CME-1A vs CME-1B: Which One Should You Start With? | Hespah LLC [Skip to main content](#main-content)[![Hespah LLC](https://centralcdn.hespah.com/home_logolight_file2png.webp)](/en)Search More [Home](/en) [Learning Hub](/en/courses) [About us](https://hespah.com/who-we-are) [Blog](/en/blog) [Contact Us](/en/contact) Login[New Account](/en/register) 1. [Home](/en) / 2. [Blog](/en/blog) / 3. CME-1A vs CME-1B: Which to Start With and Why You Need Both CME-1A vs CME-1B: Which to Start With and Why You Need Both =========================================================== 2026-08-25 / 2 months ago A question that comes up constantly for newcomers to the Saudi financial sector: CME-1A and CME-1B — are they two separate certifications? Which should I start with? And do I really need both? The answer is simpler than it looks, but it rests on understanding the Capital Market Authority's logic in designing its qualification examinations. What is the difference between CME-1A and CME-1B, briefly? ---------------------------------------------------------- CME-1A and CME-1B are not competing certifications. They are two parts that together make up the General Securities Examination (CME-1). CME-1A is an international technical paper explaining how financial markets work, while CME-1B is a Saudi regulatory paper explaining how you operate inside the Saudi market under its laws and regulations. ![CME-1A vs CME-1B compared: official name, technical vs regulatory, international vs Saudi scope, partner body and the skill each requires](https://centralcdn.hespah.com/uploads/emils/17908132570.jpeg "CME-1A vs CME-1B compared: official name, technical vs regulatory, international vs Saudi scope, partner body and the skill each requires") CME-1A versus CME-1B: a comparison ---------------------------------- Point of comparison CME-1A CME-1B Official name International Introduction to Securities and Investment General Saudi Capital Market Rules and Regulations Classification by the Authority Technical Regulatory Nature of content Financial market concepts, investment instruments and asset classes Laws, regulations, licensing, prohibited conduct and anti-money laundering Scope International Purely Saudi Partner body Delivered in cooperation with CISI of the United Kingdom Saudi statutory content Skill required Conceptual understanding Precision in reading and applying statutory text Why did the Authority split CME-1 into two parts? ------------------------------------------------- Because the two skills are entirely different, and one of them transfers between markets while the other does not. An employee arriving from another financial market may already hold the technical foundation, yet know nothing about the Saudi Securities Business Regulations, the fit and proper requirements, or the prohibited conduct under the Capital Market Law. Conversely, a local employee may know the regulations well but still need to secure the international technical foundation. The split into a technical part (A) and a regulatory part (B) is also not unique to level one. It is the logic of the whole series: every level from CME-1 through CME-5 is divided the same way. The Capital Market Authority approved the development of this series in October 2022. Which should you start with, CME-1A or CME-1B? ---------------------------------------------- No statutory order is imposed between the two parts. In practice, however, the following guidance helps: - If you are entirely new to the financial sector — start with CME-1A. The technical foundation will make the CME-1B texts comprehensible rather than something you memorise blindly. - If you already work inside a capital market institution and need to complete the registration requirement quickly — many people start with CME-1B because its content is closer to their daily work. - If your background is academic accounting or finance — you will usually find CME-1A faster, so start there and secure an early win that builds momentum. Which is harder, CME-1A or CME-1B? ---------------------------------- The question is misplaced, because the difficulty here is qualitative rather than quantitative. On one hand, CME-1A is hard for anyone without a financial background, because it introduces terminology and instruments that are entirely new to the reader. On the other hand, CME-1B is hard for almost everyone, but for a completely different reason: regulatory questions are built on fine distinctions in wording, so «understanding the topic in general» is not enough — the exam asks you about the exception, not the rule. This is precisely why long-serving employees sometimes fail CME-1B: their practical experience taught them prevailing practice, while the exam asks about the statutory text. For more on this point, see the [complete CME-1B exam guide](https://hespah.com/en/blog/cme-1b-guide). Do you need both CME-1A and CME-1B? ----------------------------------- It depends on the registered function you are applying for. Paragraph (d) of Article 21 of the Capital Market Institutions Regulations provides that an applicant for registration must have passed the qualification examinations required by the Authority, or obtained an exemption from them — and what is required is determined by the specific function. Review your function's requirements on the Authority's website before registering, and do not assume they match a colleague's. Is a university qualification required to sit the exams? -------------------------------------------------------- No. The Authority does not require particular academic qualifications to register for the qualification examinations. The door is therefore open to those working in the sector whose academic background was not financial, provided they prepare well. ![Where to start: newcomers begin with CME-1A, staff inside a capital market institution often start with CME-1B, and accounting graduates usually start with CME-1A](https://centralcdn.hespah.com/uploads/emils/17908132571.jpeg "Where to start: newcomers begin with CME-1A, staff inside a capital market institution often start with CME-1B, and accounting graduates usually start with CME-1A") What comes after level one? --------------------------- CME-1 is the general entry point for everyone. Beyond it, the paths branch by functional specialism: Path Technical part Regulatory part Compliance and anti-money laundering CME-2A — Global Financial Compliance CME-2B Brokerage CME-3A — Securities CME-3B Asset management CME-4A — International Certificate in Wealth and Investment Management CME-4B Corporate finance CME-5A — Corporate Finance Technical Foundations CME-5B Note also that previously issued CME-4A and CME-5A certificates remain valid. Holders of earlier qualification examination certificates likewise remain eligible for registration according to their registered functions, without needing to pass the new examinations. For the wider picture, see the [map of professional certifications for accountants and finance professionals in Saudi Arabia](https://hespah.com/en/blog/professional-certifications-saudi). How to prepare for both exams ----------------------------- ### First: do not study them the same way CME-1A calls for conceptual understanding and connecting financial instruments together, while CME-1B calls for textual precision and conscious retention of distinctions. Using one study method for both is the most common mistake candidates make. ### Second: separate them in time Combining a conceptual exam and a regulatory exam in the same week scatters your attention. Give each its own dedicated period, then revise them together before the second exam. ### Third: use question banks early A question bank is a diagnostic tool, not a last-minute revision tool. Work through the questions for each topic as soon as you finish it, and you will find the gaps while you can still address them. Start where you actually need to -------------------------------- At Hespah Academy we prepare programmes for both CME-1A and CME-1B with structured Arabic instruction, question banks with explanations and statutory references, and mock exams that simulate the real testing environment. Sources ------- - Saudi Capital Market Authority — qualification examinations page and qualification examinations guide ([cma.gov.sa](http://cma.gov.sa)). - Capital Market Institutions Regulations — Article 21, paragraph (d): registration application requirements. *This article is for general information only and is not a substitute for reviewing the official sources of the Authority and the examination provider before registering.* Articles you might like ----------------------- [![Management Discussion in the Board Report: the CMA Draft](https://centralcdn.hespah.com/249/conversions/cover-sm.webp)2026-10-24 ### Management Discussion in the Board Report: the CMA Draft The CMA draft requires a separate management discussion section in listed companies' annual Board report. 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