Certified Private Wealth Professional (CPWP) Module 1 Examination

A Task Force chaired by the Hong Kong Monetary Authority (HKMA) and comprises representatives from Private Wealth Management Association (PWMA), the Hong Kong Institute of Bankers (HKIB) , Hong Kong Securities and Investment Institute (HKSI Institute) and Treasury Markets Association (TMA) developed the Enhanced Competency Framework (ECF) for private wealth management (PWM) practitioners to ensure individuals engaged in providing services to PWM customers have an enhanced level of competency in the technical and ethics and compliance areas.

Relevant Practitioners* will be certified by the PWMA as Certified Private Wealth Professional (CPWP), when they have successfully completed the programme and examination requirements under the ECF and have the prerequisite work experience. Under the ECF, two competency-related modules, Module 1 on Technical, Industry and Product Knowledge and Module 2 on Ethics and Compliance, are developed to set the standard for PWM practitioners. The HKSI Institute launched the Certified Private Wealth Professional (CPWP) Module 1 Examination as the initial examination for Module 1.

* "Relevant Practitioners” is defined as new entrants and existing PWM industry practitioners engaged by PWM institutions in customer-facing roles making personalised or customised solicitations or recommendations to customers in the provision of securities dealing and advisory service and/or portfolio management service.

Prerequisites

There are no prerequisites for enrolling in the CPWP Module 1 Examination.

Examination Details and Fee

Examination Syllabus

Please download the Examination Syllabus.

 

Examination Structure and Fee

The CPWP Module 1 Examination consists of two papers: Paper 1: Financial Instruments and Paper 2: Wealth Management. All examination papers will be offered in English, and examination questions will be set in a multiple-choice format, which means they contain a stem and four answer choices including only one correct answer. Some of the multiple-choice questions (MCQs) are formatted as a mini case that requires candidates to apply and integrate knowledge and skills from different areas of the PWM. Candidates will be required to answer all questions in each paper.

Examination

Duration

No. of MCQs

Pass Mark

Examination Fees

Paper 1: Financial Instruments

120 mins

60

70%

HK$1,245

Paper 2: Wealth Management

160 mins

80

70%

HK$1,820

Withdrawal Policy

Candidates who wish to cancel their enrolments for (an) examination paper(s), examination mode(s) and/or examination sessions(s) may apply for withdrawal of examination. Only the examination fees less an administration fee for the CPWP Module 1 Examination are refundable.

To apply for a withdrawal, candidates should submit withdrawal applications through the HKSI Institute Online Portal, in person or by post to the HKSI Institute on or before the withdrawal application deadline (i.e., the date of receipt of the Withdrawal Application Form by the HKSI Institute).  For the latest withdrawal application deadlines, please refer to the examination timetable.

The HKSI Institute will charge a withdrawal administration fee of HK$400 per examination paper per examination mode per examination session.  For details of the Withdrawal Policy, please refer to the relevant Examination Handbook.

Study Support

The HKSI has developed the Guidelines for Examination Preparation and Sample Questions and Answers to assist candidates who are preparing to take the CPWP Module 1 Examination.

Requirements for CPWP Certification

Candidates who have completed Papers 1 and 2 of the CPWP Module 1 Examination will also need to fulfil the following requirements before they are awarded the CPWP Certification by the PWMA:

  • Complete CPWP Module 2 Examination conducted by the Hong Kong Institute of Bankers; and
  • Currently employed by a PWMA member institution with at least 3 years of work experience performing the prescribed functions and roles of a Relevant Practitioner within a private wealth management institution in the most recent 5 years.

The result of each examination paper for both Module 1 and Module 2 is only valid for 5 years (counting from the date of the examination) for the purpose of applying for CPWP certification. For details of the requirement for CPWP Certification, please refer to the PWMA website.

CPWP holders with 3 years relevant industry experience may apply for Ordinary Membership of the HKSI Institute.

CPWP Candidates’ Pathway for CIWM® Designation

The CPWP Examinations have been recognised by the HKSI Institute and 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.

Candidates who passed CPWP Module 1 Examination on or before 31 December 2017 can also be awarded the CIWM designation after fulfilling the following requirements:

  • Complete CPWP Module 2 Examination conducted by the Hong Kong Institute of Bankers on or before 31 December 2017;
  • Have a minimum of three-year work experience in either the wealth management or private banking industry;
  • Be an Ordinary Member or above of the HKSI Institute (for purpose of obtaining the CIWM® Designation, the joining fee for new applicants of the HKSI Institute Membership is waived. Applicants are required to pay HK$1,200 for annual subscription fee); and
  • Be a member of the AIWM (Members of the HKSI Institute are required to pay AIWM’s one-time royalty fee of HK$1,000 and annual fee of HK$260).
Qualification