ISA Exams

ISA Exams

The Ethics exam of the Israel Securities Authority (ISA): "Securities Law & Professional Ethics" is taking place twice a year, during May and November. 
The exam includes 25 multiple questions, and the passing grade is 60. 


5 important tips, before you start studying:

1.  Start studying early, but not too early

If your exam takes place on May, start studying in early March. If the exam is on November, I  recommend that you start studying in early September. Take into account holidays, weekends, kids, full-time job, and of course sports and maybe sleep from time to time… I do not recommend that you start studying 6 months in advance, since by the day of the exam, you might forget what you've studied...

2. Focus

Start with the infrastructure: Corporate Law > Securities Law > Mutual Funds. Then, go to "Ethics A": Criminal Offenses, and then "Ethics B": the disciplinary rules applicable to license holders. Then, put a special emphasis on studying the Anti Money Laundering chapter. Remember, the most important chapter is the Ethics. The reason for the importance of this chapter is twofold: firstly, because you have to be familiar with the law and regulations for the purpose of your future profession as a license holder. Second, since most of the questions in the exam (over 15 questions!) are on this issue, and you only need 15 correct answers in order to pass. 

3. Study with friends as much as you can

Learning together is effective, efficient, and requires meeting the deadlines and standards of a group. A study group also places you in comparison to others regarding your knowledge level. Moreover, when you explain the material to someone, you necessarily learn it better.

4. Use a variety of learning techniques

Try reading, solving exams, explaining to a friend, asking questions, listening to lectures. The more study methods you use, the better you understand the material, and you will be able to answer questions. One more tip: Please do not (please) use an old and non-updated books. It really isn't worth it: ISA's exams actually ask about the last innovations and amendments in the law, and these appear in the new editions of the book.

5.  Be updated with financial news

Surprising? Maybe… The ethics exam is based on updated legal material, and the study will give you a broad knowledge of corporate securities, mutual funds, ethics of licensees, and money laundering. You will be aware of the accurate financial and legal terms in the news. During studying you will be exposed to a new legal discipline which gives respect for the written word and the terminology of the law. In some cases, the exams may includes an innocent question regarding a recent event that featured on the news. Be prepared for that too. 



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