The FSCA says RE5 questions are based on the legislation, not on training material. Its advice is to study the legislation and the exam tasks, about two hours a day, and to avoid mock exam questions.
What the RE5 actually tests
The RE5 is built on 8 tasks and their qualifying criteria, published in Appendix A of the FSCA Preparation Guide for Regulatory Examinations (RE1 and RE5), version 1, 17 January 2026. Every exam covers each task at least once, so no task can be skipped. Questions come in four levels of difficulty: knowledge, comprehension, application and analysis. Expect some negatively worded questions, "most" or "best" questions, and questions that ask you to put items in sequence or pick the right combination of statements.
The FSCA's study method
- Start from the tasks and criteria. Use Appendix A of the preparation guide as your checklist.
- Read the legislation first. The FSCA says questions are based on the legislation, not on any provider's material.
- Then use training material, then go back to the legislation. The guide recommends this order: legislation, training material, legislation again.
- Group the criteria. Study three or four qualifying criteria at a time rather than everything at once.
- Study about two hours a day. That is the FSCA's recommended minimum.
Source: FSCA Preparation Guide for Regulatory Examinations (RE1 and RE5), version 1, 17 January 2026.
Why the FSCA warns against mock questions
The FSCA Regulatory Examinations FAQ advises candidates to avoid mock examination questions. The preparation guide goes further: candidates who rely entirely on study material and mock questions tend to fail, and attending workshops alone is not enough. The reason is the one above. The exam tests the legislation, and a mock question only shows you what someone else thought the legislation said.
Practice questions can still help you check your understanding, as long as you treat them as a check and not as a substitute for reading the legislation.
Who approves training providers?
Nobody at the FSCA. The FSCA does not accredit or approve training providers and does not endorse training manuals. Be cautious of any provider that claims otherwise or guarantees you a pass. Moonstone, which runs the exams on the FSCA's behalf, says it never phones candidates to sell booking services or guarantee success.
Where a class fits in
A good class gives you structure, a timetable and someone to ask when a provision is unclear, and it sends you back to the legislation. It does not replace reading it. If you want that structure, see how our RE5 preparation works, in class at Braamfontein and Dobsonville or online. To check the exam itself, read our guide to the RE5 pass mark.
Sources
- FSCA Preparation Guide for Regulatory Examinations (RE1 and RE5), version 1, 17 January 2026
- FSCA Regulatory Examinations FAQ
- Moonstone registration notice, 1 October 2024
Exam rules are set by the FSCA and Moonstone and can change. Check the sources above before you book.
Common questions
Do RE5 questions come from the legislation or from training material?
The FSCA says they are based on the legislation and the tasks and qualifying criteria in its preparation guide, not on any training material.
Should I use mock exam questions to prepare for the RE5?
The FSCA advises candidates to avoid mock examination questions. Use them, if at all, only to check understanding after reading the legislation.
How long should I study for the RE5?
The FSCA recommends at least about two hours of study per day. It does not give a fixed number of weeks.
Does the FSCA approve RE5 training providers?
No. The FSCA does not accredit or approve training providers or endorse training manuals.