Starting August 26 examinees from all over the country will be taking the Certification and Examination Program for Salesmen in the fixed income market. The examination period will run from August 26 till September 19, 2008 reserved for enrollees submitted and guaranteed by financial institutions. 

As resolved by the SEC, the provisional license awarded to FI salesmen who attended the SEC-initiated symposium will be valid only until September 2008. Consequently, the FI salesmen should be enrolled for the SEC certification and examination program. 

Fixed income salesmen with provisional licenses will be given priority to take the exam. The maximum priority slots per institution are the total number of FI salesmen accorded with the provisional license by institution. A separate headcount should be provided for FI salesmen without a provisional license but intends to take the exam

In a letter received from the SEC on July 10, 2008, please be advised of the following guidelines with respect to the Certification and Examination Program for Salesmen in the fixed income market as follows: 

EXAMINATION PERIOD. The examination period is scheduled from August 26 to September 19, 2008 reserved for those enrollees submitted and guaranteed by the financial institutions.  The period from September 22 to 30, 2008 shall be set aside for retakes (see Section VI).  We would also like to inform you that the BAP has requested the Securities and Exchange Commission to move the commencement of the examination date on the 3rd week of October 2008 to give the examinees ample time to review.  Consequently, we have likewise requested from the good Commission that moving the examination schedule at a later date will allow the SEC to similarly extend the effectivity of the SEC provisional license to prevent any possible disruption the market.  Finally, please be advised that unless the Commission rules favorably to the BAP request, the original examination period which starts on August 26, 2008 will proceed.

 SCHEDULE AND EXAM VENUE. Examination in Metro Manila will be conducted from Mondays to Friday.  There are 3 sessions per day with the confirmed time as follows:

a.       1st Session    –           8:00 AM to 11:00 AM

b.       2nd Session    –           11:45 AM to 2:45 PM

c.       3rd Session    –           3:30 PM to 6:30 PM

Examinees from Luzon which include Metro Manila, Calamba, Lucena, San Fernando and Baguio will be taking the examination in: PhilSEC Institute Training Room located at the 10th Floor of the SEC Bldg., EDSA Greenhills, Mandaluyong City.   

Examinees from Visayas may take their exam either in Cebu City (September 20/21, 2008) or Iloilo City (September 6/7, 2008).  

Examinees from Mindanao may take their exam either in Davao City (September 13/14) or Cagayan De Oro City (August 30/31, 2008)

Dates are still tentative.  You will be notified of the exact date, time and venue for the Visayas and Mindanao locations as soon as the SEC has finalized. 

ENROLLMENT PERIOD, FEE AND DISCOUNT

a.       Enrollment period will start on July 11, 2008

b.       Enrollment fee is five thousand pesos (PhP5,000) per examinee which includes the examination fee and the Study Guide CD.  Payment either in cash or in cheque payable toPhilippine-SEC Institute Foundation Inc.

c.       Enrollment fee discount may be availed provided the financial institution does not have outstanding obligations relative to the series of SEC Symposium for Fixed Income Salesmen held last December 2007 at the time or enrollment.  The discount shall be as follows: 

For early enrollees (those who will register between July 11 – 18, 2008)

5% discount
For a group of at least 100 examinees per financial institution

5% discount
For a group of at least 100 examinees per financial institution who will register between July 11 – 18, 2008

10% discount

 

EXAMINATION COVERAGE AND QUESTIONS.  The exam shall cover all the topics included in the Study Guide CD.  There will be 120 to 150 exam questions.  The exact number of questions will be determined and formally announced after the completion of the pilot tests conducted using the Automated Testing System.  

PASSING MARK.  A 75% passing score (on cumulative counting) was set for the Fixed Income Market Salesmen’s examination.

RETAKE OF THE EXAMINATION 

a.       There is no limit as to the number of times an examinee/applicant can take the exam provided he/she pays the required examination fee

b.      September 22 to 30, 2008 shall be reserved for unsuccessful examinees who may want to retake the exam

c.       Registration and scheduling for retakes shall be on a “first come, first serve” basis

d.       The fee for the retake of the exam will be announced at a later date.

FAILURE TO TAKE THE EXAMINATION.  An examinee who fails to take the exam on his/her assigned date or slot shall be allowed to retake the exam provided that he/she complies with the provisions stated in Section VI.