100+ Free Befähigungsprüfung Gewerbliche Vermögensberatung Practice Questions

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2026 Statistics

Key Facts: Befähigungsprüfung Gewerbliche Vermögensberatung Exam

100

Practice Questions

OpenExamPrep

€0

Exam Fee for 1st & 2nd Attempt Since 2024

WKO Meisterprüfungsstelle

NQR 6

National Qualification Framework Level

Gewerbliche Vermögensberatung PO 2024

27.5%

Austrian Capital Yields Tax (KESt) on Securities

EStG § 27a

80% LTV

Maximum Loan-to-Value Ratio Under KIM-V

FMA KIM-Verordnung

40% DSTI

Maximum Debt-Service-to-Income Ratio Under KIM-V

FMA KIM-Verordnung

The Austrian Befähigungsprüfung Gewerbliche Vermögensberatung is the statutory licensing examination administered by WKO Meisterprüfungsstellen for commercial financial advisors in Austria. Updated in July 2024 to NQR Level 6 standards, it tests comprehensive mastery of WAG 2018, MiFID II, VKrG, HIKrG, KIM-Verordnung mortgage lending limits, KESt taxation, fund analysis, and Austrian pension planning. First and second attempts are free under Austrian law. This bank provides 100 detailed practice questions with full explanations.

Sample Befähigungsprüfung Gewerbliche Vermögensberatung Practice Questions

Try these sample questions to test your Befähigungsprüfung Gewerbliche Vermögensberatung exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under § 94 Z 75 of the Austrian Trade Code (Gewerbeordnung 1994 - GewO), what commercial authorizations are encompassed within the regulated trade of Gewerbliche Vermögensberatung (Commercial Financial Advisory)?

A.Investment advice regarding financial instruments, financial planning, credit intermediation, and, with appropriate qualification, life and accident insurance intermediation

B.Statutory audit of listed corporation annual financial statements under the Commercial Code (UGB)

C.Direct deposit-taking and current account operation as an independent credit institution under the BWG

D.Issuing formal criminal decrees against unauthorized financial market participants

Explanation: Pursuant to § 94 Z 75 and § 136a GewO 1994, Gewerbliche Vermögensberatung covers financial planning, investment advice on financial instruments (subject to WAG 2018), credit intermediation (hypothecary and consumer loans), and insurance intermediation (life/accident) for authorized license holders.

2Under § 1 Z 44 and § 36 of the Austrian Securities Supervision Act 2018 (Wertpapieraufsichtsgesetz 2018 - WAG 2018), what defines a Tied Agent (Vertraglich gebundener Vermittler - vgV)?

A.An intermediary who acts exclusively in the name and on behalf and under the full civil and regulatory liability of a single licensed investment firm (Haftungsdach)

B.An independent investment firm authorized to hold client money in its own bank accounts

C.A commercial bank that issues its own proprietary stock exchange indices

D.A foreign broker-dealer operating in Austria without European passporting

Explanation: A tied agent (vertraglich gebundener Vermittler nach § 1 Z 44 WAG 2018) provides investment advice or receives/transmits orders under the complete liability umbrella (Haftungsdach) of a licensed investment firm (Wertpapierfirma) or bank.

3Under WAG 2018 (MiFID II), what is the essential distinction between a Suitability Assessment (Geeignetheitsprüfung) and an Appropriateness Assessment (Angemessenheitsprüfung)?

A.A suitability assessment applies to investment advice/portfolio management and evaluates knowledge, financial capacity to bear losses, and investment objectives; appropriateness applies to execution-only and evaluates only knowledge and experience

B.A suitability assessment is only conducted for institutional banks, whereas appropriateness applies to retail consumers

C.Appropriateness tests evaluate the client's tax rate, while suitability tests calculate mortgage loan annuities

D.Both assessments are identical and can be omitted if the client signs a general disclaimer

Explanation: Under § 55 WAG 2018, suitability testing is mandatory for investment advice and portfolio management (covering knowledge/experience, financial situation including loss capacity, and investment objectives). Under § 56 WAG 2018, appropriateness testing applies to non-advised services, evaluating only knowledge and experience.

4Under § 51 WAG 2018 (MiFID II Inducements Regime), under what conditions may a financial advisor accept and retain third-party fees, commissions, or monetary benefits (Zuwendungen / Kickbacks) when providing non-independent investment advice?

