100+ Free China Fund Qualification Practice Questions

Prepare for the China Fund Industry Professional Qualification Examination (基金从业人员资格考试) exam with instant access — no signup required.

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2026 Statistics

Key Facts: China Fund Qualification Exam

60 / 100

Passing score per subject paper (60%)

AMAC Examination Regulations

120 mins

Time limit per examination paper (100 MCQs)

AMAC Examination System

RMB 61

Examination registration fee per subject paper

AMAC Fee Schedule

>= 1.5%

Mandatory redemption fee for fund units held < 7 days (100% to fund assets)

CSRC Fund Liquidity Management Rules

>= 80%

Statutory minimum asset allocation for Stock Funds and Bond Funds

CSRC Administrative Measures for the Operation of Publicly Offered Securities Investment Funds

RMB 1M / 3M

Minimum investment (1M) and financial assets (3M) for PE Qualified Investors

CSRC Private Fund Interim Measures

The China Fund Industry Professional Qualification Examination is administered by the Asset Management Association of China (AMAC). Candidates take 120-minute, 100-question computer-based tests with a 60/100 passing score. The three outlines cover fund law and ethics, securities-investment-fund products and valuation, and private-equity-fund structures and operations. This bank offers a 100-question English-language MCQ study adaptation spanning those outlines; fees, carried interest, and other contract terms are tested as disclosed terms rather than universal rates.

Sample China Fund Qualification Practice Questions

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

1Under the PRC Securities Investment Fund Law (中华人民共和国证券投资基金法), which of the following activities falls directly within the statutory scope of regulation?

A.Raising funds publicly or privately within mainland China to invest in listed stocks, bonds, and other securities approved by the CSRC

B.Direct equity investments made by enterprise venture capital divisions using solely internal retained corporate earnings

C.Trust companies issuing collective fund trust plans investing exclusively in residential property construction loans

D.Commercial banks issuing structured principal-guaranteed wealth management products investing in interbank deposit certificates

Explanation: Article 2 of the PRC Securities Investment Fund Law stipulates that the law governs the raising of funds publicly or privately within mainland China through the issuance of fund units, where the fund property is managed by a fund manager, held in custody by a fund custodian, and invested in securities such as listed stocks, bonds, and other securities authorized by the CSRC. This covers both public mutual funds (公募基金) and private securities investment funds (私募证券投资基金).

2In the legal relationship of a Chinese securities investment fund, how are the fiduciary duties (信义义务) of the fund manager and fund custodian fundamentally divided?

A.Duty of Capital Preservation (保本义务) guaranteeing principal safety, and Duty of Fixed Return (保收益义务) ensuring minimum yields

B.Duty of Loyalty (忠实义务) requiring prioritizing investor interests above self-interest, and Duty of Care (注意义务/勤勉尽责) requiring professional skill and diligence

C.Duty of Administrative Subordination (行政从属义务) and Duty of Unlimited Joint Liability (无限连带责任义务)

D.Duty of Confidentiality to Shareholders (股东保密义务) and Duty of Absolute Market Timing (绝对择时义务)

Explanation: Fiduciary duty (信义义务) under Chinese fund jurisprudence consists of two foundational pillars: the Duty of Loyalty (忠实义务) and the Duty of Care/Diligence (注意义务/勤勉尽责). The Duty of Loyalty mandates that fund managers and custodians put unitholders' best interests first, avoid conflicts of interest, and refrain from self-dealing or interest conveyance; the Duty of Care requires managing fund property with the prudence, diligence, and professional skill of a reasonable expert.

3Which of the following statements correctly describes the statutory principle of Fund Property Independence (基金财产独立性) under Article 5 of the PRC Securities Investment Fund Law?

A.Fund property becomes part of the fund manager's corporate balance sheet upon receipt of investor subscription funds

B.If the fund custodian becomes insolvent, fund property is pooled into the custodian's bankruptcy estate to satisfy general creditors

C.Fund property is strictly segregated from the proprietary assets of the fund manager and custodian, and cannot be seized for the manager's own corporate bankruptcy liquidation

D.Creditors of a fund manager can apply to court to freeze fund property to satisfy debts incurred by the manager's corporate operations

Explanation: Under Articles 5 through 7 of the PRC Securities Investment Fund Law, fund assets are legally independent from the proprietary assets (固有财产) of both the fund manager and the fund custodian. In the event of bankruptcy, liquidation, or debt disputes involving the fund manager or custodian, fund property does not belong to their liquidation estates and cannot be seized, frozen, or used to settle unrelated corporate debts (破产隔离 / bankruptcy remoteness).

