If you have been eyeing a career in financial services, you must have heard of the Securities and Futures Commission SFC exam. It is a mandatory requirement for individuals who want to get licensed to practice in the industry. However, did you know that some individuals can get an SFC exam exemption?
An SFC exam exemption allows an individual to obtain an SFC license without taking the SFC Licensing Examination. It is available for those who meet certain criteria. If you are wondering whether you are eligible for an SFC exam exemption, read on to find out.
To begin with, candidates who hold recognized professional qualifications in certain fields are eligible for an SFC exam exemption. The criteria include qualifications in law, accounting, and financial analysis. If you possess any of these qualifications, you may be exempted from taking the SFC exam.
Individuals who have completed relevant courses or degrees from recognized institutions may be eligible for an SFC exam exemption. The courses or degrees must cover topics that are relevant to the type of regulated activity the individual wishes to be licensed for. For example, if you wish to get licensed for dealing in securities, you may need to have completed a relevant course in securities trading or investment management.
Furthermore, individuals who have been licensed by overseas regulatory bodies may also be eligible for an SFC exam exemption. However, this eligibility will depend on the equivalence of the overseas regulatory regime and the SFC regime. The SFC has a list of overseas regulatory bodies whose licenses are recognized for exemption purposes.
If you are eligible for an SFC exam exemption, what should you do next? Firstly, you will need to complete and submit an exemption form to the SFC. In the exemption form, you will need to submit your relevant qualifications, courses, and licenses that make you eligible for an SFC exam exemption.
The SFC will then assess your exemption form and supporting documents. If you meet the criteria, you will be granted an SFC exam exemption. However, if the SFC finds that your qualifications or licenses do not meet the required standards, you may be required to take the SFC exam.
It is also essential to note that even with an SFC exam exemption, you will still need to fulfil other licensing requirements. These requirements may include meeting fit and proper criteria, fulfilling Continuing Professional Development requirements, and paying the necessary licensing fees.
An SFC exam exemption allows an individual to get an SFC license without taking the SFC Licensing Examination. You may be eligible for an SFC exam exemption if you hold recognized professional qualifications, have completed relevant courses or degrees from recognized institutions, or have been licensed by overseas regulatory bodies. If you are eligible, you will need to complete and submit an exemption form to the SFC for assessment.
However, it is essential to remember that an SFC exam exemption does not exempt you from fulfilling other licensing requirements. Therefore, before you proceed with your licensing application, ensure you have met all the necessary criteria.
