CME-1B Exam: Saudi Capital Market Rules Guide | 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. The CME-1B Exam: A Complete Guide to Saudi Capital Market Rules and Regulations The CME-1B Exam: A Complete Guide to Saudi Capital Market Rules and Regulations =============================================================================== 2026-08-25 / 2 months ago If you work — or plan to work — inside a capital market institution in Saudi Arabia, the name CME-1B will reach you sooner or later. Not because it is a certificate that decorates a CV, but because in many functions it is a statutory condition for registration with the Capital Market Authority. This guide explains exactly what the CME-1B exam is, where it sits in the Authority's examination series, what topics it covers, and how to prepare for it in a way that suits a busy professional. What is the CME-1B exam? ------------------------ CME-1B is the «General Saudi Capital Market Rules and Regulations» examination approved by the Capital Market Authority. It is the regulatory part of the General Securities Examination (CME-1) and measures your knowledge of the laws and regulations governing the Saudi capital market. Passing it is a requirement for registration with the Authority in a number of functions. In detail, CME-1B is one of two parts that together form the General Securities Examination (CME-1). The other part is CME-1A — the International Introduction to Securities and Investment — which is the technical part, delivered in cooperation with the Chartered Institute for Securities and Investment (CISI) in the United Kingdom. The substantive difference between them is simple: CME-1A teaches you how financial markets work in general, while CME-1B teaches you how to operate inside the Saudi market specifically, under its own rules. We have devoted a separate article to that comparison: [the difference between CME-1A and CME-1B](https://hespah.com/en/blog/cme-1a-vs-cme-1b). ![The Saudi CMA qualification series CME-1 to CME-5: each level splits into a technical A part and a Saudi regulatory B part; CME-1B is the regulatory part of level one](https://centralcdn.hespah.com/uploads/emils/17908087670.jpeg "The Saudi CMA qualification series CME-1 to CME-5: each level splits into a technical A part and a Saudi regulatory B part; CME-1B is the regulatory part of level one") Why is the CME-1B exam mandatory? --------------------------------- First, paragraph (d) of Article 21 of the Capital Market Institutions Regulations, under the heading «Registration application requirements», provides that an applicant for registration must have passed the qualification examinations required by the Authority, or obtained an exemption from them. Registration with the Authority to perform a registered function inside a capital market institution is therefore not complete without passing the qualification examination prescribed for that function — and CME-1 is the general entry point to this series. Second, the Capital Market Authority approved the development of this series of qualification examinations in October 2022, as part of its efforts to raise the knowledge and skills of those working in the capital market and to keep pace with the rapid developments the Saudi market is witnessing. Where does CME-1B sit in the qualification examination series? -------------------------------------------------------------- The matter does not stop at CME-1. The Authority approved a full series, and every level within it is divided into a technical part (A) and a Saudi regulatory part (B): Code Examination Type CME-1A International Introduction to Securities and Investment Technical CME-1B General Saudi Capital Market Rules and Regulations Regulatory CME-2A Global Financial Compliance Technical CME-2B Compliance, anti-money laundering and counter-terrorist financing Regulatory CME-3A Securities Technical CME-3B Capital market rules and regulations — brokers Regulatory CME-4A International Certificate in Wealth and Investment Management Technical CME-4B Capital market rules and regulations — asset managers Regulatory CME-5A Corporate Finance Technical Foundations Technical CME-5B Capital market rules and regulations — corporate finance Regulatory Choose your path according to your registered function: compliance and anti-money laundering → level two; brokerage → level three; asset management → level four; corporate finance → level five. CME-1 nevertheless remains the shared foundation for everyone, which makes it the logical starting point for anyone planning a career inside the Saudi capital market. For a wider view of the professional certifications available locally, see the [map of professional certifications for accountants and finance professionals in Saudi Arabia](https://hespah.com/en/blog/professional-certifications-saudi). Do you need a university qualification to sit CME-1B? ----------------------------------------------------- No. The Authority does not require particular academic qualifications to register for the qualification examinations. That opens the door to those working in the sector who did not graduate