Free Practice Questions for Wakil Perantara Pedagang Efek (WPPE)

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Key Facts: Wakil Perantara Pedagang Efek (WPPE) Exam

SKKNI competency units in the WPPE Jenjang 5 package

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

Rp2,500,000

LSPPMI WPPE certification fee, excluding VAT

LSPPMI Biaya Sertifikasi

3 years

OJK WPPE licence validity before extension

POJK No. 20/POJK.04/2018

T+2

IDX Regular Market settlement cycle

Indonesia Stock Exchange

WPPE is Indonesia's full broker-dealer representative licence (Jenjang Kualifikasi 5). Certification is a competency assessment by a BNSP-licensed LSP against 18 SKKNI units, using a computer-based test plus observation and 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 Perantara Pedagang Efek (WPPE) Practice Questions

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

1Under Law No. 8 of 1995 on the Capital Market (UU Pasar Modal), which description matches the statutory definition of a Perantara Pedagang Efek (broker-dealer)?

A.An entity that manages securities portfolios for mutual funds and individual clients under a management mandate

B.A party that commits to buy or guarantee the sale of newly issued securities in a public offering

C.A party that conducts the business of buying and selling securities for its own account or for other parties

D.A self-regulatory organization that clears, guarantees and settles exchange transactions

Explanation: Article 1 point 18 of Law No. 8 of 1995 defines a Perantara Pedagang Efek as a party that conducts the business of buying and selling securities for its own interest or for other parties. Acting for others is the broker (perantara) role, while trading for its own account is the dealer (pedagang) role; WPPE representatives act for firms licensed in this business.

2Which person needs an individual Wakil Perantara Pedagang Efek (WPPE) licence (izin) issued by Otoritas Jasa Keuangan (OJK)?

A.Only the president director of the securities company, because staff may execute orders under the director's licence

B.An individual who acts for a securities company in receiving and executing customers' orders to buy or sell securities

C.Any employee who has completed a TICMI training course, even if OJK has not issued a licence

D.Only employees who trade for the securities company's own proprietary account

Explanation: OJK licenses individual broker-dealer representatives under POJK No. 20/POJK.04/2018 on licensing of Wakil Penjamin Emisi Efek and Wakil Perantara Pedagang Efek. A person who acts on behalf of a broker-dealer in its brokerage and dealing activities, such as handling customer orders, must personally hold the izin. Training and competency certificates support the application but are not the licence.

3What is the key functional difference between a full Wakil Perantara Pedagang Efek (WPPE) and a WPPE Pemasaran (WPPE-P)?

A.A WPPE holder may deal only in bonds, whereas a WPPE-P holder may deal only in equities

B.A WPPE-P holder may manage clients' portfolios under a discretionary mandate, whereas a WPPE holder may not

C.A WPPE holder must be a director of the securities company, whereas a WPPE-P holder may be any employee

D.A WPPE holder may receive and execute customer orders, whereas a WPPE-P holder may market and recommend securities but may not execute transactions

Explanation: In the capital market qualification framework, WPPE is Jenjang Kualifikasi 5 and WPPE Pemasaran is Jenjang Kualifikasi 4. Capital market certification bodies describe WPPE-P as allowed to market securities and give investment recommendations but not to execute transactions, while the full WPPE covers marketing plus receiving and executing orders, monitoring settlement and managing related risk. A separate Jenjang 3 WPPE Pemasaran Terbatas focuses on marketing and account opening.

4Under the insider-trading provisions of Law No. 8 of 1995, which person is treated as an 'orang dalam' (insider) of a listed issuer?

A.A director, commissioner or principal shareholder of the issuer

B.A retail investor who bought 500 shares of the issuer on the regular market

C.A securities analyst whose report relies only on the issuer's published annual report

D.A bank teller who processes a routine bill payment for one of the issuer's employees

Explanation: The elucidation of Article 95 describes insiders as including the issuer's commissioners, directors and employees, its principal shareholders, and individuals whose position, profession or business relationship with the issuer gives them access to inside information. Insider status depends on that relationship and access to material non-public information, not on simply owning shares.

5A listed company's chief financial officer privately tells an equity sales trader that the company will announce an acquisition at a large premium tomorrow before the market opens. The trader immediately buys the company's shares for a personal account. How should this trade be classified?

A.Permissible, because the trader is not an employee of the listed company

B.Trading on inside information, which the Capital Market Law's insider-trading provisions prohibit

C.A legitimate arbitrage trade, because the share price has not yet moved

D.An allowed proprietary trade, provided the trader reports it to the firm afterwards

Explanation: Article 95 of Law No. 8 of 1995 bars insiders who hold inside information from trading the issuer's securities, and Article 96 bars them from influencing others to trade or passing the information to anyone who may use it. The CFO has passed material non-public information, and buying on that undisclosed news is exactly the conduct the insider-trading provisions target; OJK examines how the information was obtained and used, not who employs the trader.

