SITE SpecialistSITE

Securities and Futures Institute (SFI) · 3 subjects, 150 questions · 50 in each subject

Who needs it

For soliciting fund and discretionary mandate business at a securities investment trust or consulting firm. Two of its three subjects are the same as the Specialist test's.

Format

3 subjects, 150 questions, all four-option multiple choice
50 in each subject
Subjects: SITE regulations, including self-regulatory rules · Securities investment and financial analysis · Securities trading regulations and practice

Registration windows, sitting dates and fees follow SFI announcements.

What to watch for

This is the cheapest test to add after the Specialist: two of its three subjects are literally the same material, leaving only the SITE regulations paper to learn.

SITE regulations, including self-regulatory rules

Defined terms: investment trust, investment consulting, discretionary mandates, and funds
Establishment requirements and permitted business
Promoter and shareholder eligibility
What a fund may invest in, and the limits
Discretionary investment agreements
The master agent regime
Conflict-of-interest controls
Financial conduct rules
Prohibited conduct and administrative sanctions

Securities investment and financial analysis

The same subject as the Specialist test: expected return, diversification, performance measures
Option payoffs, intrinsic and time value
Liquidity ratios, break-even and target profit
Indirect-method cash flow adjustments
Technical indicators and product characteristics

Securities trading regulations and practice

The same subject as the Specialist test: scope, offering, underwriting, private placement
Tender offers and market manipulation (Art. 155)
Margin trading, minimum capital and operating bonds

How to study it

For the law subjects, build the structure of the statute first, then memorise the elements and the numbers (capital, deadlines, ratios).
For the calculation subjects, drill by question type — ten questions on one formula beats fifty scattered ones.
Use mock tests to check pacing, and confirm every subject clears the bar rather than the total.
Keep an error log: the provision for law questions, the step you stalled on for calculations.

Free practice questions

The free sample on this site comes from the Securities Specialist bank; this test's full bank is in the app. Try the free questions →