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Key Facts: 증권투자권유대행인 Exam

KRW 50,000

Official KOFIA examination fee

KOFIA License Testing Center (license.kofia.or.kr, 2026-09-21)

100 questions

Total questions on the official examination

KOFIA Qualification Exam Guide (2026-09-21)

120 minutes

Total test duration (single sitting)

KOFIA Qualification Exam Guide (2026-09-21)

60% overall / 40% subject floor

Passing standard (과락 40% 적용)

KOFIA Official Qualification Regulations (2026-09-21)

3 Subjects

Exam syllabus structure (증권분석 30, 금융상품 50, 법규 20)

KOFIA Securities Solicitor Exam Blueprint (2026-09-21)

Administered by KOFIA, the Korea Securities Investment Solicitor (증권투자권유대행인) exam is a 120-minute, 100-question assessment covering securities analysis, financial products, solicitor conduct and capital markets regulations. Passing requires at least 40% per subject and an overall 60%. The official paper is sat in Korean; this 100-question bank is an independent English-language MCQ study adaptation by OpenExamPrep that keeps the Korean terminology alongside the English, and is not an official translation or a simulation of the exam's language environment.

Sample 증권투자권유대행인 Practice Questions

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

1Which of the following macroeconomic indicators compiled by Statistics Korea is classified as a Leading Composite Index (선행종합지수) component that forecasts future turns in the Korean business cycle?
A.KOSPI Index (코스피지수)
B.Industrial Production Index (광공업생산지수)
C.Number of Employed Persons (취업자수)
D.Inventory Cycle Index (재고순환지표) in mining and manufacturing
Explanation: The KOSPI Index reflects forward-looking market expectations of future corporate earnings and liquidity, making it an official component of the Leading Composite Index (선행종합지수). Industrial production and employment are coincident indicators, while inventory levels typically serve as coincident or lagging metrics.
2When the Bank of Korea's Monetary Policy Board lowers the Base Rate (기준금리), what is the typical theoretical transmission mechanism and direct impact on equity market valuation?
A.Corporate discount rates rise, leading to a downward re-rating of future cash flows and depressed stock valuations.
B.Market interest rates decline, lowering corporate debt servicing costs and reducing the discount rate applied to future dividends, which generally lifts equity prices.
C.Bank deposit yields increase, drawing capital away from equity markets and reducing stock trading volumes.
D.Fixed income yields rise sharply, triggering an immediate portfolio reallocation from equities into long-term sovereign bonds.
Explanation: A benchmark rate cut reduces borrowing costs for listed corporations, improves profit margins by lowering interest expenses, and reduces the discount rate applied to future cash flows in valuation models (such as DCF or DDM), generally supporting higher stock valuations.
3A sharp depreciation of the Korean Won against the US Dollar (원/달러 환율 상승) generally produces which of the following contrasting impacts on South Korean listed corporations?
A.Improves the overseas price competitiveness and KRW-converted operating profit of major export-driven manufacturers, while increasing the import cost burden of domestic energy and raw material importers.
B.Dampens sales volume for export conglomerates such as automotive and electronics firms, while boosting operating margins for airlines and oil refineries.
C.Uniformly increases foreign investor net equity buying across all KOSPI sectors due to currency translation gains.
D.Lowers foreign-currency denominated debt servicing costs for Korean domestic utility providers, expanding their net margins.
Explanation: When the KRW depreciates (USD/KRW rate rises), Korean export goods become more price-competitive overseas and dollar export revenues convert into more Korean Won, benefiting major exporters. Conversely, companies reliant on imported energy, commodities, or dollar-denominated raw materials face higher input costs and foreign-exchange losses.
4Under the Bank of Korea monetary aggregation standards, which financial instrument is included in M1 (협의통화 / Narrow Money)?
A.Demand deposits (요구불예금) and transferable savings deposits (수시입출식 저축성예금)
B.Time deposits with maturities of two years or longer (2년 이상 정기예적금)
C.Long-term financial debentures with maturity of three years (3년 만기 금융채)
D.Stock investment trusts and equity exchange-traded funds (주식형 펀드 및 ETF)
Explanation: M1 (협의통화) measures high-liquidity money immediately available for settlement. It includes currency in circulation (민간보유화폐), demand deposits (요구불예금), and transferable savings deposits (수시입출식 저축성예금). Time deposits under 2 years, MMFs, and CD/CP are included in M2 (광의통화).
5Which of the following describes an Open Market Operation (공개시장운영) conducted by the Bank of Korea to absorb excess liquidity from the financial sector?
A.Directly purchasing sovereign government bonds from primary dealers in the secondary market
