Which SIDC Modules Do I Need for My Licence?
Updated · 5 min read
Which SC Licensing Examination modules you need depends on the regulated activity on your Capital Markets Services Representative's Licence (CMSRL). The combinations below are from the SC's Licensing Handbook (19th revision, 30 September 2026), Table 3, and repeated in SIDC's exam terms and conditions (Table 1). Any one combination listed for your activity is enough.
| Regulated activity | Accepted combinations | Notes |
|---|---|---|
| Dealing in securities (dealer's representative) | Module 6 + Module 7; or Module 6 + Module 18; or Module 7 + Module 17; or Module 17 + Module 18 | CFA charterholders are exempt from Module 7. |
| Dealing in derivatives | Module 14 + Module 16; or Module 17 + Module 18; or Module 14 + Module 17; or Module 16 + Module 18 | CFA charterholders are exempt from Module 14 if they attend SIDC's Module 14 revision course. |
| Fund management (portfolio management) | Module 9 + Module 10 | CFA charterholders are exempt from Module 10. |
| Advising on corporate finance | Module 12 + Module 19; or Module 12 + Module 19A + Module 19B | CFA charterholders are exempt from Module 12. |
| Investment advice | Module 12 + Module 19; or Module 12 + Module 19A | CFA charterholders are exempt from Module 12. A dealing-in-securities CMSRL holder of 2 years' standing can add investment advice without further examination (Table 3a). |
Other rules worth knowing
- Financial planning and fund management (asset management) need no SC licensing examination; financial planners need a recognised financial planning qualification instead, and must pass Module 7 before giving personal advice on Bursa-listed equities, debentures or warrants (Licensing Handbook para 7.04(7)).
- Heads of compliance and compliance officers of CMSL holders pass Module 11 together with the modules for their firm's activity (Licensing Handbook para 4.06(8) Table 5).
- Unit trust and private retirement scheme consultants are registered with and examined by FIMM, not the SC.
- A pass is valid for 2 years from the examination date, with exceptions for candidates who passed while employed by a CMSL holder (Licensing Handbook para 4.05(6)-(7); SCLE T&C 9.7).
Trap
SIDC Prepcovers Modules 6, 7 and 12 today, so dealer's representatives get both their papers and advisers get Module 12. Other modules show as coming soon on the modules page. For the remisier route step by step, read how to become a remisier.
Takeaway
SIDC Prep is an independent study service. It is not affiliated with, endorsed by or connected to the Securities Industry Development Corporation (SIDC), the Securities Commission Malaysia (SC) or Bursa Malaysia. 'SIDC' is used only to describe the examinations. Figures are SIDC's and the SC's and can change; confirm on sidc.com.my.
Frequently asked questions
Do unit trust consultants sit SIDC modules?
No. Unit trust and PRS consultants are registered with and examined by FIMM, not the Securities Commission (Licensing Handbook para 3.02).
Do financial planners need an SC licensing exam?
No SC licensing exam is required for financial planning; a recognised financial planning qualification is. A planner must pass Module 7 before giving personal advice on Bursa-listed equities, debentures or warrants (Licensing Handbook para 7.04(7)).
Go deeper: the study notes
Put it into practice
Free account, 950+ exam-style questions, instant explanations and timed mock exams.
Build a daily practice habit — a few exam-style questions a day, with worked answers. Free to start.
Start practising →