The document discusses investment services examinations in Finland. It notes that Finland launched a two-level examination framework in 2000, with over 10,000 people passing the exams. The objectives of the examination framework are to maintain and increase investor confidence, secure investment adviser competence, strengthen investing culture, and comply with international standards. The first-level General Securities Examination (APV1) provides a general overview and is targeted towards all employees in investment services firms. The second-level Investment Advisor Examination (APV2) focuses on deepening knowledge for those providing investment advice or asset management. Both exams assess various topics through multiple choice and essay questions.

1. Investment Services
Examinations in Finland
6.10.2013

2. Some
facts
and
recent
developments
• Launched
2000
• Two-­‐level
exams:
– General
securi=es
examina=on
– Investment
adviser
• Over
10
000
persons
passed
exams
• Authoriza=on
of
General
securi=es
examina=on
(APV1)
from
2011
• Ac=ve
steering
group
in
Federa=on
of
Finnish
Financial
Services
• Strong
surge
in
exam
par=cipa=on
volumes
aIer
exam
authoriza=on
• No
legal
requirements
to
hold
authorized
examina=on

3. Maintain
and
increase
investor
confidence
in
markets
and
market
par=cipants
Secure
investment
adviser
competence
in
Finland
Strenghten
inves=ng
culture
and
tradi=ons
Comply
with
interna=onal
standards
Recruitment
Objec=ves
of
the
examina=on
framework

4. General Securities
Examination, APV1
Investment Advisor
Examination, APV2
Education for 1st
examination
Practice and
education for the
2nd examination
Practice and further
education
Two-phase education
framework

5. General Securities Examination
(APV1)
• General
Securi=es
Examina=on
is
highly
respected
and
acknowledged
by
investment
services
firms
in
Finland
as
a
cer&ficate
of
required
professional
skills
needed
in
provision
of
investment
services.
• Examina=on
is
targeted
for:
– all
employees
responsible
for
client
service
in
investment
services
firms,
banks
and
insurance
companies
– for
those
who
want
to
build
comprehensive
view
of
opera=on
of
financial
markets,
financial
services
and
products.
5

6. APV1
authoriza=on
• From
1.1.2011
• Transi=on
period:
excep=ons
allowed
for
experienced
professionals
• Not
a
license
but
authorized
examina=ons
by
the
Federa=on
of
Financial
Services
in
Finland
– Member
companies
commiWed
to
examin=on
• Aim
to
upgrade
or
maintain
exper=se
with
update
educa=on

7. Investment Advisor
Examination (APV2)
• The
objec=ve
of
Investment
Advisor
Examina=on
is
to
deepen
and
broaden
the
knowledge
acquired
in
the
General
Securi=es
Examina=on.
• General
Securi=es
Examina=on
has
to
be
passed
by
the
examinee.
• Targeted
for
those
who
are
responsible
for
demanding
client
service
such
as:
– investment
advice
– asset
management
– insurance.
7

8. Main themes in examinations
• Economics and financial system structure
• Corporate financial management
• Investing
– Financial instruments and investments
– Mutual funds and asset management
– Insurance
• Regulation of financial services provision
• Investment taxation and basics of investor
regulation
8

9. Examination structures
General
Securites
Examina&on
• 30 yes/no questions
• 10 choice questions
• 5 short ”essays”
• Max points 100p
Investment
Advisor
Examina&on
• 50 yes/no questions
• 3 short open extra
questions
• Max points 100p (103)
• Correct answer + 2p
• Incorrect -2p
• Empty 0p
9

10. Organization to operate
Examinations
• Framework
development
• Content details
• Examination
practicalities
• Other practical
operation
• Content
development
• Framework
development
• Visibility
10
APV-­‐tutkinnot
Oy
+