Mathilde JANIK, Author at SimTrade blog

My AMF Journey from preparing for the exam to receiving the certificate

February 5, 2026 by Mathilde JANIK

In this article, Mathilde JANIK (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025) shares her experience taking the AMF Exam.

First of all let’s begin by presenting what the AMF (Autorité des Marchés Financiers) is and how the entity AMF differs from the AMF certification. The AMF is the Financial Markets Authority in France and its main mission is to ensure the proper functioning of financial markets, protect the savings invested in them, and ensure that investors are provided with adequate information.The AMF is the second regulatory authority for financial institutions, alongside the ACPR. The ACPR is responsible for the approval and prudential supervision of insurance companies, pension funds, credit institutions, and investment firms. The ACPR is also responsible for protecting the customers of these institutions with regard to banking and insurance transactions, as well as ensuring compliance with anti-money laundering and counter-terrorist financing rules.

The AMF missions, powers, and operating procedures are defined in the Monetary and Financial Code (Code Monétaire et Financier or CMF). A great part of regulation on financial markets and the investment services industry is defined at the European level with the ESMA (European Securities and Markets Authority). The AMF completes them within its General Regulations with rules of good conduct and organization, particularly for portfolio management companies. It monitors compliance with regulations by regulated professionals.

Brief introduction to the AMF certifications

The AMF issues professional licenses to compliance officers at investment firms. Here, we will focus on the actual AMF exam and its importance for professionals working with financial markets in France. In order to provide financial market participants with a consistent and common foundation of knowledge in the areas of finance, regulation, ethics, and sustainable finance, two certification systems have been implemented. The first certification, called “l’Examen AMF” is recognized everywhere in France and is a professional certification. There is also what’s called an internal certification provided by some employers in France, this option, which is only available to investment service providers, including management companies, is only valid within the same group. If the person who has passed the internal assessment changes groups, they will have to take the internal assessment organized by their new employer again, or take the AMF exam. There is another certification delivered by the AMF which is called “L’examen AMF Finance Durable” which is specifically tailored to professionals providing services or products linked to sustainable finance. It provides general knowledge on the regulative and economic side of sustainable finance and prepares to gather durability and sustainability preferences of customers in order to offer tailored solutions adapted to their needs. This article is made to provide a bit more information and to share my experience taking this exam, as it may be of interest to many of you who want to work in finance in France.

About the AMF Certification

The exam consists of a MCQ of 120 questions and to pass this exam and receive the certification you need at least 80% of good answers for questions relating to financial literacy and for questions relating to knowledge deemed essential to the practice of the profession (mainly legal knowledge or knowledge relating to professional ethics). The exam length is 2 hours but you don’t have to stay during the whole exam if you finish earlier. On the date where this article is published, 13 organizations in France are certified to organize the exam. I will provide the links under the section “useful resources” below. I personally prepared for this exam with Lefebvre Dalloz Education. As they provide a partnership with ESSEC we have a discount on the package for the course as well as the exam session.

The professionals who need to pass the exam are professionals exercising under the authority of an investment service provider, including portfolio management companies, or act as financial investment advisors.

Within the investment service provider, not all positions require the AMF Exam or the internal equivalent exam, there are 8 functions that require this exam; salespeople, managers, financial instrument clearing officers, post-trade officers, financial analysts, financial instrument traders, compliance and internal control officers (RCCI), and compliance officers for investment services (RCSI). On top of that, independent or employed financial advisors are now required to pass the AMF exam to advise customers on financial products. Something very important to mention is also that no diploma in France is equivalent to the AMF, therefore, no matter which educational background you may have, you need the AMF certificate to work in the functions aforementioned.

