Bulgarian FSC Investment Adviser
Certification Practice Questions
Section 1: Exam Overview & Certification Requirements (Questions 1–30)
Question 1: What is the maximum possible score for the FSC investment adviser certification
exam?
A) 120 points
B) 150 points
C) 160 points
D) 200 points
Answer: C
*Rationale:* The maximum possible number of points for the investment adviser exam is 160.
Question 2: How many points are required to pass the FSC investment adviser exam?
A) 72 points
B) 96 points
C) 105 points
D) 120 points
Answer: B
*Rationale:* Candidates who receive 96 or more points are considered to have passed the
investment adviser exam.
Question 3: What is the duration of the FSC investment adviser certification exam?
A) 2 hours
B) 3 hours
C) 4 hours
D) 5 hours
Answer: D
*Rationale:* The investment adviser exam has a duration of 5 hours.
Question 4: What type of questions are included in the FSC investment adviser exam?
A) Essay questions only
B) Multiple-choice questions only
C) Multiple-choice questions and problem-solving tasks
,D) Oral examination only
Answer: C
*Rationale:* The exam consists of answering test questions and solving tasks aligned with the
thematic outline.
Question 5: What is the minimum percentage of test questions (closed type) in the FSC
investment adviser exam?
A) 50%
B) 60%
C) 70%
D) 85%
Answer: B
*Rationale:* The relative share of test questions is a minimum of 60% of the total number of
tasks.
Question 6: What is the maximum percentage of problem-solving tasks in the FSC investment
adviser exam?
A) 20%
B) 30%
C) 40%
D) 50%
Answer: C
*Rationale:* The share of tasks is a maximum of 40% of the total number of tasks.
Question 7: What education requirement must an investment adviser candidate meet?
A) Secondary education
B) Higher education
C) Vocational training
D) No formal education required
Answer: B
*Rationale:* An investment consultant must have completed higher education in the country or
abroad, duly recognized.
Question 8: What document must be submitted as proof of education for the investment adviser
exam?
A) A copy of the diploma certified by a notary
B) An original diploma only
C) A letter from the university
D) A transcript only
,Answer: A
*Rationale:* A notarized copy of the diploma for completed education must be attached to the
application.
Question 9: What is the language of the FSC investment adviser admission exam?
A) English
B) Bulgarian
C) French
D) German
Answer: B
*Rationale:* The Ordinance explicitly stipulates that the language of the admission exam is
Bulgarian.
Question 10: What is the maximum number of points for the broker exam?
A) 100 points
B) 120 points
C) 150 points
D) 160 points
Answer: B
*Rationale:* The maximum possible number of points for the broker exam is 120.
Question 11: How many points are required to pass the broker exam?
A) 60 points
B) 72 points
C) 84 points
D) 96 points
Answer: B
*Rationale:* Candidates who receive 72 or more points are considered to have passed the
broker exam.
Question 12: What is the duration of the broker exam?
A) 2 hours
B) 2 hours and 15 minutes
C) 3 hours
D) 4 hours
Answer: B
*Rationale:* The broker exam has a duration of 2 hours and 15 minutes.
Question 13: What is the maximum number of points for the investment adviser exam according
to the 2026 procedure?
, A) 120 points
B) 150 points
C) 160 points
D) 180 points
Answer: C
*Rationale:* The maximum possible number of points for the investment adviser exam is 160.
Question 14: What is the passing score for the investment adviser exam according to the 2026
procedure?
A) 72 points
B) 96 points
C) 105 points
D) 120 points
Answer: B
*Rationale:* Candidates who receive 96 or more points are considered to have passed.
Question 15: What type of calculator is permitted during the FSC investment adviser exam?
A) Any scientific calculator
B) Texas Instruments BA II Plus or HP 12C
C) Programmable calculators
D) No calculators are permitted
Answer: B
*Rationale:* Permitted calculators include Texas Instruments BA II Plus, BA II Plus Professional,
HP 12C, HP 12C Platinum, and anniversary editions.
Question 16: What is the residency requirement for investment adviser certification?
A) Must be a Bulgarian citizen
B) Must have permanent residence in Bulgaria
C) Must have lived in Bulgaria for 5 years
D) No residency requirement
Answer: B
*Rationale:* The candidate must have permanent residence in the country.
Question 17: What criminal record requirement applies to investment adviser candidates?
