CFP  Entry Requirements, Exemptions, Challenge Status

CFP Entry Requirements, Exemptions, Challenge Status

This page is divided into 3 sections: CFP Entry Requirements, Exemptions, Challenge Status.

 

CFP Entry Requirements:

  1. A bachelor’s degree (any discipline) OR
  2. If without a degree but have at least 5 years of relevant work experience, can opt for sitting for PLRA – Prior Learning Recognition Assessment (download form HERE). Once passed, you will eligible to join the CFP programme. Candidates are only allowed to register for the PLRA assessment 2 times and there must be a break of 6 months between the attempts. OR
  3. University/College Students: FPAM has introduced a 1-year pilot project from now till May 31, 2019, to allow undergraduates to enrol  in the CFP certification.  This is open to students majoring in finance, banking, investment, accounting or related subjects. Proof of enrolment in a related Bachelor’s program is required. Students would be required to enrol in Module 1 and proceed to other modules as per other exam based students. No exemptions will be granted. After passing Module 4, students will remain as an Associate member until attainment of the 3 years of relevant work experience. Proof of Bachelor degree is required to upgrade to Certified membership. Students are required to upgrade to Certified membership within 4 years of completing Module 4 or their Bachelor degree, whichever is later. After the specified time, FPAM has the right to require the students to re-sit the examinations if necessary.

 

Applicants without any relevant qualifications are required to sit for the whole CFP  certification course, which comprise of Module 1 to 4. Those with relevant qualifications may seek partial exemption or taking up Challenge Status.

 

Below are the 4 Modules in the CFP certification course.

Module 1 – Foundation in Financial Planning

Module 2 – Insurance Planning and Estate Planning

Module 3 – Investment Planning and Retirement Planning

Module 4 – Financial Plan Construction and Professional Responsibilities

Optional but Highly Recommended Workshop – Tax Planning 5-Day Workshop

Shortest time frame to complete the 4-module CFP programme is 12 months. Most students will take 1.5 to 2 years to complete the whole course.  You will start with Module 1, once passed, proceed to Module 2 or Module 3 – these two modules can be completed concurrently. Once passed Module 2 and Module 3, you will then enter into the final stage, i.e. Module 4.

For those who wish to seek partial exemptions or Challenge Status, please proceed to click on the “Partial Exemptions” Tab and or “Challenge Status” Tab above.

Additional requirements – Documents that needed to submit

Complete the relevant forms, KMDC CFP Application Form, FPAM Trade Member Application Form and documents with duly certifies certificates and academic transcripts. Working experience from present employer must be under the employer’s letterhead.

All applications can be submitted to KMDC or FPAM via email (start@kmdc.com.my) or by hand.

Download forms, timetable & Fee Schedule : go to Download Page

 

Re-certified every two years

Once enrolled, an Associate or Certified Member is expected to maintain his/her technical competence and fulfill the profession’s ethical obligations by completing a minimum of 30 hours of continuing education (CE) respectively, every two years. This is to ensure the members are current with developments in the financial planning profession in order to better serve their clients.

CE points can be accumulated through approved financial planning seminars, International Financial Planning Annual Conferences organized by FPAM and subscription of certain approved magazines.

FPAM recognizes that certain professional qualifications cover some of the components in financial planning. Holders of the following qualifications are granted exemption as listed below (terms and conditions apply)(X denotes exemption):

QualificationsM1M2M3M4
Licensed Unit Trust & Private Retirement Scheme Consultants (FIMM)x---
RFP Module 1 (degree holders)x---
MFPC Registered Financial Planners (degree holders)xx--
Chartered Financial Practioners (Namlifa)x---
MII Dip. in Financial Planningx---
Chartered Life Underwritersx---
Life Underwriters Training Council of Fellowsx---
Graduate Diploma in Applied Finance and Investmentx---

Terms and Conditions:
1. All must have a Bachelor’s degree with the exception of those with many years of vast and relevant work experience who have gotten special consideration and are granted exemption by FPAM; and
2. All must attend CFP Tax workshop and purchase the subject manual except RFP holders.

Unit Trust and Private Retirement Scheme Consultants (collectively known as “Consultants”) that are actively registered with Federation of Investment Managers (FIMM):-
a) The Consultant must pass Computerised Unit Trust Examination (CUTE) or Private Retirement Scheme (PRS) Examination;
b) The Consultant must have a degree OR a diploma with minimum 5 years of relevant work experience;
c) The Consultant must attend CFP Tax Workshop and purchase the subject manual;
d) The Consultants who are exempted from CUTE or PRS examination are not eligible for the CFP Module 1 exemption and they must have a Bachelor degree in order to gain entry to CFP programme. 

 

Exemption for CFP Module 1 –  for those passed RFP Module 1

FPAM is embarking on a pilot project for exemption for Module 1 of the CFP certification program for those who have passed Module 1 of the RFP program.