in finance or accounting, provided they prepare well and follow a structured study plan. What if you hold an older CME certificate? ------------------------------------------ Holders of earlier qualification examination certificates issued by the Authority remain eligible for registration according to their registered functions, without needing to pass the new examinations. In addition, the previously issued CME-4A (International Certificate in Wealth and Investment Management) and CME-5A (Corporate Finance Technical Foundations) certificates remain valid. What does the CME-1B syllabus cover? ------------------------------------ The General Chapter syllabus consists of eight regulatory topics covering the legislative structure of the Saudi capital market: 1. Introduction to the Saudi capital market — the origins of the market and the Capital Market Law, types of securities, the Capital Market Authority, and the exchange (Tadawul). 2. Securities Business Regulations — securities business, exemptions from licensing, and securities advertisements. 3. Licensing — obtaining a licence, continuing the licence, and the fit and proper requirements. 4. Regulatory requirements for employees and for capital market institutions. 5. Anti-money laundering and counter-terrorist financing rules. 6. Prohibited conduct — manipulation, deception and insider trading. 7. Capital Market Institutions Regulations. 8. Supervisory systems and procedures. In practical terms, the fifth and sixth topics are the ones most closely tied to daily practice inside capital market institutions. They are also the most sensitive in terms of the statutory liability that falls on the employee personally — not on the institution alone — which makes mastering them a priority rather than a luxury. How to prepare for CME-1B methodically -------------------------------------- Start by remembering that this is a regulatory exam, not a numerical one. Success does not depend on mathematical ability, but on two things: precision in reading the statutory text, and the ability to apply it to a realistic practical situation. ### First: read the statutory text itself, not a summary of it Many regulatory exam questions are built on a fine difference between two formulations, and summaries drop those differences by their very nature. Read the original regulations from the Authority's website, then use the summary for quick revision rather than for first learning. ### Second: study by comparison, not in sequence Build tables that compare: what requires a licence and what is exempt? What is the difference between the two categories of violation? What are the limits of each licensed activity? The exam asks you about the distinctions more than about the general rule itself. ### Third: practise questions early Question banks are not a final revision tool; they are primarily a diagnostic tool. Work through the questions for each topic as soon as you finish it, and you will discover the knowledge gap while you can still address it before the exam date. ### Fourth: train yourself against the clock Regulatory questions are long by nature, and time is the real enemy rather than the difficulty of the material. Always time your mock exams, and measure your performance under time pressure rather than in the comfort of study. ![The eight CME-1B syllabus areas: the Saudi market, securities business regulations, licensing, regulatory requirements, AML/CTF, prohibited conduct, capital market institutions regulations and control systems](https://centralcdn.hespah.com/uploads/emils/17908087671.jpeg "The eight CME-1B syllabus areas: the Saudi market, securities business regulations, licensing, regulatory requirements, AML/CTF, prohibited conduct, capital market institutions regulations and control systems") Frequently asked questions about the CME-1B exam ------------------------------------------------ ### What is the difference between CME-1 and CME-1B? CME-1 is the General Securities Examination in both its parts, while CME-1B is its second part, concerning Saudi capital market rules and regulations. The first part is CME-1A, the International Introduction to Securities and Investment. ### Can I pass CME-1B alone without CME-1A? The two exams are parts of a single qualification, but registration requirements with the Authority are determined by the specific registered function. Review your function's requirements on the Capital Market Authority's website before registering, and do not rely on a comparison with a colleague's function. ### Is the CME-1B exam in Arabic? CME-1B is an exam on Saudi laws and regulations, and its reference texts are issued in Arabic. Confirm the available exam language when registering with the examination provider. Start preparing for CME-1B with Hespah -------------------------------------- At Hespah Academy we offer a complete preparatory programme for the CME-1B exam covering all eight topics with structured Arabic instruction, written theoretical reviews, a question bank with detailed 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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