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CME-4A · ICWIM

CME-4A (ICWIM) – International Certificate in Wealth & Investment Management

Each CME-4A (ICWIM) attempt costs SAR 2,100, with at most 3 attempts in 12 months and a 70% pass mark. We've handpicked 538 questions covering most topics on the latest syllabus, to help you push for a top score before test day!

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  • 100 questions in 120 min, like the real test
  • 538 questions covering the main scoring topics, with explanations
  • 70% pass mark, with targeted practice on your weak spots

See the gap to your target score Practise the units costing you the most marks A full mock exam like the real one

Every option explained so you understand why

If your exam were today, would you pass?

Try 10 free questions without signing up. Get your score and find your weak areas as soon as you finish.

Noura is a busy surgeon with little investment experience. She wants a firm to buy and sell investments for her within agreed parameters, without contacting her before each deal. Which service suits her needs?

  1. A An execution-only service
  2. B Dealing with advice
  3. C Discretionary portfolio management
  4. D Advisory portfolio management

All 10 free questions with answers and an explanation for every option

What you get

  • 538questions in the bankPractise with the answer shown right away, or sit a full timed mock
  • 8unitsSplit by the exam syllabus
  • 136flashcardsTo lock in terms and definitions
  • 196quick review pointsEach unit in a few key lines

Unit map

  1. 01The Financial Services Sector4 questions
  2. 02Industry Regulation5 questions
  3. 03Asset Classes and Financial Markets14 questions
  4. 04Collective Investments7 questions
  5. 05Economics and Investment Analysis21 questions
  6. 06Investment Management15 questions
  7. 07Investment Advice21 questions
  8. 08Lifetime Financial Provision13 questions

Exam facts

CME-4A (ICWIM) – International Certificate in Wealth & Investment Management — Number of questions: 100 questions. Exam time: 120 minutes. Pass mark: 70%. Calculator: On-screen calculator. Exam fee: SAR 2,100. Source: Financial Academy (Last verified: 2026-10-18). Question bank: full mock exams of 100 questions in 120 minutes, like the real test with a result for every unit, plus 538 explained questions across 8 units, every option explained, a review of your mistakes, and two ways to practise: see the answer right away, or sit a full timed mock. Free questions: a 10-question diagnostic test covering the main units, no sign-up; at the end we compare your score with the pass mark and show your weakest units.

Exam code
CME-4A · ICWIM
Exam language
Arabic or English
Number of questions
100 questions Source
Exam time
120 minutes Source
Pass mark
70% Source
Calculator
On-screen calculator Source
Exam fee
SAR 2,100 Source

Last verified: 2026-10-18

How to register

  1. Create an account on the Financial Academy website.
  2. Choose CME-4A and the exam language (Arabic or English); the language cannot be changed later.
  3. Book your exam date.
  4. Pay the fee in full (non-refundable).
  5. Before the exam, fill in CISI's QRF form online; otherwise no official result is issued.

Source

Exam body

Financial Academy: Official website: Financial Academy

Study guides

Frequently asked questions

What is the CME-4A (ICWIM) certificate?

CME-4A is the Financial Academy's code for the International Certificate in Wealth & Investment Management (ICWIM) from the Chartered Institute for Securities & Investment (CISI). The Capital Market Authority requires it for everyone to be registered under the managing activity, such as portfolio managers, fund managers and the investment analysts working with them, according to the exam page on the Financial Academy website (fa.gov.sa). It has 100 questions in 120 minutes, in Arabic or English, and CISI classes it as a Level 3 qualification.

Can I try CME-4A (ICWIM) questions for free?

Yes. Free questions: a 10-question diagnostic test covering the main units, no sign-up; at the end we compare your score with the pass mark and show your weakest units. The free practice test page lists the same questions with answers and an explanation for every option. The rest of the questions and the full mock exams come with a pass from SAR 26.

What makes this CME-4A (ICWIM) question bank different?

Question bank: full mock exams of 100 questions in 120 minutes, like the real test with a result for every unit, plus 538 explained questions across 8 units, every option explained, a review of your mistakes, and two ways to practise: see the answer right away, or sit a full timed mock. Every question is reviewed and referenced, ready to practise on your phone. Try the free questions and read the explanations before buying full access.

