CISI International Certificate in Wealth and Investment Management (CME-4A) Course

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CME 4-A is the Capital Market Authority’s mandatory technical examination for people being registered under the management activity in Saudi Arabia. It is set with the Chartered Institute for Securities & Investment, and the paper is CISI’s International Certificate in Wealth & Investment Management, commonly abbreviated to ICWIM: 100 multiple-choice questions in two hours, with a 70% pass mark. Economics and Investment Analysis and Investment Advice carry 21 questions each, while Investment Management carries 15 — 57 of the 100 marks before you reach anything else. Our preparation course covers all eight elements while concentrating your study time where the marks are.

Important: Tadawul Academy prepares candidates for CME 4-A only. We do not offer a CME 4-B preparation course. Passing CME 4-A on its own does not complete the Saudi CME 4 certificate — the Financial Academy requires both papers.

View the English and Arabic CME 4-A courses ↓  |  Try two chapters free →

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• Fully recorded and self-paced — start today, study at any hour.
• English and Arabic — the examination is offered in both, and so is our course.

The examination itself is booked and paid for separately, directly with the Financial Academy. The price on our course pages covers Tadawul Academy preparation only. Current Financial Academy fees are set out below.

What the CME 4-A examination is

The CMA runs its qualification examinations in cooperation with the Financial Academy and CISI. Each numbered examination comes in two halves: an A paper covering technical knowledge and a B paper covering Saudi rules and regulations. CME 4-A is the technical half of CME 4, the pathway for asset and portfolio management.

Examination	What it covers	Set by	Tadawul Academy course
CME 4-A	The international CISI syllabus — financial services, regulation, asset classes, collective investments, economics and investment analysis, portfolio management, investment advice and lifetime financial provision	CISI	English and Arabic
CME 4-B	Saudi Capital Market Rules and Regulations for asset managers — the Investment Funds Regulations, the Real Estate Investment Funds Regulations and the Market Conduct Regulations	The Financial Academy	Not offered

Two consequences follow, and candidates regularly miss both. CME 4-A on its own is not the certificate — the complete CME 4 qualification requires CME 4-A and CME 4-B, passed separately, each booked and paid for separately. And the A paper contains no Saudi regulation at all: it covers general principles of financial services regulation, financial crime and professional ethics, but the CMA rulebook governing funds and market conduct is what the B paper tests.

The two papers are also very different in size. CME 4-A is a two-hour, 100-question paper set by CISI. CME 4-B is a 30-minute paper set by the Financial Academy, with a pass mark of 17 marks. Budget your preparation accordingly — the A paper is where the work is.

Who needs CME 4-A in Saudi Arabia

The Financial Academy states that passing CME 4-A is required of everyone to be registered under the management activity, giving investment portfolio managers, fund managers and their associated investment analysts as examples rather than as a closed list. Those roles sit CME 4-A instead of the general CME 1-A paper that covers most other registrable functions.

In practice that puts CME 4-A in front of:

• Investment portfolio managers and discretionary managers at capital market institutions
• Fund managers and staff registered under the management activity
• Investment analysts working alongside portfolio and asset management teams
• Wealth managers and private client advisers moving into a registrable management function
• Staff supporting portfolio construction, investment recommendations and client suitability work

Requirements depend on the exact registrable function, so confirm your examination combination with your employer’s compliance department, with the Financial Academy or with the CMA before registering. There are no academic prerequisites, no earlier certificate is required, and no prior training programme is required — including CME 1-A, which is not a prerequisite for CME 4-A.

Outside the Saudi registration framework, the same qualification — CISI ICWIM — is taken by relationship managers and private bankers with high-net-worth clients, by investment advisers, paraplanners and discretionary managers, and by staff moving into wealth management from banking, insurance or compliance. Our English and Arabic courses prepare you for the paper either way.

What the CME 4-A syllabus covers

Eight elements, which the Financial Academy lists as chapters. It publishes the weighting of each as a percentage; because the paper is 100 scored questions, each percentage point is one question, so the published weightings convert directly into question counts — and they match CISI’s own examination specification, syllabus version 7, effective 2 March 2025.

