Studying for the regulatory examination is not the only preparation you should do in order to achieve success. Knowing what to expect when you enter the exam room will equip you with a lot of confidence.
The FSB’s preparation guides contain a wealth of information, including information about the types of questions you can expect, and the way in which questions will be asked.
A hint, contained in the preparation guide, shows that the level 3 and 4 questions (the longer type of questions) are located in the middle of the paper. There is a fixed formula for all papers in both the RE 1 (key individual) and RE 5 (Reps).
Rep’s exam: Questions 1 to 18 consist of level 1 and 2 questions (knowledge and comprehension type of questions), as does questions 35 to 50. Questions 19 to 34 contain only level 3 and 4 questions.
Key Individual exam: Questions 1 to 22 consist of level 1 and 2 questions, as does questions 50 to 80. Questions 23 to 49 contain only level 3 and 4 questions.
Some candidates elect to start with the shorter questions, and return to the longer questions after completing ALL the shorter ones. Their reasoning is that they want to spend enough time on those questions that they are more likely to get right while their brains are still fresh.
RE Preparation Material
To the best of our knowledge, the only updated preparation material available for the level 1 REs is that provided by LexisNexis. It reflects the law as at 10 April 2014 and incorporates amendments contained in the Financial Services Laws General Amendment Act 45 of 2013.
The Legislation Handbook, together with the Preparation Guide, provides a single source of reference for preparing for the exams. The qualifying criteria, as provided by the FSB, forms the basis for the exam and is cross-referenced in the Preparation Guide to the relevant sections in the Legislation Handbook.
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