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

CME-4A is CISI's international ICWIM exam (100 questions, 120 minutes, pass mark 70, fee SAR 2,100), while CME-4B is an exam run by the Financial Academy itself on Saudi capital market regulations for asset managers (30 minutes, pass mark 17, fee SAR 1,700); you need to pass both for the CME-4 certificate, according to the two exam pages on the Financial Academy website. CME-4B covers the Investment Funds Regulations (56%), the Real Estate Investment Funds Regulations (32%) and the Market Conduct Regulations (12%). HADAF support for getting the fees back is only granted after you pass both exams.

Is the CME-4A exam hard?

To pass you need 70 correct answers out of 100 questions in 120 minutes, about 72 seconds per question, across eight units; the heaviest are Economics and Investment Analysis and Investment Advice at 21% each, according to the Financial Academy page and the CISI Version 7 syllabus. CISI recommends at least 152 hours of study, while the Financial Academy estimates about 100 hours for the workbook. There are calculations, done only with the on-screen calculator, and the exam may include up to 10% extra unscored trial questions that are not identified.

How many questions are there and how long is the exam?

100 multiple-choice questions in 120 minutes.

What is the pass mark?

70% to pass (70 correct answers out of 100); 91 or more earns a Pass with Merit.

Which language can I take the exam in?

Arabic or English. You choose when booking and cannot change it afterwards.

How much does the exam cost in Saudi Arabia?

SAR 2,100 through the Financial Academy. CME-4B is paid separately at SAR 1,700.

Is my mock exam score an official result?

No. Scores on this site are for practice only and are not an official result. They do show where you'd stand if the test were today: the full mock exam has the real question count and time, and your score is split by part of the exam so you can see where you lose points.

Is this an official site, and how do I pay?

It is an independent site, not part of Qiyas or any government body, and every question is reviewed before it is published. You pay once, with no automatic renewal, through Waffo Pancake (the merchant of record) by Visa, Mastercard, Apple Pay or Google Pay, and your statement shows "WAFFO". If you were charged twice or the pass did not open, email support@saudiexams.com.

Study material sample: The Financial Services Sector

Summary

Element 1 sets the scene for the whole qualification and carries about 4 of the 100 exam questions. It explains why the financial services sector exists and who does what inside it. You start with the sector's three core functions: the investment chain, which channels money from savers and investors to the businesses and governments that need capital; risk management through insurance and derivatives; and payment systems that move money quickly and reliably. Next comes the split between wholesale (business-to-business) and retail (business-to-customer) markets, followed by the main institutions: retail and commercial banks, savings institutions, finance companies, investment banks, pension funds, fund managers and custodians, plus newer entrants such as challenger banks, peer-to-peer lenders and shadow banking. The last part turns to wealth management: client segments by investable assets, the providers (financial advisers, private banks, family offices, private investment offices), the three service bases of discretionary, advisory and execution-only, then platforms and robo-advice. Questions on this chapter are short recall items: matching an activity to the right function, market or institution. Learn each institution by what it does and how it is funded or owned, memorise the four wealth bands, and practise telling the three service bases apart from a short scenario. The ideas here come back in later chapters, so time spent now is not wasted.

What the exam focuses on

  • Classify an activity as wholesale or retail. Bond trading between two financial institutions, cross-border banking and managing portfolios for pension, hedge and collective investment funds are wholesale; current accounts, pension accounts and advice for individuals are retail.
  • Match a tool to the right core function: insurance and derivatives belong to managing risk, SWIFT to payment systems, and bringing savers together with borrowers to the investment chain.
  • Name the institution from a list of its activities. Safekeeping, settlement, income collection and AGM/EGM information point to a custodian; flotations, new share or bond issues and M&A advice point to an investment bank; running portfolios for others points to a fund manager.
Show 5 more
  • Identify the service basis from a short scenario: who makes the investment decision, and whether advice is given, decides between discretionary, advisory (non-discretionary) and execution-only.
  • Place a client in the correct wealth segment from their investable assets, using the four thresholds of $100,000, $1 million, $5 million and $30 million.
  • Tell banks, savings institutions and finance companies apart by ownership and funding: banks are owned by shareholders (some by governments), savings institutions typically by their members, and finance companies raise money from shareholders, banks and capital markets rather than deposits.
  • Know what each wealth management provider offers: financial advisers (independent or restricted, usually selecting funds rather than managing portfolios), private banks (bespoke services for HNWIs, onshore or offshore), family offices and private investment offices, and the platforms advisers use.
  • Recognise the newer models by their key feature: challenger banks (no legacy issues), peer-to-peer lending (cuts out the bank, the platform earns a fee), shadow banking (bank-like services outside banking regulation) and robo-advice (algorithms, no human adviser).