My personal experience

First of all, I would like to explain why I decided to apply for this certificate. I’m currently finishing my apprenticeship as a personal banker in a regional bank in France, during which I discovered financial advisory for personal customers and small businesses. This apprenticeship has driven a strong interest towards portfolio management and how to tailor financial products as solutions depending on the client’s needs and wants. That’s the reason why I decided to pursue a future career in wealth management and to take a step in that direction. I’m doing an internship as a wealth manager assistant from January 2026 onwards. In order to make this experience more efficient, I decided to take the exam before the start of my internship in order to be operational by January 2026 in my functions.

I registered for the AMF in late August 2025 and I passed the exam in late September. I tried to keep a steady study schedule each week and practice lessons at least 3 times a week. I reviewed each theme in details with quizzes at the end of each section, here is the list of themes present in the exam:

French, European, and international institutional and regulatory framework
Ethics, compliance, and ethical organization of institutions
Financial security
Market abuse regulations
Marketing of financial instruments: rules governing banking and financial solicitation, distance selling, and customer advice Customer relations and information
Financial instruments, crypto-assets, and their risks
Collective management and management on behalf of third parties
Market functioning and organization
Post-market and market infrastructure
Issues and transactions in securities
Accounting and financial fundamentals

Key Takeaways: Skills and Mindset

In terms of studying, depending on your background with finance, it may be more difficult to remember everything if the subjects mentioned are completely new. Personally, I did 3 weeks of studying before passing the exam, but most of the notions to be acquired were already familiar to me as I saw them throughout my apprenticeship.

The themes where I struggled the most were the ones related to the different institutions, jurisdictions and their areas of applications, sometimes I mixed the different institutions and what they were responsible for. The section on collective management or on third parties’ behalf was also a bit of a struggle to me as they were not the usual financial solutions we offered to clients.

The most useful study techniques for me were constant practice and quizzes, first I would read all the information per theme, then I would quiz myself on as many questions as possible, and I also did an “error log” in which I would write every time I made a mistake what the mistake was and what was the right answer. It helped me tailor my study session depending on where my weaknesses were. Once I finished the exam, the most exciting part was the email confirming I passed the exam. When I saw the green “Successfully Passed” sentence, it was a moment of true relief and accomplishment. I received my official certificate shortly after, marking the end of my AMF journey and the start of a new chapter where I can apply this critical knowledge.

Key Takeaways: Skills and Mindset

My preparation for the AMF exam highlighted two essential professional skills: discipline and the ability to embrace regulation as a foundation, not a barrier. The exam is less about innate intelligence and more about consistent, structured effort. The disciplined three-week schedule, combined with the detailed “error log,” was crucial. This study strategy translates directly to the finance world: successful wealth management or banking relies not on a single spectacular trade or transaction, but on the daily, meticulous adherence to process and continuous learning from mistakes. This consistency is the greatest soft skill I gained from the process. Before the exam, it’s easy to view the complex institutional and legal frameworks as merely regulatory hurdles. The real takeaway, however, is that this knowledge is the absolute foundation of professional trust. Understanding the nuances of customer relations and information, market abuse regulations, and professional ethics isn’t just about passing a test, it is about ensuring the integrity of the financial advice provided. For my future role as a wealth manager assistant, the AMF certificate means I can confidently structure solutions knowing they are compliant, ethical, and designed to protect the client’s interests first.

Why should I be interested in this post?

I would strongly advise any student interested in client-facing or advisory roles in French finance to approach this exam with a structured plan and a focus on understanding the spirit of the law rather than just memorizing facts. The certificate doesn’t just grant you the right to advise; it grants you the responsibility to do so ethically.

Useful resources

Autorité des Marchés Financiers (AMF) The AMF at a glance.

Autorité des Marchés Financiers (AMF) Guide sur l’examen AMF généraliste et finance durable .

Autorité des Marchés Financiers (AMF) Certification professionnelle AMF en matière de Finance durable .

Autorité des Marchés Financiers (AMF) Certification professionnelle AMF en matière de Finance durable Transcription textuelle.

