Career path
Operations, custody & settlement: your exam route
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. In the UAE, the CMA licensing chart pairs UAE FRR with GSO for operations managers. See the
UAE licensing guide.
Career paths are a guide, not a rule. Requirements vary by employer and regulator, so confirm what your own role needs before you book an exam.
Related guides
FAQ
Which tax figures does it use?
UK figures for 2025-26, as in the current workbook. They change with each Budget, so check current rates.
Which edition is it built on?
Edition 21 (syllabus v20).
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