Saudi Financial Academy Exam Retake Policy (3 Attempts & 6 Weeks) & CME-3A Guide

Table of Contents

• • Saudi Financial Academy CME-3A Retake Policy (3 Attempts & 6 Weeks)
• - The 3 Attempts and 6-Week Rule Explained
• - Standard Waiting Periods Between Fails (The Three-Day Rule)
• • Syllabus Architecture and Key Focus Areas
• - 1. Financial Markets and Asset Classes
• - 2. Market Operations and Settlement
• - 3. Investment Management and Accounting
• • How to Register for the CME-3A Exam
• • High-Yield Concepts You Must Master
• - Asset classes and markets
• - Trade processing and accounting analysis
• • Strategic Study Techniques for the CME-3A

Key Takeaways

• Format & Pass Mark: The Financial Academy currently lists a 120-minute duration and a passing score of 70 for CME-3A.
• Retake Policy & Attempts: You are allowed 3 initial attempts within a 12-month period. Failing the 3rd attempt triggers a mandatory 6-week rest period, after which you get up to 3 further attempts.
• Wait Times: The current CISI policy requires 3 days from the failed sitting before a retake; its own example makes Monday the earliest retake after a Thursday sitting.
• Core Topics: The largest current syllabus area is asset classes, followed by secondary markets, primary markets, and accounting analysis.
• Complete Route: CME-3A is paired with CME-3B. Read the Saudi CME-3 certificate guide for the full two-part structure.

Under the ambitious guidelines of Saudi Vision 2030, the Kingdom of Saudi Arabia has rapidly transformed its capital markets into a highly sophisticated, multi-trillion-dollar global investment hub. As international investment institutions flood the capital city of Riyadh, the demand for qualified, local wealth advisors and investment analysts has surged.

To maintain market integrity, the Saudi Capital Market Authority (CMA) mandates strict qualification benchmarks. CME-3A is the Securities examination for the specialist brokerage route and is completed alongside CME-3B, the Saudi Capital Market Rules and Regulations examination for brokers.

The Financial Academy currently lists a 120-minute duration and a passing score of 70. This guide explains the CISI retake policy and outlines preparation for the current securities syllabus. For the distinction between the two papers, use our complete CME-3A and CME-3B guide.

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Saudi Financial Academy CME-3A Retake Policy (3 Attempts & 6 Weeks)

Because CME-3A is delivered with the Chartered Institute for Securities & Investment (CISI), use the CISI partner-policy section on the Financial Academy policy page. Do not apply the separate rule for examinations owned by the Financial Academy, which currently uses different intervals for attempts four to six.

The 3 Attempts and 6-Week Rule Explained

The Financial Academy enforces a strict policy to ensure candidates are adequately prepared before sitting for regulatory exams:

• Maximum Initial Attempts: You are allowed a maximum of 3 attempts in the 12-month period that begins on the date of your first sitting.
• The 6-Week Rest Period: If you unfortunately fail on your 3rd attempt, you are required to undergo a mandatory 6-week cooling-off period. You cannot book or sit for an exam during this time. This rest period begins exactly from the date of your third failed attempt.
• Further Attempts: Once the 6 weeks have elapsed, you may book up to 3 further attempts within the original 12-month window. The cooling-off period does not restart that clock.

Standard Waiting Periods Between Fails (The Three-Day Rule)

If you fail the exam on your first or second attempt, the CISI policy requires 3 days from the test date before another sitting. For example, if you sit and fail your exam on a Thursday, the earliest possible date you are permitted to retake it is the following Monday. You must pay the full exam fee for every re-sit.

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Syllabus Architecture and Key Focus Areas

The CME-3A (Securities) exam is specifically tailored for individuals aiming to become licensed Securities Brokers in Saudi Arabia. It covers the fundamental financial instruments, market operations, and economic principles required to trade on the Saudi Exchange (Tadawul).

To pass, you must be comfortable with the following core modules:

1. Financial Markets and Asset Classes

• Equities (Shares): Understanding ordinary shares, preference shares, corporate actions, and dividend yields.
• Bonds (Fixed Income): Mechanics of government and corporate bonds, yield curves, interest rate risks, and credit ratings.
• Derivatives: Basics of futures, options, and swaps used for hedging or speculation.

2. Market Operations and Settlement

• The Saudi Exchange (Tadawul): How the primary and secondary markets operate in the Kingdom.
• Clearing and Settlement: The role of the Securities Depository Center (Edaa) and the Securities Clearing Center (Muqassa) in the T+2 settlement cycle.
• Order Types: Limit orders, market orders, and execution strategies.

3. Investment Management and Accounting

• Accounting Analysis: Basic interpretation of financial statements (balance sheet, income statement, cash flow).
• Portfolio Management: Asset allocation, diversification strategies, and risk vs. return trade-offs.

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How to Register for the CME-3A Exam

Registration is handled entirely through the Financial Academy (the official training and examination arm of the CMA).

1. Create an Account: Visit the official Financial Academy website (fa.gov.sa) and create a candidate profile using your National ID or Iqama.
2. Select the Exam: Navigate to the Professional Exams section and select CME-3A (Securities).
3. Pay the Fee: The exam fee is typically paid online via Mada, Visa, or Mastercard. Note that any retakes will require a fresh payment of the examination fee.
4. Choose a Test Center: You can take the exam at designated Pearson VUE test centers across Saudi Arabia (Riyadh, Jeddah, Dammam, etc.) or potentially via online proctoring if permitted.

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High-Yield Concepts You Must Master

The current CME-3A syllabus assigns the greatest weight to asset classes (27%). Primary markets, secondary markets, and accounting analysis are also substantial domains. Prioritise them without ignoring the remaining objectives.

Asset classes and markets

Be able to compare equities, debt securities, collective investments, and derivatives by ownership rights, income, liquidity, risk, and return. Connect each instrument to its use by issuers and investors rather than memorising isolated definitions.

Trade processing and accounting analysis

Follow a transaction from the secondary market through clearing and settlement, and distinguish the roles of the exchange, depository, and clearing infrastructure. For accounting analysis, understand the purpose and relationship of the main financial statements and practise interpreting core ratios in context.

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Strategic Study Techniques for the CME-3A

The two-hour examination requires both knowledge and sustained pacing. A single misunderstood distinction can still make the difference between a pass and a fail.

1. Understand Market Infrastructure: Do not confuse the roles of Tadawul (the exchange), Edaa (depository), and Muqassa (clearing). They each have distinct functions in the trade lifecycle.
2. Master the Math: Be prepared to calculate basic financial ratios, dividend yields, and understand how bond yields change with interest rate movements.
3. Transition to Active Simulators: Because the exam is short, questions are highly concentrated. Using a mock exam simulator is the only way to ensure you are comfortable with the specific phrasing of the questions.

Exams Academy provides premium, high-fidelity mock simulators specifically calibrated for the Saudi CMA CME-3A exam. Our comprehensive question pools mimic the exact format, weightings, and difficulty of the real assessment, ensuring you walk into the test center fully prepared to secure your PASS.