Lefebvre Dalloz Compétences. Certification professionnelle AMF

Autorité des Marchés Financiers (AMF) European supervision of capital markets: the AMF calls for an enhanced role for ESMA to promote a true Savings and Investments Union

Autorité de contrôle prudentiel et de résolution (ACPR) (2024) Rapport annuel du pôle commun AMF-ACPR 2024

Autorité de contrôle prudentiel et de résolution (ACPR) (2024) Qui sommes-nous ?

About the author

The article was written in February 2026 by Mathilde JANIK (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025).

▶ Discover all articles written by Mathilde JANIK.

Beyond price: The wisdom of Warren Buffett and Napoleon Hill on investment and self-growth

January 31, 2026 by Mathilde JANIK

In this article, Mathilde JANIK (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025) comments on two quotes that bridge the gap between financial philosophy and personal development: one from the world’s most successful investor, Warren Buffett, and another from the self-help pioneer, Napoleon Hill. These quotes collectively highlight the profound truth that success in finance, much like success in life, is less about quick wins and more about the quality of the long-term compounding investments we make in businesses and ourselves.

About the Quoted Authors

This post draws on the wisdom of two influential figures: Warren Buffett, the chairman and CEO of Berkshire Hathaway, widely regarded as one of the most successful investors in history and the architect of the Value Investing philosophy; and Napoleon Hill (1883–1970), the American author of the classic 1937 self-help book Think and Grow Rich, whose work focused on the power of belief and consistent, long-term personal discipline.

The selection of these two quotes is deliberate: the first establishes the principle of quality over price in capital allocation (finance), while the second extends this exact same principle to the allocation of time and effort in personal life (self-growth). Together, they form a complete roadmap for achieving sustainable success, reminding us that both financial and personal wealth are built patiently through consistent, high-quality choices.

Quotes

The quote by Warren Buffett

“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” – Warren Buffett

The quote by Napoleon Hill

“Tell me how you use your spare time, and how you spend your money, and I will tell you where and what you will be in ten years from now.” – Napoleon Hill

Analysis of the quotes

The first quote, from Warren Buffett, is the cornerstone of Value Investing. It focuses on the financial market and how to choose a company to invest in. It makes a lot of sense to always take into account not only the stock price of the company but also everything that goes beyond its market capitalization. Factors like the management and leadership within the company, the cash flows (and their robustness and stability), and the market share compared to competitors are really important. Investing in a robust company that does good things every day may be more profitable than investing in a company that may be cheaper and more appealing for one specific innovation but may not be profitable at all.

This is why I also wanted to include the second quote, which applies the same long-term quality principle to personal development. I came across this quote shortly after reading the book “Think and Grow Rich” by Napoleon Hill, an American author widely known for his self-help books, first published in 1937. He asserted that desire, faith, and persistence can propel one to great heights if one can suppress negative thoughts and focus on long-term goals. I like this quote because it shows that, depending on what we focus on, we can become anything we want. It also shows that it’s about the little things you do every day that will bring you where you want to be in life. I appreciate how this quote shows that spending money is not a deliberate act and we should think this through, questioning ourselves on our own goals and how making specific spending decisions may or may not bring us towards them and what our future self would think of our present decision.

Financial concepts related to the quotes

We can relate these quotes to three core concepts that govern both capital and personal allocation: intrinsic value vs. market price, economic moats and competitive advantage, and the power of compounding.

Intrinsic value vs. Market price

Buffett’s quote directly addresses the difference between a stock’s intrinsic value (the true, underlying economic worth of a business, determined by its future cash flows and qualitative factors like management quality and competitive advantage) and its volatile market price (the price at which it trades publicly). He emphasizes that while price is what you pay, value is what you get. A “wonderful company” has a high intrinsic value, meaning its quality justifies the price, whereas a “fair company” may trade at a low price, but its lack of quality means that price is likely justified by its poor prospects.

