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Free Practice Questions for Wakil Penjamin Emisi Efek (WPEE)

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Key Facts: Wakil Penjamin Emisi Efek (WPEE) Exam

19

SKKNI competency units in the WPEE Jenjang 5 package

TICMI WPEE training outline (SKKNI No. 20 Tahun 2024)

Rp2,500,000

LSPPMI WPEE certification fee, excluding VAT

LSPPMI Biaya Sertifikasi

3 years

OJK WPEE licence validity before extension

POJK No. 20/POJK.04/2018

8 months

Lock-up after effectiveness for shares bought below the IPO price in the 6 months before filing

POJK No. 25/POJK.04/2017

WPEE is Indonesia's underwriter representative licence (Jenjang Kualifikasi 5). Certification is a competency assessment by a BNSP-licensed LSP against 19 SKKNI units, with a Kompeten / Belum Kompeten decision; no item count, time limit or numeric pass mark is published. LSPPMI lists the fee at Rp2,500,000 excluding VAT, and the OJK licence is valid for three years. These 100 free questions are an independent English-language MCQ study adaptation, not an official translation or simulation of the assessment.

Sample Wakil Penjamin Emisi Efek (WPEE) Practice Questions

Try these sample questions to review concepts for the Wakil Penjamin Emisi Efek (WPEE) exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1How does POJK 20/POJK.04/2018 define a securities underwriter (Penjamin Emisi Efek, PEE)?
A.A party that contracts with an issuer to carry out a public offering for the issuer, with or without an obligation to buy any securities left unsold
B.A party that buys and sells securities for its own account or for others
C.A party that manages securities portfolios for clients
D.A party that holds securities in collective custody and settles exchange transactions
Explanation: An underwriter contracts with the issuer to conduct the public offering on the issuer's behalf. Under a full commitment it must buy any unsold securities, while under a best-efforts arrangement it has no such obligation.
2Two underwriters give a full commitment for an IPO of 100,000,000 shares: Underwriter A for 60% and Underwriter B for 40%. The public subscribes for 70,000,000 shares. How many shares must Underwriter B buy?
A.40,000,000 shares
B.28,000,000 shares
C.18,000,000 shares
D.12,000,000 shares
Explanation: Unsold shares = 100,000,000 − 70,000,000 = 30,000,000. Under a full commitment each underwriter absorbs its share of the shortfall, so Underwriter B buys 40% × 30,000,000 = 12,000,000 shares and Underwriter A buys 18,000,000.
3An IPO raises Rp500,000,000,000 with a total underwriting spread of 3.0%. The syndicate agreement splits the spread into a 20% management fee, a 50% underwriting fee and a 30% selling fee. How much is the underwriting fee pool?
A.Rp3,000,000,000
B.Rp4,500,000,000
C.Rp7,500,000,000
D.Rp15,000,000,000
Explanation: Total spread = 3.0% × Rp500,000,000,000 = Rp15,000,000,000. The underwriting fee pool is 50% of that, Rp7,500,000,000, while the management fee is Rp3,000,000,000 and the selling fee Rp4,500,000,000.
4At a securities company licensed as an underwriter, who must hold an individual WPEE licence under POJK 20/POJK.04/2018?
A.Every employee of the company, including support staff
B.The director responsible for underwriting, employees responsible for underwriting and the officers heading the underwriting unit
C.Only the president director
D.Only employees who sell securities to retail clients
Explanation: The WPEE licence requirement applies to the director responsible for underwriting, employees responsible for underwriting, and employees below director level who head the unit responsible for underwriting.
5A licensed WPEE is asked to cover for a colleague by acting as a broker-dealer representative for a few weeks. Under POJK 20/POJK.04/2018, does the WPEE need a separate WPPE licence?
A.Yes, a WPPE licence is always required in addition to the WPEE licence
B.Yes, unless OJK grants a temporary waiver
C.No, a person holding a WPEE licence may act as a WPPE
D.No, because broker-dealer representatives do not need a licence
Explanation: POJK 20/POJK.04/2018 provides that an individual holding a WPEE licence may act as a WPPE. The WPEE licence therefore covers broker-dealer representative activities as well as underwriting.
6A candidate passed the WPEE competency certification 30 months ago but never applied for an OJK licence. Under POJK 20/POJK.04/2018, can that certificate support a licence application now?
A.No, a certificate can be used only if it is no more than two years old when the application is submitted
B.Yes, certificates remain usable for licence applications indefinitely
C.Yes, if the candidate has worked at a securities company since certification
D.No, certificates can be used only within six months of issue
Explanation: A competency certificate supports a WPEE or WPPE licence application only if it is no more than two years old, counted from its issue date to the date of application. A 30-month-old certificate is too old, so the candidate would need a newer one.
7A private limited company plans an IPO. Under Law No. 40 of 2007 on Limited Liability Companies, which corporate approval is needed to change its status and issue new shares to the public?
A.A decision of the board of directors alone
B.Approval from the company's main lender
C.A resolution of the board of commissioners alone
D.A general meeting of shareholders (RUPS) resolution, including amending the articles of association to become a public company (Tbk)
Explanation: Becoming a public company and increasing capital through new shares require a RUPS resolution amending the articles of association, which then need the required approval from or notification to the Minister of Law. The directors carry out the process but cannot approve it alone.
8In an IPO syndicate, what is the role of the lead underwriter (penjamin pelaksana emisi efek)?
A.Guaranteeing investors a minimum return on the shares after listing
B.Managing the offering: coordinating the issuer and supporting professionals, preparing the registration documents, leading bookbuilding and managing allocation
C.Holding investors' shares in book-entry form after allotment
D.Declaring the registration statement effective on behalf of OJK
Explanation: The lead underwriter manages the offering for the syndicate. It coordinates due diligence and the supporting professionals, works with the issuer on the registration statement and prospectus, runs bookbuilding and manages allocation, including acting as the administrative participant in the e-IPO system.
9A company has 800,000,000 shares, all owned by its founders. It issues 200,000,000 new shares in its IPO and the founders sell none. What is the founders' ownership after the IPO?
A.20%
B.100%
C.80%
D.25%
Explanation: After the IPO there are 800,000,000 + 200,000,000 = 1,000,000,000 shares. The founders keep 800,000,000, so they own 80%. New shares dilute existing holders, and the proceeds go to the company.
10Under Law No. 8 of 1995 on the Capital Market, which of these is not listed as a capital market supporting profession (profesi penunjang pasar modal)?
A.Public accountant
B.Legal consultant
C.Appraiser
D.Tax consultant
Explanation: The Capital Market Law lists accountants, legal consultants, appraisers and notaries as capital market supporting professions, with other professions to be set by government regulation. Tax consultants are not among those listed, although tax matters are still reviewed in due diligence.

