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Key Facts: Certification AMF Exam

120 MCQs

Questions on the official examination, split 33 Category A and 87 Category C

AMF - Certification professionnelle (dossier thématique)

80% / 80%

Passing score required in each category, with no compensation between them

AMF - Certification professionnelle (dossier thématique)

2 hours

Maximum duration of the official examination

AMF - Certification professionnelle (dossier thématique)

12 themes

Themes of the official syllabus, covering 54 sub-themes

Grille de connaissances minimales AMF

French & English

Examination languages available since 2020, English only at authorised organisations

AMF - list of certified organisations

70 € - 150 €

Typical fee to sit the examination alone as an external candidate

Certified organisations (Cnam charges 80 €)

The AMF Professional Certification is the knowledge test required of professionals in key roles at French investment firms, and of every adviser working for an authorised CIF since 1 January 2020. It is a 120-question computerised MCQ sat in up to 2 hours, requiring at least 80% on Category A (33 regulatory and ethical questions) and at least 80% on Category C (87 general financial culture questions), with no compensation between them. It is administered by AMF-certified organisations rather than by the AMF itself, is open to external candidates including students and jobseekers, and is acquired for life once passed. OpenExamPrep provides 100 English-language practice questions mapped to the 12 themes of the AMF grille de connaissances; they are a study aid in the site's four-option format, not a replica of the official three-option paper.

Sample Certification AMF Practice Questions

Try these sample questions to review concepts for the Certification AMF exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1What are the core statutory missions of the Autorité des marchés financiers (AMF) under Article L. 621-1 of the French Code monétaire et financier?

A.To safeguard investments in financial instruments, ensure investor information, and oversee the orderly functioning of financial markets

B.To set national monetary policy, determine interest rates, and supervise retail bank cash reserves

C.To directly manage state pension reserves and guarantee commercial corporate debt repayments

D.To audit and approve the individual personal income tax declarations of financial institution executives

Explanation: Article L. 621-1 of the Code monétaire et financier establishes that the AMF is an independent public authority responsible for safeguarding savings invested in financial instruments and all other assets giving rise to public offers or admission to trading, ensuring that investors receive proper disclosure, and overseeing the orderly functioning of financial markets.

2How are regulatory responsibilities divided between the AMF and the Autorité de contrôle prudentiel et de résolution (ACPR) under French financial law?

A.The AMF oversees financial market conduct, disclosure, and collective investments, while the ACPR supervises banking and insurance solvency and prudential stability

B.The AMF supervises only physical commodities trading, whereas the ACPR regulates all equity, bond, and derivative exchanges

C.The ACPR regulates listed corporate takeover bids, while the AMF focuses exclusively on consumer mortgages and savings accounts

D.The AMF and ACPR have identical overlapping mandates with no statutory division of supervisory competence

Explanation: France operates a 'twin peaks' regulatory model where the AMF regulates financial markets, investment service providers (conduct of business), listed companies, and collective investment management (OPCVM/FIA), whereas the ACPR (an independent administrative authority backed by the Banque de France) supervises the prudential stability, capital adequacy, and solvency of banks and insurance companies.

3Which body within the Autorité des marchés financiers holds the statutory authority to impose disciplinary sanctions and pecuniary penalties?

A.The Enforcement Committee (Commission des sanctions)

B.The AMF Board (Collège de l'AMF)

C.The Scientific Advisory Board (Conseil scientifique)

D.The Disciplinary Chamber of the Paris Commercial Court

Explanation: To respect the constitutional principle of separation between prosecuting and adjudicating bodies (Article 6 ECHR), the AMF is divided into two distinct organs: the AMF Board (Collège), chaired by the AMF President, which conducts investigations and initiates proceedings, and the Enforcement Committee (Commission des sanctions), which adjudicates alleged breaches and imposes administrative sanctions and pecuniary fines.

4What is the role of the European Securities and Markets Authority (ESMA) in European Union financial regulation?

A.To foster investor protection and stable, orderly financial markets through direct supervision of credit rating agencies and trade repositories, and uniform supervisory convergence across EU NCAs

B.To issue the euro currency and set binding interbank lending interest rates across the Eurozone

C.To collect direct corporate taxes from financial institutions domiciled within EU member states

D.To act as the exclusive public prosecutor for criminal financial offenses committed in EU jurisdictions

Explanation: ESMA is the independent EU Authority that enhances investor protection and promotes stable, orderly financial markets. It drafts binding technical standards (RTS/ITS), issues guidelines to promote convergence among national competent authorities (such as the AMF), and directly supervises specific entities with cross-border scope, notably credit rating agencies (CRAs), trade repositories (TRs), and securitisation repositories.

5Under the AMF General Regulation (Règlement général de l'AMF), what is the primary role of the Investment Services Compliance Officer (Responsable de la conformité pour les services d'investissement - RCSI)?

