SC licensing exam modules: which ones you need

What are the SC licensing exams?

SIDC is the examination centre for people seeking a Capital Markets Services Representative's Licence (CMSRL), for candidates for head of operations, head of compliance or compliance officer roles, and for employees of registered persons who carry out permitted capital market activities. The exams set a minimum standard of competency for intermediaries in the Malaysian capital market.

Questions test three levels of skill: knowledge, comprehension, and application and analysis.

The 13 SCLE modules

• Module 6: Stock Market and Securities Law. 60 questions, 90 minutes, pass mark 60%.
• Module 7: Financial Statement Analysis and Asset Valuation. 60 questions, 90 minutes, pass mark 60%.
• Module 9: Funds Management Regulation. 30 questions, 60 minutes, pass mark 60%.
• Module 10: Asset and Funds Management. 30 questions, 60 minutes, pass mark 60%.
• Module 11: Fundamentals of Compliance. 40 questions, 60 minutes, pass mark 70%.
• Module 12: Investment Management and Corporate Finance. 60 questions, 90 minutes, pass mark 70%.
• Module 14: Derivatives. 60 questions, 90 minutes, pass mark 70%.
• Module 16: Rules and Regulations of Derivatives. 60 questions, 90 minutes, pass mark 70%.
• Module 17: Securities and Derivatives Trading (Rules and Regulations). 100 questions, 150 minutes, pass mark 70%.
• Module 18: Securities and Derivatives Trading (Products and Analysis). 100 questions, 150 minutes, pass mark 70%.
• Module 19: Advisory Services (Rules and Regulations). 60 questions, 90 minutes, pass mark 70%.
• Module 19A: Advisory Services (Rules and Regulations) Part A. 40 questions, 60 minutes, pass mark 70%.
• Module 19B: Advisory Services (Rules and Regulations) Part B. 30 questions, 60 minutes, pass mark 70%.

Which modules does each regulated activity need?

Modules 17 and 18 are dual-activity modules for people who want to deal in both securities and derivatives. Module 17 is an alternative to Module 6 or 16, and Module 18 is an alternative to Module 7 or 14.

• Dealing in securities: Modules 6 and 7, or 6 and 18, or 7 and 17, or 17 and 18.
• Dealing in derivatives: Modules 14 and 16, or 17 and 18, or 14 and 17, or 16 and 18.
• Fund management (portfolio management): Modules 9 and 10.
• Advising on corporate finance: Modules 12 and 19, or 12, 19A and 19B.
• Investment advice: Modules 12 and 19, or 12 and 19A.
• Financial planning and fund management (asset management): no specific licensing examination.
• Dealing only in unlisted debt securities or OTC bonds: certification by FMAM rather than SCLE modules.

Compliance roles and exemptions

• Head of operations: the same modules as dealing in securities.
• Head of compliance and compliance officer: Module 11, plus the modules for the regulated activities of the firm. For dealing in securities or derivatives, attending the SCLE Revision Courses on the relevant modules is an alternative to those modules.
• CFA charterholders applying for a CMSRL are exempted from Module 7 (securities), Module 10 (fund management) and Module 12 (corporate finance and investment advice). They are exempted from Module 14 (derivatives) subject to attending the SCLE Revision Course for Module 14.
• Individuals with distinguished service, including at least 20 years of work experience and senior management experience, can apply to the SC for exemption from the relevant modules.

Exam format and rules

• All modules are multiple-choice exams.
• You choose a remote proctored exam at your own location or a centre-based exam at the Computer Based Examination Centre in the SC building or another designated centre.
• Rules and regulations modules (6, 9, 11, 16, 17, 19, 19A and 19B) let you bring your own printed prescribed reference materials, listed in each study outline. These must be complete and unmarked, apart from highlights, underlines and updates for amendments.
• Product modules (7, 10, 12, 14 and 18) are closed book.
• Calculators are inspected. Examples of allowed models are the Texas Instruments BA II Plus, HP 12C and Casio FX100AU.
• You will not be allowed to sit the exam once 30 minutes have passed from the start.
• SIDC offers a computer-based mock-up so you can try the assessment system before your exam.

How to register

• Create an account on the SIDC website, then register for your module and session through that account.
• Pay online by FPX, debit or credit card, or selected e-wallets.
• Registration closes three working days before the exam date. Seats are first come, first served, and the SC Licensing Examinations Calendar on the SIDC website shows the dates for each exam mode.
• Study outlines can be downloaded from the SIDC website, and reference materials such as eGuides can be bought from the SIDC e-SHOP.

Fees for 2026

SIDC's fees from 1 March 2026 to 28 February 2027 are the same for a first sitting and a resit:

• Modules 6, 7, 9, 10, 11, 12, 14, 16, 19, 19A and 19B: RM1,250 per module for Malaysian residents and RM2,750 for non-residents.
• Modules 17 and 18: RM1,350 per module for Malaysian residents and RM3,000 for non-residents.
• A centre-based exam adds a non-refundable RM100 administrative fee.
• For Malaysian residents, changing a module or deferring costs RM50 per module, and cancelling costs RM100 per module. Requests must be made at least five full working days before the exam.

Results and validity

Results are available three working days after the exam, as an e-Result Slip in your account showing pass or fail and your score. Results are final, and SIDC does not review or recheck them. A pass is valid for two years from the exam date for that module, and the SC requires your results to be valid when you apply for a licence.

After you pass

Once licensed, you need 20 CPE points a year to keep carrying out your regulated activity.

Ogos Learning runs SIDC CPE-approved courses for Capital Markets Services Representative's Licence (CMSRL) holders, with attendance uploaded to SIDC's CPE Tracker. Founder and principal trainer Jin Yoong Chong, CFA, is an HRD Corp accredited trainer who has run accredited CPE courses for capital market licence holders since 2010. He has served as President of the CFA Society Malaysia and authored the PKMC Module 2, 3 and 4 textbooks with AICB.