About the Wakil Penjamin Emisi Efek (WPEE) Exam

Wakil Penjamin Emisi Efek (WPEE) is the individual OJK licence for people who act for a securities company in its underwriting business, including the director and staff responsible for underwriting. Its Jenjang Kualifikasi 5 SKKNI package covers offering preparation, due diligence, analysis and valuation, bookbuilding, registration and listing, corporate actions and, because a WPEE may also act as a WPPE, broker-dealer duties. This free bank is an independent English-language MCQ study adaptation, not an official translation or simulation of the assessment.

Exam sponsor: BNSP-licensed capital market LSPs (for example LSPPMI and LSP IKEPAMI); individual licence issued by OJK. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Competency assessment against the 19 SKKNI units in the Jenjang Kualifikasi 5 Penjaminan Emisi Efek package: offering lead underwriting services; coordinating offering preparation; due diligence on documents and the prospectus; sector and industry analysis; fundamental company evaluation; equity and fixed income valuation; restructuring and corporate action proposals and their execution; bookbuilding and underwriting; registration; the public offering and listing; and seven broker-dealer units covering risk management, recommending equity and debt securities, equity and debt transactions, portfolio monitoring and settlement monitoring.

Time Limit

Not published

Passing Score

Kompeten / Belum Kompeten decision; no numeric pass mark published

Exam / Certification Fees

LSPPMI: Rp2,500,000 excluding VAT; fees vary by certification body

Exam sponsor website

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

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.

14 of 100 questions

Underwriting Mandates and Offering Preparation

Underwriter role, full commitment, fees, WPEE licensing, IPO approvals, supporting professionals, MAC clauses, information barriers, selling agents and offering size.

14 of 100 questions

Due Diligence and Prospectus

Legal and financial due diligence, comfort letters, Article 80 liability, materiality, risk factors, use of proceeds, lock-ups, dividend policy, related parties, covenants and subsequent events.