6Two trading accounts controlled by the same beneficial owner repeatedly trade the same stock with each other at matching prices and volumes, inflating reported turnover without any real change in ownership. Which prohibited practice under Article 91 of the Capital Market Law is this?

A.Pump and dump

B.Cornering the float

C.Wash sales (transaksi semu)

D.Bear raiding

Explanation: Article 91 prohibits any action intended to create a false or misleading picture of trading activity, market conditions or securities prices on the exchange. Trades between accounts of the same beneficial owner, with no change in beneficial ownership, are the classic transaksi semu (wash sale) used to fake liquidity.

7A broker deliberately enters aggressive buy orders during the IDX pre-closing session (15:50-16:00 WIB) at prices well above the last traded price to push the official closing price higher. What is this manipulative practice called?

A.Marking the close

B.Front running

C.Spoofing

D.Window dressing

Explanation: Marking the close means placing orders at or near the close to set an artificial closing price, for example to lift portfolio valuations or margin collateral values. IDX's random closing feature, which ends pre-closing order entry at a system-chosen moment in the final two minutes, was introduced to discourage this practice.

8Which scenario is an example of front running by a broker-dealer representative?

A.Executing all client buy orders before client sell orders during the continuous session

B.Entering a client's order as soon as the market opens at 09:00 WIB

C.Recommending a dividend-paying stock to retail clients based on a published research report

D.Buying 10,000 shares for the representative's own account just before executing a client's order to buy 5,000,000 shares of the same stock

Explanation: Front running is taking a personal or proprietary position based on advance knowledge of a pending customer order that is likely to move the price, so the representative profits at the client's expense. Customer orders must be handled before the representative's or firm's own orders in the same security.

9A representative repeatedly urges an elderly client to approve frequent in-and-out trades that have no investment rationale, and the main result is a large stream of commissions. What is this misconduct called?

A.Cornering

B.Free-riding

C.Churning

D.Short squeeze

Explanation: Churning is excessive trading in a client's account that does not fit the client's objectives or risk profile and mainly generates commissions for the representative or firm. It breaches the duty to put the client's interests first.

10Which OJK regulation, issued as a follow-up to Law No. 4 of 2023 (UU P2SK), is the current umbrella rule on consumer and public protection that governs how financial service providers such as securities companies market products and handle complaints?

A.POJK No. 22 of 2023 on Consumer and Public Protection in the Financial Services Sector

B.POJK No. 6/POJK.07/2022, which remains the governing consumer-protection rule

C.POJK No. 61/POJK.07/2020 on the alternative dispute resolution institution for the financial services sector

D.POJK No. 20/POJK.04/2018 on licensing of WPEE and WPPE

Explanation: POJK No. 22 of 2023, in force from its promulgation on 22 December 2023, replaced POJK No. 6/POJK.07/2022. It is the umbrella rule for product design, product information, marketing, agreements, service delivery, and complaint handling and dispute resolution across the financial services sector.

About the Wakil Perantara Pedagang Efek (WPPE) Exam

Wakil Perantara Pedagang Efek (WPPE) is the individual OJK licence for people who act for an Indonesian broker-dealer, from marketing and recommending securities to receiving and executing orders. Candidates first earn the Jenjang Kualifikasi 5 competency certificate from a BNSP-licensed capital market LSP and then apply to OJK under POJK No. 20/POJK.04/2018. 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, LSP IKEPAMI and LSPPM); 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 18 SKKNI units in the Jenjang Kualifikasi 5 Perantara Pedagang Efek package: preparing marketing for basic, alternative and sharia investment products; promotion; marketing reports and evaluation; marketing and recommending equity and debt securities or sukuk; account opening; equity and debt transactions; settlement and portfolio monitoring; risk management; and consumer protection. Certification guidance describes CBT plus observation: if CBT-assessed units are judged Belum Kompeten the CBT is retaken in full, while observation units are retested as the assessor advises.

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.

Official sources

LSPPMI — Skema Sertifikasi Jenjang Kualifikasi 5 Bidang Pasar Modal Subbidang Perantara Pedagang Efek · Source checked 2026-09-13
LSPPMI — Biaya Sertifikasi · Source checked 2026-09-13
OJK — POJK No. 20/POJK.04/2018 on licensing of WPEE and WPPE · Source checked 2026-09-13
TICMI — WPPE Jenjang Kualifikasi 5 training outline (competency units and entry requirements) · Source checked 2026-09-13
IDX — Jam dan Mekanisme Perdagangan · Source checked 2026-09-13

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.

18 of 100 questions

Capital Market Law, Licensing and Ethics

Law No. 8 of 1995 definitions, insider trading and manipulation, OJK administrative sanctions, WPPE licensing and validity, APU-PPT due diligence and PPATK reporting, client priority and LAPS SJK.