A.Only if the inducement is designed to enhance the quality of the service to the client, does not impair compliance with the duty to act in the client's best interest, and is clearly disclosed in advance

B.Inducements can be accepted secretly without informing the client as long as they do not exceed 10% of the invested amount

C.Inducements are completely prohibited across all forms of independent and non-independent advisory without exception

D.Any inducement is permitted provided it is paid in cash directly to the individual advisor

Explanation: Under § 51 WAG 2018, non-independent investment advisors may only accept third-party inducements if they enhance the quality of service (Qualitätsverbesserungstatbestand), do not impair the duty of best interest, and are comprehensively disclosed in advance (ex-ante) and annually (ex-post).

5Under the EU PRIIPs Regulation (Regulation (EU) No 1286/2014), what is the Key Information Document (KID / Basisinformationsblatt - BIB) that must be provided to retail investors prior to investing?

A.A standardized, maximum 3-page document detailing product nature, risks (Summary Risk Indicator SRI 1-7), costs, potential performance scenarios, and holding periods

B.A 200-page legal prospectus registered with the Vienna Stock Exchange

C.An unbinding marketing brochure containing only favorable advertising claims

D.A tax certificate issued by the Austrian Ministry of Finance

Explanation: The PRIIPs-KID is a mandatory, highly standardized, 3-page pre-contractual document providing retail clients with clear, comparable facts on risks (SRI 1-7), costs (RIY - Reduction in Yield), performance scenarios, and recommended holding periods for packaged retail and insurance-based investment products.

6Under § 67 WAG 2018, what is the principle of 'Best Execution' (Bestmögliche Ausführung von Kundenaufträgen)?

A.The obligation of investment firms to take all sufficient steps to obtain the best possible result for their clients, taking into account price, costs, speed, likelihood of execution, and settlement

B.The rule requiring all transactions to be routed exclusively through the Vienna Stock Exchange

C.The obligation to guarantee that every investment achieves a positive annual return

D.The right of the advisor to execute trades on whichever platform pays the highest commission to the broker

Explanation: Under § 67 WAG 2018, investment firms must implement an order execution policy designed to achieve the best possible result (Best Execution) for client orders, with total consideration (price and execution costs) being the primary factor for retail clients.

7Under the Austrian Financial Markets Anti-Money Laundering Act (FM-GwG), what is a Politically Exposed Person (PEP / Politisch exponierte Person)?

A.An individual who is or has been entrusted with prominent public functions (e.g. heads of state, ministers, MPs, supreme court judges), requiring enhanced customer due diligence

B.Any voter who has participated in a regional municipal election within the past 5 years

C.A director of a local sports club with fewer than 50 members

D.Any individual holding more than €1,000 in a retail bank account

Explanation: Under § 2 Z 6 FM-GwG, PEPs are individuals holding or having held prominent public offices (and their immediate family members and close associates), triggering mandatory enhanced due diligence (verstärkte Sorgfaltspflichten) and senior management approval.

8Under the Insurance Distribution Directive (IDD) and § 137 GewO 1994, what continuing professional development (Weiterbildungspflicht) is mandatory for insurance intermediaries in Austria?

A.At least 15 hours of certified professional training per calendar year covering professional knowledge, ethics, and regulatory standards

B.50 hours of training every 10 years

C.No continuing education is required once the initial Befähigungsprüfung is passed

D.100 hours of university lectures annually in corporate law

Explanation: Under the IDD and Austrian trade law (§ 137b GewO 1994), insurance intermediaries (including commercial financial advisors licensed for insurance mediation) must complete at least 15 hours of documented continuing education per year.

9Under delegated regulations to MiFID II (in force since August 2022), how must financial advisors incorporate Sustainability Preferences (Nachhaltigkeitspräferenzen) into the client advisory process?

A.Advisors must actively question clients about their ESG preferences (EU Taxonomy alignment, SFDR Article 8/9, principal adverse impacts PAI) and only recommend matching financial instruments

B.Sustainability preferences may only be discussed if the client files a written petition in advance

C.Advisors are legally required to invest 100% of all client portfolios exclusively in organic agriculture

D.ESG preferences have been declared unconstitutional by the Austrian Supreme Court

Explanation: Under the amended MiFID II delegated acts, advisors must explicitly inquire about a client's sustainability preferences during the suitability assessment and match them against financial products with defined Taxonomy, SFDR, or PAI characteristics.

