CME-4 Exam Guide: Saudi CMA Wealth Management & Asset Managers Certification

Table of Contents

• • Current edition update — September 2026
• • What is the CME-4 Certification?
• • Key Syllabus Areas
• - 1. CME-4A Allocation
• - 2. CME-4B Allocation
• - 3. Real Estate Investment Funds and REITs (CME-4B)
• • Exam Structure and Difficulty
• - CME-4A (ICWIM)
• - CME-4B (Asset Managers Regulations)
• • Study Strategy: How to Pass First Time

The Saudi Capital Market Authority uses the CME-4 Asset Managers and Wealth Management Professional route for specified managing activities. The current Financial Academy pages pair CME-4A with CME-4B for the professional certificate.

This guide sets out the current assessment facts and syllabus weights for both parts.

Current edition update — September 2026

The English CME-4B course now uses the official July 2026 workbook Version 1.9. Its real assessment is 25 questions in 30 minutes with a raw passing boundary of 17, allocated 14/8/3 across Investment Funds Regulations, Real Estate Investment Funds Regulations and Market Conduct. We removed stale money-market, feeder-fund and unrelated AML content, provided 125 practice questions across five mock exams, and completed all six chapter audio files. CME-4A remains a separate international wealth-and-investment paper with its own source and assessment.

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What is the CME-4 Certification?

The CME-4 (Capital Market Examination - 4) is the designated licensing pathway for portfolio managers, fund managers, and wealth advisors in Saudi Arabia.

The certification is strictly divided into two distinct components:

1. CME-4A (Wealth & Investment Management): Provided in cooperation with the Chartered Institute for Securities & Investment (CISI), this is the International Certificate in Wealth & Investment Management (ICWIM). It focuses on global asset classes, financial planning, macroeconomics, and portfolio construction.
2. CME-4B (Asset Managers Regulations): This exam focuses entirely on the local Saudi regulatory framework. It tests your knowledge of the CMA’s Investment Funds Regulations, Real Estate Investment Funds Regulations, and Market Conduct rules.

You must pass both exams to be awarded the full qualification and be eligible to perform registrable “managing” functions within an authorized Capital Market Institution (CMI).

Key Syllabus Areas

To secure your CME-4 qualification, you must master a blend of international investment theory and strict local Saudi regulations.

1. CME-4A Allocation

The current CME-4A page publishes this eight-element allocation: financial services sector 4%, industry regulation 5%, asset classes and financial markets 14%, collective investments 7%, economics and investment analysis 21%, investment management 15%, investment advice 21%, and lifetime financial provision 13%.

Economics and investment analysis plus investment advice account for 42% together. Within those areas, practise the calculations and client-scenario decisions rather than treating every chapter as a definition list.

• Macroeconomics: How interest rates, inflation, and fiscal policy impact bond yields and equity valuations.
• Asset Classes: Deep dives into equities, fixed income (bonds and Sukuks), derivatives, and alternative investments (real estate, private equity).
• Portfolio Management: Asset allocation strategies, risk-adjusted performance measurement (Sharpe ratio, Alpha), and the time value of money.

2. CME-4B Allocation

The current CME-4B page allocates 56% to Investment Funds Regulations, 32% to Real Estate Investment Funds Regulations for public real-estate funds, and 12% to Market Conduct Regulations.

Investment Funds Regulations therefore carries more weight than the other two elements combined. Give it full coverage before adding extra sessions for rules that a diagnostic shows are weak.

• Fund Establishment: The requirements for a Fund Manager to establish public and private investment funds.
• Terms and Conditions: What must be disclosed to unitholders, including fee structures, investment limits, and risk warnings.
• Board of Directors: The independence requirements and fiduciary duties of the Fund Board.

3. Real Estate Investment Funds and REITs (CME-4B)

Given the booming Saudi real estate market, the CMA places heavy emphasis on property funds.

• Valuation Requirements: Public real estate funds must use independent, certified valuers. You must know the frequency of these valuations.
• REIT Specifics: Rules regarding dividend distribution (REITs must generally distribute 90% of net profits) and borrowing limits.

Exam Structure and Difficulty

The dual nature of the CME-4 requires a bifurcated study approach.

CME-4A (ICWIM)

• Format: 100 multiple-choice questions.
• Time Limit: 2 hours.
• Pass Mark: 70%.
• Difficulty: Moderate to High. This is a globally recognized CISI exam. It requires a deep understanding of financial mathematics, including calculating yields, compounding, and standard deviation.

CME-4B (Asset Managers Regulations)

• Format: 25 multiple-choice questions.
• Time Limit: 30 minutes.
• Pass score: 17.
• Current fee: SAR 1,700.

The current CME-4A page lists a pass score of 70, 120 minutes and a fee of SAR 2,100. Both pages list Arabic and English. Recheck the live values before booking.

Study Strategy: How to Pass First Time

1. CME-4A: Use the published 100-hour workbook estimate as a starting budget, then put additional time into the two 21% elements when diagnostics justify it.
2. CME-4B: Tag each rule question to the 56%, 32% or 12% element so a total score does not hide a gap in Investment Funds Regulations.
3. Timed practice: Rehearse CME-4A and CME-4B separately because 120 minutes and 30 minutes require different pacing.