Exam Format, Pass Mark, Booking & Logistics

Exam Format, Pass Mark, Booking & Logistics

Quick Answer: Book RE5 with Moonstone, write 50 four-option MCQs in 2 hours under closed-book supervision, and score at least 33/50 correct to clear the 65% pass mark. Confirm the current legislated fee on FSCA/Moonstone before you pay, and treat 32/50 as a fail even though it “feels close.”

Understanding the format is half of exam psychology. Candidates who know the scoring math, complexity mix, and room rules waste less energy on process anxiety and more on reading each stem carefully.

Format at a glance

There is only one right answer to each question. Read every option. Distractors are often partly true statements that fail on a legal nuance (wrong role, wrong product tier, wrong duty holder, or a duty that belongs to the FSP/KI rather than the representative).

The six question styles the guideline warns you about

The official preparation guideline lists the exact formats you will meet. Recognising the style before you read the options is worth marks:

The last two styles are why RE5 rewards knowing time periods and process order (five days versus fifteen days; disclose → advise → record) rather than isolated facts.

The answer sheet is paper, pencil and machine-marked

The guideline confirms the exam is written in paper format, and that you answer in pencil on a separate answer sheet that is marked electronically:

• Pencil exists so you can change an answer cleanly; ink forces a messy redo.
• The scanner reads one option per question — a scratched-out second mark is read as wrong, not as a preference.
• At permanent venues the answer sheets are scanned immediately after collection.
• Keep your place with a ruler or your finger: mis-aligning the answer sheet by one row is a self-inflicted failure that has nothing to do with your knowledge.

Results

Moonstone allows a lead time of up to 20 working days from the examination to the release of results, to protect marking accuracy. Plan appointment or supervision deadlines around that window rather than assuming a same-week answer.

Pass mark: 65% means 33 out of 50

The FSCA states that the pass mark for the regulatory examinations is 65%. Because RE5 has only 50 questions, the integer threshold matters:

You must achieve at least 33 correct answers.

Why you will see both 65% and 66% in official sources

Both figures are official, and they do not contradict each other:

The guideline even heads its own FAQ “Why is the pass mark for the exams 65/66%?”. Treat 65% as the standard and 66% (33/50) as the RE5 arithmetic. Either way the operational target is identical: 33 correct answers.

Scenario: The “one mark short” trap

Nomsa finishes with 32 correct. She studied for weeks and feels she “basically passed.” On the FSCA math she has 64% and fails. One extra correct item would have produced 66% and a pass. Build a study plan that aims for a buffer (for example consistently 38–42/50 on quality practice), not a plan that banks on scraping 33.

Complexity levels (how hard questions feel)

According to the Moonstone RE1/RE5 Preparation Guideline (candidates should use the latest published version — commonly referenced for 2026 is the 17 January 2026 Version 1 guide), RE5 questions are distributed across four complexity levels:

You cannot “skip” higher levels. Even if L1 and L2 go well, weak performance on L3/L4 can drop you below 33 correct. Practice with scenarios that force you to identify who must act (representative, key individual, FSP, compliance officer, client, Ombud) and which instrument applies (FAIS Act, GCOC, BN 194, FIC-related duty, Ombud process).

Legislation in the question — no verbatim memorisation required

A frequent fear is: “Must I memorise the Act word-for-word?” The FSCA answer is no. There is no need to memorise legislation verbatim. Where a question refers to a specific section, that section is included in the question for ease of reference.

What you do need is:

• Comfort with definitions (advice, intermediary service, financial product, representative, key individual, product supplier, client)
• Ability to apply duties when the facts change slightly
• Recognition of roles and accountability (what a representative must do versus what only the FSP or KI can do)
• Familiarity with the structure of the General Code of Conduct and fit-and-proper rules so the reproduced extract makes sense in context

Reading the legislation repeatedly is still essential — not to recite it, but to stop misreading stems because you never saw the defined terms used correctly.

