Create background
From 65438 to 0995, the State Council Securities Commission issued the Interim Provisions on the Qualification Management of Securities Practitioners, and China began to implement the qualification management system of securities practitioners. According to this regulation, China conducted the qualification examination of securities investment consulting for the first time on 1999. In that year, the number of applicants reached 9 100, and 8800 people actually took the exam, with a passing score of 72 and a passing rate of 44%.
The second national securities qualification examination was held on April 29-30, 2000, which mainly included the basic knowledge and theory of securities science (including basic analysis, technical analysis, evolution analysis, etc. ). The specific subjects of the examination are the basic knowledge of securities, securities issuance and underwriting, securities trading and securities investment analysis.
Topic types include multiple-choice questions, multiple-choice questions, true-false questions, fill-in-the-blank questions, short-answer questions and calculation questions. The number of applicants in that year was 9 1 126.
200 1 exam adopts standardized objective questions, which are divided into three categories: single-choice questions, multiple-choice questions and true-false questions. The total number of questions in each subject is 200, including 70 single-choice questions, 60 multiple-choice questions and 70 true-false questions. Total score of each subject 100, 0.5 for each question. Examination time 150 minutes. All subjects in the exam are answered in the form of standardized answer sheets and filled in with 2B pencils. The qualified score is 60 points. The number of applicants in that year exceeded100000.
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In September, 2002 and February, 65438+, two employee qualification examinations were held respectively. The examination time for a single subject is 120 minutes. There are 200 questions in the single subject examination, and the examination questions are still multiple-choice questions, multiple-choice questions and judgment questions. Registration for the examination is limited to the staff of securities companies, securities investment fund management companies, securities investment consulting institutions, securities registration and settlement institutions, financial asset management companies, fund custody departments of commercial banks and fund sales institutions, as well as the staff related to securities business of other institutions recognized by China Securities Regulatory Commission.
Since 2003, the securities examination has been open to the whole society.
Conditional mode
Since 2003, the qualification examination for securities practitioners has been open to the public and foreigners. All people at home and abroad who have reached the age of 18, have a high school education or above and have full capacity for civil conduct can sign up for the qualification examination for securities practitioners.
(a) At least 65-438+08 years old;
(2) Having a nationally recognized diploma equivalent to a high school education or above;
(3) Having full capacity for civil conduct.
Registration takes the form of online registration. Candidates log on to the website of China Securities Industry Association and register as required. The registration fee is RMB per subject.
70 yuan, please read the registration instructions on the website of the Association carefully for payment method, receipt and printing of admission ticket.
For the public.
Generally speaking, professionals engaged in securities business in securities institutions should obtain professional qualifications and certificates. Details are as follows:
1. Professionals engaged in self-employment, brokerage, underwriting, investment consulting and entrusted investment management in securities companies, including managers of relevant business departments;
2. Professionals engaged in fund sales, research and analysis, investment management, trading, supervision and auditing in fund management companies and fund custody institutions, including managers of relevant business departments;
3. Professionals engaged in fund publicity, promotion and consultation in fund sales organizations, including managers of relevant business departments;
4, securities investment consulting institutions engaged in securities investment consulting business professionals and their management personnel;
5. Professionals engaged in securities credit evaluation business in securities credit evaluation institutions and their management personnel, as well as other personnel specified by the China Securities Regulatory Commission, shall obtain a practice certificate.
The relevant institutions shall not employ persons who have not obtained the practice certificate to engage in foreign securities business. A person whose practice certificate has been revoked by the China Securities Regulatory Commission or cancelled by the Association in violation of these measures shall not accept his application for practice certificate within 3 years.
application management
The person who applies for the practice certificate shall obtain the practice qualification, be employed by a securities institution, and meet the relevant character and reputation requirements stipulated in Article 10 of the Measures; Apply for securities investment
Consulting business, should also have China nationality, bachelor degree or above and more than two years of securities experience; To apply for securities credit evaluation business, one should have more than two years of securities experience and the relevant provisions of the China Securities Regulatory Commission.
Practice certificate shall be applied to China Securities Industry Association through affiliated institutions.
