PracticeVideosBlogFlashcardsEspañol
All Practice Exams

100+ Free SIAA Foreign Exchange Practice Questions

Prepare for the SIAA Foreign Exchange Accreditation Exam exam with instant access — no signup required.

✓ No registration✓ No credit card✓ No hidden fees✓ Start practicing immediately
Not published by SIAA Pass Rate
100+ Questions
100% Free

Loading practice questions...

Same family resources

Explore More SIAA Accreditation Exams (Australia)

Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.

SIAA Accredited Derivatives Adviser Level 2 (ADA2) Exam

Practice Questions

SIAA Fundamentals of Securities Accreditation Exam

Practice Questions

SIAA Margin Lending Accreditation Exam

Practice Questions

SIAA Securities & Managed Investments Accreditation Exam

Practice Questions
2026 Statistics

Key Facts: SIAA Foreign Exchange Exam

$470-$520

Fee (member/non-member)

SIAA

3 sittings

Exam Opportunities

SIAA

16 weeks

Enrolment Window

SIAA

Tier 1

RG146 FX

ASIC RG 146

T+2

Spot Settlement

Market convention

The SIAA Foreign Exchange accreditation is a single supervised online multiple-choice exam meeting ASIC RG146 Tier 1 for foreign exchange general advice. The fee is $470/$490/$520 (individual member/org member/non-member), with up to 90 hours of study supported and 16 weeks to complete (three sittings included). SIAA does not publish the question count, time limit, or pass mark.

Sample SIAA Foreign Exchange Practice Questions

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

1In a standard currency pair quotation of AUD/USD = 0.6850, which currency is the base currency and which is the quote currency?
A.AUD is the base currency, USD is the quote currency
B.USD is the base currency, AUD is the quote currency
C.AUD is the quote currency, USD is the base currency
D.Both currencies can act as base or quote depending on the transaction size
Explanation: In any standard currency quotation, the first currency listed (AUD) is the base currency, representing one unit. The second currency (USD) is the quote (or term) currency, representing the amount of quote currency needed to purchase one unit of the base currency.
2What is the standard settlement timeframe for a spot foreign exchange contract between AUD and USD?
A.Same day (T+0)
B.Next business day (T+1)
C.Two business days after the transaction date (T+2)
D.Three business days after the transaction date (T+3)
Explanation: The standard market convention for spot foreign exchange transactions is T+2 (two business days from the trade date). This allows sufficient time for confirmation, netting, and settlement across different time zones.
3A market maker quotes AUD/USD at 0.6520 - 0.6522. At what rate can a corporate client sell AUD to the market maker?
A.0.6520
B.0.6521
C.0.6522
D.0.6523
Explanation: Clients sell the base currency (AUD) at the bid price, which is the lower rate quoted by the market maker (0.6520). The market maker buys AUD at the bid and sells AUD at the ask (0.6522).
4Which of the following participants primarily provides liquidity to the global foreign exchange market by continuously quoting bid and ask prices?
A.Hedge funds
B.Central banks
C.Market makers (commercial and investment banks)
D.Retail importers
Explanation: Commercial and investment banks act as market makers, providing liquidity to the market by quoting continuous buy and sell rates. Hedge funds and retail importers are liquidity consumers, while central banks typically intervene only for monetary policy objectives.
5If a spot FX trade is executed on a Thursday, under standard T+2 settlement rules, on which day will the funds be exchanged, assuming no public holidays?
A.Friday
B.Monday
C.Tuesday
D.Wednesday
Explanation: Spot trades settle T+2 business days after trade date. Since weekends (Saturday and Sunday) are non-business days, two business days after Thursday is Monday of the following week.
6For most major currency pairs (such as EUR/USD or AUD/USD), what is the value of one 'pip'?
A.0.01
B.0.001
C.0.0001
D.0.00001
Explanation: For most major currency pairs, a pip represents the fourth decimal place (0.0001 or 1/100th of a percent). The major exception is JPY pairs, where a pip represents the second decimal place (0.01).
7Given the exchange rates AUD/USD = 0.6500 and NZD/USD = 0.6000, calculate the cross-rate for AUD/NZD.
A.1.0833
B.0.9231
C.0.3900
D.1.2500
Explanation: The cross-rate AUD/NZD is calculated by dividing the AUD/USD rate by the NZD/USD rate: 0.6500 / 0.6000 = 1.0833. This indicates that 1 Australian Dollar purchases 1.0833 New Zealand Dollars.
8A corporate client wants to purchase USD 100,000 using AUD. If the bank quotes AUD/USD = 0.6800/0.6805, how much AUD will the client need to pay?
A.AUD 146,950.77
B.AUD 147,058.82
C.AUD 68,000.00
D.AUD 68,050.00
Explanation: The client is buying USD and therefore selling AUD to the bank. The bank buys AUD at its bid rate of 0.6800 USD per AUD (the lower side of the 0.6800/0.6805 quote). To obtain USD 100,000 the client must sell USD 100,000 / 0.6800 = AUD 147,058.82. The bank never lets the client trade at the 0.6805 ask, which would give the client more USD per AUD than the market bid allows.
9Calculate the bid price for the cross-rate AUD/EUR given the quotes: AUD/USD = 0.6500 - 0.6504 and EUR/USD = 1.0800 - 1.0804.
A.0.6016
B.0.6022
C.0.7020
D.1.6605
Explanation: To find the bid rate for AUD/EUR, we divide the bid price of the base currency (AUD/USD bid = 0.6500) by the ask price of the quote currency (EUR/USD ask = 1.0804). The calculation is: 0.6500 / 1.0804 = 0.6016.
10What is the primary purpose of the Continuous Linked Settlement (CLS) system in the foreign exchange market?
A.To provide real-time leverage calculations for retail traders
B.To eliminate settlement risk through a payment-versus-payment (PvP) mechanism
C.To standardise the tax reporting of foreign exchange derivatives
D.To act as a central clearing counterparty for all currency options
Explanation: CLS eliminates settlement risk (Herstatt risk) by using a payment-versus-payment (PvP) mechanism where both legs of an FX transaction are settled simultaneously. If one party fails to pay, the other party does not lose their principal currency payment.

