CME-4B syllabus and revision plan

What does CME-4B test?

This is the asset managers’ regulatory paper, separate from the international wealth-management paper CME-4A. It has 25 questions in 30 minutes. The Financial Academy displays a passing score of 17 out of 25.

Revision allocation

Investment Funds Regulations: 56% (14 questions). Public Real Estate Investment Funds Regulations: 32% (8 questions). Market Conduct Regulations: 12% (3 questions). The examination specification allows an element to vary by up to two questions while retaining 25 overall.

Study method

Start with fund types and responsible parties. Then study custody, disclosure, valuation and redemption. Before a numerical problem, identify whether the denominator is net or gross assets. Finish with market conduct and the distinction between client trades and own-account trades.

Syllabus version

English workbook version 1.10 (August 2026), covers exams through 31 December 2026. Check candidate updates before booking. Verify article numbers against current regulations; the workbook’s numbering can differ.

Version differences

The valid workbook and current regulations differ on some liquidation and reporting periods, pricing timing, large-holding notification recipients, REIT borrowing, related-party trading and market-conduct exceptions. Questions whose answers depend on those differences are excluded from the approved set until the tested scope is confirmed. An article-number change alone does not mean the underlying rule changed.