What is the AMF certification and how to obtain it?
Most financial institutions require their employees to pass the AMF certification. This certification checks and confirms the knowledge and skills of employees in this field.
What is the AMF certification?
The AMF, Autorité des Marchés Financiers (equivalent of the SEC in the US), is an independent public authority, whose mission is to "ensure the protection of savings invested in financial products, the information of investors and the proper functioning of markets". This certification makes it possible to verify the knowledge of each person and thus to ensure the efficiency of the markets, the control and the conformity of the services offered by the financial establishments.
Concretely, the certification is presented in two parts:
- the first one corresponds to 33 questions of category A
- the second is made up of 87 category C questions
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How does the certification work?
The test lasts for 2 hours, during which the candidates must answer 120 questions in the form of multiple choice questions, with 3 possibilities and only one true answer. You must obtain a score of at least 80% correct answers to both parts (79% for the first and 85% for the second does not allow you to obtain the certification).
The first file concerns the knowledge of the regulatory and ethical environment and the second one corresponds to the technical knowledge of the candidates.
What is the point of taking the AMF?
The AMF is required as soon as you want to work in the world of finance. Indeed, it is a question of general knowledge, both on market finance and on corporate finance, that you must master. The certification can be taken internally, up to 6 months after hiring, to verify knowledge. It is also possible to take the certification independently and, in this case, it remains valid for life.
In 2021, 6580 people had registered to take the MFA, for a success rate of 66%. The results are communicated to the candidates directly after their test, and a certificate of success is sent by postal way within 2 months of the date of the exam.
How do I take the AFM?
You can register for the AMF exam on the ESBanque website, which is the reference school for awarding AMF certification. It is possible to take the certification with the book, called Abrégé des Marchés Financiers, to help you revise (version at 104€) or without (version at 84€).
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The AMF integrates more and more concepts related to sustainable finance. It is estimated that sustainable finance is the subject of 4 out of 120 questions. Therefore, the AMF makes sure to renew itself regularly in order to be up to date with the major issues of the financial sector, and thus to ensure that its actors are well informed and competent.