Booking and registration (Moonstone)

Registration is through the Moonstone examination body (not a random third-party “exam seller”). Typical channels include:

• Online registration via Moonstone’s RE booking system (commonly linked from faisexam.co.za / Moonstone’s regulatory exam pages)
• Telephone registration during business hours through Moonstone’s published call centre number

Information you will usually need

• South African ID number, or passport number if you do not have an SA ID
• FSP number of the provider that appoints (or will appoint) you
• Personal and contact details
• Professional context (for example insurance, banking, investments)

Book early enough for your preferred venue and date. Bring the identification you used at registration. Arrive with time for check-in; late arrivals risk being turned away under invigilation rules.

Examination fee

The RE fee is a legislated fee set by the FSCA in its Determination of Fees, not a price Moonstone chooses. Moonstone publishes the current amount as R1 300 (VAT inclusive) per examination per candidate. The fee has moved before — it was R1 226 (VAT inclusive) in earlier periods — so confirm the current amount on the FSCA fee notice and the Moonstone booking screens before you pay, and never rely on a study guide’s historical number as the amount you will be charged on booking day.

Two booking-day practicalities that catch candidates out:

• Payment is due to Moonstone within 24 hours of completing the online booking, using the invoice reference generated at registration.
• Registration for a sitting closes 11 working days before the examination date, so a “next week” plan is usually already too late.

If your FSP sponsors the fee, still verify who pays for a retake. Unlimited attempts means unlimited booking fees unless your employer has a policy.

Closed-book room rules (practical checklist)

Expect a supervised room with strict control of materials. In practice you should plan as follows:

• No textbooks, phones, smart watches, notes, or preparation guides at the desk
• Follow invigilator instructions on bags, calculators (usually not needed for RE5), and seating
• Use only the answer method provided for that sitting (paper or system as arranged for the venue)
• Manage your own time — invigilators will not coach you on which questions to skip

Because there is no negative marking, never leave a question blank if time is ending. An educated guess among four options is better than no answer.

Time management strategy for 50 questions in 120 minutes

A simple three-pass method works well for RE-style papers:

1. Pass 1 (about 70–80 minutes): Answer every question you can resolve confidently. Flag multi-paragraph L3/L4 scenarios.
2. Pass 2 (about 25–30 minutes): Return to flagged items. Eliminate options that assign a duty to the wrong person or invent a disclosure that FAIS does not require.
3. Pass 3 (final 10–15 minutes): Fill blanks, re-check answer sheet alignment if paper-based, and re-read any question where two options still seem plausible.

Watch for stems that include words such as must, may, only, except, and not. A single qualifier often turns a true statement into a false option.

After the exam: results and retakes

Moonstone publishes results processes on its candidate portals and communications. If you fail:

• There is no limit on the number of attempts to achieve competence
• Diagnose why you failed — definitions, Code of Conduct disclosures, fit-and-proper/supervision, or Ombud/FIC interface tasks — using the eight-task map
• Re-read the actual legislation for weak tasks rather than only redoing random MCQs
• Rebook when your weak tasks are repaired, not merely when you feel angry at the result

Passing RE5 is a competence milestone, not a once-off trivia win. Your FSP still expects lawful conduct every day after the result letter.

Linking logistics to study priorities

Because every question is worth 2%, a single misunderstood definition can cost the same as a long scenario. Prioritise:

1. Role identification (rep vs KI vs FSP vs CO)
2. Advice vs intermediary service
3. Disclosure and conflict rules under the GCOC
4. Supervision and debarment consequences for representatives
5. Complaint handling and Ombud pathway basics

Master those themes and the format becomes an ally: clear options, equal weighting, and enough time if you do not panic.

Logistics bottom line

Treat RE5 like a professional licensing gate: confirm fee and date on official channels, aim for 33+ correct with a buffer, practice under closed-book timing, and use the reproduced legislation in questions as a tool — not a surprise. The next section shows how to prepare against the official tasks and qualifying criteria so that logistics and content work together.