4What is the legal status and primary regulatory function of the Asset Management Association of China (中国证券投资基金业协会 / AMAC) in China's fund industry?

A.A ministerial-level department under the State Council with statutory administrative sanction and licensing authority

B.A commercial joint-stock enterprise established to provide clearing and settlement infrastructure for mutual funds

C.A judicial arbitration tribunal with exclusive jurisdiction over civil fund litigation disputes in China

D.A national self-regulatory organization (自律性组织) for the fund industry that carries out manager registration, private fund filing, professional qualification management, and industry self-discipline

Explanation: AMAC is the statutory national self-regulatory organization (自律组织) for the Chinese asset management industry established in accordance with the PRC Securities Investment Fund Law. AMAC conducts self-regulatory functions including private fund manager registration, private fund product filing, practitioner qualification administration, formulating professional codes of ethics, and implementing disciplinary sanctions on members.

5Which of the following correctly lists the core principles of the Fund Industry Professional Ethics Code (基金职业道德规范) promulgated by AMAC?

A.Compliance with Law (守法合规), Honesty and Trustworthiness (诚实守信), Professional Prudence (专业审慎), Client First (客户至上), Loyalty and Diligence (忠实尽责), and Confidentiality (保守秘密)

B.Maximizing Profit, Aggressive Marketing, Strict Secrecy, Superior Risk-Taking, and Fast Execution

C.Absolute Capital Preservation, Guaranteed Dividend Yield, Exclusive Product Promotion, and Regulatory Exemption

D.Administrative Obedience, Shareholder Primacy, Unlimited Diversification, and Transaction Commission Maximization

Explanation: AMAC's official Professional Ethics Code for fund practitioners comprises six fundamental ethical tenets: (1) Compliance with Law (守法合规), (2) Honesty and Trustworthiness (诚实守信 - the core cornerstone), (3) Professional Prudence (专业审慎), (4) Client First (客户至上), (5) Loyalty and Diligence (忠实尽责), and (6) Confidentiality (保守秘密).

6How does Chinese fund regulatory jurisprudence define the relationship between Fund Laws (法律法规) and Fund Professional Ethics (职业道德)?

A.Professional ethics are completely identical in scope and enforcement mechanisms to statutory laws

B.Laws set the statutory minimum baseline (最低底线) enforced by state coercion, whereas professional ethics establish higher behavioral standards and self-discipline

C.When professional ethics conflict with statutory legal rules, professional ethics take legal precedence in court rulings

D.Professional ethics only apply to private fund managers, while public mutual fund managers are solely governed by administrative regulations

Explanation: Laws and professional ethics complement each other in financial governance: statutory laws define the mandatory minimum bottom line (法律是最低限度的道德) enforced by state judicial and administrative power, whereas professional ethics represent higher standards of professional integrity, self-discipline, and fiduciary dedication that govern conduct beyond the literal reach of black-letter law.

7A fund manager, prior to placing a massive buy order for Company X on behalf of the fund, uses non-public information about the upcoming transaction to purchase Company X shares in a personal account opened under their spouse's name. What illegal practice is this an example of?

A.Normal proprietary market making (正常做市交易)

B.Strategic cross-hedging (战略交叉对冲)

C.Front-running ('Rat Trading' / 老鼠仓)

D.Authorized personal co-investment (合规个人跟投)

Explanation: This is a textbook case of front-running, commonly known in Chinese financial markets as 'Rat Trading' (老鼠仓). Under Article 20 of the PRC Securities Investment Fund Law and Article 180 of the PRC Criminal Law, fund practitioners are strictly prohibited from using non-public information obtained from their employment to trade securities ahead of or alongside fund portfolios for their personal benefit or related persons' benefit.

8Under the PRC Securities Law and Securities Investment Fund Law, what constitutes illegal Insider Trading (内幕交易)?

A.Conducting in-depth field research and compiling financial models based solely on publicly released annual reports

B.Fund managers executing portfolio rebalancing based on published macroeconomic CPI and GDP statistical releases

C.Analysts publishing buy recommendations after interviewing industry suppliers about publicly known technological trends

D.Persons with access to material non-public price-sensitive information trading securities, divulging such information, or advising others to trade prior to public disclosure

Explanation: Insider trading involves any insider with access to material non-public price-sensitive information (内幕信息知情人) or person who illegally obtains such information: (1) buying or selling the relevant securities, (2) divulging the insider information to third parties, or (3) advising others to buy or sell the securities prior to the official lawful public disclosure of such information.

