Career paths
Which exam for which role in financial services
Six routes through the same set of exams, grouped by the job you actually do. Each one names the exam that matches the work, the order to take them in, and what the regulator expects if you are licensed in the UAE.
Find your path
If you already know the role you are heading into, jump straight to it. If you are not sure, the middle column is the quickest way to place yourself.
| Path | You do this work | Core exam |
|---|
| Starting out | New to the industry, or moving into it from another function | FFS, IISI or SIE |
| Wealth & advice | You look after clients' money and give advice on it | ICWIM |
| Compliance & financial crime | Compliance, MLRO, KYC, AML, sanctions | GFC, then CFC |
| Risk | You measure and manage risk across the firm | RFS |
| Operations & custody | Everything after the trade: settlement, custody, asset servicing | GSO |
| Corporate finance | Deals, ECM, nomad and corporate broking, governance | CFR |
Career paths are a guide, not a rule. Requirements vary by employer and by regulator, so confirm what your own role needs before you book an exam.
Starting out in finance
New to financial services, or moving into it? Three entry-level exams give you a recognised first credential: two CISI exams for UK, UAE and international roles, and FINRA's SIE for the US.
Who this path is for
- New joiners in banks, brokers, asset managers and insurers
- Support staff in HR, IT, operations, marketing or finance who want the business context
- Graduates and career-switchers building a first finance credential
Your exams
Which order?
- FFS first if you want a shorter, lighter start. It is 30 questions in one hour and covers how the pieces of the industry fit together.
- IISI first if you want broader coverage of securities and investment, and the most practice questions for the money.
- SIE first if you are aiming at US securities work. It is open to anyone 18 or over and is priced in US dollars.
- Then a specialism once you know the area you are heading into — the five paths below.
UAE-licensed roles. The CMA licensing chart pairs UAE Financial Rules & Regulations (FRR) with FFS for trading managers and broker representatives. See the
UAE licensing guide.
Wealth & advice
You look after clients' money: private banking, relationship management, portfolio management or advice. ICWIM is the international foundation for these roles.
Who this path is for
- Private bankers and relationship managers
- Portfolio and fund managers
- Financial analysts and investment advisers
- Promotion managers in the UAE
Your exams
Which order?
- ICWIM on its own is the international qualification for these roles. Two chapters — Economics & Investment Analysis, and Investment Advice — carry 42% of the marks between them, so that is where the study time goes.
- Add UAE FRR if you are going to hold a UAE CMA-licensed role. The two are bundled as the Cat 5 Pack.
UAE-licensed roles. The CMA licensing chart pairs UAE Financial Rules & Regulations (FRR) with ICWIM for fund and portfolio managers, financial analysts and promotion managers. See the
UAE licensing guide.
Compliance & financial crime
You work in compliance, as an MLRO, or on a KYC or AML team. Two exams cover the ground: GFC for the broad framework, CFC for financial crime in depth.
Who this path is for
- Compliance officers and heads of compliance
- MLROs and deputy MLROs
- KYC, onboarding and AML analysts
- Career-switchers moving into compliance
Your exams
Which order?
- GFC first if you are broadening into compliance. It is the wider of the two.
- CFC next, or straight away if your daily work is financial crime rather than general compliance.
- Licensed in the UAE? The UAE Compliance Officer Pack pairs UAE FRR with CFC for £79 — the exact two exams the regulator's chart names for a compliance head.
UAE-licensed roles. The CMA licensing chart pairs UAE Financial Rules & Regulations (FRR) with CFC for chief compliance officers and heads of compliance. See the
UAE licensing guide.
Risk
You measure and manage risk: operational, credit, market or enterprise-wide. RFS is built around that work, and it rewards calculation practice.
Who this path is for
- Risk officers and heads of risk
- Credit and market risk analysts
- Operational risk specialists
- Credit rating analysts
Your exams
Which order?
- RFS has 10 chapters. Operational risk and credit risk carry the most marks between them, and the exam includes calculations such as expected loss, standard deviation and the Herfindahl-Hirschman Index — so practise the maths rather than only reading.
- Licensed in the UAE? The UAE Risk & Compliance Pack adds UAE FRR and CFC to RFS for £119, covering both the risk and the compliance approved function.
UAE-licensed roles. The CMA licensing chart pairs UAE Financial Rules & Regulations (FRR) with RFS for chief risk officers, heads of risk and credit rating analysts. See the
UAE licensing guide.
Operations, custody & settlement
You work after the trade: settlement, custody, asset servicing or fund operations. GSO follows a holding through custody, settlement, corporate actions, tax and operational risk.
Who this path is for
- Settlement and clearing operations staff
- Custody and asset servicing professionals
- Relationship managers at custodians
- Investment and fund operations
- Operational risk and controls
Your exams
Which order?
- GSO has 5 chapters. Chapter 3 — other investor services, including corporate actions, proxy voting and custody fees — is the heaviest. Expect calculations such as rights and bonus issues, and netting.
- Then a broader base, with FFS if you want the wider industry picture, or RFS if your work leans into operational risk.
UAE-licensed roles. The CMA licensing chart pairs UAE Financial Rules & Regulations (FRR) with GSO for operations managers. See the
UAE licensing guide.
Corporate finance & markets
You advise on deals or work in equity capital markets: M&A, IPOs, nomad or corporate broking, or company secretarial and governance. CFR covers the UK rules around those transactions.
Who this path is for
- Corporate finance and M&A executives
- Equity capital markets executives
- Nominated advisers and corporate brokers
- Company secretaries and governance professionals
- Compliance staff supporting deal teams
Your exams
Which order?
- CFR on its own. Managing regulatory obligations is the heaviest chapter. The exam is built on the UK's current prospectus regime, which changed on 16 January 2026 — check that any older material you use has caught up.
Common questions
Do I need a finance degree to start?
No. The entry-level exams are aimed at people starting out, and the syllabus explains the industry from the ground up.
Which entry-level exam is cheapest?
IISI at £29, then FFS at £39, then SIE at $49. All are one-time payments with no expiry.
Is ICWIM the UK adviser qualification?
No. ICWIM is an international qualification. For UK retail investment advice, CISI's route is the Investment Advice Diploma.
GFC or CFC first?
GFC is broader, so it is the usual first step. Go straight to CFC if your daily work is financial crime.
Is RFS mostly theory?
It has a lot of calculation. The bank includes worked questions on expected loss, VaR inputs, standard deviation and concentration.
Is CFR UK-specific?
Yes. CFR covers the UK framework: the FCA, the Takeover Panel and Code, the Listing Rules and the AIM Market. It follows the POATR and PRM regime that replaced the old Prospectus Regulation Rules on 16 January 2026.
Which tax figures does GSO use?
UK figures for 2025-26, as in the current workbook. They change with each Budget, so check current rates.
What comes with a question bank?
Practice questions across every chapter, chapter walkthroughs, a cram sheet and narrated audio, for a one-time payment with no expiry.
Can I try before buying?
Yes. Every course has free questions in every chapter — the real thing across the whole syllabus, not a teaser chapter. No account and no card required.
Still deciding?
Compare every exam side by side, by career, price and question count.
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