A.To monitor, assess, and ensure the ongoing adequacy and effectiveness of policies and procedures established to detect and mitigate non-compliance risks

B.To maximize trading profits by executing proprietary transactions on derivative exchanges on behalf of the firm

C.To sign off on customer loan defaults and negotiate personal mortgage debt write-offs

D.To serve as the primary external media spokesperson and lead investor relations for the investment firm

Explanation: Under Articles 312-1 et seq. of the AMF General Regulation, investment service providers must establish an independent compliance function overseen by an RCSI (or RCCI for portfolio management companies). The compliance officer's duty is to monitor and verify compliance with all professional and regulatory obligations, advise employees, and report compliance failures to senior management and the AMF.

6Which professional card or verification is specifically required for an RCSI or RCCI in an investment firm or asset management company authorized by the AMF?

A.A professional compliance card (carte professionnelle de conformité) issued by the AMF following an assessment of competence

B.A European diplomatic passport endorsed by the Ministry of Foreign Affairs

C.A real estate transaction permit (Carte T) granted by the Chamber of Commerce and Industry

D.A notary public license issued by the Conseil supérieur du notariat

Explanation: Under the AMF General Regulation, natural persons performing the function of Compliance Officer for Investment Services (RCSI) or Compliance and Internal Control Officer for Asset Management (RCCI) must hold a professional card issued by the AMF, which assesses their professional expertise, experience, and knowledge of regulatory obligations.

7What is the statutory obligation of investment service providers (PSIs) regarding conflicts of interest under MiFID II and the AMF General Regulation?

A.They must take all appropriate steps to identify, prevent, manage, and, where prevention is insufficient, clearly disclose conflicts of interest to clients before acting on their behalf

B.They may freely favor proprietary trading over client orders provided that profits are shared with executive directors

C.They are strictly prohibited from conducting business with any client that maintains an account at a competing financial institution

D.They are only required to document conflicts of interest if the financial loss to a client exceeds 500,000 €

Explanation: Article L. 533-10-3 of the Code monétaire et financier and MiFID II mandate that investment service providers maintain organizational and administrative arrangements to identify, prevent, and manage conflicts of interest. If these arrangements cannot prevent the risk of damage to client interests with reasonable confidence, the firm must clearly disclose the nature and sources of the conflict on a durable medium before undertaking business for the client.

8What rules govern personal transactions (transactions personnelles) conducted by relevant employees of an investment firm under AMF regulations?

A.Employees must comply with internal policies requiring prior authorization or notification, and are strictly prohibited from misusing confidential or inside information or front-running client orders

B.Employees may trade on non-public inside information provided they hold the security for at least twelve months

C.Employees are legally required to execute all personal securities purchases exclusively through offshore unregulated brokers

D.There are no regulatory constraints on employee personal trading as long as trades occur outside standard office hours

Explanation: AMF General Regulation articles governing personal transactions require financial institutions to establish rules preventing relevant persons from entering into personal transactions that involve misuse of inside or confidential information, conflict with client orders, or violate front-running bans. Firms commonly implement pre-clearance procedures, minimum holding periods, and mandatory reporting.

9Under French law, what are the legal consequences of breaching professional secrecy (secret professionnel) pursuant to Article 226-13 of the Code pénal and Article L. 511-33 of the Code monétaire et financier?

A.Criminal sanctions of up to one year of imprisonment and a fine of 15,000 €, alongside disciplinary penalties from regulatory authorities

B.An informal reprimand with no possibility of civil, criminal, or administrative sanctions

C.Immediate automatic forfeiture of all accumulated personal bank accounts to the Trésor Public

D.A mandatory requirement to transfer the client's investment portfolio to an offshore holding company

Explanation: Under Article 226-13 of the French Penal Code, disclosure of confidential information by a person entrusted with it by reason of their profession is punished by up to one year of imprisonment and a fine of 15,000 €. In the financial sector (Article L. 511-33 CMF), breaches of professional secrecy also trigger severe disciplinary sanctions by the AMF or ACPR.

10In which scenario is a financial professional legally relieved of the obligation of professional secrecy in France?

A.When responding to formal requests from the AMF, ACPR, judicial authorities, or reporting suspicions of money laundering to TRACFIN

B.When discussing private client wealth figures with personal acquaintances at social events

C.Whenever a rival banking institution requests confidential financial records for competitive benchmarking

D.When a client's portfolio incurs an unrealized capital loss exceeding 10% during a calendar month

Explanation: Article L. 511-33 of the Code monétaire et financier explicitly lists statutory exemptions to professional secrecy. Professional secrecy cannot be opposed to the AMF, ACPR, the judicial authorities acting in criminal proceedings, or TRACFIN in the context of anti-money laundering and counter-terrorist financing obligations.

