The Course for Investment Advisers
The course for investment advisers is one of the three courses the Securities Commission offers and runs in accordance with the Law on the Capital Market. The Rulebook on Licensing Brokers, Investment Advisers and Portfolio Managers regulates taking classes, exams and licensing investment advisers.
Classes
The Securities Commission usually organizes the classes for investment advisers once a year. Classes last for two months (total number of classes is 100). They are held on business days in the afternoon hours and on weekends on the premises of the Securities Commission or elsewhere.
The maximum number of candidates for the classes is typically 30. All candidates who apply after the groups are formed are placed on the waiting list. If the number of candidates is less than 10, the classes will not be held and the applicants may listen to classes in the following cycle or apply in writing for a refund.
Applications
In order to take the classes of an investment adviser it is necessary to file a complete application for classes within the deadline published on the website of the Commission. The applications can be submitted personally or by fax. The complete application for classes contains:
1. Completed application for the relevant cycle of classes
2. A certified copy of a university degree
3. If the candidate has a degree obtained abroad, it is necessary to submit evidence on recognition of the degree. Exceptionally, an application can be granted if evidence on initiated process of recognition is submitted. However, the candidate must furnish the evidence on recognition prior to the beginning of classes
3. Evidence of payment of the fee to the Commission, which amounts to RSD 180,000.00.
Only persons holding at least level I of CFA education (Chartered Financial Analyst) do not have the obligation to be present at the classes.
If a candidate misses an examination, the funds are not repayable.
All additional information can be obtained on the following telephone numbers: 38111/3117144.
Lecturers:
The Securities Commission has appointed the following persons to be lecturers for the investment adviser course.
I QUANTITATIVE METHODS
• PhD Dubravka Pavličić, full professor, the area of scientific research: Statistical analysis and Theory of decision-making;
• PhD Zorica Mladenović, full professor, the area of scientific research: Econometrics:
• PhD Branko Urošević, associate professor, Ph.D. degree in finance, Barkley University, lecturer of Operations research
• PhD Ljiljana Petrović, full professor, the area of scientific research: Mathematics, Statistics and Quantitative Methods
• PhD Radmila Dragutinović Mitrović, assistant professor, the area of scientific research: Statistical analysis and Econometrics;
• PhD Vladimir Vasić, assistant professor, the area of scientific research: Statistical Analysis, Time Series Analysis, Multivariate analysis;
• PhD Nebojša Marić, associate professor, the area of scientific research: Mathematics, Statistics and Quantitative Methods
• MA Aleksandra Nojković, PhD under-graduate, teaching assistant, the area of scientific research: Econometrics:
• PhD Drago Inđić, professor LBS;
• PhD Miloš Božović, the area of scientific research: Financial markets, Risk management policies;
• PhD Ivana Prica, assistant professor, the area of scientific research: Quantitative Analysis
II ECONOMICS
• PhD Božidar Cerović, full professor, the area of scientific research: The fundamentals in economics, Transition economics, Microeconomics and Theory of production;
• PhD Danica Popović, full professor, the area of scientific research: Macroeconomics;
III FINANCIAL STATEMENT ANALYSIS
• PhD Nikola Stevanović, retired full professor, the area of scientific research: Accounting and Business Finances
• PhD Dejan Malinić, full professor, the area of scientific research: Accounting and Business Finances
• PhD Kata Škarić Jovanović, full professor, the area of scientific research: Accounting and Business Finances
• PhD Vlade Milićević, assistant professor, the area of scientific research: Accounting and Business Finances
• MA Savka Vučković, teaching assistant, the area of scientific research: Accounting and Business Finances
IV CORPORATE FINANCES
• PhD Milorad Ivanišević, full professor: Accounting and Business Finances
• PhD Dragan Đuričin, full professor, the area of scientific research: Strategic Management, Strategic Financial Management and Project Management;
• PhD Dejan Malinić, full professor, the area of scientific research: Accounting and Business Finances
• PhD Miroslav Todorović, assistant professor, the area of scientific research: Accounting and Business Finances
V INVESTMENT INSTRUMENTS
• PhD Đorđe Đukić, full professor, the area of scientific research: Banking and Monetary Economics
• PhD Branko Vasiljević, full professor, the area of scientific research: Financial Markets
• PhD Boško Živković, full professor, the area of scientific research: Financial Markets
• PhD Dejan Šoškić, associate professor, the area of scientific research: Financial Markets
• PhD Branko Urošević, associate professor, Ph.D. degree in finance, Barkley University, lecturer of Operations Research
• PhD Drago Inđić, professor LBS;
• PhD Miloš Božović, the area of scientific research: Financial markets, Risk management policies;
• PhD Zoran Ćirović, assistant professor, holds a Ph.D. degree in finance, obtained at the Faculty of Economics:
Applying to take the exam
The Securities Commission typically organizes the exam for investment advisers twice a year in the following examination periods January-February and June-July. The time of taking the exam is published at least 20 days before the exam.
Applications of exams are made by submitting the complete application to the Commission, in person or by fax, within the time period envisioned for applications published on the web site of the Commission.
The complete application for the exam contains:
1. Completed application for the exam
2. For candidates with at least CFA I degree:
- Evidence on the successful completion of the relevant CFA level
- A certified copy of university degree diploma
- Evidence on recognition of the degree, if the candidate has a degree obtained abroad
3. Evidence of payment of the fee which amounts to RSD 20,000.00, until the candidate passes at least two examination areas when sitting for the rest of the exams (in the successive 3 examination periods the Commission organizes) is 6,000.00 each, per examination area.
Candidates who did not attend the classes for investment advisers cannot apply to take the exam, except if holding at least level I of CFA education (Chartered Financial Analyst).
If a candidate misses an examination, the exam fee is not refundable.
All additional information can be obtained on the following telephone numbers: 38111/311-71-44.
Taking the exam
The examination for investment advisers is anonymous. The examination areas for investment advisers defined by the Rulebook are tested in writing, the test lasts from 45 to 150 minutes, depending on the area.
Examination assignments for each of the examination areas include:
1) Test/quiz questions, open or closed (multiple choice), with 2 minutes for solving each question.
2) Quantitative tasks with up to 5 minutes of time granted per task, depending on the complexity of task as determined by the examiner.
The exams are taken on the premises of the Securities Commission, Omladinskih brigada 1/VII or elsewhere as determined by the Commission.
Grading performance
Upon the exam, within 15 days of the exam, examiners are required to submit to the Commission the graded exam papers.
Based on the number of total points won, the exam committee determines the final grade for each of the candidates and the Exam Result Report is published on the website of the Commission.
Certification
Successful candidates are awarded diplomas attesting to the obtained title of an investment adviser. The certification is traditionally celebratory organized on the day of the Commission on 16 February. To the day of certification the candidates can receive upon their request a document confirming the exam.
License for investment advisers
A candidate cannot start working as an investment adviser until the Securities Commission awards the candidate a license for an investment adviser. A license for an investment adviser is granted by the Securities Commission to candidates who meet the following conditions:
1) A successfully taken test for obtaining the title of an investment adviser
2) At least three years of experience with securities-related activities
3) No statutory disqualifications.