12 of 100 questions

Sector and Fundamental Analysis

Life cycle, five forces, defensive sectors, currency exposure, ratios, earnings quality, common-size and SWOT analysis, working capital and normalised EBITDA.

16 of 100 questions

Equity and Fixed Income Valuation

P/E and EV/EBITDA, IPO discounts, terminal value, WACC, equity bridges, bond and note pricing, credit spreads and ratings, sukuk ijarah, sinking funds and trustees.

18 of 100 questions

Bookbuilding, Registration, Offering and Listing

Bookbuilding, effectiveness, prospectuses, e-IPO, fixed and pooling allotment, oversubscription, stabilisation, listing boards, continuous disclosure and public company status.

12 of 100 questions

Restructuring and Corporate Actions

Rights issues, issues without pre-emptive rights, tender offers, material and conflict-of-interest transactions, debt-to-equity swaps, reverse splits, dissenting shareholders and PKPU.

14 of 100 questions

Broker-Dealer Risk, Recommendations and Settlement

Internal control and records, margin calls, client default, returns, bond risk, CAPM, short-selling rules, KSEI settlement, negotiated trades, trading halts, MKBD and client priority.

Preparing for the Wakil Penjamin Emisi Efek (WPEE) Exam

What You Need to Know

  • Passing score: Kompeten / Belum Kompeten decision; no numeric pass mark published
  • Assessment: Competency assessment against the 19 SKKNI units in the Jenjang Kualifikasi 5 Penjaminan Emisi Efek package: offering lead underwriting services; coordinating offering preparation; due diligence on documents and the prospectus; sector and industry analysis; fundamental company evaluation; equity and fixed income valuation; restructuring and corporate action proposals and their execution; bookbuilding and underwriting; registration; the public offering and listing; and seven broker-dealer units covering risk management, recommending equity and debt securities, equity and debt transactions, portfolio monitoring and settlement monitoring.
  • Time limit: Not published
  • Exam / certification fees: LSPPMI: Rp2,500,000 excluding VAT; fees vary by certification body Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
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  • Use our AI tutor for tough concepts

Wakil Penjamin Emisi Efek (WPEE): Suggested Study Strategy

1Follow an IPO from mandate to listing: corporate approvals, due diligence, registration, bookbuilding, effectiveness, the offering period, allotment and listing, and know what each party does at each stage.
2Practise the calculations that underwriters use: syndicate absorption, fee pools, offering size for a target float, P/E and EV/EBITDA valuation, WACC, terminal value and bond pricing.
3Learn the key thresholds: the 8-month lock-up in POJK 25/POJK.04/2017, the 20% and 50% material transaction levels in POJK 17/POJK.04/2020 and the 300-shareholder and Rp3 billion public company tests.
4Review the broker-dealer units too, since a WPEE may act as a WPPE: internal control functions, margin calls, settlement risk and IDX trading rules.

Frequently Asked Questions

What is WPEE and who needs it?

Wakil Penjamin Emisi Efek (WPEE) is the individual OJK licence required under POJK No. 20/POJK.04/2018 for the director responsible for underwriting, employees responsible for underwriting and officers heading the underwriting unit at a securities company licensed as an underwriter. A WPEE licence holder may also act as a WPPE.

How is the WPEE certification assessed?

A BNSP-licensed capital market LSP assesses candidates against the 19 SKKNI competency units in the Jenjang Kualifikasi 5 scheme and decides Kompeten or Belum Kompeten. No official item count, time limit or numeric pass mark is published.

What are the entry requirements?

Under SKKNI No. 20 Tahun 2024, candidates need a Jenjang 5 WPEE training certificate plus either senior high school education with 3 years in financial services or a D3 diploma. Other routes are 2 years as a manager in financial services, or an eligible capital market competency certificate combined with the training certificate.

How much does WPEE certification cost?

LSPPMI lists Rp2,500,000 excluding VAT for the WPEE scheme. Other LSPs set their own fees, and training packages are priced separately.

How long is the licence valid?

Under POJK No. 20/POJK.04/2018, a WPEE licence is valid for 3 years, ending on the holder's date and month of birth. It can be extended by applying no earlier than 90 days before expiry and before it expires.

Are these official WPEE exam questions?

No. This is independent practice by OpenExamPrep in English-language multiple-choice form. It is not an official translation, it does not simulate the LSP's competency assessment, and it is not affiliated with or endorsed by OJK, BNSP, any LSP, TICMI or the Indonesia Stock Exchange.