About the SIAA Foreign Exchange Exam

The SIAA Foreign Exchange Accreditation is the industry-developed certification for Australian investment professionals and financial advisers seeking to provide general advice on foreign exchange products. The curriculum meets the ASIC Regulatory Guide 146 (RG146) Tier 1 training standards for foreign exchange. Candidates are assessed on global market mechanics, quotation conventions, cross-rate calculations, spot settlement timeframes, forward exchange contract pricing based on interest rate parity, the mechanics of currency options, corporate hedging strategies for import and export clients, Australian tax treatment under the Taxation of Financial Arrangements (TOFA) framework, and the regulatory environment governed by ASIC and AUSTRAC. SIAA does not publish a weighted content outline; the topic weights shown below reflect this practice bank's emphasis, not an official SIAA blueprint.

Assessment

Single online supervised multiple-choice exam (closed book); question count, time limit and pass mark not published by SIAA

Time Limit

Not published by SIAA

Passing Score

Not published by SIAA

Exam Fee

$470 individual member / $490 org member / $520 non-member (SIAA) (Stockbrokers and Investment Advisers Association (SIAA))

SIAA Foreign Exchange Exam Content Outline

20%

Foreign Exchange Markets & Structures

Structure of the global FX market, bid-ask pricing conventions, spot settlement (T+2), market participants, and pip calculations.

25%

Forward Exchange Contracts & Calculations

Forward points calculations, interest rate parity, forward premium and discount principles, and short-term FX swaps.

20%

Currency Options & Hedging Strategies

Currency call and put option mechanics, strike prices, options pricing, and corporate hedging for importers and exporters.

20%

Regulatory Compliance & Licensing

ASIC RG146 compliance, AFSL obligations for FX, and AUSTRAC AML/CTF compliance (KYC, SMRs, TTRs, IFTIs).

15%

Taxation & FX Risk Management

Taxation of Financial Arrangements (TOFA) rules, translation rules, and managing transaction, translation, and economic FX risks.

How to Pass the SIAA Foreign Exchange Exam

What You Need to Know

  • Passing score: Not published by SIAA
  • Assessment: Single online supervised multiple-choice exam (closed book); question count, time limit and pass mark not published by SIAA
  • Time limit: Not published by SIAA
  • Exam fee: $470 individual member / $490 org member / $520 non-member (SIAA)

Keys to Passing

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

SIAA Foreign Exchange Study Tips from Top Performers

1Master the forward points adjustment via interest rate parity: the currency with the higher interest rate trades at a forward discount (forward points subtracted), and the lower-interest-rate currency trades at a forward premium (forward points added).
2Understand spot settlement rules: the standard spot transaction settles on T+2 (two business days from trade date) for most currency pairs; USD/CAD is a notable T+1 exception.
3Review AML/CTF triggers: a Transaction Threshold Report (TTR) is submitted to AUSTRAC for physical cash transactions of AUD 10,000 or more within 10 business days; an International Funds Transfer Instruction (IFTI) is reported within 10 business days of sending or receiving.
4Determine option strategies: an Australian importer needing to buy USD in 3 months should buy a USD call / AUD put; an exporter expecting to receive USD should buy a USD put / AUD call.
5Review the TOFA default methods: realisation is the default method; understand when a taxpayer can elect to use alternative methods such as accruals, hedging, or retranslation.

Frequently Asked Questions

What is the SIAA Foreign Exchange Accreditation?

It is an industry accreditation offered by SIAA that satisfies the ASIC training standards (Regulatory Guide 146) for advisers providing general advice on foreign exchange products in Australia. RG146 accreditation certificates are jointly issued with Kaplan Professional.

Who is this accreditation suitable for?

It is suitable for financial planners, wealth advisers, stockbrokers, corporate treasury operators, and settlement staff who deal in or advise clients on spot, forward, or derivative FX transactions.

What is the exam structure and how is it delivered?

Assessment is a single supervised online multiple-choice exam (closed book) administered by SIAA. Candidates have 16 weeks from enrolment to complete it, and enrolment includes three opportunities to sit. SIAA does not publicly publish the number of questions, time limit, or pass mark.

Does the exam require calculations?

Yes. Candidates are required to calculate cross-rates, bid-ask spreads, pip values, and forward points using interest rate parity, as well as analyse hedging costs and payoffs.

What regulatory frameworks are covered in the syllabus?

The exam covers ASIC's RG146 licensing training standards and AUSTRAC's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006, including KYC, suspicious matter, threshold transaction, and international funds transfer instruction reporting requirements.

How are foreign exchange gains taxed under Australian law?

The syllabus covers the Taxation of Financial Arrangements (TOFA) framework, including the rules for foreign exchange realisation, tax elections, and currency translation rules.