Integrated Application of the Finance Course |
Important dates for 2023 (Semester 1) are tabled below:
Event | Date |
---|---|
Registration opening date | 11 January 2023 |
Registration closing date | 26 May 2023 |
Contact Session with subject matter expert | 15 March 2023 |
Contact Session with subject matter expert | 19 April 2023 |
Contact Session with subject matter expert | 17 May 2023 |
Revision Session | 14 June 2023 |
Exam | 26 June 2023 |
Financial Markets Legislation
This course focuses on the legislative landscape including FMA, FAIS, FICA, POPI, FATCA, AML, etc.
The course consists of the following study units:
Study Unit | Date |
---|---|
Study Unit 1 | Introduction to the Regulatory Landscape |
Study Unit 2 | Financial Sector Regulation Act |
Study Unit 3 | Introduction to Rules Part 1 - Financial Markets Act (No 19 of 2012) |
Study Unit 4 | Financial Intelligence Centre Act |
Study Unit 5 | Financial Advisory Intermediary Services Act |
Study Unit 6 | Protection of Personal Information Act |
Study Unit 7 | Foreign Account Taxation Compliance Act |
Important dates for 2023 (semester 1) are tabled below:
Event | Date |
---|---|
Registration opening date | 11 January 2023 |
Registration closing date | 28 April 2023 |
Contact Session with subject matter expert(s) | 28 February 2023 |
Contact Session with subject matter expert(s) | 28 March 2023 |
Contact Session with subject matter expert(s) | 25 April 2023 |
Revision Session | 23 May 2022 |
Exam | 29 May 2023 |
*Contact Session dates are subject to change at the discretion of the subject matter expert.
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 study units:
Study Unit | Topic |
---|---|
Study Unit 1 | Introduction to the Financial Markets Environment |
Study Unit 2 | Economics |
Study Unit 3 | Financial Markets |
Study Unit 4 | Financial Needs Analysis |
Study Unit 5 | Portfolio Management Theory |
Study Unit 6 | Securities |
Study Unit 7 | Analysis, Evaluation and Pricing of Securities |
Study Unit 8 | Corporate Actions |
Important dates for 2023 (semester 1) are tabled below:
Event | Date |
---|---|
Registration opening date | 11 January 2023 |
Registration closing date | 5 May 2023 |
Contact Session with subject matter expert |
1 March 2023 |
Contact Session with subject matter expert | 12 April 2023 |
Contact Session with subject matter expert | 26 April 2023 |
Revision Session | 24 May 2023 |
Exam | 5 June 2023 |
*Contact Session dates are subject to change at the discretion of the subject matter expert.
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 study units:
Study Units | Date |
---|---|
Study Unit 1 | Market Infrastructure |
Study Unit 2 | General Provisions and Admittance Requirements |
Study Unit 3 | People and Risk Management |
Study Unit 4 | The ethical conduct of business |
Study Unit 5 | Client Assets (includes Segregation of Funds & Securities & Restriction on Alienation of Securities |
Study Unit 6 | Money Broking transactions, Trading in BEE Securities and Krugerrands |
Study Unit 7 | Protection afforded to Clients |
Study Unit 8 | Complaints and Disputes and Default |
Study Unit 9 | Supervision and Enforcement |
Study Unit 10 | Revision Study Unit |
Important dates for 2023 (semester 1) are tabled below:
Event | Date |
---|---|
Registration opening date | 11 January 2023 |
Registration closing date | 19 May 2023 |
Contact Session with subject matter expert | 24 April 2023 |
Contact Session with subject matter expert | 8 May 2023 |
Contact Session with subject matter expert | 15 May 2023 |
Contact Session with subject matter expert | 22 May 2023 |
Contact Session with subject matter expert | 29 May 2023 |
Revision Session | 5 June 2023 |
Exam | 19 June 2023 |
*Contact Session dates are subject to change at the discretion of the subject matter expert.
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 study units:
Study Units | Date |
---|---|
Study Unit 1 | Practical Equity Trading |
Study Unit 2 | Stock Accounts and STT |
Study Unit 3 | Settlements |
Study Unit 4 | Rolling of Settlement, Failed Trades and SLB |
Study Unit 5 | Financial Records, Reporting & Credit Risk Management |
Study Unit 6 | CAPAD |
Study Unit 7 | Financial Resources Requirements & Settlement Assurance |
Study Unit 8 | Financial Resources Requirements & Settlement Assurance - LER and Margining |
Study Unit 9 | Securities Transfer Tax & STT Acts |
Study Unit 10 | SLB |
Study Unit 11 | Corporate Actions |
Study Unit 12 | Market Abuse |
Study Unit 13 | Listings Requirements |
Study Unit 14 | Exchange Control and Dividends Tax |
Study Unit 15 | Revision Study Unit |
Important dates for 2023 (semester 2) are tabled below:
Event | Date |
---|---|
Registration opening date | 1 June 2023 |
Registration closing date | 13 October 2023 |
Contact Session with subject matter expert | 24 July 2023 |
Contact Session with subject matter expert | 31 July 2023 |
Contact Session with subject matter expert | 7 August 2023 |
Contact Session with subject matter expert | 14 August 2023 |
Contact Session with subject matter expert | 21 August 2023 |
Contact Session with subject matter expert | 4 September 2023 |
Contact Session with subject matter expert | 11 September 2023 |
Contact Session with subject matter expert | 18 September 2023 |
Contact Session with subject matter expert | 2 October 2023 |
Contact Session with subject matter expert | 9 October 2023 |
Contact Session with subject matter expert | 16 October 2023 |
Contact Session with subject matter expert | 23 October 2023 |
Revision Session | 30 October 2023 |
Exam | 13 November 2023 |
*Contact Session dates are subject to change at the discretion of the subject matter expert
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 study units:
Study Unit | Topic |
---|---|
Study Unit 1 | Basic Principles of S.A. Taxation |
Study Unit 2 | Capital vs Revenue |
Study Unit 3 | Taxation of Individuals |
Study Unit 4 | Taxation of Trusts |
Study Unit 5 | Company Taxation |
Study Unit 6 | Collective Investment Schemes & Real Estate Investment Trusts |
Study Unit 7 | Taxation of Investment Income |
Study Unit 8 | Capital Gains Tax |
Study Unit 9 | Taxation of Gains and Losses on Realisation of Investments |
Study Unit 10 | VAT, STT & Other Taxes |
Important dates for 2023 (semester 1) are tabled below:
Event | Date |
---|---|
Registration opening date | 11 January 2023 |
Registration closing date | 12 May 2023 |
Contact Session with subject matter expert |
8 March 2023 |
Contact Session with subject matter expert | 5 April 2023 |
Contact Session with subject matter expert | 3 May 2023 |
Revision Session | 31 May 2023 |
Exam | 12 June 2023 |
*Contact Session dates are subject to change at the discretion of the subject matter expert.