Do you need to take the SFC exam? If you’re not sure, read on to learn more about SFC exam exemption and what it means for you. Here we will discuss the requirements for taking the exam, as well as who is exempt from taking it. We will also provide some tips on how to study for and pass the SFC exam!
To be eligible to take the SFC exam exemption, you must meet at least one of the criteria listed below. In order to pass the SFC exam, you will need to study for it extensively. Here are some tips to help you prepare:
- You need to have at least 3 years of experience in fund management, corporate finance, or accounting. If this is you, then you are exempt from taking the SFC exam and can apply for a license to manage funds immediately.
- You need to have at least 4 years of experience in a supervisory role involving financial services such as account management or regulatory compliance. If this is you, then the SFC exam will be a breeze for you and you can apply for a license to manage funds immediately.
- You need to have at least 4 years of experience in the securities industry, financial regulatory field, or insurance sector. If this is you, then it’s recommended that you contact your local SFC office to discuss the application process and qualifications.
- You need a degree or at least 2 years of full-time professional experience in a field related to asset management such as accounting, economics, law, finance, or business administration. If this is you then you will be required to take an 18 hour course at the SFC accredited academic institution. The course consists of 9 hours of study on the asset management system, 5 hours on ethics & professional standards, and 4 more hours on dealing with the public.
- After you pass the licensing exam and obtain the necessary experience, submit an application to your local SFC office for approval.
- Next you will need to pay the $12,500 application fee and the licensing fee which is currently set at $10,000.
- SFC will issue you a practice license after they review your application.
- Then finally you need to join an asset management company or open up your own firm in Hong Kong as a representative of an existing firm.
Although the process may seem daunting, obtaining your asset management license in Hong Kong is not impossible. With the right plan and a willingness to do what it takes, you can be an asset manager in Hong Kong sooner than you think.