In South Africa, if you are a person who provides financial services to individuals or companies, you are required to take the Re5 certificate. If you don’t know what can I do with a re5 certificate, we will show you a completed guide on the requirements and how to pass the Re5 certificate.
What is Re5 certificate
According to the FSB (Financial Services Board), RE5 stands for Regulatory Review for Representatives who provide financial services to companies or individuals in SA. You must pass the RE5 certificate to demonstrate that you can possess the necessary knowledge and skills to effectively carry out your responsibilities when working in certain financial services roles. The pass mark is 66%, which means you must get 33 correct questions out of 50 multiple choice questions that are generated from a question bank found in computer systems. The exam will take about 2 hours. You are required to pass the exam within 24 months from the date of your first appointment as a representative. If you do not pass the exam during this period, you will be debarred from providing financial services in the industry.
Difference between Re1 certificate and re5 certificate
Some people may know that both RE5 and RE1 are Level One exams, but there are some major differences between RE5 and RE1 certificates. For example:
- RE1 is a general examination for all key individuals and sole proprietors who manage and supervise a business in the provision of financial services in all categories I, II, IIA, III and IV. You must pass 54 of the 80 questions, or 67.5% of the questions.
- RE5 is an exam for all representatives (employed or mandated by an FSP) who provide financial services to a client or company. You must pass 35 of the 50 questions in the exam.
What can I do with a Re5 certificate?
When you have a Re5 certificate, you can take advantage of it. Here you can check the list below:
- Expand your job opportunities: You can work as a call center representative or as a financial advisor.
- Build trust and confidence: You can demonstrate your commitment to professionalism and build trust and confidence in clients.
- Adaptability to Industry Changes: RE5 certification proves your current knowledge and demonstrates your commitment to staying abreast of industry changes.
- Elevate Your Expertise: The RE5 certification empowers you with industry regulatory and ethical knowledge to enhance your advisory skills.
- Enhanced Professional Credibility: RE5 certification can boost your professional credibility. Employers are more likely to entrust responsible people with a lot of commitment and effort to pass this exam.
How to get Re5 certificate online
If you want to pass the RE5 exam, you must answer at least 33 multiple-choice questions out of 50 correctly, ultimately achieving 66%. Before you start to write your RE5 exam, you need to study in advance to ensure that you are well-prepared to answer the 50 multiple-choice questions.
Prepare for the RE5 examination
As RE5 is not a qualification but a license, you must pass the exam with sufficient knowledge. You should make some preparations before you take the RE5 exam, such as collecting the RE5 study material or getting the training program. Here you can follow the tips below to get ready for the RE5 exam and pass the exam successfully.
- Studying the updated RE5 study material: You can obtain the updated and rich material about the RE5 exam. It is not recommended that you memorize them, cause it may take you lots of energy and time. You should try to understand them and know their logical connection.
- Practicing with RE5 Mock exams: When you practice with the mock exam, you can familiar with the exam format. With more practice, you can know the areas that you need to improve.
- Attending a RE5 workshop: When you choose to participate in the workshop, you can understand the exam content and structure with ease. You will obtain professional assistance from the workshop participation.
- Get the study plan: It is suggested that you should create a study plan that helps you cover the materials and review all the learned content.
If you choose the RE5 training program, you should visit their website and Learner Management System to make sure you can get the best service for your money.
Booking your RE5 Exam
After a lot of practice and preparation, you can book your RE5 exams by registering to write your RE5 exam at Moonstone in your area. You should keep in mind that Moonstone is the only regulatory review body mandated by the FSCA. Here you can follow the steps to book the RE5 exam.
- You need to visit the Moonstone website.
- Then you need to register for the RE5 exam by completing your details on the form, such as name, passport number, email, and other professional details.
- After you have filled in all the information, you can click “continue” and choose the preferred venue and click the “Go” button.
- Then you must choose an exam called “RE5 Regulatory Examination: Representatives in All Categories of FSPs” and select a venue, available date and time slots to take the exam.
- Click the “Add to Booking” button and confirm the information you have selected at the bottom of the page.
- You can then read the terms and conditions and click on the “Accented” button.
- You must complete the exam payment by choosing the preferred payment method.
- After payment, you will receive the booking information in your email within 24 hours.
Take the exam
On the appointed time, you must complete the exam at the chosen location with the required documents. The RE5 exam lasts two hours, so you must answer 50 multiple choice questions during this period. It is essential for you to manage your time effectively to ensure that you can complete the exam within a limited time frame.
Get your RE5 certificate
If you have successfully passed the RE5 exam, you will receive the certificate by email or via RE5 certificate Moonstones’ online portal after 1-2 days. If you don’t pass the exam, you can take the exam again.
How long does it take to get Re5 certficiate
Usually, the processing time for the RE5 exam results is 1 or 2 days. You will receive the exam result via email or Moonstone’s online portal within days of completing the exam. However, there are some cases where the exam result takes up to 20 more days. If you are in such situation, you should contact them to check the exam result.
How much is Re5 certficiate
You must pay for the RE5 certificate. According to the FSB (Financial Services Board) in South Africa, the cost of the RE5 exam is regulated, which will cost you around R1,226 to sit for one exam. If you fail the exam, you are required to pay the same amount for the re-examination. If you attend RE5 workshops, you will also need to pay for the printed study guide and other services during the workshops. However, the RE5 certificate fee may vary sometimes, so you need to check with the Moonstone for the most current fee.
FAQ
Is RE1 higher than RE5?
No. RE1 is not higher than RE5 and RE5 is not higher than RE1. They are the Moonstone Level One exams, which represent different categories. RE5 is for Representatives and RE1 is for Key Individuals. You need to decide which exam to book for, depending on your job function. Therefore, there is no level comparison between the RE1 and RE5 exam.
Where are exam venues for the regulatory examination located?
The regulatory review is located at Moonstone, the only approved review body for the regulatory examination. There are many established RE5 exam locations in the South Africa for the convenience of exam candidates. This can ensure the accessibility to individuals who need the RE5 exam across the country. You can see the closest RE5 exam venue when you register on Moonstone website.
Can you get banned on RE5?
No. If you fail the RE5, you are allowed to re-register online and take the second chance to pass the RE5 exam. You must meet the requirements for the RE5 exam before you take a second exam. However, you also need to pay for the exam fee if you need the second exam.
Can I take the RE5 online?
No, you can’t take the Regulatory Examination online. All candidates must complete the RE exam in a controlled environment to take a supervised sit-down exam at the chosen Moonstone venue.
Conclusion
All in all, if you want to work professionally in financial services in South Africa, you must pass the RE5 exam. It is recommended that you do more practice, master the necessary knowledge and understand the regulatory standards to pass the exam at once. Otherwise, you need to prepare for the second exam, which may cost you money and time.