A) No criminal record of any kind
B) No conviction for a wilful crime of a general nature unless rehabilitated
C) No traffic violations
D) No civil lawsuits
Answer: B
Certification Practice Questions
Section 1: Exam Overview & Certification Requirements (Questions 1–30)
Question 1: What is the maximum possible score for the FSC investment adviser certification
exam?
A) 120 points
B) 150 points
C) 160 points
D) 200 points
Answer: C
*Rationale:* The maximum possible number of points for the investment adviser exam is 160.
Question 2: How many points are required to pass the FSC investment adviser exam?
A) 72 points
B) 96 points
C) 105 points
D) 120 points
Answer: B
*Rationale:* Candidates who receive 96 or more points are considered to have passed the
investment adviser exam.
Question 3: What is the duration of the FSC investment adviser certification exam?
A) 2 hours
B) 3 hours
C) 4 hours
D) 5 hours
Answer: D
*Rationale:* The investment adviser exam has a duration of 5 hours.
Question 4: What type of questions are included in the FSC investment adviser exam?
A) Essay questions only
B) Multiple-choice questions only
C) Multiple-choice questions and problem-solving tasks
,D) Oral examination only
Answer: C
*Rationale:* The exam consists of answering test questions and solving tasks aligned with the
thematic outline.
Question 5: What is the minimum percentage of test questions (closed type) in the FSC
investment adviser exam?
A) 50%
B) 60%
C) 70%
D) 85%
Answer: B
*Rationale:* The relative share of test questions is a minimum of 60% of the total number of
tasks.
Question 6: What is the maximum percentage of problem-solving tasks in the FSC investment
adviser exam?
A) 20%
B) 30%
C) 40%
D) 50%
Answer: C
*Rationale:* The share of tasks is a maximum of 40% of the total number of tasks.
Question 7: What education requirement must an investment adviser candidate meet?
A) Secondary education
B) Higher education
C) Vocational training
D) No formal education required
Answer: B
*Rationale:* An investment consultant must have completed higher education in the country or
abroad, duly recognized.
Question 8: What document must be submitted as proof of education for the investment adviser
exam?
A) A copy of the diploma certified by a notary
B) An original diploma only
C) A letter from the university
D) A transcript only
,Answer: A
*Rationale:* A notarized copy of the diploma for completed education must be attached to the
application.
Question 9: What is the language of the FSC investment adviser admission exam?
A) English
B) Bulgarian
C) French
D) German
Answer: B
*Rationale:* The Ordinance explicitly stipulates that the language of the admission exam is
Bulgarian.
Question 10: What is the maximum number of points for the broker exam?
A) 100 points
B) 120 points
C) 150 points
D) 160 points
Answer: B
*Rationale:* The maximum possible number of points for the broker exam is 120.
Question 11: How many points are required to pass the broker exam?
A) 60 points
B) 72 points
C) 84 points
D) 96 points
Answer: B
*Rationale:* Candidates who receive 72 or more points are considered to have passed the
broker exam.
Question 12: What is the duration of the broker exam?
A) 2 hours
B) 2 hours and 15 minutes
C) 3 hours
D) 4 hours
Answer: B
*Rationale:* The broker exam has a duration of 2 hours and 15 minutes.
Question 13: What is the maximum number of points for the investment adviser exam according
to the 2026 procedure?
, A) 120 points
B) 150 points
C) 160 points
D) 180 points
Answer: C
*Rationale:* The maximum possible number of points for the investment adviser exam is 160.
Question 14: What is the passing score for the investment adviser exam according to the 2026
procedure?
A) 72 points
B) 96 points
C) 105 points
D) 120 points
Answer: B
*Rationale:* Candidates who receive 96 or more points are considered to have passed.
Question 15: What type of calculator is permitted during the FSC investment adviser exam?
A) Any scientific calculator
B) Texas Instruments BA II Plus or HP 12C
C) Programmable calculators
D) No calculators are permitted
Answer: B
*Rationale:* Permitted calculators include Texas Instruments BA II Plus, BA II Plus Professional,
HP 12C, HP 12C Platinum, and anniversary editions.
Question 16: What is the residency requirement for investment adviser certification?
A) Must be a Bulgarian citizen
B) Must have permanent residence in Bulgaria
C) Must have lived in Bulgaria for 5 years
D) No residency requirement
Answer: B
*Rationale:* The candidate must have permanent residence in the country.
Question 17: What criminal record requirement applies to investment adviser candidates?
A) No criminal record of any kind
B) No conviction for a wilful crime of a general nature unless rehabilitated
C) No traffic violations
D) No civil lawsuits
Answer: B
