Your date of first appointment determines by when you need to write the level 1 regulatory exam. FAIS Circular 13 of 2012 spells it out as follows:
Sole proprietors, key individuals and representatives authorized, approved or appointed during January 2010 to December 2010 will be included in the extension of the re-write deadline of 31 March 2013, provided that they have attempted the examination at least once by 31 December 2012.
This deadline has now come and gone, of course, but what about those appointed from 2011 onwards? Our regulatory exam department recently referred an e-mail from a potential candidate to me as an example of the kind of enquiry they receive every day.
I was appointed in June 2011. Till when do I have time to write the regulatory exams?
The first thing you need to determine is, of course, WHAT you have to register for. To make it easier, we extracted the relevant information from FAIS Circular 7 of 2012. Please click here to download this guide.
The answer to WHEN you have to write is relatively simple: After some confusion, it was clarified that you have until 31 December of the second year after which you first appointed. In the example above, it means that the candidate has until 31 December 2013 to pass.
Unfortunately, this has also proven to be a grave danger in the past. Many who left it till the last day of the 31 March 2013 deadline can attest to this. Their first reaction was also to assume that there is plenty of time. They had more important matters to attend to.
This fallacy caused immeasurable anxiety for those who left it till too late. For some, it could even mean the end of their careers.
We advise candidates to integrate writing the regulatory exams with their total development plans to ensure that they do not leave it too late. It is very important, though, that you make sure that you are well prepared before attempting to write.
- Our final exam date this year is 3 December 2013
- There is a 10 to 15 work day logistical lag between when you register, and when you can write
- This also applies should you not pass at the first attempt
- Every time you write, and fail, adds to your emotional burden, making concentration on what matters, even more difficult
- The sooner you have the REs behind you, the sooner you can concentrate on your business.
It is better to write when you want to, as opposed to when you have to.
You are very welcome to contact our regulatory exam department for advice and assistance. Phone them on 021 888 9796, or visit our dedicated RE website.