About the Certification AMF Exam

The Certification Professionnelle de l'AMF is the benchmark knowledge test established by the French financial markets regulator (Autorité des marchés financiers) under Articles 312-3 to 312-5, 314-9, 318-7 to 318-9, 321-37 to 321-39 and 325-24 to 325-26 of the AMF General Regulation. In force since 1 July 2010, it verifies that professionals exercising key functions in investment firms, portfolio management companies and credit institutions possess the minimum regulatory, ethical, technical and market knowledge required to advise clients or handle transactions. Those functions include investment advisers, financial analysts, traders, sales representatives, portfolio managers, compliance and internal control officers (RCCI / RCSI) and post-trade staff. Since 1 January 2020 the examination has also been compulsory for every natural person providing investment advice on behalf of an authorised conseiller en investissements financiers (CIF). Passing it as an external candidate confers a qualification acquired for life and portable between employers, unlike the employer-run vérification interne, which lapses when the employee leaves. The examination is officially available in French and in English, although only the certified organisations expressly authorised by the AMF may run the English version. A separate optional module, the certification AMF Finance durable (60 questions, 1 h 30, 80% pass), is a different examination and is not covered by this bank.

Exam sponsor: Autorité des Marchés Financiers (AMF), which owns the shared question bank and certifies the organisations that administer the examination on its behalf. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

120 MCQs administered electronically in a single session of up to 2 hours, in person or under remote proctoring, by an AMF-certified organisation. Questions fall into two non-compensating categories: Category A (Connaissances indispensables, 33 questions) covering the regulatory, ethical and investor-protection rules the AMF treats as critical, and Category C (Culture financière générale, 87 questions) covering markets, products, the functioning of investment services providers, taxation and accounting basics. Both categories require at least 80%. Since 2020 the shared question bank has held roughly 2,000 to 2,300 items across 12 themes and 54 sub-themes, including around 15 questions on sustainable finance.

Time Limit

2 hours maximum (120 minutes)

Passing Score

At least 80% on Category A (33 questions) AND at least 80% on Category C (87 questions), without compensation between the two

Exam / Certification Fees

Set by each certified organisation, with no official tariff. Sitting the examination alone as an external candidate typically costs 70 € to 150 € (80 € at the Cnam); preparation-plus-examination packages generally run from 200 € to 420 €

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

15 of 100 questions

Institutional & Regulatory Framework

Regulatory authorities (AMF, ACPR, Banque de France, ESMA), supervisory mandates, inspection powers, the Enforcement Committee and its sanction ceilings, professional secrecy, and professional status categories (PSI, SGP, CIF, ORIAS registration).

10 of 100 questions

Financial Security, Compliance & Market Abuse

Anti-money laundering and counter-terrorist financing (LCB-FT, Tracfin, beneficial owners, PPE, tipping-off), and the Market Abuse Regulation (inside information, delayed disclosure, spoofing, wash trades, STORs).

23 of 100 questions

Client Relations, Marketing & Investor Protection

MiFID II client classification and the right to request a different category, suitability vs. appropriateness, execution-only, sustainability preferences, independent vs. non-independent advice, inducements, aggregated cost disclosure, call recording, complaint handling under AMF DOC-2012-07, démarchage and distance selling.

31 of 100 questions

Financial Instruments & Collective Investment

Equities, corporate and sovereign bonds, money market instruments, UCITS / OPCVM, AIF / FIA, real estate vehicles (SCPI, OPCI), private equity funds (FCPI, FIP, FPCI), derivatives and the Greeks, structured EMTNs, and sustainable finance (SFDR, EU Taxonomy, PAIs, EuGB).

21 of 100 questions

Market Operations, Post-Trade & Back-Office

Trading venues (regulated markets, MTFs, OTFs, systematic internalisers), MiFIR pre-trade transparency, order types and auction fixing, novation by a CCP, Euroclear settlement (T+2), corporate actions and takeover bids, prospectus requirements, financial analysis ratios and the taxation of securities.

Preparing for the Certification AMF Exam

What You Need to Know

Passing score: At least 80% on Category A (33 questions) AND at least 80% on Category C (87 questions), without compensation between the two
Assessment: 120 MCQs administered electronically in a single session of up to 2 hours, in person or under remote proctoring, by an AMF-certified organisation. Questions fall into two non-compensating categories: Category A (Connaissances indispensables, 33 questions) covering the regulatory, ethical and investor-protection rules the AMF treats as critical, and Category C (Culture financière générale, 87 questions) covering markets, products, the functioning of investment services providers, taxation and accounting basics. Both categories require at least 80%. Since 2020 the shared question bank has held roughly 2,000 to 2,300 items across 12 themes and 54 sub-themes, including around 15 questions on sustainable finance.
Time limit: 2 hours maximum (120 minutes)
Exam / certification fees: Set by each certified organisation, with no official tariff. Sitting the examination alone as an external candidate typically costs 70 € to 150 € (80 € at the Cnam); preparation-plus-examination packages generally run from 200 € to 420 € Official sources

