SCA Practice Test

SCA Exam at a Glance

What changed for SCA in 2026

• Oct 29, 2026: Validity (UAE Financial Rules and Regulations (Edition 4, syllabus v4.0)) changed to Syllabus v4.0: exams 10 Sep 2023 – 31 Dec 2026 (previously Syllabus v4.0 covers exams 10 Sep 2023 – 31 Dec 2026).^[3]
• Oct 29, 2026: Other (update 2026-12-31) changed to Syllabus v4.0 and workbook Edition 4 of the UAE Financial Rules and Regulations exam cover exams only until 31 December 2026, so a new syllabus or edition is expected for exams from 2027. (previously The current syllabus v4.0 for the CISI/SCA UAE Financial Rules and Regulations exam covers exams only until 31 December 2026. The CISI workbook edition chart lists the next edition as TBC, so a new syllabus or edition is likely from 2027.).^[3]

What the SCA is and how it works

According to UAE Capital Market Authority (CMA, formerly the Emirates Securities and Commodities Authority – SCA) Professional Traini, “This multiple choice question (MCQ) exam is computer based, consists of 100 questions and lasts 2 hours.”^[1]

The exam is run under the UAE Capital Market Authority (CMA), the body formerly known as the Emirates Securities and Commodities Authority (SCA). It is delivered by CISI and tests your knowledge of the rules that govern regulated financial activity in the UAE.

Booking and eligibility. You do not book the exam yourself. A user at your brokerage or financial consultancy firm logs in to the CMA e-services, adds the exam request for you, and attaches copies of your valid passport and National ID. If you are between employers, ask the CMA how this applies to you.

Fees. The exam with the PDF workbook costs AED 1,000. Each resit costs AED 944.

Format and scoring. The exam is computer-based and available on demand at CISI test centres. It has 100 multiple-choice questions, lasts 2 hours, and the pass mark is 70%. CISI currently reports that 36% of candidates pass, so plan your preparation with that in mind. Results are posted online within 24 working hours and can be viewed through MyCISI.

Resits. You can make a maximum of 6 attempts in any year. CISI's Multiple Sittings Policy sets out the details.

Syllabus version. The current workbook covers syllabus version 4.0 and applies to exams from 10 September 2023 to 31 December 2026. If your exam is after that date, check the CMA and CISI websites for the edition that applies to you.

Worked examples: how to reason through SCA questions

These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.

Example 1

Question: What is the purpose of the SCA's anti-money laundering (AML) requirements for licensed firms?

1. To increase tax revenue
2. To prevent the use of capital markets to launder illegally obtained funds and finance terrorism
3. To slow down trading activity
4. To protect brokers from client defaults

Answer: B. To prevent the use of capital markets to launder illegally obtained funds and finance terrorism

Explanation:

B is correct. AML and counter-terrorist financing rules exist to stop people using securities transactions to move or hide the proceeds of crime, or to fund terrorism. Licensed firms meet this aim by running AML programmes, carrying out customer due diligence and reporting suspicious transactions.

A is wrong because raising tax revenue is a job for the tax authorities, not the purpose of AML rules. C is wrong because AML controls are not meant to slow down legitimate trading. They target suspicious activity, not trading volume. D is wrong because client default risk is handled through credit and margin controls, not through AML.

Rule to remember: AML rules protect the integrity of the financial system. When an option describes a revenue, speed or commercial benefit, it is not the purpose of AML.

Example 2

Question: What is a 'discretionary investment management' service?

1. A service where the client makes all investment decisions
2. A service where the investment manager makes investment decisions on behalf of the client without requiring approval for each transaction
3. A fund that tracks an index automatically
4. A robo-advisory service only

Answer: B. A service where the investment manager makes investment decisions on behalf of the client without requiring approval for each transaction

Explanation:

B is correct. Under a discretionary mandate, the client gives the investment manager authority to make investment decisions for them, within agreed limits, without approving each transaction. Because the manager acts on the client's behalf, the service must be licensed.

A is wrong because it describes the opposite: an advisory or execution-only arrangement where the client makes the decisions. C is wrong because an index-tracking fund is a passive product, not a service where a manager uses judgement for a particular client. D is wrong because discretion depends on who has decision-making authority, not on whether a person or software delivers the service.

Rule to remember: ask who decides. If the manager decides without asking the client each time, the service is discretionary.

Example 3

Question: What types of orders can investors place on UAE securities exchanges?

1. Only market orders
2. Market orders, limit orders, stop orders, and special condition orders (fill-or-kill, immediate-or-cancel)
3. Only buy orders
4. Order types are not standardized

Answer: B. Market orders, limit orders, stop orders, and special condition orders (fill-or-kill, immediate-or-cancel)

Explanation:

B is correct. UAE exchanges accept a range of order types. A market order executes at the best price available. A limit order executes at a set price or better. A stop order is triggered when the price reaches a set level. Special conditions such as fill-or-kill and immediate-or-cancel control how and when the order fills.

A is wrong because limiting investors to market orders would leave them no control over price. C is wrong because investors can place both buy and sell orders. D is wrong because exchanges define their order types in their trading rules so that every participant uses the same terms.

Rule to remember: when an exam option says "only" about market functions, be suspicious. Regulated exchanges usually offer a defined set of choices.

How to use these practice tests

Start with the official workbook. The PDF workbook comes with your exam fee. Check that it covers syllabus version 4.0, then read it all the way through once before you do any timed practice, so you know what is in scope.

Take a baseline test. Do the free SCA practice test without notes. Write down which topics cost you marks rather than focusing on the overall score.

Work topic by topic. Start with your weakest areas. The rules-heavy sets usually need the most review: UAE Securities and Commodities Law, UAE Securities Regulation Framework, AML/CFT in Capital Markets and Market Conduct and Compliance. For every question you miss, find the matching section in the workbook and reread it before moving on.

Cover the market and product topics. Next, work through Securities Trading and Market Operations, Clearing, Settlement and Custody, Financial Instruments and Investment Products and Funds.

Finish with timed practice. In the final stretch, do mixed sets under exam conditions. Aim for 100 questions in 2 hours, and keep practising until you reach 70% or above every time.

Sources & last verified

1. cisi.org — number of questions, time limit, passing score, retake policy (official source). “This multiple choice question (MCQ) exam is computer based, consists of 100 questions and lasts 2 hours.” Verified Oct 29, 2026.
2. UAE Capital Market Authority (CMA, formerly the Emirates Securities and Commodities Authority – SCA) Professional Traini — exam fee, retake fee, eligibility (official source). “Exam and PDF Workbook (in AED) Resit Price Only (in AED) The UAE Financial Rules and Regulations(note 2) 1000 944” Verified Oct 29, 2026.
3. cisi.org — validity, other (official source). “This workbook relates to syllabus version 4.0 and will cover exams from 10 September 2023 to 31 December 2026” Verified Oct 29, 2026.
4. cisi.org — score release (official source). “MCQ exam results are available online within 24 working hours and can be accessed via MyCISI.” Verified Oct 29, 2026 · source checked Oct 24, 2026.

How we verify: editorial & fact-checking policy. Report an error: contact us.