FAQ - CPWP Certification Renewal and On-going Professional Training (OPT)

CPWP Certification Renewal and On-going Professional Training (OPT)

1.      What are the OPT requirements?

Relevant Practitioners who have been certified as CPWP are required to complete 10 hours of PWM-related OPT every calendar year starting with the year after certification.   There is an annual renewal requirement for the CPWP certification which comprise a 10 hours of OPT, of which may include 5 hours of continuous professional training recognized by the SFC.  Out of the 10 hours of PWM-related training, a minimum of 2 hours should be on ethics and compliance.


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

Failure to meet the annual OPT requirements may result in the revocation of the CPWP certification.


Conditions apply to failure to meet the annual OPT requirements. Please contact PWMA if you have any questions.


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?

PWMA would allow qualified practitioner of a non-member financial institution to apply for CPWP renewal as long as his/her employer is willing to sign and confirm that the OPT requirement has been fulfilled. The application fee for CPWP renewal for non-member will be announced later.


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

OPT courses need not be accredited and may be organized by relevant professional bodies, training institutes or PWM institutions. 


The means of attaining OPT shall follow the approach allowed for the continuous professional training recognized by the SFC, such as:

-          Attending classroom training

-          Attending seminars

-          Conducting industry research

-          Giving lectures


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

Relevant Practitioners may combine the OPT hours earned at different PWM institutions.


6.      Is OPT hours cumulative?

No, any OPT hours accumulated in any calendar year in excess of the minimum 10 hours cannot be carried forward to the next calendar year.


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

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


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

It takes approximate 60 days to process upon receipt of application form.


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

Yes, OPT requirement runs on a calendar year basis.

 

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

No, it is not necessary to submit documents when submitting application for CPWP Certification Renewal, PWMA will review the verification by the Human Resources and /or respective relevant department of the PWM institution(s).


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

Applicant should notify change of job or industry, and / or personal information upon submission of Application for CPWP Certification Renewal annually.


12.  Is there any deadline for CPWP Certification renewal?

Applicant should submit the Application for CPWP Certification Renewal to the PWMA within 1 month following the preceding calendar year-end.


Conditions apply to late renewal. Please contact PWMA if you have any questions.


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

No, the OPT requirement only needs to be met on calendar year basis.  For avoidance of doubt, there is no OPT requirement for the year the CPWP certification was obtained.  The OPT requirement only starts in the succeeding calendar year.