FAQ - CPWP Certification

CPWP Certification

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


There are two conditions that must be met before applying for CPWP certification:

(a)   Minimum 3 years’ experience as a Relevant Practitioner within private wealth management institution(s) out of most recent 5 years; and

(b)   Passed all examination papers for both Module 1 and Module 2 of ECF. The result of each examination paper is valid for 5 years (counting from the date of the examination) for the purpose of applying for CPWP certification.


A relevant practitioner who has met both conditions for certification is eligible to apply for certification, but such application should be received by PWMA not later than 3 months from the end of the validity period of the examination result.


Below are some illustrations in relation to the validity period of examination results for applying CPWP certification.


Illustration A:

-          Assuming the candidate continues to work as a Relevant Practitioner (“RP”).

 

 

Example 1

Example 2

Example 3

 

Current Job as RP:

e.g. Relationship Manager (“ RM”)/

Investment Consultant (“IC”)

Current Job as RP:

e.g. RM/IC

Current Job as RP:

e.g. RM/IC

Exam date of

Module 1 Paper 1

1 Apr 2015

1 Sep 2022

1 Apr 2015

Exam date of

Module 1 Paper 2

1 Jun 2016

1 Jun 2016

1 Oct 2023

Exam date of Module 2

1 Sep 2018

1 Sep 2018

1 Sep 2018

Exam results are valid for the purpose of applying for CPWP certification?

Yes

 

Period when both conditions for certification are met:  After receiving the result of exam taken on 1 Sep 2018, and up to 31 Mar 2020 (5 years’ validity counting from 1 Apr 2015).

 

 Application for certification should be received by PWMA no later than 3 months from 31 Mar 2020.

No

 

The candidate needs to re-take and pass Module 1 Paper 2 Exam.

 

Period when both conditions for certification are met: After receiving the result of exam taken on 1 Sep 2022, and up to 31 Aug 2023 (5 years’ validity counting from 1 Sep 2018). 

 

Application for certification should be received by PWMA no later than 3 months from 31 Aug 2023.

No

 

The candidate needs to re-take and pass Module 1 Paper 1 and Module 2 Exams.

 

Period when both conditions for certification are met: After receiving the result of exam taken on 1 Oct 2023, and up to 30 Sep 2028 (5 years’ validity counting from 1 Oct 2023).

 

Application for certification should be received by PWMA no later than 3 months from 30 Sep 2028.

 

Illustration B:


-          Assuming the candidate is not working as a Relevant Practitioner (“RP”) when he / she starts to take the examination but later on works as a RP.


 

Example 1

Example 2

Example 3

 

Current Job as non-RP:

e.g. Assistant Staff

Current Job as non-RP:

e.g. Assistant Staff

Current Job as non-RP:

e.g. Assistant Staff

Exam date of

Module 1 Paper 1

1 Apr 2015

 

1 Apr 2015

1 Apr 2021

Exam date of

Module 1 Paper 2

1 Jun 2016

1 Jun 2016

1 Jun 2016

Exam date of Module 2

1 Sep 2018

1 Sep 2018

1 Sep 2018

Start date of working as a RP

1 Jan 2017

1 Oct 2018

1 Nov 2020

3 years’ RP experience met

31 Dec 2019

30 Sep 2021

31 Oct 2023

Exam results are valid for the purpose of applying for CPWP certification?

Yes

 

Period when both conditions for certification are met:  From 31 Dec 2019, and up to 31 Mar 2020 (5 years’ validity counting from 1 Apr 2015). 

 

Application for certification should be received by PWMA no later than 3 months from 31 Mar 2020.

No

 

The candidate needs to re-take and pass Module 1 Paper 1 & Paper 2 Exams because these exams were passed more than 5 years ago when the 3 years’ RP experience is met.

 

Period when both conditions for certification are met: From 30 Sep 2021, and up to 31 Aug 2023 (5 years’ validity counting from 1 Sep 2018). 

 

Application for certification should be received by PWMA no later than 3 months from 31 Aug 2023.

 

No

 

The candidate needs to re-take and pass Module 1 Paper 2 Exam & Module 2 Exam, because these exams were passed more than 5 years ago when the 3 years’ RP experience is met.

 

Period when both conditions for certification are met: From 31 Oct 2023, and up to

31 Mar 2026 (5 years’ validity counting from 1 Apr 2021). 

 

Application for certification should be received by PWMA no later than 3 months from 31 Mar 2026.

 

2.      How does one get the CPWP certification?

The PWMA has pursuant to the ECF developed a professional qualification Certified Private Wealth Professional (CPWP).  PWMA will administer the CPWP certification and On-going Professional Training for its PWM member institutions.  Relevant Practitioners may apply for the CPWP certification when they have successfully completed the programme and examination requirements under the ECF and have the prerequisite work experience.


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

No, CPWP certification will be administered for Relevant Practitioners of PWMA member institutions only at the current stage. The PWMA will consider to administer the certification for non-member institutions in a longer term.


4.      What are the prerequisite work experience?

For those Relevant Practitioners with less than 10 years of relevant customer-facing work experience described above, they must have at least 3 years of relevant work experience performing the prescribed functions and roles of a Relevant Practitioner with PWM institutions within the last 5 years.  Please refer to the “Definition of Relevant Practitioner” for examples of the prescribed functions and roles listed under “key roles and required competence”.


An individual with functional title such as Relationship Manager and Investment Advisor are likely to be classified as a Relevant Practitioner if that individual in practice performs substantially all of the prescribed roles listed in the “Definition of Relevant Practitioners”. An individual that holds other functional titles such as Dealer or Product Specialist would not typically be classified as a Relevant Practitioner if that individual does not perform substantially all of the prescribed roles including the provision of investment ideas or recommendations to customers directly.

 

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

In general, relevant overseas work experience in established financial centres / wealth management centres is recognized for the purpose of CPWP certification application. These countries include France, Germany, Japan, Singapore, Switzerland, United Arab Emirates (Dubai), United Kingdom and United States. Work experience in other countries will be considered by the Accreditation & Exemption Committee on case by case basis.


6.      Is there any application fee?

There is a non-refundable HKD1,000 application fee for application of CPWP certification.


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

Relevant Practitioners with less than 3 years of relevant experience can sit for the Modules 1 and 2 examinations. However, as the requirement of minimum 3 years PWM working experience is not met, he/she is not yet eligible to apply for CPWP certification.


For the purpose of applying for CPWP certification, the result of each examination paper is valid for 5 years counting from the date of the examination.


Application for certification can be made when both conditions (related to work experience and examination pass) are met.  For details, please refer to Question 23 under “CPWP Certification” section.