Since 2010, obtaining an AMF certification has become necessary to qualify for certain positions with an employer PSI (investment service provision).
What does the AMF exam consist of? How to prepare for an AMF certification? What knowledge should you master to pass your AMF certified exam?
Zoom on the official certificate of the financial market regulatory authority.
The players in AMF certification
The name “AMF certification” would suggest that this is an examination logistically organized by the regulatory authority: it is a little abuse of language. In fact, it is a certification issued by bodies approved by the AMF.
These organizations, certified after rigorous checks, are not the only professional players in this area. You can also use training centers or dedicated sites to prepare your AMF certification.
How to obtain your AMF certification?
According to the regulations of the Autorité des Marchés Financiers, there are two official ways to obtain certification:
- Internal validation: the banking or financial institution itself is responsible for verifying the knowledge of its staff. This validation is only recognized by the PSI structure which organized it. In the event of a change of employer, it is no longer valid.
- The AMF exam: Conversely, certificates issued by third-party organizations approved by the regulatory authority are valid for life and recognized by all employers who provide investment services.
What does the AMF exam consist of?
By imposing the AMF review, the regulatory authority aims to guarantee the quality of services provided to clients of banking and investment institutions.
From January 1, 2020, the AMF exam is organized as follows:
- the common base: 12 themes, 54 paragraphs and 2331 questions;
- the mode: multiple choice exam (with three answer options) covering 115 questions:
- 34 category A questions (these are basic knowledge);
- 81 category C questions (they relate to financial literacy).
- the validation threshold: success rate greater than 80% on both categories.
Who is concerned by obtaining an AMF certificate
Certification from the Autorité des Marchés Financiers is compulsory for the following PSI professions:
- compliance functions;
- financial analysts and clearers;
- sellers, managers, negotiators and back office managers.
The structures concerned by the official AMF certificate are diverse: banks, portfolio management companies or even investment consulting firms.
The so-called “grandfather” clause allows employees in office before July 1, 2010 to be automatically certified. For all other employees working in a compliance profession, in fund management and financial advice or in relation to the financial markets, the validation of the AMF exam is mandatory.
How to prepare for AMF certification?
Guaranteeing success in this official exam is possible by using the services of training centers and sites that offer preparation for the AMF exam. These trainers offer their modules face-to-face or online, they include a theoretical section on the 12 examination topics, practical exercises, a question / answer database and AMF practice exams.
At the end of this preparation for the AMF exam, candidates acquire a good command of the following topics:
- Regulatory and institutional framework.
- Compliance, conflicts of interest and ethics.
- Fight against money laundering.
- Market abuse.
- VAD (short sale) and door-to-door sales.
- Customer relationship.
- Financial instruments.
- Collective management and on behalf of third parties.
- Organization and functioning of the market.
- Back office and post market.
- Issues and OST (Securities Transactions).
- Financial and accounting bases.
Good AMF preparation and good career!