The UAE Financial Rules and Regulations exam, still widely called the SCA exam, is taken by employees of brokerage and financial consultancy firms, whose employer books it through CMA e-services. It has 100 multiple-choice questions, lasts 2 hours and needs 70% to pass. This page gives you free practice sets by topic, worked explanations, the official fees and resit rules, and a study plan built around the official workbook.
The SCA has 100 questions, takes about 2 hours and costs 1000 AED[1][2] (UAE Capital Market Authority (CMA, formerly the Emirates Securities and Commodities Authority – SCA) Professional Traini, verified Oct 29, 2026).
Numbers in brackets link to the official sources listed under Sources & last verified. Dates that have passed are removed automatically.
| Item | Detail | Source · Verified |
|---|---|---|
| Number of questions | 100 multiple-choice questions[1] | cisi.org · Oct 29, 2026 |
| Time limit | 2 hours[1] | cisi.org · Oct 29, 2026 |
| Passing score | 70% (current pass rate 36%)[1] | cisi.org · Oct 29, 2026 |
| Exam fee | AED 1,000 (exam + PDF workbook)[2] | UAE Capital Market Authority (CMA, formerly the Emirates Securities and Commodities Authority – SCA) Professional Traini · Oct 29, 2026 |
| Retake fee | AED 944 per resit[2] | UAE Capital Market Authority (CMA, formerly the Emirates Securities and Commodities Authority – SCA) Professional Traini · Oct 29, 2026 |
| Retake policy | Max 6 attempts per year[1] | cisi.org · Oct 29, 2026 |
| Validity (UAE Financial Rules and Regulations (Edition 4, syllabus v4.0)) | Syllabus v4.0: exams 10 Sep 2023 – 31 Dec 2026[3] | cisi.org · Oct 29, 2026 |
| Delivery | Computer-based, on demand at CISI test centres[1] | cisi.org · Oct 29, 2026 |
| Eligibility | Booked by the employing brokerage/financial consultancy firm via CMA e-services[2] | UAE Capital Market Authority (CMA, formerly the Emirates Securities and Commodities Authority – SCA) Professional Traini · Oct 29, 2026 |
| Score release | Online within 24 working hours[4] | cisi.org · Oct 29, 2026 |
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.
Prepare for the SCA - Emirates Securities and Commodities Authority Exam exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.
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.
Question: What is the purpose of the SCA's anti-money laundering (AML) requirements for licensed firms?
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.
Question: What is a 'discretionary investment management' service?
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.
Question: What types of orders can investors place on UAE securities exchanges?
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.
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.
The UAE Financial Rules and Regulations exam costs AED 1,000, which includes the PDF workbook. A resit costs AED 944. Your employing brokerage or financial consultancy firm books the exam through CMA e-services, so check with your firm how the fee is paid. Fees can change, so confirm the current amount on the CMA exams booking page before you register.
The pass mark is 70%. The exam has 100 multiple-choice questions, lasts 2 hours and is taken on a computer at a CISI test centre. CISI currently reports that 36% of candidates pass, so give yourself enough time to work through the workbook and practise under timed conditions before you book.
No. The CMA booking procedure says a user at your brokerage or financial consultancy firm logs in to the CMA e-services and adds the exam request for you. They attach copies of your valid passport and National ID. If you are not currently employed by such a firm, contact the CMA to ask what applies to you.
CISI says multiple-choice exam results are available online within 24 working hours. You view them through your MyCISI account. If you do not pass, your firm can arrange a resit, which costs AED 944.
You can make a maximum of 6 attempts in any year. Each resit costs AED 944. Between attempts, review the topics you scored lowest on using the workbook and the matching practice sets on this page rather than retaking the same questions. CISI's Multiple Sittings Policy has the full rules.
The current workbook covers syllabus version 4.0 and applies to exams from 10 September 2023 to 31 December 2026. If your exam date is after 31 December 2026, check the CMA and CISI websites for the edition that applies before you start studying, because the syllabus may have changed.
How we verify: editorial & fact-checking policy. Report an error: contact us.