Separate exams cover all facets of programme

AS A RESPECTED professional qualification, the programme leading to CFPCM certification aims to provide financial planners with the expertise necessary for their careers, and to test that knowledge thoroughly.

That is why there is a requirement to pass two separate sets of exams: one is for the academic diploma in financial planning awarded on successful completion of the six-module university-taught course; the other is the CFP certification examination overseen by the IFPHK.

The university exams are generally multiple-choice and taken at the end of each module. Depending on the programme, they can be taken in English or Chinese. Each institution sets and marks its own exams, while taking note of the IFPHK's stipulation that 80 per cent of the total must be from an objective test and 20 per cent from ongoing assessment. Retakes are possible and at least 50 per cent must be scored in the final exam to pass the course.

Once the educational qualification has been acquired, candidates can apply to take the professional certification exam. This takes place every June and December and is a comprehensive 10-hour, four-part test held over two days.

It covers 90 topics, bringing together everything covered in the programme, and papers are multiple-choice in Chinese or English. The application deadline is two months prior to the exam date and the fee $3,000.

'The pass rate in the last CFP exam was 46 per cent, which is encouraging to see,' said IFPHK executive committee member Henry Lam.