Licensing exam for specialists

The target group for the licensing exam for specialists is professionals working as stockbrokers, fund and portfolio managers, designers of structured products and others.


About the exam

The licensing exam comprises 105 questions including 15 “trial questions” divided among the following sections:

  1. Financial instruments, markets and trading
  2. Economic analysis
  3. Ethics and rules and regulations

Candidates are allowed three hours to complete the exam. The order of sections is random, as is the order of questions in each section.

How is the test designed?

Various types of questions are used in the exam. Most questions have one right answer. There are no special instructions for these questions. Some exam questions have several right answers and the number of correct answers to be marked is clearly stated. To get the question right, the exact right number of possible answers must be marked.

Some exam questions include illustrations, such as a formula or a table. These questions are answered in the usual way by selecting one of the possible answers.

Some exam questions are answered by clicking somewhere on the illustration. It is clearly stated when this is required. To get the question right, the candidate must select the square containing the correct answer.

Fifteen questions in the exam, five per section, are “trial questions”. It is not possible to discern which questions are trial questions and the answers to these questions will not be included in the final score. Trial questions are included for purposes of statistical analysis to determine whether the questions are of sufficient quality to be included in a standard exam. The other 90 questions have previously been trialled and approved.


Requirements to pass the exam

Candidates must sit the exam at a designated location supervised by Swedsec. One point is awarded for each correct answer and zero points are awarded for incorrect answers. Candidates should always answer all questions, as no points are deducted for incorrect answers. To pass the licensing exam, candidates must have an overall score of at least 70% and at least 60% in each section. Results are shown immediately after the exam is completed. If you do not pass the exam and must rebook to resit it, you must choose a date at least one week after the original exam.

For a passing result is required:
right overall
right per sub-area

Proficiency requirements for the licensing exam for specialists

Purpose of the proficiency requirements

The proficiency requirements constitute a basic level of the knowledge required to pass the licensing exam for specialists. Based on an employee’s role and function, they may need further and/or advanced knowledge in addition to that covered by these proficiency requirements. It is the responsibility of the affiliated company to determine what is sufficient based on the employee’s tasks.

The proficiency requirements are divided into sections (subject areas), subsections and checkpoints. A checkpoint specifies what a licence holder is expected to master within a relatively small field of knowledge. Each question included in the licensing test is directly linked to a checkpoint.

The sections included are:

  1. Financial instruments, markets and trading
  2. Economic analysis
  3. Ethics and rules and regulations

The proficiency requirements are intended to function as a support when designing relevant course syllabuses and serve as a basis for setting exam questions. In addition, they are designed to provide an overview of what is expected of a licence holder.

Current proficiency requirements (in Swedish)
Here you can download the current proficiency requirements as a PDF. Here you will also find a link to previous versions.

Below you will find examples of training that can be used before our licensing test for management and control functions.

Take the test in English

Swedsec offers the possibility to take the test in English on paper at our office in Stockholm. It only applies to management and control functions and specialists.

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