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Certification AMF: Suggested Study Strategy

1Master the dual 80% passing threshold: remember that a strong score in Category C cannot compensate for a score below 80% in Category A

2Memorize the exact MiFID II client classification criteria: retail (particulier), professional (professionnel), and eligible counterparty (contrepartie éligible), and understand when suitability vs. appropriateness assessments are required

3Learn the key Market Abuse Regulation (MAR) definitions: inside information (information privilégiée), market manipulation, insider trading, and manager transaction disclosure deadlines (within 3 business days)

4Understand the mechanics of collective investment schemes: distinguish UCITS (OPCVM, retail passport) from AIF (FIA, specialized / alternative funds) and master liquidity risk management tools like swing pricing and gating

5Review European post-trade infrastructure: T+2 standard settlement cycle under CSDR (the move to T+1 is legislated but only applies from 11 October 2027), the role of Euroclear France as central securities depository, and delivery versus payment (DVP) settlement

6Study anti-money laundering obligations: customer due diligence levels (vigilance allégée, normale, renforcée), the definition of Politically Exposed Persons (PPE), and the confidential Tracfin reporting mandate

7Keep the French tax figures current: the PFU on securities income rose to 31.4% (12.8% income tax plus 18.6% social levies) on 1 January 2026, while life insurance, rental income and property gains kept social levies at 17.2%, and the financial transaction tax has been 0.4% since 1 April 2025

Frequently Asked Questions

What is the AMF Professional Certification?

The Certification Professionnelle AMF is the official French qualification created by the Autorité des Marchés Financiers in 2010. It establishes a minimum standardized level of regulatory, ethical, and financial knowledge for professionals working in French financial institutions, investment services providers (PSI), and financial advisory practices (CIF).

Who is legally required to hold the AMF Certification?

Under Article 312-3 and Article 325-24 of the AMF General Regulation, financial institutions must ensure that staff exercising certain key roles demonstrate minimum verified knowledge. These roles include: investment advisors (conseillers financiers), financial analysts (analystes financiers), portfolio managers (gérants), traders (négociateurs), sales representatives (vendeurs), clearing and settlement back-office staff (responsables du post-marché), and compliance and internal control officers (RCCI and RCSI).

How is the official AMF examination structured and scored?

The examination comprises 120 single-answer multiple-choice questions administered electronically in a session of up to 2 hours. Questions are drawn at random from the shared AMF question bank and split into two categories: Category A (33 questions on indispensable regulatory and ethical knowledge) and Category C (87 questions on general financial culture). To pass, the candidate must obtain at least 80% in Category A AND at least 80% in Category C. There is no compensation between the two, so a strong score in one cannot rescue a weak score in the other.

Is the AMF exam available in English?

Yes, since 2020 the examination may be sat in French or in English, and the resulting certificate has identical legal validity. The choice is not available everywhere: the AMF's published list of certified organisations flags which ones are authorised to administer the English version. Lefebvre Dalloz Education, First Finance, Genesia and AFG Formation are among those authorised, while the Cnam and ESBanque are not. Check the AMF list before booking if you need to sit in English.

Can independent candidates take the AMF certification exam?

Yes. Firms commonly enrol their staff, but students, career changers and jobseekers can register directly as external candidates (candidats libres) with any certified organisation, without following that organisation's preparation course. Sitting the examination alone typically costs 70 € to 150 €, and the Cnam charges 80 €. The AMF does not take individual registrations itself.

What is the difference between Category A and Category C questions?

Category C questions cover general financial culture, basic institutional knowledge, and fundamental economic concepts. Category A questions cover indispensable regulatory, ethical, and investor protection rules (such as MiFID II suitability requirements, market abuse rules, and specific product mechanics) where errors could lead to severe client harm or regulatory non-compliance.

What is the relationship between CIF status and the AMF certification?

CIF is a regulated professional status, not an examination: a conseiller en investissements financiers is registered with ORIAS under Article L. 541-1 of the Code monétaire et financier, must belong to an AMF-approved association and must hold professional indemnity insurance. There is no separate 'CIF examination'. Since 1 January 2020, Articles 325-24 to 325-26 of the AMF General Regulation require every natural person practising as a CIF, and every person managing or employed to give investment advice by an authorised CIF, to have passed the AMF examination itself.

Does the AMF certification expire?

No. Once passed, the AMF examination certificate is earned for life and does not expire. However, investment professionals remain subject to ongoing continuous professional development (formation continue) obligations mandated by their professional associations and regulatory authorities.