The association shall, within 30 days from the date of receiving the application for practicing, file with the China Securities Regulatory Commission and issue a practicing certificate. Practice certificates are not classified. A person who has obtained a practice certificate may engage in the securities business operated by the institution on behalf of the employing institution, as appointed by the institution.
If a person who has obtained a practicing certificate has not been employed in a public institution for three consecutive years, his practicing certificate shall be cancelled by the association; Those who practice again shall participate in the practice training organized by the association and re-apply for the practice certificate.
Application procedure
First, submit the application materials.
To apply for qualification, the following application materials shall be provided to the China Securities Regulatory Commission:
1, an application form uniformly printed by the CSRC;
2. Identity card;
3. Academic certificate;
4. Qualification examination transcripts and graduation certificates issued by designated training institutions;
5, where the unit or account is located, the street office or above government agencies issued the previous behavior description materials;
6. Other materials required by China Securities Regulatory Commission.
All securities intermediaries are responsible for uniformly submitting the application materials of their own applicants, and the application materials that have not worked in securities institutions can be uniformly forwarded by designated training institutions.
Second, the qualification examination and qualification certificate category
After receiving the complete application materials, the CSRC will review the applicant's materials and issue qualification certificates to those who meet the requirements. The China Securities Regulatory Commission also divides the qualification certificates into the following categories according to the situation of securities practitioners:
1, qualification for securities agency issuance;
2. Securities brokerage qualification;
3. Investment consultant qualification;
4, securities intermediary computer management qualification;
5. Other categories deemed necessary by China Securities Regulatory Commission.
The deputy general manager of a securities intermediary institution shall obtain at least two qualification certificates prescribed by the China Securities Regulatory Commission; The deputy manager of the securities business department in the securities business institution shall obtain the qualification certificate corresponding to his major in the qualification certificate category of China Securities Regulatory Commission;
The deputy manager of the securities business department under the securities operation institution shall obtain the qualification certificate of securities brokerage;
Professionals engaged in securities agency issuance business in securities institutions shall obtain the qualification certificate of securities agency issuance;
Professionals engaged in securities proprietary business in securities operating institutions, professionals engaged in providing investment consulting services to clients in securities operating institutions and securities investment consulting institutions, and directors and deputy managers of various business departments in securities investment consulting institutions shall obtain investment consulting qualification certificates; The principal and deputy managers of each business department in the securities settlement registration institution shall obtain one of the three certificates of computer management of securities brokers, investment consultants and securities intermediaries;
Computer managers of various securities intermediaries shall obtain computer management qualification certificates of securities intermediaries.
China Securities Regulatory Commission shall register the personnel who have obtained the qualification certificate and make an announcement to the public.
Textbook version
20 12 securities qualification examination textbooks and counseling books were compiled by China Securities Association and published by China Financial Publishing House. In March 2065438 and June 2065438 +065438, the national securities qualification examinations still used the examination syllabus and teaching materials of 20 1 12. March 20 13 and June 20 13 also apply to the textbook and syllabus of version 20 12.
Examination details
subject of examination
The examination subjects are divided into basic subjects and professional subjects, and the basic subject is "Basic Knowledge of Securities Market".
Professional subjects include: securities trading, securities issuance and underwriting, securities investment analysis, and securities investment funds.
Basic subjects are compulsory subjects, and professional subjects can be optional.
Examination mode
The national unified examination is closed and the computer examination is adopted. The examination time for a single subject is 120 minutes.
time management
According to the 20 13 annual examination plan of China Securities Association, four securities qualification examinations (national unified examination) and six securities qualification appointment examinations were held in March, June, September, 165438+ 10. The first and second securities qualification examinations (nationwide), the first, second, third and fourth securities qualification examinations use the 20 12 version of the examination syllabus and teaching materials, the third and fourth securities qualification examinations (nationwide), and the fifth and sixth securities qualification examinations use the 20 13 version of the examination syllabus and teaching materials.
grade scale
Single choice question ***60 small questions, 0.5 points for each question, ***30 points.
