Frequently Asked Questions (F.A.Q)
Is the CFP® designation obtained in Singapore recognised in other countries? Which is the international awarding body for the CFP® Certification?
The CFP® certification was first started in the U.S. in 1972 and was subsequently introduced and recognised in now 24 territories worldwide approaching 150,000 certificants including Singapore.
You may visit the website of the Financial Planning Standards Board www.fpsb.org for more information.
CFP®, CERTIFIED FINANCIAL PLANNERTM and CFP® Logo are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Association of Singapore is the marks licensing authority for the CFP® marks in Singapore, through agreement with FPSB.
FPSB is the association that establishes and upholds the worldwide professional standard in personal financial planning. They also manages and develops the CFP® certification education program.
The CFP® Certification awarded by FPSB is the highest internationally recognised professional designation in the financial & wealth management industries.
What is the difference between "FPAS" and "FP"?
The Financial Planning Association of Singapore (FPAS) is the examination and licensing board in Singapore for the CFP® certification education program. Read more here.
Financial Perspective Pte Ltd does not certify individuals to use the CFP®, CERTIFIED FINANCIAL PLANNERTM and CFP® Logo. CFP certification is granted only by FPSB and FPAS to those persons who, in addition to completing an education requirement such as the program offered by this FPAS approved education provider, have met the ethics, experience and examination requirements.
Financial Perspectives (FP) is a FPAS approved education provider of the CFP® certification education program. FP administrates your course registration where course materials and lecture classes are offered by FP. Read more about FP here.
What are the entry requirements & enrolment procedures to the CFP® certification education program?
- EITHER a full GCE ‘A’ Level Certificate (i.e. 2 'A's and 2 'AO's including GP) or Diploma
- OR minimum 3 years of working experience in any profession
- OR Must be 18 years old and above for those who do not meet the above criteria
Read up on Enrolment Procedures here.
Which Study Option Should I Choose?
1. What are the benefits of the Lecture option?
The Lecture option offers students a structured learning process conducted by FP's most dedicated and experienced lecturers. The Lecture Study option includes 7 to 9 tutorial workshops (up to 32 hours) that are intended to supplement the student's self-directed study. This includes an Examination Preparation session which is conducted to better prepare students for the examination. Additional handouts and quiz questions are also provided for further practice during tutorials with line upon line evaluation of answers.
The Lecture Study option is highly recommended for Part-Time students, full-time working professionals, fresh graduates, individuals looking to have a career switch or those without apt financial background or work experience.
2. Is the Self-study option suitable for me?
The Self-study option is suitable for those who prefer to study independently and caters to busy working professionals who have a tight work schedule. It is also recommended for individuals who are unable to commit to a fixed lecture structure or those who are based overseas and those who are required to travel frequently.
FP's customised study materials comes in a hard copy Study Guide. This is further supplemented with additional online sample Practice Examinations for further practice. The Study Guide takes you through all required learning objectives on a step-by-step basis.
3. Will I receive support during my course of study?
Yes, FP provides online Student Support for both Lecture and Self-Study students. Students may email their questions regarding the program or materials to us at email@example.com and we will reply to your queries within 3 working days.
4. Can I opt for different study modes across the 6 modules of the CFP® certification education program?Yes, students can opt for different learning modes and just pay the course fee for the relevant module(s) according to the study option chosen.
FPAS Examination Guidelines
1. Who sets the FPAS examination papers?
The examinations are set by FPAS, with the assistance of the examination board of FPSB.
2. What are the FPAS examination periods?
FPAS organises 3 exam periods yearly in March/April, July/August and in November.You do not need to sit for the FPAS examination(s) in the same semester as your course enrolment with FP.
i.e. You may sign up for the program in March 2015 and choose to sign up for the FPAS exam only in Nov 2015.
3. What happens if I fail an examination?
If a student fails an exam paper, he/ she is required to re-sit for the examination in the following semester. The students may also attempt additional papers in the following semester while re-taking the first paper. Note that FP updates our study materials each year end and students are advised to obtain the updated course materials for that particular year of exam/ re-take of exam.Re-takers may attend FP's calsses at a special rate. Re-takers will have to register the exam with FPAS directly.
