How to Register for CME-4A (ICWIM) in Saudi Arabia

Last verified: 18 October 2026. Fees and exam policies can change at any time, so confirm everything on the Financial Academy (FA) CME-4A page and FA's exam policies for CISI exams before you pay. This is an independent guide and is not affiliated with FA, the Capital Market Authority (CMA), CISI or any other government body.

CME-4A is FA's code for the CISI International Certificate in Wealth & Investment Management (ICWIM). This guide explains who needs it, what it costs and the booking rules FA applies to exams it runs with CISI.

Who has to take CME-4A

FA describes CME-4A as a mandatory CMA exam delivered in cooperation with CISI. Passing it is required of everyone who is to be registered under the Managing activity, for example (the list is not exhaustive) portfolio managers, fund managers and the investment analysts who work with them. The CMA's qualification exams guide sets out the same requirement for the Managing activity.

There are no entry conditions: FA lists no prior certificate, no required training programme and no registration requirements.

CME-4 means CME-4A plus CME-4B

The professional certificate has two parts, and FA states that you must pass both to receive it:

• CME-4A, the CISI ICWIM exam: 100 multiple-choice questions, 120 minutes, pass mark 70, in Arabic or English.
• CME-4B, Saudi Capital Market Regulations (Asset Managers), FA's own exam: 30 minutes, pass mark 17, in Arabic or English. It covers investment funds rules (56%), real estate investment funds rules (32%) and market conduct rules (12%).

CME-4A is an international exam that is not built around Saudi rules; the workbook mentions the Saudi regulators only briefly, among examples from several countries. The Saudi rules for asset managers are tested in CME-4B.

Fees

The fee is paid in full when you book and cannot be refunded once payment is confirmed, unless FA itself cancels the exam, according to its general policy. The CMA guide contains an older fee table with lower amounts; use FA's current page as the reference.

Rescheduling your exam

CISI exams cannot be cancelled, but you can postpone or change your date. The fee depends on how many times you change it and how many days are left before the exam:

The full exam fee is also charged if you reschedule less than 14 days before the exam and the new date falls after a new edition of the workbook is released; you then receive the new workbook. Each workbook states its validity period at the front.

How to register, step by step

1. Create an account, or sign in, on the FA website.
2. Open the CME-4A exam and choose your exam language: Arabic or English. Choose carefully, because CISI exams do not allow a change of language after booking.
3. Book your exam date.
4. Pay the full fee of 2,100 SAR. Payment is non-refundable after confirmation.
5. Before exam day, complete CISI's QRF form online. Until it is completed, no official result is issued.
6. On exam day, bring a valid ID whose name matches your booking exactly.

Your booking is personal: a CISI exam place cannot be swapped with another candidate.

ID rules

Your ID must be unexpired and must show exactly the same name as your booking, otherwise you will not be admitted. FA's general exam policy lists these accepted documents:

• National ID card for Saudi or GCC citizens.
• Residence permit (iqama) for non-Saudi residents.
• Temporary ID issued by the Saudi passports department.
• For women without an ID card: the family register together with a passport.

The same general policy, which is written mainly for exams FA runs itself, asks candidates to arrive 30 minutes early and warns that late arrivals may be refused entry, so check the arrival instructions for your booking.

Retake limits

• You can sit the same exam at most 3 times in any 12-month period. After the third attempt there is a compulsory 6-week break, counted from the date of that attempt.
• After a fail, you cannot resit the same exam within three full days. For example, if you sit on a Thursday, the earliest retake is the following Monday.
• In exceptional cases, FA can ask CISI on your behalf for a waiver to allow a fourth attempt (FA's exams address is exams@fa.org.sa).
• CISI may refuse a booking from someone who has already passed the same exam.

Getting the fee back through HADAF

FA says the exam fee can be recovered through the HADAF (Human Resources Development Fund) platform after you pass, but with a clear condition: support is granted only after you pass both CME-4A and CME-4B and submit the qualification certificate, which is sent to you by email. Passing just one of the two exams does not qualify. Check HADAF's current eligibility rules before you count on the refund.

Free study materials

• FA's CME-4A page links the complete CISI workbook, 7th edition, as free PDFs in Arabic and English. FA estimates about 100 hours of study.
• FA also lists a paid preparatory programme for CME-4A; check that page for upcoming sessions.

Exam conduct

CISI's candidate behaviour policy treats disclosing exam content after the exam as misconduct; penalties can include voiding results, a ban from future exams and notifying employers and regulators. FA's general policy also prohibits saving or publishing exam content online.