Certified International Wealth Manager (CIWM) Final Examination

The Certified International Wealth Manager (CIWM®) is an advanced, internationally recognised education programme for experienced professionals in the wealth management industry.  The qualification is awarded by the Association of International Wealth Management (AIWM), an international professional organisation for wealth managers, portfolio managers, investment advisors, asset managers and trust and estate practitioners worldwide.

The CIWM examination scheme comprises two levels, CIWM Foundation Examination and CIWM Final Examination.  Only the CIWM Final Examination is offered by the HKSI Institute in Hong Kong. Candidates who fulfil the enrolment prerequisites mentioned below are exempted from the Foundation Examination.

The examination schedule of the CIWM Final Examination is to be published.

Prerequisites

Applicants who meet the following criteria can proceed directly to the CIWM Final Examination in Hong Kong:

  1. Minimum 3 years work experience; and
  2. Possess any one of the followings: 
  • Passes in all of the following HKSI Institute Professional Diploma in Financial Markets (PDFM) Modules: 

Module 1 – Economics;
Module 2 – Financial Markets and Instruments;
Module 3 – Quantitative Methods and Accounting for Finance;
Module 6 – Advanced Investment Analysis; and
Module 7 – Portfolio Management.

  • Holder of an undergraduate or master degree in investment and finance from a recognised university.
  • Recognised professional qualification(s) in investment and finance.

Applicants who do not fully meet the above criteria will be considered by the HKSI Institute on a case-by-case basis.

In addition to the above, the CIWM programme assumes a certain proficiency in mathematics.  Applicants may want to have a look at the mathematical self-test and its solution.

Examination Details and Structure

Examination Syllabus

Please download the Examination Syllabus.

 

Examination Structure

The CIWM Final Examination comprises three papers. Paper 3 of CIWM Final Examination is compensated by other examinations offered by the HKSI Institute (as shown in the table below). Therefore, the CIWM Final Examination conducted by the HKSI Institute contains only two papers. The two papers are presented in English and contain multiple choice, calculation, practical case study questions which assess the knowledge and analytical skills of candidates on the specific topics related to Wealth Management.

  Content Duration Compensated by
Paper 1 Wealth Management 180 mins N/A
Paper 2

Relationship Management

Behavioural Finance

Real Estate Valuation and Analysis

180 mins N/A
Paper 3 National/Regional Examination    
 
  • International and Domestic Wealth Planning
N/A Advanced Certificate in International and Domestic Wealth Planning (ACIDWP)
 
  • Local laws, Regulations and Ethics
N/A

Paper 1 of the Licensing Examination for Securities and Futures Intermediaries (LE)

or

Module 4 of the HKSI Institue Professional Diploma in Financial Markets (PDFM)

Fee Schedule

Application may select to enrol for the full set (i.e. Papers 1 and 2) or each of the examination papers (i.e. on a modular basis) of the CIWM Final Examination in their first and subsequent attempts. The fees include relevant study materials.

Full Set

Final Examination First Attempt Second/Third Attempt
Papers 1+2 HK$19,200

Paper 1: HK$5,000

Paper 2: HK$5,000

 

Modular Basis

Final Examination First Attempt Second/Third Attmpt
One-off fee* HK$8,500 N/A
Paper 1 HK$11,800 HK$7,400
Paper 2 HK$11,800 HK$7,400

* Applicants have to pay the one-off fee when they enrol for the CIWM Final Examination in their first attempt.

Study Support

Candidates will be given access to the following materials and tools (of which depends on which examination paper(s) of the CIWM Final Examination they have enrolled for) via the Study Platform Online Tool (SPOT) after they have successfully enrolled for the CIWM Final Examination:

  1. The course manuals: Centrally developed, the manuals present the relevant theory and its practical applications and provide a detailed bibliography for further reference.
  2. The Finance Questionnaire Application (FQA) Tool: A collection of past examinations (multiple choice and open questions) and model answers.
  3. The Wealth Management Software (WMS): A portfolio management simulator which allows candidates to develop an intuition for the new concepts and to practice new skills in life-like situations.
Requirements for Awarding CIWM® Designation

Candidates have to complete Papers 1 and 2 of the CIWM Final Examination within 5 years.  The 5-year period commences from the month of the examination date of the first CIWM Final Examination enrolled by a candidate.

Candidates will have 3 attempts for each of the examination papers (i.e. Papers 1 and 2) of the CIWM Final Examination.  If any of the aforesaid examination papers has not been passed after the third attempt, candidates will no longer be able to sit for the CIWM Final Examination.

(a). Requirement on National/Regional Examination

(b). Requirement on Wealth Management-related Working Experience

  • Have a three-year working experience in the domain of wealth management, private banking, portfolio management, investment advisory, financial planning, etc.;

(c). Requirement on Membership of the HKSI Institute and AIWM

Qualification