Element	Weight	Questions	What to prepare for
1. The Financial Services Sector	4%	4	Wholesale against retail activity, and where investment managers, financial planners, private banks, platforms and custodians fit.
2. Industry Regulation	5%	5	Rules-based against principles-based regulation, ethical standards, and financial crime: FATF, the laundering stages, client identification, market abuse and insider dealing.
3. Asset Classes and Financial Markets	14%	14	Cash and money market instruments, foreign exchange, bonds and yields, property, equities, derivatives, commodities, digital assets, settlement and corporate actions.
4. Collective Investments	7%	7	Open- and closed-ended funds, UCITS, ETFs, and the specialist vehicles — structured products, hedge funds, private equity, commodity funds and sukuk.
5. Economics and Investment Analysis	21%	21	Macro and micro theory, the economic cycle, monetary and fiscal policy, statistics, present and future values, fundamental against technical analysis, company ratios and valuation models.
6. Investment Management	15%	15	Risk and return, alpha and beta, Modern Portfolio Theory, CAPM, APT, behavioural finance, active and passive strategies, ESG, benchmarking and the Sharpe, Sortino and Treynor ratios.
7. Investment Advice	21%	21	Client categorisation, best interests and conflicts, know your client, charging structures, business and personal taxation, risk tolerance and capacity for loss, suitability, and how recommendations are presented and reviewed.
8. Lifetime Financial Provision	13%	13	Retirement planning and calculating retirement need, protection priorities, life assurance and critical illness, business protection, estate planning, trusts and foundations.

Elements 5, 6 and 7 are 57 of the 100 marks between them, and each builds on Element 3. Elements 1, 2 and 4 are 16 marks and cost far less time to cover. Divide your study hours equally across the eight elements and you have underspent on well over half the paper. The count for any element can shift by up to two questions between papers, but the shape holds.

The second thing to plan for is that this paper calculates. You are expected to work out a forward exchange rate using interest rate parity, present and future values of lump sums, regular payments, annuities and perpetuities, simple and compound interest, means, variance and standard deviation, and the sum a client needs at retirement. Candidates who treat CME 4-A as a memory test are surprised by these. Work them until they are automatic.

View the official Financial Academy page for CME 4-A, which carries the chapter weightings and the downloadable study material in Arabic and English, read the official CISI ICWIM qualification page, or download the official version 7 syllabus. CISI publishes amendments in its Candidate Update area between syllabus editions, so check it before you sit.

CME 4-A examination format

Official Saudi examination name	International Certificate in Wealth and Investment Management — CME 4-A
CISI qualification	International Certificate in Wealth & Investment Management, abbreviated to ICWIM
Questions	100 multiple choice
Duration	120 minutes
Pass mark	70% — 70 correct out of 100 scored questions
Examination provider	CISI, under the CMA’s qualification examinations framework
Registration and booking	The Financial Academy, at its Riyadh, Jeddah and Dammam centres
Languages	Arabic and English
Financial Academy study estimate	Approximately 100 hours to work through the official material
CISI total qualification time	154 hours for the underlying unit, covering study, revision and assessment
Entry requirements	None. No prior certificate, training programme or other examination is required to register
Trial questions	CISI’s specification for this unit allows up to 10% extra unscored questions in computer-based delivery. They are not identified, do not count towards your result, and attract proportionately more time

What CME 4-A costs

Financial Academy fees, separate from the price of our preparation course. Checked 6 August 2026.

• CME 4-A: SAR 2,100
• CME 4-B: SAR 1,700, booked separately
• Both papers, giving the complete CME 4 certificate: SAR 3,800

Two points worth reading twice. First, the Financial Academy publishes the study material for each examination on its own exam page, in Arabic and English, at no charge — there is no mandatory workbook purchase on the Saudi route, which is a real difference from booking the same unit with CISI internationally. Second, the fee is recoverable through the Human Resources Development Fund’s Hadaf platform after you pass, but only on the complete certificate: the Financial Academy states that support is not granted for passing one of the two papers on its own. You pass both, obtain the certificate, and submit it.

Fees and policies change. Confirm the current amounts, the available appointments and the reimbursement conditions on the official CME 4-A examination page and the official CME 4-B examination page before paying.

Booking the same paper with CISI instead

If you are sitting outside the Saudi registration framework you book ICWIM directly with CISI rather than through the Financial Academy, and the cost structure changes. From the CISI price list covering 1 April 2026 to 31 March 2027, checked 3 August 2026: £403 for a first international sitting including the workbook and Revision Express where available, £283 for a resit within the same syllabus version, and a one-off £68 Qualification Registration Fee if this is your first CISI qualification. Some countries add a local invigilation fee. Confirm the current figures on the CISI price list before booking, and check with CISI how a sitting taken through the Financial Academy is recorded if membership or the designatory letters matter to you.

How to plan your CME 4-A study

The Financial Academy estimates approximately 100 hours for its study material. CISI’s total qualification time for the underlying unit, which includes revision and assessment, is 154 hours. Two schedules that sit between the two figures:

• Twelve weeks at around 10 hours a week
• Seventeen weeks at around 7 hours a week

These are our suggestions, not CMA or Financial Academy rules. Whichever you pick, order the work by examination weight rather than by chapter number:

1. First. Elements 1, 2 and 3 — 23 marks, and Element 3 supplies the asset vocabulary that Elements 5, 6 and 7 assume you already have.
2. Second. Element 5, 21 marks and most of the calculations. Give it more time than its share suggests: formulae need repetition rather than reading.
3. Third. Elements 6 and 7 — 36 marks together, more than a third of the paper, and both build directly on 3 and 5.
4. Fourth. Elements 4 and 8, 20 marks and self-contained.
5. Last. Timed mixed practice across all eight elements, then back to anything scoring below 70%.

