ROC-A Exam study guide
ROC-A Exam · Work through your exam, one topic at a time.
The ROC-A Exam is a multiple-choice certification assessment for professionals working in regulated securities and capital-markets roles. It is aimed at candidates who need a working command of how markets are supervised, how instruments are priced and traded, and how client-facing conduct obligations are applied in practice. The syllabus is organised into six domains: the regulatory framework and market structure; equity products and trading mechanics; fixed income and money market instruments; derivatives and structured products; order handling, best execution and client obligations; and market conduct, ethics and compliance. Questions test applied judgement rather than isolated definitions, so candidates should expect scenarios that combine a rule with a trading or advisory decision. The ROC-A Exam study guide has 6 sections and about 1,285 words.
01Regulatory Framework and Market Structure
Regulatory bodies : Understand the roles of the SEC, FINRA, and state regulators in the US, and equivalents like the FCA (UK) and ESMA (EU). Know their rulemaking, enforcement, and examination functions.
269 words, about 1 min02Equity Products and Trading Mechanics
Equity types : Common stock (voting, residual claim), preferred stock (fixed dividends, priority), and variations like convertible preferred. Order types : Market, limit, stop, stop-limit; time-in-force (day, GTC, IOC, FOK).
216 words, about 1 min03Fixed Income and Money Market Instruments
Bond basics : Issuer types (government, municipal, corporate), credit risk, interest rate risk, and yield measures (coupon, current yield, YTM). Money market instruments : T-bills, commercial paper, CDs, repos, and their features (short-term, high liquidity, low risk).
191 words, under 1 min04Derivatives and Structured Products
Options : Calls and puts, strike price, premium, intrinsic vs. time value, payoff diagrams.
191 words, under 1 min05Order Handling, Best Execution and Client Obligations
Order handling : Duty of care, prompt execution, and proper trade allocation. Know the rules on order priority and customer orders vs.
231 words, about 1 min06Market Conduct, Ethics and Compliance
Prohibited practices : Insider trading, market manipulation (e.g., spoofing, layering), front-running, and misrepresentation. Ethical standards : Integrity, objectivity, confidentiality, and professional competence.
187 words, under 1 min