CME-5B Syllabus: Sections and Question Counts

Last verified: 11 November 2026. This is an independent guide; it is not affiliated with Financial Academy or any government body. Exam details can change, so check the exam page at Financial Academy before relying on any figure.

How the questions are split

The exam has 25 questions in 30 minutes, split across the sections according to the exam specification from Financial Academy.

The two largest sections are Rules on the Offer of Securities and Continuing Obligations and Corporate Governance Regulations: together 17 of the 25 questions (68%). Start with them, then take the rest in order of size.

Topics in each section

Rules on the Offer of Securities and Continuing Obligations (10 questions)

• Scope, application and offer types
• Private placements and limited offers
• Secondary-market restrictions after private placement
• Public offers and the prospectus
• Price stabilisation
• Capital alteration
• Capital reduction
• Continuing obligations and disclosure
• Dealing restrictions
• Parallel Market offer

Special Purposes Entities (4 questions)

• New SPE financing transactions
• Sponsors, trustees, custody, audit and records

Merger and Acquisition Regulations (4 questions)

• General provisions and board duties
• Private transactions
• Rules of offers and mandatory offers
• Types of merger

Corporate Governance Regulations (7 questions)

• Shareholder rights and general assemblies
• Board of directors and conflicts of interest
• Committees
• Internal control
• Professional and ethical standards
• Disclosure and transparency
• Document retention

How to use this split

Start with the 10 free questions, no sign-up: your score comes back split by section, so you see the weakest one. Then spread your study days according to the table above, as laid out in the study plan.