FAIS

1st Level Regulatory Exam Preparation Workshop

Important – Deadlines

According to the recent Inseta newsletter there are approximately 140 000 Key Individuals  and Representatives that must write the exam and 40 000  have written the exams.

At the time of writing this article there are 122 working days until the 30 June 2012. Therefore 820 Key Individuals and Representative will have to write the exam per day. Will the Examining Bodies have enough seats in your area to accommodate this amount of delegates to write the exams.

HAVE YOU BOOKED YOUR DATE TO WRITE THE EXAM TO ELIMINATE THIS PROBLEM AND WILL YOU BE FULLY PREPARED TO WRITE THE EXAMS

Workshops

BRC offers Regulatory One exam preparation workshops to assist you with the self study that is imperative for you do.

2 day, public or in-house preparation workshop with a question and answer session plus additional questions and answers sheets for self-study purposes.

2 day, One-on-One preparation workshop for delegates who prefer not to be in a group environment or who are finding it difficult to pass the exams.
Maximum 3 delegates

What you gain from BRC workshops

• Breakdown of INSETA material
• Understanding of knowledge criteria
• How to approach self-study
• What to expect in the exam
• Question and answer session
• Taking the fear out of writing the exams

Why the need for the FAIS Act

“FAIS” stands for The Financial Advisory and Intermediary Services Act.  This legislation impacts on the financial services industry and aims to regulate the giving of advice and rendering of intermediary services to clients through Codes of Conduct and enforcement measures.

Why the need for FICA

Fica stands for the Financial Intelligence Centre Act. The purpose of FICA is to combat money laundering activities and the financing of terrorist and related activities.

Credits versus Regulatory Exams

Hints and Tips for the Exams

Suggestions on how to prepare for the examinations

The examinations are based on qualifying criteria, as per board notice 105 section 2 (link). To understand what you need to know for the examination ensure you are aware of the criteria on which the examinations are based.

Start early in your preparations

Study the examination material and make sure you understand it. The examination tests not just your recall of the facts but your ability to interpret and apply the knowledge to real life situations.

Do not spot, skim or cram the knowledge.

Use the actual Acts as a reference guide to clarify misunderstanding or confusion or if you need elaboration on a point.

Study Tips:

Find a comfortable and quiet place to study with good lighting and little distractions

Have all of your study material in front of you: The relevant Acts, Board Notices, Circulars and the INSETA Material.

Don’t try do all your studying the night before the exam.  Space out your studying, and review material at least several times a week, focusing on one topic at a time.

Take short breaks frequently. Your memory retains the information that you study at the beginning and the end better than what you study in the middle.

Take notes and write down a summary of the important ideas as you read through your study material

Make sure that you understand the material well, don’t just read through the material and try to memorize everything

More about the examinations:

Closed-book, multiple choice examinations.

There is only one right answer to each question.

Every task of the qualifying criteria will be covered at least once in the examination.

Ensure that you take your id with you to the examination

You have the option to rewrite the examination at R900 as set by the FSB