21 of 100 questions

IDX Trading, Clearing and Settlement

Sessions and segments, matching priority, lots and ticks, auto-rejection and trading-halt limits applied since April 2025, pre-opening and random closing, listing boards, KPEI and KSEI, T+2, failed delivery and corporate actions.

19 of 100 questions

Securities Analysis and Portfolio Monitoring

Ratios, DuPont, P/E, P/B and EV/EBITDA, dividend discount models, CAPM, FCFE, RSI and MACD, top-down analysis, weighted portfolio returns and rebalancing.

14 of 100 questions

Debt Securities and Sukuk

SUN and retail SBN, ratings, coupon structures, current yield and YTM, bond pricing, accrued interest, duration, and sukuk ijarah and mudharabah.

14 of 100 questions

Brokerage Operations and Margin

Account opening, SID, sub-accounts and RDN, margin collateral under POJK No. 6 of 2024, the margin securities list, haircuts, financing ratios, margin calls, forced selling, MKBD and information barriers.

14 of 100 questions

Investment Product Marketing and Consumer Protection

POJK No. 22 of 2023, complaints, data protection, suitability, compliant promotion, marketing plans and evaluation, mutual funds, ETFs, DIRE, sharia securities, investor protection fund coverage and rights versus warrants.

Preparing for the Wakil Perantara Pedagang Efek (WPPE) Exam

What You Need to Know

Passing score: Kompeten / Belum Kompeten decision; no numeric pass mark published
Assessment: Competency assessment against the 18 SKKNI units in the Jenjang Kualifikasi 5 Perantara Pedagang Efek package: preparing marketing for basic, alternative and sharia investment products; promotion; marketing reports and evaluation; marketing and recommending equity and debt securities or sukuk; account opening; equity and debt transactions; settlement and portfolio monitoring; risk management; and consumer protection. Certification guidance describes CBT plus observation: if CBT-assessed units are judged Belum Kompeten the CBT is retaken in full, while observation units are retested as the assessor advises.
Time limit: Not published
Exam / certification fees: LSPPMI: Rp2,500,000 excluding VAT; fees vary by certification body Official sources

Using Our Practice Resources

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Wakil Perantara Pedagang Efek (WPPE): Suggested Study Strategy

1Learn the current IDX price limits: ARA tiers of 35%, 25% and 20% by reference price, a 15% ARB since April 2025, and trading halts at declines of more than 8% and 15% with a possible suspension beyond 20%. Check IDX announcements for changes.

2Keep the market infrastructure roles straight: IDX runs trading, KPEI clears and guarantees as central counterparty, KSEI holds book-entry securities in C-BEST, and customer cash sits in an RDN in the customer's name.

3Practise margin arithmetic (haircuts, financing ratios, cash needed to cure a margin call) and remember that POJK No. 6 of 2024 set the minimum initial collateral at Rp50,000,000.

4Review marketing and consumer-protection duties under POJK No. 22 of 2023: suitability to the client's risk profile, accurate and non-misleading promotion, consent for data sharing, and complaint handling before LAPS SJK.

Frequently Asked Questions

What is WPPE and who needs it?

Wakil Perantara Pedagang Efek (WPPE) is the individual licence OJK issues under POJK No. 20/POJK.04/2018 to people who act for a broker-dealer (Perantara Pedagang Efek). It is the full representative licence at Jenjang Kualifikasi 5, covering marketing, recommending securities, and receiving and executing customer orders.

How is the WPPE certification assessed?

A BNSP-licensed capital market LSP assesses candidates against the 18 SKKNI competency units for the WPPE scheme. Certification guidance describes a computer-based test plus observation, ending in a Kompeten or Belum Kompeten decision. No official item count, time limit or numeric pass mark is published. If CBT-assessed units are Belum Kompeten the CBT is retaken in full, while observation units are retested as the assessor advises.

How do WPPE, WPPE Pemasaran and WPPE Pemasaran Terbatas differ?

WPPE Pemasaran Terbatas (Jenjang 3) focuses on marketing and account opening without handling orders. WPPE Pemasaran (Jenjang 4) may market securities and give recommendations but may not execute transactions. The full WPPE (Jenjang 5) adds receiving and executing orders, monitoring settlement and managing related risk.

What are the entry requirements for the WPPE assessment?

Under SKKNI No. 20 Tahun 2024, candidates need a Jenjang 5 WPPE competency-based training certificate plus either senior high school education with 3 years of financial services experience or a D3 diploma. Other routes are 2 years as a manager in the financial services industry, or an eligible Jenjang 3 or 4 capital market certificate combined with the Jenjang 5 training certificate.

How long is a WPPE licence valid?

Under POJK No. 20/POJK.04/2018, an OJK WPPE licence is valid for 3 years, tied to the holder's date and month of birth, and can be extended. The LSP competency certificate supports the licence application but is not itself the licence.

Are these official WPPE 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 CBT and observation assessment, and it is not affiliated with or endorsed by OJK, BNSP, any LSP, TICMI or the Indonesia Stock Exchange.