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Passing the FAIS Regulatory Exams with Applied Learning






By Tamara Jacobsen, Director, Applied Learning Academy
The effective date of major changes to the Fit and Proper requirements under the Financial Advisory and Intermediary Services Act has been confirmed as April 1, 2018. The content of the Regulatory exams is expected to change at the same time. If you need to still write the exam during 2018 or have already written the exam but have been unsuccessful, Applied Learning Academy can offer you the right solution.
If you are a classified representative, where you advise or help clients make financial decisions on behalf of a financial services provider, by law, you will need to complete the first level Regulatory exam by June 30. This is applicable for 24 months from the date you were first appointed as a representative and is non-negotiable requirement. It will not go away and failure to comply may result in becoming unemployed. Accept that you need to complete the exam and commit to the process.
The Regulatory exams are challenging if you are not properly prepared because of the level of knowledge and skill required. However, the first decision to take is to adopt a ‘can do’ attitude. If more than 100 000 people did it, some even past retirement age, so can you, with the right effort!
Applied Learning has conducted training and provided various tools and support to Regulatory exam candidates since the outset of the exams at the end of 2010. Our youngest candidate was 17 years old, and our oldest candidate was 80 years old at the time of writing. Both were successful and although there was more than 60 years difference in their ages, they approached the exam with the same essential skill: the right effort
Applied Learning’s unique exam analysis tool enables us to pinpoint the exact reason/s for a lack of success in the Regulatory exam for a specific individual. Through the analyses conducted, we see that candidates do not apply ‘the right effort’ in their preparation.
Here is a self evaluation checklist of tasks that should be undertaken when preparing to write the Regulatory exam:  
Have I done this? Yes/no
Approach the exam and preparation correctly
Ensure that you have the correct and most up to date reference material or manual.
Plan study sessions
Schedule and plan study sessions, setting targets for each session, e.g. study for one hour each evening, with a small break halfway.
Gain understanding
  • Read through the entire manual to gain understanding;
  • Check with others and look words up that you do not know;
  • Attend a workshop if necessary to obtain a better understanding of the topics.
Conduct detailed study and learning
Practice active study by highlighting information, making your own notes and summaries, creating mind maps and any other tools that will help you to learn and remember the information:
  • You must be able to quote definitions exactly, list every requirement pertaining to a particular topic, know the precise wording that applies and be able to describe timeframes accurately;  
  • Detailed, accurate, precise knowledge is only gained through study efforts – reading through the material, even multiple times, is NOT good enough;
  • Demonstrating a general understanding of a topic is NOT enough – the exam is a test of law and wording and requirements in law are exact and carry an exact meaning! 
Learn techniques and strategies for answering multiple choice questions
Good strategy contributes enormously to success in the Regulatory exam:
  • Know what type of questions will arise and techniques to apply when answering the different types of questions;
  • Learn how to analyse a question to identify core and relevant information.
Practice answering questions
Using mock test questions and mock exams, practice applying knowledge and exam technique:
  • Practice answering questions: if you get any questions wrong, explore where you went wrong and correct it;
  • Practice on mock exams: using a full mock exam, practice under exam conditions to assess your overall readiness;
  • Explore and assess where you went wrong, e.g. assess how many questions were answered correctly, what types of questions or topics were successfully tackled and identify and address weak/development areas, e.g. if it is a lack of knowledge in an area, revise the section, making additional notes, and if it is exam technique, create an instruction for yourself on how to better tackle the particular type of question.
In addition to offering corporate (on site) training and support for the Regulatory exams, Applied Learning Academy has a comprehensive range of training and support solutions for the Regulatory exams. These various solutions are summarised below.
One-Day Tutorial Workshop Package
Applied Learning Academy conducts a One-Day Tutorial Workshop for the first level Regulatory exam for representatives (RE 5). The tutorial workshops are held in the Johannesburg area on a Saturday to specifically accommodate people who cannot get time off work. The workshop package is R1 190 per person and includes the support pack (see below).
The One-Day Exam Tutorial Workshop is intensive and is focused on providing understanding and insight into the more difficult areas such as fit and proper requirements and important areas such as the General Code of Conduct with 27% of questions in the exam relating to this topic. Exam tips, techniques and strategy are also explained.
Workshop delegates have free, ongoing support via telephone or email to a regulatory tutor while studying.
To enquire about workshops, use the following link:
On site corporate workshops and private tuition options are also available.
The Support Pack
This Support Pack is an excellent supplement to a workshop or for self study. The Support Pack has been created to address the core skills and knowledge needed to pass the Regulatory exam and includes the following:
  • Summary of the material (study notes): All key information has been included in these study notes. For ease of study, the summary includes both legal provisions and additional explanations to help with understanding:
o All important and relevant information has been identified and included in the 55-page summary – if it is in the summary, it must be learnt;
o Information is cross referenced with the material and law for further reading or reference.
  • Summary of time periods: this document summarises the multiple time lines found in the legislation and notices. These are important to learn as questions on these arise in the exam;
  • Exam tips and techniques: this provides detailed information on the exam and in relation to technique to build the required exam techniques and skill. This document includes:
    • Techniques on tackling the different types of multiple choice questions, using examples;
    • The number of questions to expect from each topic;
    • The different levels of questions and how many to expect at each level;
    • How to analyse a question to determine the key information being tested and evaluation and selection of answer options;
    • Other key information on exam strategy.
  • Practice questions: Thirty practice questions and answers are provided to help develop strategy on specific types of questions.
  • Mock exams: Two mock exams are provided on the same basis as the actual exam in terms of content, number of questions and style of questions. This part of the support pack is aimed at providing practice as well as development opportunities.
    • Answer explanations are provided so that the results can be used to strengthen knowledge and/or exam technique.
The Support Pack for the Key Individual Regulatory exam (RE 1) or Representative Regulatory exam (RE5) is R490 if purchased alone. The pack is included in the tutorial workshop option at no additional cost. To order a support pack, click on the following link:
Exam Analysis and Personalised Development Plan
If you have not been successful in passing the first level of the FAIS Regulatory exam, even after multiple attempts, and are at a loss as to the reasons, let us help you identify the exact causes. The purpose of the analysis tool is to identify your specific weak or problem areas, and to provide tailored guidance and recommendations on further preparation and development areas needed.
The cost of an exam analysis R490. To order or enquire about the exam analysis, please send us an email:
Please feel free to contact us if you require a workshop, tutorial workshop, support pack, exam analysis or any other information in relation to the regulatory exams. Support is available for both the Representative’s Regulatory exam (RE 5) and Key individual’s Regulatory exam (RE 1).
Download the attachment below for a copy of the Regulatory Exam Preparation Checklist. 

  Downloads »

Regulatory Exam Preparation Checklist
43 KB
Source: Applied Learning
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