Qualifications & Exams > Exemptions

Exemptions

EXEMPTION POLICY

The Securities & Investment Institute (SII) offers examinations which are recognised by the Financial Services Skills Council (FSSC) as meeting regulatory requirements for a number of regulated activities. These exams appear on the FSSC list of appropriate examinations. Consequently, any examination pass which has been achieved in the examinations of another awarding body and which may be offered in order to permit the holder to gain exemption from a part or the whole of an SII examination, must itself be recognised by the FSSC.

As a general rule, this EXCLUDES all academic qualifications such as University degrees.

SII has two major exam programmes where candidates may seek exemption from one or more modules. These programmes are:

i) the Certificates suite of exams (Certificates)
ii) The Investment Administration Qualification (IAQ)

CERTIFICATE AWARDS: (General & wholesale activities)

Certificate awards require candidates to pass a regulatory examination (FSA Financial Regulation or Principles of Financial Regualation) and a “technical” examination (any one of units 2-5 or unit 7). Candidates may seek exemption ONLY from FSA Financial Regulation OR Principles of Financial Regulation.

CERTIFICATE AWARDS: (Retail activities)

Candidates undertaking examinations to enable them to carry out regulated “retail” activities will be required to pass an additional unit (unit 8) “Investment & Risk”.
Exemption will be permitted against this unit (in addition to the regulatory unit) only to candidates who have passed a similar module offered by :

Chartered Insurance Institute (CII) in the Certificate in Financial Planning (CFP) award or,
Institute of Financial Services (IFS) in the Certificate in Financial Advice (CeFA) award. or
Chartered Institute of Bankers in Scotland (CIOBS) in the Certificate in Investment Planning (CIP)

Certificates exemption form

INVESTMENT ADMINISTRATION QUALIFICATION

The IAQ requires candidates to pass an introductory exam (stage 1) a Financial Regulation exam (stage 2) and a technical exam (stage 3). Candidates may seek exemption from EITHER stage 1 OR stage 2. Exemption is permitted from one paper only and candidates must pass a technical examination. NB: There is a very limited number of qualifications which enable a candidate to gain exemption from two IAQ units, relating solely to Pensions and Life Policy Administration.

IAQ exemption form

Recognition of SII examinations

Candidates who have passed the financial regulation unit in either the Certificates or IAQ are automatically exempt from the same unit in the other award. No action is required to obtain this recognition. Candidates for Certificate awards who have passed any technical unit are automatically exempt from stage 1 (Introduction to Securities & Investment) in the IAQ. No action is required to obtain this recognition. Candidates for the IAQ who have received any Certificate award (ie both regulatory and technical unit) are automatically exempt from stages 1 and 2 of the IAQ.

FSSC APPROPRIATE and/or RECOMMENDED EXAMINATIONS List

The FSSC list of examinations that are “appropriate” or “recommended”, examinations contains many awards that meet the requirements for technical knowledge for the same activities as SII awards. Recognition by the FSSC does not indicate that holders of such exams will be eligible for exemption from the SII technical unit if undertaking an SII award.

SII requires that all candidates for an SII award must pass the relevant SII technical unit in order to gain that SII award.

SINGLE UNIT AWARDS

SII offers a number of single unit awards eg :
Islamic Finance Qualification (IFQ)
Introduction to Investment
International Introduction to Investment award
International Certificate in Wealth Management (ICWM)
Information Technology in Investment Operations (ITIO)

Exemption is NOT available against single unit awards.

Certificate in Corporate Finance:

No exemptions are permitted.

Diploma

Exemption from:
Interpretation of Financial Statements
Investment Analysis
Management Studies

Diploma exemption form

N.B. Exemption from Diploma exams costs £75

Exemption queries should be directed to - exemptions@sii.org.uk