Common traps

  • Each wealth band starts above its threshold, so a client with $900,000 of investable assets is mass affluent, not high-net-worth; HNWI status begins above $1 million.
  • On an advisory (non-discretionary) basis the firm recommends but the client makes every decision and need not follow the advice, even though a fee is paid. Only on a discretionary basis does the manager deal without asking the client first.
  • The word 'bank' misleads: investment banks are not deposit-takers like commercial banks. Their clients are mainly companies, governments and institutions such as pension funds, asset managers and hedge funds, plus large investors for investment management, not savers opening deposit accounts.
Show 5 more
  • Safekeeping assets and passing on AGM and EGM information are custodian services, not fund manager services: the fund manager decides what to buy and sell, while the custodian holds and services the assets.
  • SWIFT is a communications platform that lets members exchange financial information securely; it is an international example of a payment system, not a risk-management tool. Insurance, by contrast, belongs to managing risk, not to the investment chain or payment systems.
  • Rapid technological change and globalisation are linked with low inflation, strong growth and the spread of bond and equity markets, not with rising inflation or shrinking share and bond issuance.
  • A savings institution is typically owned by its members (depositors and borrowers), not by shareholders. Demutualisation is the move the other way: the member-owned institution becomes a shareholder-owned bank listed on a stock exchange, and its members become shareholders.
  • Insurance is not only a retail activity: reinsurance, large corporate, captive and risk-sharing insurance are wholesale, while life, medical, motor and other protection policies for individuals are retail.

Try the flashcards

Tap a card to see the answer

Which core function of the financial services sector does insurance serve?

Managing risk. Insurance, and increasingly derivatives, helps businesses handle global uncertainties such as currency values, major accidents or climate events, and protects households against everyday events.

What is SWIFT, and which function does it illustrate?

A communications network its members use to send financial information to each other securely and reliably, which helps standardise cross-border transactions. It is an international example of a payment system.

What do pension funds do, and what do they invest in?

They take in money paid by or for employees and pay it back as retirement income. Holding huge sums over long horizons, they invest heavily in shares, bonds and cash, and some also own property and other physical assets.

How are finance companies funded, and what is factoring?

Not from deposits: their money comes from shareholders, banks and the capital markets. In factoring, a business hands its uncollected invoices to the finance company for less than face value and gets cash straight away, easing its cash flow.

What defines challenger banks?

Newer banks set up to take on the big established retail banks. They are more agile and offer a narrower product range, and their key advantage is that they carry no legacy problems.

Peer-to-peer (P2P) lending: who gains, and what are the drawbacks for savers?

It cuts out the banks: borrowers often pay slightly less, savers get higher headline rates, and the platform earns a fee. Savers take more risk, earn nothing while money awaits lending, and may not withdraw immediately.

Dealing with advice vs advisory portfolio management: what is the difference?

With dealing with advice, the firm's advice covers one trade at a time and it is not responsible for the portfolio as a whole. With advisory portfolio management, the firm keeps ongoing responsibility for advising on what the portfolio holds, so it resembles discretionary management.

Robo-advice: how does it work, and how is it regulated?

Algorithms score the investor's data and choose investments with no human adviser involved, usually ending in a passive strategy built on index funds or ETFs. A robo-adviser has to be registered with the relevant financial regulator and is bound by the same rules as a human adviser.

Why you can trust these questions

  • Published questions: 538. We reviewed every one before publishing it: the answer, the explanation of each option and the source.
  • Exam facts last checked against the organiser’s website: 2026-10-18. We check them again every three months and two weeks before each test.
  • Found a mistake? Tap "Report an error" under any question in the practice area, or email us at support@saudiexams.com
  • Independent website. Not affiliated with ETEC (Qiyas), the Financial Academy or any government body.
Update log
  • 2026-10-31 Free diagnostic test: 10 questions covering every unit, with every option explained and your weakest units shown.
  • 2026-10-18 Published the exam facts from the Financial Academy and CISI pages.

How we write and review content

See also: Finance & Insurance Exams