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Certified Private Wealth Professional (CPWP) Module 1 Examination

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

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 administering both training programme and examination for Module 1 of the Certified Private Wealth Professional (CPWP).

Examination Details and Fee

Examination Syllabus and Specification

Each examination paper is constructed from a specification that defines a set of parameters, including the weighting of each element/topic as shown below.

Syllabus

Version 2.1 (Valid for the examinations from 7 January 2026 onwards)

Mark up version of updated syllabus

Version 2.0 (Valid for the examinations up to and including 6 January 2026)

Paper 1 - Financial Instruments

Topic and 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%

Paper 2 - Wealth Management

Topic and Weighting

Wealth Planning - 25%
Behavioural Finance - 15%
Customer Relationship Management - 30%
Overview of Private Wealth Management Industry - 15%
Overview of Private Wealth Management Markets: Hong Kong, Mainland China and Asia-Pacific - 15%

Examination Structure and Fee

Paper 1

Format: Multiple-choice Questions (MCQ)
Number of questions: 40
Examination Question Language: English and Chinese (both Traditional and Simplified characters)
Pass Mark: 70%
Duration: 80 minutes
Mode: Computer-based Examination (CBE)
Examination System and Interface Language: Examination System Simulator; English
Frequency#: Monthly
Examination Venue/Platform:

Examination Fees:
HKD1,680 (Hong Kong Examination Centre / Remote Examination)
HKD2,100 (Global Examination Centres)

Paper 2

Format: Multiple-choice Questions (MCQ) and structured question*
Number of questions and Proportion: 20 MCQ (50%) and 1 structured question* (50%)
Examination Question Language: English and Chinese (both Traditional and Simplified characters)**
Pass Mark: 70%
Duration: 100 minutes
Frequency#: Every Six Weeks (The examination is held on the same date globally, with local start times.)
Examination Venue/Platform:

Hong Kong Examination Centre (Paper-based Examination Day Flow)

Mode: Paper-based Examination (PBE)
Examination Fees: HKD2,760

Global Examination Centres (Examination Day Flow)

Mode: Computer-based Examination (CBE)
Examination System and Interface Language: Examination System Simulator; English
Language for Answering Structured Question: English/Chinese (Click here for Chinese input methods)
Examination Fees: HKD3,180

Remote Examination

Choose the examination options that best suits your needs. View our flyer – click the icon below.

* 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.

** Candidates must answer all questions in one language only, either English, Traditional Chinese, or Simplified Chinese, throughout the examination booklet or system. Mixing languages in any question or across the examination is strictly prohibited (e.g., Chinese keywords with English explanations). Answers in a different language will receive no marks. For remote examinations, input methods may restrict responses to English only.

# For the examination dates and application deadlines, please click here. Please note that enrolment is on a first-come-first-served basis. The number of examination sessions may be increased as needed to meet demand.

Study Support

Study Materials (Available Upon Enrolment)

To help candidates prepare for the examination, the HKSI Institute offers Study Guides in both English and Chinese (traditional and simplified characters) for Paper 1 covering Topics 1 - 5 and Paper 2 covering Topics 6 -9. Candidates enrolling for the examination can download the respective eStudy Guide for free via the "Examination" page under "UPCOMING ACTIVITY" tab of the HKSI Institute Online Portal/"Downloads" tab of the "Menu" of the HKSI Institute Mobile from the enrolment date until the examination date.

Resources for Topic 10

PWMA offers training as an on-going study support which has been converted into eSeminars. The training is available for candidates to view via the "CPT/Non-CPT Activity" page under "UPCOMING ACTIVITY" tab of the HKSI Institute Online Portal or "My eCourses" tab of the "Menu" of the HKSI Institute Mobile.

Revision Tools

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 or "My eCourses" tab of the "Menu" of the HKSI Institute Mobile.

Both the e-Seminar and sharing session will be accessible from the day after enrolment for up to 90 days.

Optional Resources (fee-charging)

The HKSI Institute offers CPWP Module 1 Training Programme to help candidates enhance their understanding of important knowledge base and practical skills on the topics to be examined.

To cater for the needs of other interested parties, the eStudy Guides are available for purchase online at HKD550 per copy.

Membership and External Recognitions

HKSI Institute Membership

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

CPWP Certification and CPWP Associate

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 three years of work experience performing the prescribed functions and roles of a Relevant Practitioner* within a private wealth management institution in the most recent five 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).

* "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.

The result of each examination paper for both Module 1 and Module 2 is only valid for five 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

Policies

Before enrolling for the examination, you must read and understand all the policies set by the HKSI Institute. During the enrolment process, all candidates are required to agree to abide by these policies, which are updated periodically.

Frequently Asked Questions

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