10What is the role of the Austrian Financial Market Authority (Finanzmarktaufsicht - FMA) in supervising Gewerbliche Vermögensberater?

A.The FMA supervises securities compliance (WAG 2018) for investment firms and their tied agents, while the local trade authority (Gewerbebehörde) oversees trade licensing under the GewO

B.The FMA sets residential real estate rent caps in Vienna

C.The FMA directly pays all broker commissions on Austrian mutual funds

D.The FMA has no jurisdiction over securities or financial intermediaries in Austria

Explanation: In Austria, dual supervision exists: the FMA oversees market conduct, securities compliance (WAG 2018), and tied agent registers, while the district trade authorities (Bezirksverwaltungsbehörden) govern commercial trade licensing under the GewO 1994.

About the Befähigungsprüfung Gewerbliche Vermögensberatung Exam

The Befähigungsprüfung Gewerbliche Vermögensberatung is the statutory Austrian licensing examination under § 94 Z 75 of the Trade Code (Gewerbeordnung 1994) for independent financial advisors and credit intermediaries. Governed by the 2024 Prüfungsordnung and benchmarked at NQR Level 6, the exam validates expertise in securities regulations (WAG 2018 / MiFID II), consumer and mortgage lending (VKrG, HIKrG, KIM-Verordnung), insurance distribution (IDD / VersVG), Austrian capital yields taxation (KESt), and retirement planning across the Austrian three-pillar system. This prep bank contains 100 English-language practice questions.

Assessment

Two separately assessed modules under the Gewerbliche Vermögensberatung-Befähigungsprüfungsordnung in force since 1 July 2024. Modul 1 (schriftliche Prüfung) and Modul 2 (mündliche Prüfung) each cover five Gegenstände; Modul 1 examines Praxisbezogene volks- und betriebswirtschaftliche Kompetenzen, Finanzierungen, Lebens- und Unfallversicherungen, Wertpapierdienstleistungen and Veranlagungen, while Modul 2 replaces the first of these with Unternehmensführung in der Gewerblichen Vermögensberatung. The Prüfungsordnung deliberately omits a project-based practical module, an Ausbilderprüfung module and a separate Unternehmerprüfung module; entrepreneurial content is examined inside Unternehmensführung instead. Four Qualifikationsstandards (Anlagen 1–4) define the unrestricted trade and three restricted forms of exercise.

Time Limit

Unrestricted trade (Anlage 1): 500 minutes total written across the five Gegenstände plus 75–100 minutes total oral. Restricted forms are shorter — Anlage 2 (Personalkredite, Hypothekarkredite, Finanzierungen) 180 minutes written and 30–40 minutes oral; Anlage 3 420 minutes written and 60–80 minutes oral; Anlage 4 (Veranlagungen und Investitionen) 300 minutes written and 45–60 minutes oral. Credited Gegenstände reduce the total time accordingly.

Passing Score

Graded on the Austrian school scale (1 to 5); all subjects must achieve at least Genügend (grade 4).

Exam Fee

€0 — free of charge for the first and second attempt since 1 January 2024 (Fachverband Finanzdienstleister (WKO); administered by Meisterprüfungsstellen)

Befähigungsprüfung Gewerbliche Vermögensberatung Exam Content Outline

25%

Regulatory Framework, Conduct & Compliance (Rechtliche Grundlagen & Aufsichtsrecht)

Trade Code (GewO § 94 Z 75, § 136a), Securities Supervision Act (WAG 2018 / MiFID II), suitability and appropriateness assessments, tied agents (vgV), PRIIPs-KID, and AML compliance (FM-GwG)

25%

Investment Advisory, Securities & Capital Markets (Anlageberatung & Wertpapiere)

Equities, fixed-income analysis (duration, yield to maturity), UCITS/AIF investment funds, real estate funds (ImmoInvFG), structured products, portfolio theory, Sharpe ratio, and ESG sustainability (SFDR/Taxonomy)

20%

Credit Intermediation & Real Estate Financing (Kreditvermittlung & Finanzierung)

Consumer Credit Act (VKrG), Mortgage Credit Act (HIKrG / ESIS info sheet), KIM-Verordnung limits (LTV max 80%, DSTI max 40%, 35-year term), interest clauses, and building society savings (Bausparen)

15%

Retirement Planning, Life Insurance & Pensions (Altersvorsorge, BAV & Versicherung)

