Many people who work for SFC-regulated companies may not need to take the SFC exam, but it is important to understand what you do and don’t need. This article discusses 3 points that will help you decide if SFC exam exemption applies: your job position, your company’s SIC code, and whether or not you are a new hire. If any of these questions apply to you, read on!
Your job position: SFC exam exemption is only available to individuals who are classified as “marketing professionals”. SIC Code: SFC exam exemption does not apply if your company has a SIC code that falls under the financial sector, insurance sector, or banking and trust companies sectors. If you have a SIC of 6212-6215 (except banks) or 6216-6739 then SFC exam exemption will likely apply to you.
Being a new hire: This point serves as a clarification for those wondering about career changes after they have already started working at their company with SFC-regulated responsibilities. It’s important to note that SFC Exam Exemption is also reserved for people whose job title was most recently changed from non-SFC related to SFC-regulated responsibilities.
As an example, if someone was working in a non-SFC regulated role but then responded to a job posting for an SFC regulator without the title being changed through HR, they are still eligible for SFC exam exemption under this point.
SFC Exam Exemption is not permanent: This final note serves as clarification of what many people assume about SFC Exam exemptions – that it’s “one and done.”
Being a new hire does not guarantee your eligibility for SFC exam exemption. You must fall into one of those three categories mentioned above (industry code, career change after starting at company, or most recent job title). It is possible to lose SFC Exam exemption eligibility if you change roles or are laterally transferred into SFC-regulated work at your company.
The SFC Regulatory Authority mentions that “Exemptions do not apply outside of Canada.” While this statement is true, it’s important to remember that the SFC has no jurisdiction over companies based in other countries with SFC-regulated activities occurring there.
Selling securities for a firm located overseas would fall under SROs (self-regulating organizations) within each respective country. The reason an individual working for such an organization may be exempt from taking the CFSC and CRFSC exams in Canada could lie in their previous experience licensing these types of products elsewhere in the world – i.e. they already have an SFC license in their country of origin and the SFC sees fit to recognize this experience as sufficient for exemption from exams here, too!
In conclusion, SFC exam exemption may be granted to those who have previously passed SFC licensing exams in their country of origin and can document sufficient experience with SFC-regulated activities that take place there.
