01 Feb What is going on with CySEC’s Exams
February is among us, and a lot of sector participants are still waiting for answers in regards to CySEC Examinations, following CySEC’s announcement 2 weeks ago.
What the Announcement tells us
We are told that all exams within February and March are cancelled and exams will again commence in April. We also know that candidates that had exam dates within those two months should receive their new dates early this month (hopefully by next week). This date will come from CISI and not from CySEC. Furthermore, the examination registration form is suspended until further notice.
Those candidates who received an exemption and a time constraint to sit the exams after their approval in relevant positions (let’s say a position as Compliance Officer was accepted by CySEC provisional to passing the exam within 6 months) will not have February and March count towards those months. Also, these participants and all persons working under CySEC’s Supervision will receive priority status.
What we know and expect
The exams are very popular and sitting places are full until well within July, so when registrations open in April, people will rush to get a place. So, keep a vigilant eye to get an early date as soon as registrations open. We also expect that those of you that have had a date within February and March will get priority places compared to those who will register after registrations will reopen.
There will be substantial changes within the new syllabus, so people who already have the previous workbook, don’t waste time on it. Consider that there have been a lot of changes implemented within the regulatory framework that affect most of the chapters of the previous examination (MiFID II, AMLD4, CRD4, MAR, EU Guidelines and more).
We expect the new syllabus and hopefully the new workbook to be out before mid-February, in which time our team of experts will get hard at work to build our own material for our Preparation Courses. Saying that, I would like to mention that for all the above titles and all the prospective legal frameworks that will be included in the new syllabus, the EIMF has been offering training courses for more than a year now, so our instructors are very well versed in all subjects.
Furthermore, depending on how the tender process of the new examinations goes, within Q2 of 2018 it is expected that the frequency of examinations will increase to accommodate the massive demand. That is something that we would like to see from the Regulator to offer within this semester, but we know is difficult to do due to the tender process and agreement of the current examiner.
What now
Now we wait. CySEC and CISI will announce their new syllabus soon and we will get a clearer picture of the situation. Also, when registrations for new examinations open we will also get a feel of the demand for the sector.
It is strongly suggested that people wishing to sit the exams use all means available to them to ensure success on first try, as the current situation means that sittings can be as infrequent as every 7 months, which will render their studies and revision for when they first failed useless. Furthermore, candidates who have been working in the sector should not underestimate the scope, size, and difficulty of these examinations, as it is a massive exam that covers all regulated entities under CySEC. So, you may be well versed in the Law that governs Investment Firms for example, but that is just a small part of the exam, which includes every law about Funds, Banking Laws, Capital Adequacy, Market Abuse, Risk Management, AML and more.
The best way to prepare is through participating in a specialised training course, which are aimed to prepare you for just that, passing the exams.
The EIMF has had a stellar run in the 3 years that the current syllabus was available, with nearly 90% success rate compared to about 42% of passing rate that the exams now hold. So, if you are interested in sitting the exams, please note that our Nicosia course starts on 6th of March (click HERE for more info) and our Limassol course starts on 8th of May (click HERE for more info). Both courses cover the Basic and the Advanced Examinations and are subsidised by the HRDA.