9During a marketing seminar, a fund salesperson tells retail investors: 'This hybrid fund has top-tier managers; we guarantee you will not lose principal and will achieve at least an 8% annual return.' Which statutory prohibition does this statement violate?

A.Prohibition against promising capital preservation or guaranteed returns (禁止承诺保本保收益)

B.Prohibition against showing any historical performance in a marketing communication

C.Requirement that every marketing seminar be limited to Professional Investors

D.Prohibition against describing the fund manager's experience or investment process

Explanation: Article 21 of the PRC Securities Investment Fund Law prohibits a public-fund manager from promising returns or bearing losses for investors, and Article 24 of the current CSRC Measures for the Administration of Sales of Publicly Offered Securities Investment Funds prohibits sales communications from promising principal or returns. Mutual funds are non-guaranteed investment vehicles in which investors bear market risk.

10A fund management company manages both a mutual fund with public retail unitholders and a high-fee segregated account (专户理财) for an institutional client. The investment team systematically allocates high-profit IPO allotment shares exclusively to the segregated account while dumping falling stocks into the mutual fund. What regulatory violation does this constitute?

A.Standard risk-budgeting optimization permitted under fund contracts

B.Illegal Interest Conveyance (利益输送) and failure to uphold Fair Trading principles (公平交易原则)

C.Compliant execution of institutional client priority rules

D.Legitimate asset-liability matching under CSRC guidelines

Explanation: Under the CSRC Guidelines for Fair Trading Systems of Fund Management Companies (基金管理公司公平交易制度指导意见), fund managers must treat all managed portfolios fairly (公平对待不同投资组合). Systematically allocating profitable opportunities to one account while dumping losses into another constitutes unfair trading and illegal interest conveyance (利益输送), which is severely punished under the Fund Law.

About the China Fund Qualification Exam

The Fund Practitioner Qualification Examination (基金从业人员资格考试) is administered by the Asset Management Association of China (AMAC). Its three current subject outlines cover fund fundamentals and laws, securities investment fund fundamentals, and private equity investment fund fundamentals. AMAC's current overseas-personnel guide documents an English-language Subject 1 paper for eligible overseas candidates; the ordinary current notices reviewed do not enumerate every subject's assessment language. This repository delivers one English-language MCQ study adaptation across the three outlines, preserving official Chinese terms; it is not an official translation, an official item bank, a simulation of any one paper, or a substitute for role-specific AMAC registration requirements.

Questions

100 scored questions

Time Limit

120 minutes per paper

Passing Score

60 / 100 (60%)

Exam Fee

RMB 61 per subject paper under current AMAC registration standards (Asset Management Association of China (中国证券投资基金业协会 / AMAC))

China Fund Qualification Exam Content Outline

25%

Fund Regulatory Framework, Ethics & Suitability

PRC Securities Investment Fund Law (证券投资基金法), CSRC supervisory responsibilities, AMAC registration and filing, fiduciary duties (信义义务: duty of loyalty and duty of care), AMAC code of professional ethics (compliance, honesty, professional prudence, client first, loyalty, confidentiality), documented investor and product classification and matching, anti-money laundering (AML/CTF), and prohibited misconduct (front-running 'rat trading', insider trading, interest conveyance, market manipulation, guaranteed returns).

25%

Fund Types, Portfolio Management & Performance Attribution

Mutual fund asset classification rules (equity >=80%, bond >=80%, hybrid funds, money market funds with amortized cost and shadow pricing), exchange-traded funds (ETF in-kind creation/redemption baskets), listed open-ended funds (LOF dual-channel trading and arbitrage), Qualified Domestic Institutional Investors (QDII overseas quotas), public infrastructure REITs, bond Macaulay and modified duration, convexity, and risk-adjusted performance evaluation (Sharpe ratio, Treynor ratio, Jensen's alpha, Information ratio, and Tracking error).

20%

Fund Valuation, Operational Accounting & Pricing Mechanics

Fair value valuation principles, valuation methodologies for suspended stocks (index-reference, comparable-transaction, and discounted-cash-flow approaches), Net Asset Value (NAV), cumulative NAV and adjusted NAV calculations, front-end and back-end load fee structures, subscription and redemption formulas, daily accrual of contract-specified management and custodian fees, and dividend distribution mechanisms.