Economic moats and competitive advantage

The concept of a “wonderful company” is often defined by its economic moat: a structural feature that protects a company’s long-term profits and market share from competition. Taken from moats that protect castles, certain advantages help protect companies from their competitors. Moats can come from high switching costs for customers, network effects, or intangible assets like brand strength (e.g., Coca-Cola). A company with a strong moat has robust and stable cash flows, which, as I noted, are crucial. Hill’s quote is a mirror: investing in personal skills and knowledge creates a personal “moat” around your career and future earning potential.

The power of compounding

Both quotes relates to the principle of compounding. In finance, it’s the ability of an asset to generate earnings that are then reinvested to generate their own earnings. Buffett seeks companies that compound capital effectively over decades. Napoleon Hill’s quote speaks to compounding in personal life: the cumulative effect of small, positive daily actions (how you use your spare time and spending decisions) that, over ten years, leads to exponential growth in skills, wealth, and character. This continuous, patient investment, whether in a stock or a skill, is the ultimate driver of long-term success. Other authors, such as the best-selling author James Clear in his widely known self-help book Atomic Habits, also present this idea of compounding specifically for everyday skills.

My opinion about this quote

I chose these two quotes because they provide a complete roadmap for success. The Buffett quote provides the external strategy: be disciplined, patient, and focus on quality when allocating capital. The Hill quote provides the internal strategy: be disciplined, patient, and focus on quality when allocating time and effort. As a student of finance, it’s easy to get fixated on technical analysis and short-term movements, but these quotes remind us that the biggest returns come from long-term vision and consistent commitment to fundamental excellence, whether we’re analyzing a company’s leadership or assessing our own daily habits. This dual focus is the best preparation for a successful career in finance and beyond, emphasizing that personal growth and investment success are deeply intertwined.

Why should I be interested in this post?

If you’re a student interested in business and finance, this post is essential. It moves beyond the mechanics of valuation to address the philosophy of investment, a core requirement for success in roles like asset management, portfolio management, and private equity. Understanding Buffett’s principle demonstrates a mature, long-term mindset often tested in interviews. Furthermore, Napoleon Hill’s insight offers a blueprint for personal development, showing that the same consistency and discipline required to choose a “wonderful company” are needed to build a successful professional self through thoughtful allocation of your time and money.

Useful resources

Cunningham, L.A (1997) The Essays of Warren Buffett: Lessons for Corporate America, Fourth Edition.

Hill, N. (1937). Think and Grow Rich. New York: The Ralston Society.

Graham, B., & Dodd, D. L. (1934). Security Analysis. New York: McGraw-Hill.

Autorité des Marchés Financiers (AMF) Guide d’élaboration des prospectus et de l’information à fournir en cas d’offre au public ou d’admission de titres financiers

Autorité des Marchés Financiers (AMF) (January 2026) Les obligations d’information des sociétés cotées

Autorité des Marchés Financiers (AMF) Guides épargnants

U.S. Securities and Exchange Commission (SEC) Resources for Investors

U.S. Securities and Exchange Commission (SEC) Beginners Guide to Investing

About the author

The article was written in January 2026 by Mathilde JANIK (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025).

▶ Discover all articles written by Mathilde JANIK.

Inside retail banking: My apprenticeship at Crédit Agricole des Savoie

December 17, 2025 by Mathilde JANIK

In this article, Mathilde JANIK (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025) shares her experience as a two-year apprentice in the retail banking sector at Crédit Agricole des Savoie.

Introduction

This article is aimed at presenting my apprenticeship as a personal banker within Crédit Agricole regional bank Crédit Agricole des Savoie and what it taught me. This apprenticeship at Crédit Agricole des Savoie represented a pivotal, two-year immersion into the complexities of mutualist retail banking, offering a unique platform to translate academic financial concepts into tangible professional practice. My experience was situated at the dynamic intersection of local development and high-demand client services, specifically within the demanding, fluctuating environment of the French Alpine ski economy. This role not only provided hands-on experience in portfolio management and commercial goal achievement but also served to rigorously develop my adaptability, regulatory compliance expertise, and client advisory capabilities across diverse economic cycles.