B.Issuing Monetary Stabilization Bonds (통화안정증권) or selling repurchase agreements (RP 매도) to financial institutions
C.Lowering the required reserve ratio (지급준비율) for commercial banks
D.Providing emergency liquidity lending facilities to regional commercial savings banks
Explanation: To absorb excess liquidity from the financial system, the Bank of Korea issues Monetary Stabilization Bonds (통화안정증권) or engages in RP sales (환매조건부채권 매도), effectively collecting reserves from commercial financial institutions.
6What market phenomenon is indicated when a sovereign yield curve experiences an 'inversion' (장단기 금리역전), where 10-year Treasury bond yields fall below 3-year Treasury bond yields?
A.Market participants anticipate strong economic acceleration and imminent central bank rate hikes over the coming decade.
B.Market participants expect economic deceleration or recession in the medium-to-long term, prompting aggressive safe-haven purchases of long-duration bonds.
C.Inflationary expectations are accelerating dramatically in the distant future compared to current price pressures.
D.Corporate default rates have reached historic lows, driving unprecedented risk appetite into equities.
Explanation: Yield curve inversion (장단기 금리역전) occurs when investors expect future economic weakness or recession, prompting heavy buying of long-term safe bonds (pushing long yields down) while short yields remain anchored to prevailing central bank policy rates. Historically, this serves as a reliable recession leading indicator.
7What is the primary economic difference between Gross Domestic Product (GDP / 국내총생산) and Gross National Income (GNI / 국민총소득)?
A.GDP measures income earned exclusively by Korean domestic nationals regardless of location, whereas GNI measures output produced strictly within South Korea's territorial borders.
B.GDP is a territorial measure of economic value produced within a country's geographic borders, whereas GNI reflects the total income earned by a country's permanent citizens and corporate entities including net factor income from abroad.
C.GDP includes net transfer receipts from foreign governments, whereas GNI measures strictly capital investments by corporate businesses.
D.GDP is calculated only on a quarterly basis, whereas GNI is calculated exclusively once every five years by the Bank of Korea.
Explanation: GDP is based on the domestic territory concept (영토 중심), measuring all value added produced within the geographic borders. GNI is based on the nationality/residence concept (국민 중심), adjusting GDP for net factor income from abroad (국외순수취요소소득) and terms-of-trade trading gains/losses.
8Why does a prolonged economic state of Stagflation (스태그플레이션) present particularly severe headwinds for equity valuations?
A.Consumer demand weakens due to economic stagnation, while rising input costs compress corporate profit margins, and central banks are constrained from lowering interest rates due to persistent inflation.
B.Rapid economic expansion overheats corporate capacity, driving down equity valuations despite record-breaking earnings.
C.Deflationary price declines cause consumers to hoard cash, while nominal bond yields decline to zero percent.
D.Commercial banks reduce loan-to-deposit ratios to zero, eliminating all corporate debt issuance.
Explanation: Stagflation combines economic stagnation (경기침체) with high inflation (고물가). Corporate profit margins suffer from rising raw material and wage costs alongside sluggish consumer demand, while the central bank cannot easily stimulate the economy via rate cuts without stoking inflation, severely depressing stock multiples.
9In South Korea's balance of payments accounts, what is the largest and most influential sub-account within the Current Account (경상수지) that heavily drives domestic foreign exchange liquidity and stock market fundamentals?
A.Goods Balance (상품수지)
B.Services Balance (서비스수지)
C.Primary Income Balance (본원소득수지)
D.Secondary Income Balance (이전소득수지)
Explanation: The Goods Balance (상품수지), which measures the difference between exports and imports of tangible merchandise (such as semiconductors, automobiles, and petrochemicals), represents the largest component of Korea's Current Account and significantly impacts foreign currency inflows and corporate earnings.
10Which of the following sets contains ONLY Coincident Indicators (동행지표) that reflect the current state of South Korea's economic activity?
A.Industrial Production Index (광공업생산지수) and Wholesale & Retail Sales Index (소매판매액지수)
B.KOSPI Index (코스피지수) and Construction Orders Received (건설수주액)
C.Inventory-to-Shipment Ratio (생산자제품재고지수) and Machinery Imports (기계류수입액)
D.Commercial Bank Loan Prime Rate (대출연체율) and Household Debt (가계부채)
Explanation: The Industrial Production Index (광공업생산지수), Wholesale & Retail Sales Index (소매판매액지수), and Value of Construction Completed (건설기성액) are official Coincident Composite Index (동행종합지수) components that track real-time macroeconomic activity.

