NZFMA Dealer Accreditation
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ExploreAbout this exam
The NZFMA Dealer Accreditation is a New Zealand credential for people who deal in financial products or advise on them under the Financial Markets Conduct Act 2013 (FMC Act). It is aimed at dealers, authorised body advisers, compliance and supervision staff, and front-office staff at licensed providers who need to show they understand the FMA licensing regime and the conduct standards that go with it. The exam tests the regulatory framework and licensing, fair dealing under the FMC Act, client onboarding and AML/CFT identity verification, disclosure and client communications, order handling and trade reporting, record keeping and audit trails, complaints and breach reporting, and ethics and conflicts of interest. Expect scenario-based multiple-choice questions rather than pure recall: many items describe a client interaction or a supervision failure and ask for the correct regulatory response. To prepare, read the FMC Act and the FMA's licensing and conduct guidance directly, work through the AML/CFT Act obligations for your sector, and practise applying rules to realistic dealer situations. This page is an independent study resource and is not affiliated with or endorsed by the FMA; always confirm current requirements on the FMA website.
What you'll study
About NZFMA Dealer Accreditation preparation
Who publishes the exam and how do I register?
Accreditation and licensing are administered through the Financial Markets Authority and the relevant licensing process. Registration routes, eligibility and current requirements are set by the official body, so check the FMA website for the authoritative process rather than relying on third-party summaries.
What format is the exam?
It is delivered as multiple-choice questions, typically scenario-based, covering the eight content domains in proportion to their weighting. Fair dealing under the FMC Act carries the largest share. Confirm the current delivery method and any permitted materials with the official body before you sit.
How long is the exam and what score do I need to pass?
The official body publishes the current time limit and passing standard, and these can change. Do not rely on figures quoted in forums or older study guides. Check the FMA website for the definitive duration and pass mark for your sitting.
How difficult is it?
Candidates with day-to-day exposure to FMC Act obligations usually find the licensing and fair-dealing questions manageable, while AML/CFT and record-keeping items catch people out because the detail is precise. Difficulty comes from applying rules to scenarios, not from obscure trivia.
Can I retake it, and how soon?
Retake rules, waiting periods and any fees are set by the official body and are not fixed across all sittings. Confirm the current policy on the FMA website before booking, and allow extra preparation time rather than re-sitting immediately after a narrow miss.
What study order works best?
Start with the FMC Act and licensing framework, since fair dealing and disclosure questions build on it. Then cover AML/CFT onboarding, order handling and record keeping, and finish with complaints, breach reporting and conflicts of interest. Practise scenario questions after each block rather than reading everything first.
What do candidates most often get wrong?
Common errors are confusing disclosure obligations with suitability assessments, missing the timing requirements for breach reporting, and treating record keeping as an administrative afterthought. Another frequent mistake is answering what a good adviser would do rather than what the regulation actually requires.
Do I need to memorise section numbers?
You need to recognise the core obligations and where they come from, but the exam tests understanding rather than recitation. Knowing the structure of the FMC Act and the AML/CFT Act helps you eliminate wrong options, especially in questions about which regulator or process applies.
Is this page official study material?
No. This is independent study content written for candidates searching this exam. It is not affiliated with, endorsed by, or produced in partnership with the FMA, and it does not reproduce any official question bank. Always treat the FMA website and the legislation itself as the authoritative sources.