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* who currently employed by a PWMA member institution 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 (or certified as CPWP Associate (CPWPA) for individuals who are not employed by a PWMA member institution and/or have not met the experience requirement).
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 is responsible for Module 1 of the Certified Private Wealth Professional (CPWP) including both training programme and examination.
* "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.
There are no prerequisites for enrolling in the CPWP Module 1 Examination.
Examination Syllabus and Specification
Please download the Examination Syllabus.
Each examination paper is constructed from a specification that defines a set of parameters, including the weighting of each element/topic as shown below.
|
Topics |
Weighting |
|
Basic Products: Fixed Income Investment, Equity Securities and Foreign Exchange |
20% |
|
Derivatives and Structured Products |
15% |
|
Investment Funds and Alternative Investments |
15% |
|
Portfolio Management: Theories and Practices |
30% |
|
Lending and Leverage |
20% |
|
Total |
100% |
Examination Structure and Fee
All examination papers will be offered in both English and Chinese (both Traditional and Simplified characters). Candidates are required to answer all questions in each paper.
|
Examination |
Examination Mode |
No. of Questions |
Proportion |
Duration |
Pass Mark |
Frequency |
Examination Fees |
|
Paper 1: Financial Instruments |
Computer-based |
40 MCQs |
100% |
80 mins |
70% |
Monthly |
HKD1,600 |
|
Paper 2: Wealth Management |
Paper-based |
20 MCQs + 1 structured question |
50% + 50% |
100 mins |
70% |
Bi-monthly |
HKD2,625 |
Note 1: Multiple-choice questions (MCQs) contain a stem and four answer choices including only one correct answer.
Note 2: Structured question contains a scenario case and several open-end questions that requires candidates to apply and integrate knowledge and skills from different areas of the PWM.
Note 3: Study manual for relevant examination is included.
Candidates who wish to cancel their enrolments for 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 on or before the withdrawal application deadline. For the latest withdrawal application deadlines, please refer to the examination timetable.
The HKSI Institute will charge a withdrawal administration fee of HKD400 per examination session. For details of the Withdrawal Policy, please refer to the relevant Examination Handbook.
The HKSI Institute has developed the Guidelines for Examination Preparation and Sample Practice Test to assist candidates who are preparing to take the CPWP Module 1 Examination.
A taped sharing session to assist candidates in their preparation for Paper 2 examination, especially on how to approach structured questions, is available on the “CPT/Non-CPT Activity” page under the “Upcoming Activity” of the HKSI Institute Online Portal on the next day after his/her first enrolment of the examination and within 90 days from the enrolment date.
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 (Individuals who are not employed by a PWMA member institution and/or have not met the experience requirement are eligible to apply for CPWPA certification).
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.
