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.
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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.