Multiple-choice questions * * 50 small questions, 65438+ 0 points for each question, * * 50 points (from March 20 13, the score of multiple-choice questions accounts for 50 points, which undoubtedly increases the difficulty).
True or false * * 40 small questions, 0.5 points for each question, and 20 points for each question * * * (starting from 2009, no points will be deducted).
The total score of the test paper is 100, and the test time is 120 minutes.
A total of 150 questions, a total of 100 points, 60 points passed.
Registration process
The examination registration process is divided into two types: individual registration and group registration.
Log on to the website of China Securities Industry Association → click on the registration of securities qualification examination → apply for account number and password → fill in personal information and apply for the subject according to the prompt → pay the fee within the specified time → confirm the registration online.
Certificate of achievement
You can get a certificate of achievement by passing the exam, and the exam results are valid for many years.
Those who have passed the examinations of basic subjects and any professional subjects have obtained the qualification of securities practice.
Those who have passed the examinations of basic subjects and any two professional subjects have obtained the first-class qualification certificate of securities business (blue).
Those who have passed the examinations of basic subjects and four professional subjects have obtained the second-level qualification certificate of securities business (purple).
Certificates can be upgraded cumulatively. For example, after obtaining the securities qualification, those who pass any of the other three professional subjects will get the first-class certificate of securities qualification. The second-level qualification certificate is the same.
Matters needing attention
1, don't forget to bring your ID card and printed admission ticket, remember!
2. It is recommended to take photos before the exam, and it is a strange examination room and a strange computer exam. Instead of being stuck in traffic, spend more time reading.
3. You need an exam account and password to log in to the exam window. If you forget, you can look it up on the admission ticket.
4, remember to bring a pen, no paper, the teacher will send it, and use it when preparing to calculate the problem;
5. Pay attention to doing the questions in order when doing the questions. Find the simple first, mark the impossible, and do it later;
6. Pay attention to the examination of questions when doing questions, especially multiple-choice questions;
7. From the examination time to the submission time, the system will submit papers in a unified way, hoping to grasp the speed of personal problem solving;
8, to learn to give up, too difficult to chew the calculation problem, don't let yourself delay too much time on it, not worth it; If you feel that you have time to do it, you can mark it and look back later, so that it will not affect the answers to other questions. The judgment question was originally deducted, but now it is changed to "Correct score, no answer or wrong answer."
9, the exam is a random question, everyone's questions are different, be careful not to look at others, it may be self-defeating;
10, there is time on the upper right of the exam software, so pay attention; The first priority is to ensure that all the questions are finished, remember, remember! (They are all objective questions. Even if you don't understand these problems, you should finish them. If you don't finish them, you really shouldn't! )
examination syllabus
The securities qualification examination syllabus and teaching materials are generally updated once a year. According to the announcement of China Securities Industry Association, the national qualification examination in March and June uses the 20 1 1 version of the outline and teaching materials, and the national qualification examination in September and February uses the 20 12 version of the outline and teaching materials.
Market knowledge
This part includes the definition, nature, characteristics and classification of basic capital market tools such as stocks, bonds and securities investment funds. Definition, characteristics, composition and classification of financial derivatives such as financial options, financial futures and convertible securities; The emergence, development, structure and operation of the securities market; The establishment, main business, internal control and risk control index management of securities operating institutions; Basic knowledge of China's securities market, such as legal system, regulatory framework, ethics, qualification management of employees, etc.
Through this part of the study, it is required to master the basic knowledge, basic theory, main regulations and professional ethics of securities and securities markets; Master the main business and risk supervision of securities intermediaries.
Chapter I Overview of the Securities Market
Master the definition, classification and characteristics of securities and marketable securities; Master the definition, characteristics, structure and basic functions of the securities market; Understand the meaning and composition of commodity securities, currency securities and capital security.
Chapter II Stocks
Master the definition, nature, characteristics and classification methods of stocks; Familiar with the differences and characteristics of common stock and preferred stock, registered stock and bearer stock, par value stock and non-par value stock; Master some concepts of fund management related to stocks.
Chapter III Bonds
Master the definition, par elements, characteristics and classification of bonds; Familiar with the similarities and differences between bonds and stocks; Familiar with the basic nature of bonds and the main factors affecting the maturity and interest rate of bonds; Familiar with the concepts and characteristics of various bonds.
