Taiwan Securities & Futures exam guide

Four tests · subjects and pass marks · order · registration

1. The four tests

The securities and futures qualification tests are administered by the Securities and Futures Institute (SFI) under the supervision of the Securities and Futures Bureau of the Financial Supervisory Commission. All four are entirely four-option multiple choice — there is no essay component.

2. The Futures test has the strictest pass mark

Three of the four pass at 50 in each subject. The Futures Specialist requires at least 60 in every subject. That difference is easy to miss and it matters: a strong paper cannot carry a weak one, so both subjects have to be solid.

3. Overlapping subjects mean less work, not more

• Securities law and practice — in the Specialist, Senior Specialist and SITE tests
• Securities investment and financial analysis — in the Specialist and SITE tests
• Investments and financial analysis (Senior) — the same ground split in two and taken deeper
• Futures trading law and futures trading theory and practice — unique to the Futures test

In practice: after the Specialist test, two of the three SITE subjects are already covered, leaving only SITE regulations to add.

4. A sensible order

1. Specialist — fewest subjects and the lowest bar; it gets you licensed.
2. SITE — two subjects already shared with the Specialist test, so it is the cheapest to add next.
3. Senior Specialist — the deeper version of Specialist material, easiest while that material is still fresh.
4. Futures — no subject overlap and the highest pass mark, so give it its own block of study.

If futures brokerage is the goal from the start, sitting Futures first is equally reasonable. What does not work is slotting it casually between the others.

5. How much of it is calculation

Investments and financial analysis run roughly 60–70% calculation: CAPM, dividend discount, bond duration, put-call parity, the Sharpe ratio, financial ratios, DuPont analysis, operating and financial leverage, and break-even. Futures trading theory and practice is about 55% calculation: margin, hedge ratios, spreads, futures pricing and option valuation. The law subjects are recall and application of the statutes.

6. Registering, retaking, and what follows a pass

• Registration is online for all four. Dates, windows and fees follow SFI announcements.
• Format is usually computer-based, with some paper sittings; the announcement at registration governs.
• Retakes are unlimited — re-register, pay again, and pick a new sitting.
• After passing, the employing securities firm, futures firm or investment trust must register you with the authorities before you may practise.

Four tests, one question bank

1,500 original bilingual questions written by subject and shared across tests. Law questions cite the provision; calculation questions carry the full working and were re-computed by an independent script.