About the 증권투자권유대행인 Exam

The Korea Securities Investment Solicitor (증권투자권유대행인) certification is administered by the Korea Financial Investment Association (KOFIA) under the Capital Markets Act (자본시장과 금융투자업에 관한 법률). It licenses non-employee agents contracted with financial investment companies to solicit equity, debt, and collective investment instruments to investors. The examination assesses knowledge in macroeconomic trends, equity valuation, market trading mechanics, fixed income and structured financial products, professional ethics, investor protection rules under the Financial Consumer Protection Act, and capital markets regulations.

Exam sponsor: Korea Financial Investment Association (한국금융투자협회 / KOFIA). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

3 subjects: Securities Analysis & Securities Markets (30 items), Financial Products & Ethics (50 items), and Regulations & Rules (20 items).

Time Limit

120 minutes

Passing Score

Minimum 40% in each subject (과락 floor) and overall score 60% (60/100) or higher

Exam / Certification Fees

KRW 50,000 (KOFIA, 2026-09-21)

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.

30 of 100 questions

Subject 1: Securities Analysis & Securities Markets (증권분석 및 증권시장)

Macroeconomic indicators (economic growth, interest rates, foreign exchange, money supply M1/M2), fundamental analysis (financial statements, balance sheet, income statement, valuation multiples PER, PBR, EV/EBITDA, ROE, dividend yield calculations), and Korea Exchange (KRX) trading regulations (quote types, daily price limits ±30%, order execution priority rules, and T+2 settlement).

50 of 100 questions

Subject 2: Financial Products & Ethics (금융상품 및 윤리)

Equity and debt securities (common vs. preferred shares, capital increases, rights offerings, bond characteristics, coupon/discount/compound bonds, convertible bonds CB, bonds with warrants BW), structured products and exchange-traded funds (ELS, DLS, knock-in/knock-out barriers, ETF mechanics, currency-hedged vs. unhedged ETFs), and investment solicitor conduct ethics (Financial Consumer Protection Act 6 core sales principles, one-firm exclusivity rule 1사 전속주의, prohibition on executing contracts, prohibition on handling client assets, discretionary trading ban, and loss-guarantee ban).

20 of 100 questions

Subject 3: Regulations & Rules (법규 및 규정)

Capital Markets Act statutory framework (purposes, definition of financial investment products, securities vs. derivatives classification, retail vs. professional investor distinctions, insider trading prohibitions, market manipulation prevention, unfair trading conduct), and KOFIA regulatory standards (solicitor registration requirements, mandatory preliminary and continuing education, registration cancellation, and administrative fines).