4. How many times can I retake the examination for each module if I fail?
There is no limit to the number of attempts at the examination(s) so long as you complete the CFP® certification education program within 7 years. However, it is recommended that you complete the program within 2 1/2 years so that you can stay current and up to date with the latest examinable topics.
5. What is the grading system of the FPAS exams?
Kindly check with FPAS for details.
6. How do I register for the FPAS exams?
Students are required to register as a Student Member of FPAS before registering for the FPAS examinations. Read up on registration details here.
Registration forms and necessary payments are to be made to FPAS directly. Student Membership and Examination forms are available online at www.fpas.org.sg
7. Are past year FPAS examination papers available for reference?
No, past years' FPAS examination papers are never released and the course syllabus are constantly updated to meet the changing market requirements. Therefore, examination preparation classes conducted by FP will aid students in their preparation for the examinations as students will be able to sit for a mock exam simulating the actual FPAS examination. The questions in the mock examination are prepared by FP's team of experienced lecturers who also holds the CFP® certification and are practitioners in the industry.
Does the CFP® certification education program qualify for any reimbursement Grants?
Yes, WDA funding (a.k.a. Skills Development Fund, SDF) is applicable for the CFP® certification education program. Please read up on SDF eligibility criteria and application procedures here.
PIC Grant is also applicable subject to your company's eligibility according the PIC criteria. Please consult IRAS regarding PIC eligibility.
What is the difference between the AFPCM, AWPCM and CFP® certification education programs?
The AFPCM certification education program is not a separate program but rather the first module of the six comprising the CFP® certification education program, i.e. Foundations in Financial Planning, Module 1. It is a broad-based module covering all aspects related to personal financial planning that form the foundation of a working financial advisor. Individuals who have attained the AFPCM certification have been thoroughly trained and are competent to recommend general financial planning strategies and to advise on the appropriate selection and use of various financial products.
The AWPCM certification education program consists of Modules 1, 4 and 5 of the CFP® certification education program. It is a mid-level professional certification for practitioners with key portfolios in retirement planning and wealth accumulation in addition to their capability to recommend general financial planning strategies.
The full CFP® certification education program is an extensive in-depth curriculum that provides a broad-based and comprehensive education in financial planning. It is the most recognized global designation for a financial planner. You will gain technical knowledge in all aspects of financial & wealth planning and be well equipped to write comprehensive financial plans that meet strict international standards. CFP® practitioners are dedicated to the highest level of professionalism. CFP® practitioners are highly sought after for their trained ability to provide the public with comprehensive and holistic financial advice. Their credential assures the public that they have agreed to adhere to high standards of competence and ethical practice. The strength of the CFP®certification lies in the fact that it is a broad-based qualification, independent of any one industry
How can I obtain the AFPCM, AWPCM Certification?
In order to be certified as AFPCM or AWPCM, you must meet the education and exam requirements set by FPAS; you will need to first sign up with one of FPAS' approved Education Providers and then pass the certification examination to be certified.
How do I obtain the AFPCM certification?
The individual must be a FPAS member who has completed Module 1 (Foundations in Financial Planning) of the CFP® certification education program, and pass the respective certification examination.
How do I obtain the AWPCM certification?
The individual must be a FPAS member who has completed Modules 1, 4 and 5 (Foundations in Financial Planning, Investment Planning and Retirement Planning respectively) of the CFP® certification education program, and pass the respective certification examination.
If you have already completed the AFPCM certification education program, you will only need to complete the remaining Module 4 & Module 5 papers.
What are the benefits of becoming an AWPCM practitioner?
You will be competent to recommend general financial planning strategies and have key portfolios in retirement planning and wealth accumulation.
This mid-level designation will lead you one step closer to complete the CFP® certification education program if you are working towards attaining the prestigious globally recognized CFP® mark.
Individuals will also be included in FPAS’ Directory of AWPCM practitioners and you may therefore, identify yourself to the public as an AWPCM practitioner.
Why are Modules 1, 4 and 5 the pre-requisites?
