Subjects 1 and 3 are easier to pass.

Because subject two has more basic investment knowledge and involves more calculation, analysis and application content, the order of difficulty of the Fund Practitioner Qualification Examination subjects is: subject one < subject three < subject two, "Fund Laws and Regulations, Professional Ethics and Business Standards" < "Basic Knowledge of Private Equity Investment Funds" < "Basic Knowledge of Securities Investment Funds".

In order to ensure a smooth transition to the Fund Practitioner Qualification Examination, from the date of issuance of this notice to July 1, 2017, the "Securities Investment Funds", "Securities Market Fundamentals" and "Securities Market Fundamentals" organized by the Securities Industry Association will be recognized. Those who pass the above-mentioned examination subjects can apply to the Fund Industry Association for registered fund practitioner qualifications or fund sales qualifications through their institutions.

Those who have passed the "Securities Investment Fund" subject examination organized by the Securities Industry Association, and passed subject one of the Asset Management Association within four years, can apply to the Asset Management Association for registered fund practitioner qualifications through their institutions. If you have failed to pass subject one of the Fund Industry Association for more than four years, you need to retake subject one and two of the Fund Industry Association. After passing the exam, you can apply to the Fund Industry Association for registered fund practitioner qualifications through your institution.