Chapter IV Securities Investment Funds
Master the definition and characteristics of securities investment funds; Master the difference between funds and stocks and bonds; Familiar with the function of the fund; Familiar with the development of China securities investment fund industry; Familiar with the classification method of securities investment funds; Master the definitions and differences between contractual funds and corporate funds, closed-end funds and open-end funds; Master the content of money market fund management; Familiar with the meaning of various funds; Master the concept and characteristics of exchange-traded open-end funds; Understand the similarities and differences between ETF and LOF.
Chapter V Financial Derivatives
According to the types, product forms, trading places and trading methods of financial derivatives, master the concept, basic characteristics, associated risks and different classification methods of financial derivatives; Understand the reasons for the emergence and development of financial derivatives and the latest development trend of financial derivatives.
Chapter VI Operation of Securities Market
Familiar with the concepts of securities issuance market and trading market and their relationship; Master the meaning, function and composition of the distribution market; Familiar with the classification of securities issuance; Master the securities issuance system and the securities issuance system in China; Familiar with securities underwriting system. Master the types and conditions of stock issuance in China; Master the issuing method and pricing method of China stock. Master the issuance management and conditions of corporate bonds in China; Familiar with bond issuance and pricing methods.
Chapter VII Securities Intermediaries
Master the definition of securities company; Understand the development process of China securities companies; Master the conditions for establishing a securities company in China and the requirements for registered capital; Familiar with the examination and approval requirements for the establishment of securities companies and major changes; Master the forms, conditions and regulatory requirements for securities companies to set up branches; Master the supervision system of China securities companies.
Chapter VIII Legal System, Supervision and Management of the Securities Market
Master the level of laws and regulations in the securities market; Master the adjustment scope, purpose and main contents of securities law and company law; Familiar with the scope, purpose and main contents of the adjustment of the Securities Investment Fund Law, and familiar with the main provisions of the Criminal Law on securities crimes; Familiar with the adjustment scope, purpose and main contents of anti-money laundering law.
Issuance and underwriting
This part includes the investment banking business of securities institutions, an overview of joint-stock companies, the reform of joint-stock companies, the preparation and recommendation approval procedures for initial public offering, the operation of initial public offering, the information disclosure of initial public offering, the issuance of new shares by listed companies, convertible corporate bonds and exchangeable corporate bonds, the issuance of bonds, the issuance of foreign shares, company acquisition, company restructuring and financial advisory services.
Through this part of the study, it is required to be familiar with the basic theory, qualifications and management requirements of securities institutions' investment banking business; Master the business processes, practice standards and management requirements of various businesses and links of securities issuance and underwriting in China.
Chapter I Investment Banking by Securities Institutions
Familiar with the meaning of investment bank. Understand the historical development of foreign investment banks. Master the evolution of issuance supervision system, the change of stock issuance mode, the evolution of stock issuance pricing and the development of bond management system in the development of investment banking in China.
Chapter II Overview of Limited by Share Ltd.
Familiar with the principles, methods, conditions and procedures of establishing a joint stock limited company. Understand the concept, qualification and legal status of promoters of joint stock limited companies. Familiar with the nature, content and revision of the articles of association of a joint stock limited company. Master the difference between a joint stock limited company and a limited liability company, and the change requirements and procedures of the two companies.
Chapter III Joint-stock System Reform of Enterprises
Familiar with the purpose and requirements of enterprise shareholding system reform. Master the requirements for the reorganization of the company to be listed and the procedures for the reorganization of the enterprise into a company limited by shares to be listed.
Chapter IV Preparation for Initial Public Offering and Approval Procedures for Recommendation
Master the specific sponsorship business in the process of issuing underwriting; Familiar with the application documents for initial public offering; Master the basic requirements of prospectus, prospectus capital verification, prospectus summary, asset evaluation report, audit report, profit forecast audit report (if any), legal opinion, lawyer's work report and counseling report.
