THE COURSE FOR OBTAINING THE TITLE OF A BROKER
The course for brokers is one of the three courses the Securities Commission offers and runs in accordance with the Law on the Capital Market. The Rulebook on Licensing Brokers, Investment Advisers and Portfolio Managers regulates classes, exams and licensing brokers. The Rulebook can be obtained on the website of the Securities Commission in the part Regulations, Bylaws.
Classes for obtaining the title of a broker
The Securities Commission typically organizes the classes for brokers two times a year. The course for brokers typically lasts 4 weeks (in the afternoon hours and during weekends). The classes are held on the premises of the Securities Commission or elsewhere. The candidates do have practical training as well in the Belgrade Stock Exchange offices.
The maximum number of candidates for the classes is typically 30. All candidates who apply after the groups are formed – are placed on the waiting list. If the number of candidates is less than 10, the classes will not be held, and the applicants will listen to classes in the following cycle or can apply in writing for a refund.
Applications
In order to apply for classes for brokers, it is necessary to file a complete application for classes within the deadline published on the website of the Commission. The applications can be submitted personally or by fax.
The complete application contains:
1. Completed application for the relevant cycle of education;
2. A certified copy of a high school or university degree;
If the candidate has a degree obtained abroad, it is necessary to submit evidence on recognition of the degree. Exceptionally, an application can be granted, if evidence on initiated process of recognition is submitted. However, the candidate must furnish the evidence on recognition, prior to the beginning of classes – otherwise the candidate will be placed in the following cycle of classes;
3. Evidence of payment of the fee to the Commission, which amounts to RSD 80,000.00.
Only persons holding at least level I of CFA education (Chartered Financial Analyst) do not have the obligation to submit applications for the classes.
All additional information can be obtained on the following telephone number: 381113117144.
Lecturers:
The Securities Commission has appointed the following persons to be lecturers for the course:
I FINANCIAL MARKET INSTITUTIONS, PROCESSES AND FINANCIAL INSTRUMENTS
(1) Ph.D. Branko Vasiljević, Faculty of Political Science
(2) Gligorić Mirjana, Belgrade University, Faculty of Economics
(3) Dostanić Gordana, Belgrade Stock Exchange
(4) Ph.D. Živković Boško, Belgrade University, Faculty of Economics
(5) Janković Irena, Belgrade University, Faculty of Economics
(6) Jolović Ana MA, Faculty of Management, BK University
(7) Lukić Velimir, Belgrade University, Faculty of Economics
(8) Ph.D. Milovanović Dobrosav, Belgrade University, Faculty of Economics
(9) Ph.D. Nikolić Nebojša, Belgrade University, Faculty of Organizational Sciences
(10) Ninković Nina, South European Centre for Contemporary Finance
(11) Popović Svetlana MA, Belgrade University, Faculty of Economics
(12) Ph.D. Todorović Miroslav, Belgrade University, Faculty of Economics
(13) Trifunović Dejan MA, Belgrade University, Faculty of Economics
(14) Ph.D. Zoran Ćirović, Faculty of Economics, Finance and Administration
(15) Uzelac Vida, Central Securities Depository and Clearing House
(16) Ph.D. Šoškić Dejan, Belgrade University, Faculty of Economics
(17) Štimac Milko MA, Securities Commission
II FINANCIAL ANALYSIS AND CAPITAL MARKET INSTRUMENTS
(1) Ph.D. Ivanišević Milorad, Belgrade University, Faculty of Economics
(2) Ph.D. Malinić Dejan, Belgrade University, Faculty of Economics
(3) Ph.D. Milićević Vlade, Belgrade University, Faculty of Economics
(4) Ph.D. Stevanović Nikola, Belgrade University, Faculty of Economics
(5) Ph.D. Todorović Miroslav, Belgrade University, Faculty of Economics
III LEGAL ASPECTS OF FUNCTIONING OF FINANACIAL MARKETS
(1) Ph.D. Branko Vasiljević, Belgrade, Faculty of Political Science
(2) Ph.D. Vasiljević Mirko, Belgrade University, Faculty of Law
(3) Ph.D. Jovanović Nebojša, Belgrade University, Faculty of Law
(4) Ph.D. Radović Mirjana, Belgrade University, Faculty of Law
(5) Ph.D. Perović Jelena, Belgrade University, Faculty of Economics
(6) Ph.D. Radović Vuk, Belgrade University, Faculty of Law
Applying to take the exam
The Securities Commission typically organizes the exam for brokers four times a year (March, June, September and December examination periods). The time of taking the exam is published at least 20 days before the exam.
You can apply to take an exam by submitting the complete application to the Commission, in person or by fax, within the time period envisioned for applications published on the web site of the Commission.
The complete application for the exam contains:
1. Completed application for the exam;
2. A certified copy of a high school or university degree (for candidates holding at least level I of CFA education);
3. A copy of certificate on the obtained title of a financial analyst (for candidates holding at least level I of CFA education);
4. Evidence of payment of the fee to the Commission, which amounts to RSD 8,000.00.
A candidate who did not attend the classes cannot apply to take the exam, unless the candidate is holding at least level I of CFA education (Chartered Financial Analyst).
If a candidate misses an exam the funds are not repayable.
All additional information can be obtained on the following telephone numbers: 381113117144.
Taking the exam
The examination for a broker is anonymous.
It covers three areas and lasts 180 minutes.
The examination assignments typically contain:
1) Test/quiz questions, open or closed (multiple choices), with 2 minutes for solving each question:
•Financial Markets: Institutions, processes and derivatives - 5 free response questions and 10 multiple choice items;
•Financial analysis and capital market instruments - 5 free response questions and 10 multiple choice items;
•Legal Framework of Functioning of Financial Markets - 15 free response questions and 10 multiple choice items;
2) Quantitative tasks (5-7 tasks) with up to 5 minutes of time granted per task, depending on the complexity of task as determined by the examiner.
The exams are taken on the premises of the Securities Commission, Omladinskih brigada 1/VII, or other premises as determined by the Commission, on business days or weekends.
Grading performance
Upon the exam, with 15 days of the exam, examiners submit to the Commission the graded exam papers. Based on the number of total points won, the exam committee determines the final grade for each of the candidates and the Exam Result Report is published on the web site of the Commission.
Certification
Successful candidates are awarded diplomas attesting to the obtained title of a broker. The certification is traditionally celebratory organized on the Day of the Commission on 16 February. To the day of certification, the candidates can receive a document confirming that they have passed the exam, upon their request.
Brokerage License
A license for broker activities is granted by the Securities Commission to candidates who meet the following conditions:
1) A successfully taken test for obtaining the title of a broker;
2) No statutory disqualifications.