15%

Fund Governance, Internal Controls & Risk Management

Tripartite governance architecture (Fund Unitholders' General Meeting, Fund Manager, Fund Custodian) with independent custody and mutual supervision, internal control principles and Chinese wall (信息隔离墙) information barriers, independent compliance inspector (督察长) authority, market, credit, and liquidity risk controls, open-end fund liquidity stress testing, statutory investment concentration limits ('two 10%' diversification rules), and mandatory short-term redemption fee requirements (>=1.5% for units held under 7 days).

15%

Private Equity, Venture Capital & Alternative Investment Funds

Private fund organizational legal forms (limited partnership, contractual, and corporate), qualified-investor criteria, AMAC filing, investor headcount limits (50 for limited partnerships and limited companies; 200 for contractual and joint-stock forms), negotiated carried-interest and hurdle arrangements, and exit mechanisms (IPO, trade sale M&A, secondary transfers, share buyback, and liquidation).

How to Pass the China Fund Qualification Exam

What You Need to Know

Passing score: 60 / 100 (60%)
Exam length: 100 questions
Time limit: 120 minutes per paper
Exam fee: RMB 61 per subject paper under current AMAC registration standards

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

China Fund Qualification Study Tips from Top Performers

1Memorize statutory thresholds: 80% asset allocation for stock/bond funds, 'two 10%' investment concentration caps, and RMB 1M minimum investment / RMB 3M financial assets for PE qualified investors.

2Learn the institution's documented investor and product classifications and apply the governing matching, warning, disclosure, and evidence rules; do not assume a common C1-C5/R1-R5 notation creates one universal statutory sales matrix.

3Understand the mechanics of ETF in-kind creation and redemption baskets (实物申赎) vs. LOF dual-channel exchange trading and OTC subscription/redemption arbitrage.

4Practice fund math formulas: Net subscription amount = Subscription money / (1 + Front-end fee rate); Subscription fee = Gross money - Net money; Daily fee accrual = NAV × Annual rate / 365.

5Differentiate between Macaulay duration (weighted average time to cash flows), Modified duration (percentage price sensitivity to yield changes: -D_mod × Δy), and Convexity.

6Know the private equity waterfall: 100% return of capital -> Preferred return (e.g. 8% hurdle) -> GP Catch-up (e.g. 20%) -> 80/20 carried interest split thereafter.

Frequently Asked Questions

What are the requirements to obtain the Fund Practitioner Qualification Certificate in China?

The September 2026 AMAC outline names Subject 1 Fund Fundamentals and Laws and Regulations (基金基础知识与法律法规), Subject 2 Securities Investment Fund Fundamentals, and Subject 3 Private Equity Investment Fund Fundamentals. The applicable subject combination and employer registration conditions depend on the intended role and current AMAC rules.

What is the format and duration of each exam paper?

Each subject paper is administered as a 120-minute closed-book computer-based test (CBT). The official paper consists of 100 single-choice questions for a total of 100 points with a 60-point passing score.

What is the 'two 10%' investment diversification rule for Chinese mutual funds?

Under Article 32 of the CSRC Administrative Measures for the Operation of Publicly Offered Securities Investment Funds: (1) a single fund may not invest more than 10% of its assets in securities issued by one company; and (2) all funds managed by one fund manager may not collectively hold more than 10% of the securities issued by one company.

How does China regulate mandatory redemption fees for short-term fund unit holdings?

Under CSRC Fund Liquidity Risk Management Regulations, open-end mutual funds (excluding money market funds and certain index funds) must charge a mandatory redemption fee of not less than 1.5% on units held for fewer than 7 days. 100% of this redemption fee must be credited directly to the fund property to protect long-term investors from dilution caused by short-term market timing.

What are the statutory criteria for Qualified Investors in China's private fund market?

A Qualified Investor (合格投资者) for private funds in China must commit a minimum investment of RMB 1,000,000 to a single fund and satisfy either: (1) for natural persons, financial assets of not less than RMB 3,000,000 or an average annual personal income of not less than RMB 500,000 over the past 3 years; (2) for legal entities, net assets of not less than RMB 10,000,000. Statutory qualified investors like social security funds, enterprise annuities, and AMAC-registered private funds are deemed qualified without individual asset verification.

How is the daily management fee and custodian fee accrued for a Chinese mutual fund?

Fund management and custodian fees are calculated and accrued daily based on the previous day's Fund Net Asset Value (NAV): Daily Accrual = (Previous Day's NAV × Annual Fee Rate) / 365. The accrued fees are deducted directly from fund assets daily and paid out to the manager and custodian on a monthly or quarterly basis, meaning published daily unit NAVs are already net of management and custodian fees.