Start the practice questions before you finish the syllabus, chapter by chapter — they show where your recall is weak while there is still time to fix it. Then time yourself: 100 scored questions in 120 minutes is 72 seconds each, and the calculation questions take longer than that, so the recall questions have to be quick. Book the examination once you are repeatedly clearing 80% on mixed sets rather than after touching 70% once. The margin covers unfamiliar wording and exam-day pressure.

Choose your CME 4-A preparation course

Both courses prepare you for the same CME 4-A paper. Select the version matching the language you intend to study and sit the examination in — English or Arabic.

What is included

• Recorded video lectures covering every element of the syllabus, chapter by chapter
• Chapter summary slides and revision notes
• Multiple-choice practice questions designed around the CISI examination format, organised by chapter
• Worked calculation examples for the Element 5, 6 and 8 formulae
• An Ask the Trainer section for questions on the material
• Access options of two weeks, one month or three months
• Three months access to the Tadawul Academy job board — current vacancies in asset and portfolio management, fund management, investment analysis, wealth management and advisory

Everything is recorded and self-paced. There are no classroom sessions and no live online classes. The practice questions are written by Tadawul Academy for preparation; they are not official CMA, Financial Academy or CISI examination questions, and no training provider has access to those.

Try two complete chapters before purchasing →

How to use the course with the official material

The Financial Academy’s published material and the CISI syllabus define what can be examined. Our course adds guided explanations, revision slides, worked calculations, practice questions and trainer support so you can work through that material systematically and find the areas that need more revision.

1. Watch the recorded lecture for the chapter.
2. Read the matching section of the current official material.
3. Review the summary slides and key formulae.
4. Answer that chapter’s practice questions.
5. Revisit anything you answered incorrectly or guessed.

Do not prepare from an old CME 4 PDF or an outdated ICWIM workbook found online — content and weightings change between syllabus editions, and several pages still circulating quote an edition that expired in March 2025. Expect questions that draw on more than one element at once: a suitability question can combine a client’s tax position from Element 7, a product feature from Element 4 and a risk concept from Element 6. That is why mixed practice matters more than repeated reading.

Before you enrol

• The subscription price covers the preparation course only. The Financial Academy examination fee is paid separately.
• We prepare candidates for CME 4-A, not CME 4-B.
• You can create a free account on our e-learning portal and try two chapters before buying.
• After you order, we activate your account and email confirmation within a few hours. Please check your email address is correct when you place the order.
• When your access expires, place a new order to extend it.
• Register for the examination yourself with the Financial Academy, and use the current official study material linked from its CME 4-A page. We are not an examination centre and cannot book, sit or reschedule it for you.
• Confirm with your employer or compliance department whether your registrable function requires CME 4-A, CME 4-B or both before paying for anything.

Frequently asked questions

Is CME 4-A the same examination as CISI ICWIM?

Yes. CME 4-A is the CMA and Financial Academy designation for CISI’s International Certificate in Wealth & Investment Management, and CISI is named as the examination provider. The Financial Academy’s published chapter weightings match CISI’s examination specification for that unit exactly. If you are sitting in Saudi Arabia you register through the Financial Academy, not through CISI’s own examination shop.

Is CME 4 the same as CME 4-A?

No. CME 4-A is the international technical half. The complete CME 4 certificate also requires CME 4-B, the Saudi Capital Market Rules and Regulations examination for asset managers. Passing CME 4-A alone does not complete the Saudi certificate or satisfy the Hadaf conditions described by the Financial Academy.

Does Tadawul Academy offer CME 4-B?

No. We offer CME 4-A preparation in English and Arabic. We do not offer a CME 4-B course, and the same applies to the other B papers — our courses cover the A papers only.

Who is required to pass CME 4-A?

The Financial Academy names people being registered under the management activity, giving investment portfolio managers, fund managers and associated investment analysts as examples rather than a closed list. Most other registrable functions sit CME 1-A instead, and compliance, brokerage and corporate finance staff sit CME 2-A, CME 3-A and CME 5-A. Confirm the requirement for your exact function with your employer or the Financial Academy.

Do I need CME 1-A before CME 4-A?

No. The Financial Academy lists no prior certificate, training programme or examination as a requirement for registering for CME 4-A. CME 1-A is the general technical paper for most registrable functions; the management activity sits CME 4-A instead. Your employer may still have its own requirements.

Do I need to buy a workbook as well as this course?