About the company

To give a bit more context I’m a fifth-year BBA student at ESSEC Business School , and I have been completing a two-and-a-half-year apprenticeship at Crédit Agricole des Savoie. This bank is an institution that’s been historically the oldest bank in the sector, deeply woven into the economic and social fabric of Savoie and Haute-Savoie departments. France’s largest mutual banking group (54 million clients), CASA operates on principles of proximity, responsibility, and solidarity, channeling its financial results back into local development projects. Established historically in 1894 to support the agricultural sector, the bank has long evolved into a universal bank, serving over half the local population with 716k clients for about 1.3M inhabitants in Savoie and Haute-Savoie, maintaining a leading position in supporting the region’s diverse economic activities, from tourism and industry to agriculture and cross-border workers. Even though those numbers tend to decrease with the surge of neobank and younger generations moving to digital establishments instead, Crédit Agricole still holds an important place in the local economy and people’s financial habits.

Logo Credit Agricole des Savoie.
Logo of Crédit Agricole des Savoie
Source: the company.

My apprenticeship was specifically within the retail network, where I served in two distinct local offices: Bozel and Courchevel. This placement provided a unique immersion into seasonal banking operations. Located in or near major ski resorts, these offices experience immense fluctuations in client volume and needs, adapting rapidly from high-demand winter seasons, catering to seasonal workers, holiday-home owners, and tourists, to the quieter periods of the off-season. This required a constant re-evaluation of customer relationship management (CRM) strategies and a heightened ability to handle diverse financial situations across different client segments (local residents, high-net-worth individuals, and professional clients tied to the tourism industry).

My apprenticeship

My tasks each day were dependent on the projects I was assigned to and the portfolio I was taking care of. Initially, my mission focused on establishing a solid operational foundation. I managed all routine banking operations and provided first-level customer assistance, responding to the daily needs of account holders. At the same time, a significant portion of my time was dedicated to ensuring the regulatory security of the branch portfolio, including performing KYC (Know Your Customer) updates across four portfolios, encompassing approximately 1,600 clients. This phase allowed me to master compliance imperatives and develop an initial commercial approach through targeted outbound calls, aiming at client prospecting and scheduling appointments to transform routine service interactions into business opportunities.

Afterwards, my responsibilities evolved toward the structured support of client projects. I conducted detailed credit analysis for financing consumer projects and home ownership (real estate loans). This expertise was complemented by accelerated skill development in the insurance sector: following specialized training, I obtained the necessary certification to market and advise on property and personal insurance. Every client interaction required a rigorous analysis and evaluation of risks inherent to the retail clientele, thereby ensuring the financial viability of proposed solutions while protecting the bank’s interests. I took full ownership of the entire advisory cycle, from the preparation to the actual execution of client appointments.

Finally, the experience led to access to more complex financial engineering missions. I actively participated in financial investment advisory, assisting clients, from general public profiles to the so-called high-net-worth clientele, in optimizing their savings. The most enriching dimension was the wealth advisory and asset analysis conducted in tandem with the sector’s dedicated wealth manager. This collaboration exposed me to strategies for tax and inheritance optimization, as well as the selection of sophisticated placements, confirming my ability to mobilize cross-functional knowledge to propose tailored, high-value-added solutions.

Financial concepts related to my internship

I would like to focus on three financial concepts I learnt during my apprenticeship: credit risk analysis, regulatory compliance and financial product suitability, and portfolio segmentation.

Credit risk analysis

The first one is the retail credit risk analysis, the systematic analysis is foundational to a banker’s role, ensuring long-term solvency of the portfolio. My task of analyzing both consumer and real estate loan applications required applying a 5Cs framework (Character, Capacity, Capital, Collateral and Conditions) specifically tailored for retail customers. It goes beyond calculating simple debt ratios; it involves a qualitative assessment of the client’s financial stability such as employment history, savings behavior and the project’s feasibility. This direct exposure to the underwriting process provided practical knowledge on mitigating default risk and managing the bank’s capital adequacy requirements at the individual level.