Three-pillar Austrian pension system (Pensionskonto ASVG/GSVG, BAV, private Vorsorge), life insurance products (unit-linked FLV, annuities), Insurance Distribution Directive (IDD / VersVG), and § 165 VersVG cancellation rights

15%

Taxation of Capital Assets & Financial Mathematics (Besteuerung & Finanzmathematik)

Capital yields tax (KESt 27.5% vs 25%), loss compensation offset (§ 27 Abs. 8 EStG), real estate gains tax (ImmoESt 30%), annuity and compound interest calculations, present value, and effective interest rates

How to Pass the Befähigungsprüfung Gewerbliche Vermögensberatung Exam

What You Need to Know

Passing score: Graded on the Austrian school scale (1 to 5); all subjects must achieve at least Genügend (grade 4).
Assessment: Two separately assessed modules under the Gewerbliche Vermögensberatung-Befähigungsprüfungsordnung in force since 1 July 2024. Modul 1 (schriftliche Prüfung) and Modul 2 (mündliche Prüfung) each cover five Gegenstände; Modul 1 examines Praxisbezogene volks- und betriebswirtschaftliche Kompetenzen, Finanzierungen, Lebens- und Unfallversicherungen, Wertpapierdienstleistungen and Veranlagungen, while Modul 2 replaces the first of these with Unternehmensführung in der Gewerblichen Vermögensberatung. The Prüfungsordnung deliberately omits a project-based practical module, an Ausbilderprüfung module and a separate Unternehmerprüfung module; entrepreneurial content is examined inside Unternehmensführung instead. Four Qualifikationsstandards (Anlagen 1–4) define the unrestricted trade and three restricted forms of exercise.
Time limit: Unrestricted trade (Anlage 1): 500 minutes total written across the five Gegenstände plus 75–100 minutes total oral. Restricted forms are shorter — Anlage 2 (Personalkredite, Hypothekarkredite, Finanzierungen) 180 minutes written and 30–40 minutes oral; Anlage 3 420 minutes written and 60–80 minutes oral; Anlage 4 (Veranlagungen und Investitionen) 300 minutes written and 45–60 minutes oral. Credited Gegenstände reduce the total time accordingly.
Exam fee: €0 — free of charge for the first and second attempt since 1 January 2024

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Befähigungsprüfung Gewerbliche Vermögensberatung Study Tips from Top Performers

1Learn the difference between suitability (Geeignetheitsprüfung for investment advice/portfolio management) and appropriateness (Angemessenheitsprüfung for execution-only) under WAG 2018 / MiFID II.

2Memorize the KIM-Verordnung limits: 80% LTV, 40% DSTI, 35-year max loan term.

3Understand the KESt rates: 27.5% for securities and fund distributions, 25% for cash bank deposits, and how the loss offset pool (§ 27 Abs. 8 EStG) operates.

4Review the Austrian statutory pension account (Pensionskonto): 1.78% annual accrual factor on the contribution basis, revaluation factors, and early retirement deductions (4.2% per year / 5.1% depending on pathway).

5Calculate bond duration, yield to maturity, and loan annuity schedules using standard financial mathematics.

Frequently Asked Questions

What is the Austrian Befähigungsprüfung Gewerbliche Vermögensberatung?

It is the statutory professional qualification examination required in Austria to obtain a trade license for commercial financial advisory and credit intermediation (Gewerbliche Vermögensberatung) under § 94 Z 75 of the Gewerbeordnung 1994.

What lending restrictions are imposed by the Austrian KIM-Verordnung?

The KIM-Verordnung (Kreditinstitute-Immobilienfinanzierungsmaßnahmen-Verordnung) sets strict underwriting standards for residential mortgage lending in Austria: maximum Loan-to-Value (LTV) ratio of 80%, maximum Debt-Service-to-Income (DSTI) ratio of 40%, and a maximum loan duration of 35 years.

How is capital income taxed in Austria (KESt)?

Capital income from dividends, realized capital gains, and investment funds is taxed at a special flat rate of 27.5% (KESt II). Standard interest on bank deposits and savings accounts is taxed at 25% (KESt I). Realized losses can be offset against realized gains within the annual tax loss compensation pool (§ 27 Abs. 8 EStG).

How much does the Befähigungsprüfung Vermögensberatung cost?

Since 1 January 2024, no examination fee is charged for the first and second attempt at Austrian Meister- und Befähigungsprüfungen.