No. The Financial Academy publishes the study material for CME 4-A on its exam page in Arabic and English, free to download, and lists no mandatory workbook purchase on the Saudi booking route. Our course does not replace that material — it adds lectures explaining the harder elements, worked calculations, slides to revise from, and practice questions to test whether the reading has stuck.

How much does the CME 4-A examination cost?

SAR 2,100, paid to the Financial Academy when you register, and separate from our course price. CME 4-B is a further SAR 1,700, so the complete CME 4 certificate costs SAR 3,800 in examination fees. Figures checked 6 August 2026 — confirm on the official booking pages before paying, because fees change.

Can the examination fee be reimbursed through Hadaf?

The Financial Academy states that recovering the fee through Hadaf requires passing both CME 4-A and CME 4-B and submitting the completed qualification certificate, which is emailed to the candidate. Support is not granted for passing one paper on its own.

What is the difference between CME 4-A and CME 4-B?

CME 4-A is the technical paper — markets, funds, economics, portfolio management and advice — and contains no Saudi regulation. CME 4-B is the Saudi regulatory paper for asset managers: the Investment Funds Regulations, the Real Estate Investment Funds Regulations and the Market Conduct Regulations. You need both for the CME 4 certificate and for CMA registration under the management activity.

How many questions are in the CME 4-A exam?

One hundred scored multiple-choice questions in 120 minutes. The pass mark is 70 correct out of 100, which is 70%. Computer-based delivery may add up to 10% unscored trial questions, with proportionately more time.

Is this a Level 3 qualification, and what does the underlying CISI unit award?

The unit behind CME 4-A is titled the CISI Level 3 Certificate in Wealth & Investment Management on the UK Regulated Qualifications Framework, and sits at level 4 on the European Qualifications Framework. Taken through CISI it is a complete qualification in its own right, meets the ESMA appropriate-qualification requirements for investment advisers, and entitles the holder to apply for Associate membership and the letters ACSI. In the Saudi framework it is one half of CME 4. If the CISI membership route matters to you, confirm with CISI how a Financial Academy sitting is recorded.

Are there past papers or question compilations for CME 4-A?

Neither the CMA, the Financial Academy nor CISI publishes past papers or the live question bank for this examination, and any file advertised online as “real” CME 4-A or ICWIM questions is not an official document and is usually built from an expired syllabus edition. What is published is the chapter weighting, the examination specification and the official study material. Prepare from those and from practice questions written to the same format.

Where can I find the official CME 4-A study material or PDF?

On the Financial Academy’s examination page for CME 4-A, which carries current Arabic and English material at no charge. Use that rather than an older copy hosted on another website.

Are there mock exams and practice questions in the course?

The course includes multiple-choice practice questions organised by chapter so you can test each one as you finish it, plus mixed sets across all eight elements once you have covered the syllabus. They are our own questions, written around the examination format.

Can I study and sit CME 4-A in Arabic?

Yes. The Financial Academy offers the examination in Arabic and English and publishes the study material in both, and we offer separate Arabic and English courses. Pick one and study in it — the calculation questions in particular are harder if you learned the terms in one language and answer them in another.

Are there any prerequisites?

The Financial Academy lists no previous certificate, training programme or other prerequisite for registering. CISI advises proficiency in English to CEFR B2 for the English version of the paper, since the questions test close reading as well as knowledge. Your employer may have its own experience or approval requirements.

How long should I study for CME 4-A?

Around 100 hours is the Financial Academy’s estimate for the material, and CISI puts total qualification time at 154 hours. Twelve weeks at 10 hours a week, or seventeen at 7, sit between the two. Candidates who are rusty on financial mathematics, portfolio theory or the Element 5 calculations should plan for the higher figure.

Does this course include live classes?

No. Everything is recorded and self-paced. For questions on the material, use the Ask the Trainer section and you will get a written answer.

How quickly is my account activated?

Within a few hours of your order, and we email you to confirm. The most common cause of delay is a mistyped email address at checkout.

What happens if I fail?

You re-register and re-sit through the Financial Academy. Resit fees, waiting periods and booking conditions are set by the Financial Academy rather than by us, so check its examination policy before you rebook. Your course access continues for its remaining term, and you can place a new order to extend it.

Do I still need the new CME examinations if I hold an older CMA qualification?

The CMA states that everyone who passed its previous qualification examinations remains eligible for registration in their registrable function without taking the new examinations. If you are unsure which side of that line you fall on, confirm it with the CMA or your employer’s compliance function before paying for anything.

Is the job board really included?

Yes, at no extra cost, for three months from activation. It lists current vacancies in asset and portfolio management, fund management, investment analysis, wealth management, private banking and compliance across Saudi Arabia, the wider Gulf, Egypt, India and the UK.

Start preparing for CME 4-A

Pick the English or Arabic course above, or start with two free chapters and see the lectures and practice questions before you buy.

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