Regulatory compliance and financial product suitability

The second concept is regulatory compliance and financial product suitability with MiFID regulation and AMF directives. My role, particularly in investment advisory and insurance sales (supported by my new certification; the AMF Certification), centered entirely on the concept of suitability. This mandated thoroughly assessing the client’s risk tolerance, financial knowledge, investment horizon, and objectives to ensure that any product recommendation, whether a life insurance contact (“assurance vie” in French) or a specific investment fund was appropriate, ethically sound, and legally compliant. This principle forms the bedrock of customer protection in modern finance.

Portfolio segmentation

The third concept was portfolio segmentation. In fact, managing a portfolio of 300 clients across diverse profiles necessitated a disciplined approach to client portfolio segmentation. This concept involves classifying clients (e.g., mass market, affluent, high-net-worth) based on their assets under management, complexity of needs, and perceived Client Lifetime Value (CLV). This segmentation guided my commercial strategy: targeting high-potential clients for outbound calls and wealth advisory, while reserving complex financial engineering (done in tandem with the senior advisor) for high-net-worth clients. Segmentation ensures that the branch allocates its limited advisory resources efficiently, maximizing both commercial returns and the depth of client relationship management.

Why should I be interested in this post?

If you are a student aiming for a career in Wealth Management, Private Banking, Portfolio Management, or Asset Management, this post is highly relevant. While many students focus exclusively on capital markets or institutional roles, they often overlook the foundational importance of retail banking as the starting point for true client relationship expertise and core financial risk analysis.

My apprenticeship at Crédit Agricole des Savoie demonstrates how the local branch provides unparalleled, holistic exposure to the core mechanics of a financial institution. You gain hands-on knowledge of credit risk assessment for individuals and SMEs, navigate direct AMF/ACPR regulatory compliance on suitability, and master the art of client relationship management and advisory sales. These are all essential skills for building and managing complex portfolios and high-net-worth relationships, providing a robust, client-centric view of finance that is invaluable in these careers.

Useful resources

Banks

Crédit Agricole des Savoie – Site Officiel

Le Groupe Crédit Agricole

La BNP, la Société Générale, CIC, et le Crédit Mutuel vont déployer des distributeurs d’argent communs

AMF : Certification professionnelle des acteurs de marché

Les métiers de l’accueil clientèle dans le secteur bancaire

Le Crédit Agricole se veut « plus conquérant », plus international et passe à l’offensive en Allemagne

Un euro numérique à l’ère numérique – Banque Centrale Européenne

Responsabilité sociale des banques : enjeux et initiatives

Management methods

Qu’est-ce que la méthode des 5 C ?

Méthode CROC : définition et exemples pour l’entretien téléphonique

About the author

The article was written in December 2025 by Mathilde JANIK (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2025).

▶ Read all articles by Mathilde JANIK.

Brief introduction to the AMF certifications

About the AMF Certification

My personal experience

Key Takeaways: Skills and Mindset

Key Takeaways: Skills and Mindset

Why should I be interested in this post?

Related posts on the SimTrade blog

Useful resources

About the author

About the Quoted Authors

Quotes

The quote by Warren Buffett

The quote by Napoleon Hill

Analysis of the quotes

Financial concepts related to the quotes

Intrinsic value vs. Market price

Economic moats and competitive advantage

The power of compounding

My opinion about this quote

Why should I be interested in this post?

Related posts on the SimTrade blog

Quotes

Financial techniques

Useful resources

About the author

Introduction

About the company

My apprenticeship

Financial concepts related to my internship

Credit risk analysis

Regulatory compliance and financial product suitability

Portfolio segmentation

Why should I be interested in this post?

Related posts on the SimTrade blog

Profesional experiences

Financial techniques

Useful resources

Banks

Management methods

About the author