A sophisticated investor is any person with  master's degree in finance, accounting or any other specialization related to the field of securities. Also, A sophisticated investor is any person  who passes level one of the qualification tests to obtain the certificate of "Chartered Financial Analyst" (CFA), or any person  who  holds one of the following certificates:

• Saudi Organization for Certified Public Accountants (SOCPA)
• Certified Public Accountant (CPA)
• Certified Management Accountant (CMA)
• Chartered Alternative Investment Analyst (CAIA)
• Certificate in Investment Performance Measurement (CIPM)
• Certified Financial Planner (CFP) 
• Financial Risk Manger (FRM)