FAQs (Updated on Jun 29, 2015)

General

1. What is the Enhanced Competency Framework?

2. Is it mandatory for private wealth management practitioners to obtain ECF certification?

3. Which organization is considered a PWM institution? Does PWMA has a list of such institution?

Relevant Practitioners

1. To whom is the ECF applied to? 

2. How does one determine whether the individual is considered as a Relevant Practitioner for the purpose of ECF?

3. Will the ECF apply to individuals who work on temporary basis in Hong Kong?

4. Is wealth advisor / trust specialist covered under ECF?

One-off Exemption (Grandfathering)

1. What is this one-off exemption?

2. What relevant experience would be counted in the 10 years?

3. What is the coverage of other customer-facing functions in the financial service industry?

4. How does the Relevant Practitioner know if he / she is eligible for exemption?

5. How does one complete the Module 2 requirement?

6. When will the courses and examinations be available for the “grandfathered” Relevant Practitioners?

7. Is leave counted for grandfathering if the employee continues to work in the institution?

8. If an applicant has 10 years relevant experience but had left the industry, is he/she eligible for grandfathering?

9. Is there any application fee?

10. Is there a cut-off date for applying for the grandfathering eligibility?

11. Would overseas work experience be recognized for grandfathering application?

12. Does PWMA accept batch submission of the application forms from its members?

13. What is the use of self-declaration form for grandfathering application?

14. Where can we obtain the self-declaration form?

15. How to fill in the details of employment history on the application form for Grandfathering if self-declaration forms are used?

CPWP Certification

1. What are the criteria for applying for CPWP certification under the examination route?

2. How does one get the CPWP certification?

3. Is the CPWP certification available to all Relevant Practitioners in the market?

4. What are the prerequisite work experience?

5. If I previously worked overseas, will these working experiences be considered relevant?

6. Is there any application fee?

7. If a relevant practitioner only has one year of relevant experience, can he/she sit for the Module Exams?

On-going Professional Training (OPT)

1. What are the OPT requirements?

2. What if I fail to meet the annual OPT requirements?

3. When a qualified practitioner changes job and moves to a non-PWMA institution after being certified, would the individual be able to maintain his/her CPWP status after expiry?

4. What are the types of activities that will qualify for the OPT?

5. If I work for another company within a calendar year, what should I do with the OPT hours I have previously earned?

6. Is OPT hours cumulative?

7. Are there any fees for annual renewal of CPWP certification?

8. How long does it take to process the application for the CPWP Certification Renewal?

9. Does OPT requirement for the CPWP Certificate Renewal run on calendar year?

10. Is it mandatory to attach documents when submitting Application for CPWP Certification Renewal?

11. If there is a change of job or industry, and/or personal information, shall I inform PWMA?

12. Is there any deadline for CPWP Certification renewal?

13. Does OPT requirement needs to be met on an anniversary basis?

Training Programmes and Examinations

1. What are the requirements of the ECF?

2. Where are the training programmes and examinations available?

3. Where can we find the training schedule and examination schedule for both Module 1 and Module 2?

4. How much are the programmes and examinations charged by the HKSI and HKIB, respectively?

5. How many times can one take the examinations?

6. Could a Relevant Practitioner take the accredited examinations directly without attending the programmes?

7. When is the Chinese version of the ECF modules available?

Administration of the ECF

1. What is the role of the Private Wealth Management Association in the ECF? 

2. Will the Relevant Practitioner receive any document to certify that he/she is CPWP certified by the PWMA?

3. Is the ECF a duplication of my existing qualifications?

4. If I am holding certain professional qualification (e.g. CFA, FRM, CGA, CPA, CIWM, etc.), would the professional qualification be eligible for exemption?