Preparing for the 증권투자권유대행인 Exam

What You Need to Know

  • Passing score: Minimum 40% in each subject (과락 floor) and overall score 60% (60/100) or higher
  • Assessment: 3 subjects: Securities Analysis & Securities Markets (30 items), Financial Products & Ethics (50 items), and Regulations & Rules (20 items).
  • Time limit: 120 minutes
  • Exam / certification fees: KRW 50,000 (KOFIA, 2026-09-21) Official sources

Using Our Practice Resources

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

증권투자권유대행인: Suggested Study Strategy

1Master Core Valuation Multiples: Practice computing Price-to-Earnings Ratio (PER = Price / EPS), Price-to-Book Ratio (PBR = Price / BPS), Return on Equity (ROE = Net Income / Equity = EPS / BPS = PBR / PER), and Dividend Yield (DPS / Stock Price). These calculation questions appear consistently in Subject 1.
2Memorize KRX Trading Principles & Order Rules: Understand price-time priority (가격-시간 우선원칙), the daily price fluctuation limit (±30%), and the difference between limit orders (지정가), market orders (시장가), and conditional limit orders (조건부지정가). Remember that standard equity trades settle on T+2 business days.
3Differentiate Equity-Linked Debt Instruments: Distinguish Convertible Bonds (CB, 전환사채 - bond is extinguished upon conversion into stock) from Bonds with Warrants (BW, 신주인수권부사채 - warrant is exercised by paying additional cash while the bond remains intact).
4Learn the 6 Core Sales Principles under the Financial Consumer Protection Act: Know the exact scope of Suitability (적합성), Appropriateness (적정성), Duty of Explanation (설명의무), Prohibition of Unfair Sales Practices (불공정영업행위 금지), Prohibition of Unjust Solicitation (부당권유행위 금지), and False Advertising Prohibition.
5Strictly Review Solicitor Statutory Prohibitions: Pay special attention to the bright-line prohibitions: 1사 전속주의 (one-firm exclusivity), no cash receipt/custody (자산수령 금지), no contract signing authority (계약체결 대리 금지), and no sub-delegation (재위탁 금지).

Frequently Asked Questions

What is the Korea Securities Investment Solicitor (증권투자권유대행인) qualification?

The Korea Securities Investment Solicitor (증권투자권유대행인) is a professional credential administered by the Korea Financial Investment Association (KOFIA) under the Capital Markets Act. Certificants are authorized to act as independent contractors contracted with a financial investment company to solicit securities (stocks, bonds) and collective investment schemes to investors, without entering into sales contracts or holding customer funds directly.

What is the examination format, timing, and passing score?

The exam consists of 100 four-option multiple-choice questions (객관식 4지선다형) administered over 120 minutes in a single testing session. The passing standard requires scoring at least 40% in each subject (Subject 1: 12/30, Subject 2: 20/50, Subject 3: 8/20) and an overall aggregate score of 60% (60/100) or higher.

What is the 'one-firm exclusivity rule' (1사 전속주의) for investment solicitors?

Under Article 22, Item 1 of the Regulation on the Supervision of Financial Consumer Protection, a sales agent or broker may not arrange contracts of the same product type for two or more direct sellers. For an investment solicitor (투자권유대행인) this means one entrustment contract with one financial investment company at a time; they cannot simultaneously solicit on behalf of multiple securities firms.

What actions are strictly prohibited for a Securities Investment Solicitor?

Investment solicitors are strictly prohibited from: (1) entering into investment contracts on behalf of the customer (계약체결 대리 금지), (2) receiving or holding customer funds, securities, or assets (고객자산 보관·수령 금지), (3) conducting discretionary trading on behalf of clients (임의매매 금지), (4) guaranteeing returns or promising to compensate for investment losses (손실보전 약속 금지), and (5) delegating solicitation duties to third parties (재위탁 금지).

How do Securities Investment Solicitors differ from Securities Investment Advisors (증권투자권유자문인력)?

Securities Investment Advisors (증권투자권유자문인력) sit an 적격성 인증시험 that is open only to candidates who have first completed KOFIA's securities investor-protection education, and the qualification lets them give investment advice as well as solicit. Securities Investment Solicitors (증권투자권유대행인) sit an exam with no entry condition at all, and once registered may only solicit — they cannot advise, execute trades or handle client assets. The solicitor exam also passes at 60% overall against the advisor exam's 70%.