The document discusses investment services examinations in Finland. It notes that over 10,000 people have passed the two-level examination system, which includes a General Securities Examination (APV1) and an Investment Advisor Examination. The APV1 was authorized in 2011 and there has been a strong increase in participation since. The examinations aim to increase investor confidence and competence in the financial sector while complying with international standards.

1. Investment Services
Examinations in Finland
18.3.2013

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

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

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
• Economy 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
Investment
Advisor
Examina&on
• 50 yes/no questions • 30 yes/no questions
• 3 short open extra • 4 choice questions
questions • 4 short ”essays”
• Max points 100p (103) • Max points 100p
• Correct answer + 2p
• Incorrect -2p
• Empty 0p
9

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