Being an intermediate-level designation, the AWPCM practitioners and individuals need to possess knowledge on the fundamentals of financial planning with emphasis and depth in areas of investments and retirement planning.
Is there a rising demand for AWPCM practitioners?
Many Singaporeans may only have a need for general financial advice but may require a specialist's advice related to retirement issues and investments. As the responsibility for meeting life goals and planning for retirement increasingly shifts from government and employers to the individual, so do the rising need for trustworthy and fully qualified professionals.
Consumers need to be assured that they can go to a trusted financial advisor for advice on retirement plans, wealth accumulation and preservation strategies and products.
Can I register three modules and obtain the AWPCM in one examination cycle?
Yes. You are allowed to attempt up to 3 new modules' examinations, where Module 1 is compulsory. To obtain the AWPCM in one examination cycle, you need to attempt the Module 1, 4 and 5 examinations simultaneously in the same examination cycle.
When are the exam periods and how many times can I retake the examination for each module, if I fail?
The exams will be held in March/April, July/August and November each year. If you fail an exam paper, you may choose to re-sit for the examination again in the following exam cycle. You may also attempt new modules in the following exam cycle whilst taking the re-sit paper. There is no limit on the number of attempts for the examinations but you will be required to complete the CFP® Program within 7 years according to FPAS regulations.
What must I do if I want to pursue the AFPCM, AWPCM and CFP® certification?
You will have to sign up with a FPAS approved Education Provider to enrol for the course (to qualify the "education" criteria) and then pass the respective certification examination. You need to have a valid FPAS Student Membership and register for the respective examination. There is an annual membership fee and examination fee payable for each module.
FPAS Student Membership
- Candidates enrolling in the AFPCM/ AWPCM/ CFP® certification education program(s) must apply for FPAS student membership by completing the FPAS Student Membership Registration Form online at http://www.fpas.org.sg
- For NEW STUDENTS, the annual membership fee is pro-rated on your first application. It is based on the month of your application as per below table (subject to changes):
Jan – Mar
Apr – Jun
Jul – Sep
Oct – Dec
- Subsequent renewal date will be on 31 December of each year. The full annual membership fee of $120.00 applies regardless of application month.
The examination fee is $120 per module for Modules 1 to 5 and $250 for Module 6 examination
FPAS is solely responsible for all matters pertaining to applications for certifications, exemptions and examinations. Queries pertaining to the above should be directed to FPAS at Tel: 6372 1030 or via email to firstname.lastname@example.org
- Candidates can register for examination(s) only if they have a valid FPAS student membership and are currently enrolled in the AFPCM/ AWPCM/ CFP® certification education program with a FPAS approved Education Provider. Members will be notified by FPAS via post/ email of the period for each examination registration.
- Payment for the examination registration and examination fees must be made direct to FPAS and in compliance with all FPAS terms and conditions.
- Exam registration & Student Membership forms can be found online at http://www.fpas.org.sg/
- Course fees paid to Financial Perspectives does not include FPAS' Student Membership and Examination fees. All fees paid to FPAS are non-refundable.
(Tel: 6372 1030) via NETS, Credit Card, Cash or Cheque.
2) Cheque payment can also be made by post.
For cheque payment by post, please indicate your name, FPAS membership no. and the examination module(s) applied on the reverse of the cheque. Cheque should be crossed and made payable to 'FPAS'.
Please mail the cheque and a printed copy of your completed form(s) to FPAS at:
146 Robinson Road #04-02 Singapore 068909
3) Online E-payment, payment can be made at http://www.fpas.org.sg.
Fax the completed form(s) and a copy of the E-payment transaction reference receipt to FPAS via Fax number: 6372 1021. Alternatively, members can Email their application and E-payment transaction reference receipt to the respective addresses:
Membership renewal/ registration - email@example.com
Examination registration - firstname.lastname@example.org
4) Payment at Financial Perspectives via CHEQUE ONLY *
Submit completed form(s) together with cheque crossed and made payable to "FPAS"
*FP will mail out your completed form(s) and cheque to FPAS, kindly note that there will be no receipt issued for submission at FP's office.