CMA Qualification Exams Guiding Directory

Table of Contents

• • 1. Introduction and Objectives
• • 2. Current vs. New Qualification Exams
• • 3. Required Exams by Registered Function

1. Introduction and Objectives

The Saudi Capital Market Authority (CMA) has developed a series of qualification exams to ensure that professionals in the securities field possess the necessary competence and professionalism. This initiative, updated in October 2022, aims to align local expertise with international financial market practices and the latest regulatory updates. The project was developed in cooperation with the Financial Academy and the Chartered Institute for Securities & Investment (CISI).

2. Current vs. New Qualification Exams

The new structure splits standard exams into “International/Technical” modules (A) and “Saudi Regulatory” modules (B). This modular approach provides a clearer pathway for finance professionals depending on their required focus.

Current Exam	New Technical Exam (A)	New Regulatory Exam (B)
CME-1 (General)	CME-1A: Introduction to Securities & Investment	CME-1B: SA Capital Market Rules & Regulations (General)
CME-2 (Compliance)	CME-2A: International Financial Compliance	CME-2B: Compliance, AML & Counter-Terrorist Financing
CME-3 (Brokerage)	CME-3A: Securities	CME-3B: SA Capital Market Rules & Regulations (Brokers)
Wealth Management	CME-4A: Int. Certificate in Wealth & Investment Management	CME-4B: SA Capital Market Rules & Regulations (Asset Managers)
Corporate Finance	CME-5A: Corporate Finance Technical Foundations	CME-5B: SA Capital Market Rules & Regulations (Corporate Finance)

3. Required Exams by Registered Function

Registration for specific roles formally requires passing the following combinations. Note that the requirements are split directly between the A module (Technical) and B module (Regulatory):

• General Registered Functions: Requires passing 2 exams (CME-1A and CME-1B).
• Compliance & AML: Requires passing 3 exams (CME-1B, CME-2A, and CME-2B).
• Securities Brokers: Requires passing 2 exams (CME-3A and CME-3B).
• Asset Management (Fund/Portfolio Managers): Requires passing 2 exams (CME-4A and CME-4B).
• Corporate Finance Specialists: Requires passing 2 exams (CME-5A and CME-5B).

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