Chapter V Operation of Initial Public Offering of Stocks
Understand the general principles, basic objectives and contents of the reform of new share issuance. Understand the main reform measures in the second stage of IPO reform.
securities trading
This part includes the definition, principles and elements of securities trading; Special trading matters of trading mechanism and trading procedures; Basic knowledge and management requirements of securities brokerage business, proprietary business, customer asset management business, margin trading and bond repurchase transactions; Concept and application of securities registration, clearing and settlement.
Through this part of the study, it is required to master the characteristics and management requirements of procedures, trading rules, brokerage, self-management, customer asset management, margin trading and bond repurchase transactions. Master the types and basic contents of securities registration, the basic principles, processes, settlement risks and prevention of clearing and settlement.
investment analysis
This part includes the investment value analysis of stocks, bonds, securities investment funds, convertible bonds, stock index futures and warrants; Basic indicators of macroeconomic analysis, the relationship between macroeconomic operation, economic policy, international financial market environment and securities market; The determinants of supply and demand in the stock market and their changing characteristics: the general characteristics of the industry, the main factors affecting the rise and fall of the industry and the qualitative and quantitative analysis methods of the industry; Analysis of the company's basic characteristics, financial analysis and other major factors; Main theories and technical indicators of technical analysis of securities investment; Portfolio theory, capital pricing model and portfolio performance evaluation; Technical application of financial engineering, hedging and arbitrage of futures (including stock index futures), and VaR method of risk management.
Through this part of the study, it is required to master the basic theory and application methods of value analysis, macroeconomic analysis, industry analysis, company analysis, technical analysis, securities portfolio, the theory and application of financial engineering and futures, and the relevant provisions of securities analysts, securities investment consultants and securities investment consulting business.
investment fund
This part includes an overview of securities investment funds; Types of securities investment funds; Fund raising, trading and registration; The main responsibilities, internal management and internal control of the fund management company and the fund custodian; Fund marketing; Fund valuation, expenses and accounting; Income distribution and fund taxation; Information disclosure of funds; Supervision of the fund; Portfolio theory and its application; Asset allocation management; Portfolio management of stocks and bonds and fund performance measurement.
Through this part of the study, it is required to master the basic theory, operation practice and investment knowledge related to fund investment management, and be familiar with the basic requirements of relevant laws, regulations and self-discipline rules.
Reference regulations
The reference list of laws and regulations includes laws, administrative regulations and normative documents related to the securities market, judicial interpretations, major regulations and normative documents of China Securities Regulatory Commission (hereinafter referred to as "China Securities Regulatory Commission").
Candidates should be familiar with the main contents of the following laws, administrative regulations, departmental rules and regulatory documents of the China Securities Regulatory Commission according to the subjects they take. The judicial interpretation and the main self-discipline rules of Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Association, China Securities Depository and Clearing Co., Ltd. and China Financial Futures Exchange should be understood by candidates.
Make-up examination regulations
1. In any of the following circumstances, the examination institution will arrange make-up exams:
(1) The test machine broke down during the test, and the test cannot be conducted for more than 60 minutes after the end of the test;
(2) The examination system was suddenly interrupted, and the original information could not be recovered after being processed by the examination room technicians;
Note: You are not allowed to leave during the problem solving process. If you leave without authorization during this period for personal reasons, the candidates will bear the responsibility themselves.
Candidates should obey the management of the test center staff. If there is any dispute, you can report it to the examination institution (ATA), but it shall not affect the management of the test center staff and the normal conduct of the examination.
2. Make-up exams are arranged in principle at the same test center after the last exam in the afternoon;
3. If the make-up exam cannot be held on the same day due to force majeure, another make-up exam will be arranged. The China Securities Industry Association will publish the specific make-up exam time on the Internet, and the relevant examination room will be responsible for notifying the candidates by telephone. Candidates should also visit the exam website of the Association every day within 10 days to get the notice of make-up;
4. When answering questions, due to software conflicts and other reasons, the actual total answering time of candidates is delayed. If something happens, candidates can immediately ask the examination room to work overtime; Examination institutions can also arrange make-up exams according to the actual situation of the examination room. Candidates who did not raise objections at that time were deemed to have passed the examination.