Course objective

The objective of the WMBA Diploma is to ensure that candidates have a broad practical understanding of wholesale financial market products and an awareness of the market environment, current regulatory issues and what constitutes good professional behaviour. The course is modular in design, with examinations taken at regular intervals to test the knowledge and skills acquired. It is anticipated that successful candidates will have gained a fundamental understanding of the mathematics and pricing relationships of the various instruments traded and brokered in the wholesale financial markets, and be familiar with the inter-relationship between these instruments and their derivatives.

About the course

The Diploma syllabus is divided into three parts:

ACI Model Code: a practical study of market practices and conventions
Evaluation of Sales and Broking Techniques: an assessment of candidates' knowledge of current economic data, their ability to conduct themselves at meetings and their ability to operate as brokers
Financial Products: an in-depth, mathematical study of wholesale market products.
Click here to view the Diploma syllabus.

Note:

• Successful completion of the WMBA Broking Certificate is compulsory before commencing study for the Diploma.
• The Model Code examination must have been passed before the Financial Products element of the Diploma syllabus is begun.

The examinations

The ACI Model Code examination is taken electronically at one of Thomson Prometric's many test centres around the world. The exam lasts 45 minutes and consists of 30 multiple-choice questions.

The Evaluation of Sales Techniques exam consists of an oral test and a 45-minute written paper. The Evaluation of Broking Techniques exam consists of a 20-minute simulated 'team dealing' test. The testing process for both the sales and broking techniques examinations includes practical use of the Model Code. Candidates may be 'grandfathered' through the 'Evaluation of Broking Techniques' exam where senior management are able to verify that the candidates have regular contact with a recognised customer base and have been fully authorised brokers for at least two years. All candidates are required to sit the 'Sales Techniques' exam.

The five Financial Products exams last 21/2 hours each and test the ability to apply product knowledge and formulae in pricing calculations. As this is not intended to be a test of memory, the necessary formulae are provided. Marks are awarded for methodology as well as numerical accuracy. The five examinations are marked independently by two examiners using blind double marking and a marking scheme approved by Birkbeck College, University of London.

The pass mark for each examination is 60%. The potential marks available for each question within the exams are specified on the question paper. A Merit will be awarded to candidates who achieve an aggregate mark of 70% and a Distinction to those who achieve an aggregate mark of 80% or better.

Source by: www.wmba.org.uk