This exemption would be subject to the candidate having a Bachelor degree and is required to attend a tax workshop.

 

How to apply for CFP Partial Exemption?

For this application of modular exemption, you need to :
1. Attach a certified copy of your degree and academic transcript or a certified copy of your approved credentials to support your application. Certification can be done by a Commissioner of Oath, CFP certificant, our approved Education Providers or member of MIA. All certification must bear the full name and membership number of certificant (where applicable).
2. Complete the Trade membership (if you are not a member yet) and Associate membership forms. Enclose together with payment to FPAM. Payment is only required for Associate membership application.
3. Applicants are required to complete both the Trade Membership and Associate Membership forms.
4. All applications are subject to review and approval by FPAM. FPAM may in its absolute discretion refuse to grant the modular exemption to any applicant.

5. If you have any concerns, issues or further queries regarding your modular exemption, please contact us by email at membership@fpam.org.my

6. Fax and/or photocopy applications will not be accepted.

Exemption Fee is RM175 and payable to FPAM.

Application for exemptions must be at least one month before the registration for any examination and must be submitted individually. Failure to comply will result in your application not being processed in time for your next examination.

Note:
Successful applicants must attend the Tax Planning workshop before registering for Module 4 of the certification program.

Download: 

  1. KMDC CFP Application Form
  2. FPAM Application Form for CFP Partial Exemption (with Trade member & Associate Member Form)

 

Re-certified every two years

Once enrolled, an Associate or Certified Member is expected to maintain his/her technical competence and fulfill the profession’s ethical obligations by completing a minimum of 30 hours of continuing education (CE) respectively, every two years. This is to ensure the members are current with developments in the financial planning profession in order to better serve their clients.

CE points can be accumulated through approved financial planning seminars, International Financial Planning Annual Conferences organized by FPAM and subscription of certain approved magazines.

Only Malaysians who possess the following qualifications or professional credentials with 3 years relevant work experience in personal finance* are eligible to apply. Exemption is for Modules 1-3 of the CFP certification. Applicants are allowed only 3 consecutive attempts under this option.

1. The following credentials/ qualifications will be considered for Challenge Status exemptions:

+ Professional accountants (MIA, CPA (M), CPA(Aust)., AICPA, CA, ACCA, ICMA and AIA)

+ Chartered Secretaries (ICSA ) & ( Fellow of MACS)

+ Chartered Financial Consultants (ChFC) or Chartered Financial Analysts (CFA)

+ Masters (Business Admin / Finance / Economics / Accounting) from accredited universities.

+ PhD (Business, Accounting or Economics) of Doctorate in Business Administration.

+ Islamic Financial Planner (IFP) – Applicant are required to attend CFP Insurance Planning & Estate Planning workshop in addition to the Module 4 workshop.

2. Members must have 3 years of personal finance related experience which can be in any or all the following areas: Insurance, mutual funds, securities, asset management, accounting, estate planning, banking, taxation, trusts, retirement planning and financial planning. The 3 years of relevant work experience must be within the 5 years prior to application for Challenge Status. (For definition of relevant financial planning experience, please click here) 

3. There will be three (3) consecutive examination attempts only for the challenge status commencing immediately after obtaining approval from FPAM. After the 3 attempts or non-attempts, they must enroll for the normal CFP certification examinations.

How to apply for CFP Challenge Status? 

For this application, you need to :

1. Complete Trade membership registration form. Trade membership fee is waived for one year only.

2. Attach a certified copy of your Masters or PhD and academic transcript or a certified copy of your approved professional qualifications to support your application. Certification can be done by a Commissioner of Oath, CFP certificant, our approved Education Providers or a member of MIA. All certificates must bear the full name and membership number of certificant (where applicable)

3. Enclose letter(s) from present/past employer(s) confirming 3 years of relevant work experience. If you are self-employed, a CFP certificant or a member of MIA can attest to your years of work experience.

4. All applications are subject to review and approval by FPAM. FPAM may in its absolute discretion refuse to grant the challenge status exemption to any applicant.

5. If you have any concerns, issues or further queries regarding your challenge status exemption, please contact us by email at membership@fpam.org.my

The application fee of RM450 for Challenge Status excludes all examination fees. Please note applications that are incomplete or not supported by certified copies of documents will not be processed. Fax and /or photocopy applications will not be accepted.

Those seeking for challenge status must apply for exemption at least one month before registration for any examination. Applications for challenge status must not be submitted together with your examination registration form. Failure to comply will result in your application for challenge status not being processed in time for your next examination.

Please take note that the application fee is valid for 3 consecutive examination attempts only.

Download: 

  1. FPAM Application Form for Challenge Status
  2. FPAM Trade Member Application Form
  3. KMDC CFP Application Form

Take Action NOW! Make an Enquiry OR Sign Up

  • (To select more than one, press "Ctrl" then select)
  • This field is for validation purposes and should be left unchanged.