FAQ
Certification Program Courses /
Examinations
Q1. How many examinations
must I complete to earn the CFP® mark and
what will the structure of the examinations be like?
A. You must
pass all 6 modules examinations. The structure of the
examinations will be:
Module 1 - Multiple Choice
Questions
Module 2 - Multiple Choice Questions
Module 3 - Multiple Choice Questions
Module 4 - Multiple Choice Questions
Module 5 - Multiple Choice Questions
Module 6 - Case Study format
For Module 1 to Module 5 - Multiple Choice Questions
There will be 95 multiple-choice questions with the first 90 questions carrying 1 mark each and the last five carrying 2 marks each.
The last five questions will be based on a mini-case study.
No points will be deducted for wrong answers.
For Module 6 - Case Study format
There will be a comprehensive case study covering the entire syllabus of all six modules of the CFP program.
Marks will be given for specific areas that will be tested. Time spent on any part should be commensurate with the marks awarded.
All examinations are conducted using the pencil-and-paper format.
Q2. How long will each examination be?
A. The duration for modules 1 - 5 examinations is 3 hours per paper, excluding a reading time of 15 min.
Module 6 exam is 3 hours, excluding a reading time of 30 min.
Q3. Will there be any tax table handouts during the exam and which Year of Assessment are we tested?
A. Handouts for CFP® Certification Examinations
Module 1 Tax rate
Module 2 Tax rate
Module 3 Tax rate
Module 4 Tax rate
Module 5 Tax rate
Module 6 Tax rate, Relief table
6 Months Ruling and and Implications on Year of Assessment(YA)
1. GENERALLY the YA tested will be the same year as the examination AND one year preceding it. Example: If students are taking examination in year 2010, the tested YA will be: 2010 & 2009
2. However, we can also test students on ALL known announced issues. Example: In Year 2003 Budget Speech, it was announced that CPF capping for ordinary wages effective from 1 Jan 2005 and 1 Jan 2006 would be S$5,000 and S$4,500 respectively, i.e for YA 2006 and YA 2007. Such implications can be tested even if the examination was conducted in year 2010.
3. The 6-months ruling will apply. Example: If an action was announced in March 2010 & needs to be implemented immediately, then it will NOT be tested in April & July 2010 examination. However it can be tested in Nov 2010 examination & beyond, as this is the only examination that falls outside the 6-months rule.
Q4. Will there be formula sheets handouts during the exam?
A. Other than the handouts given as per Q3, there will not be formulae sheets given during the examination.
Q5. What are the approved calculators for the examinations?
A. Please note that use of calculators are restricted to the following list of approved calculator models ONLY:
- Casio FC 100
- Casio FC 100V
- Casio FC 200
- Hewlett Packard hp 10b
- Hewlett Packard hp 10b2
- Hewlett Packard hp 12c
- Hewlett Packard hp 12c platinum
- Hewlett Packard hp 17b2+
- Texas Instrument BA2+
- Sharp EL735
- Sharp EL733A
- Sharp EL738
Q6. How many modules can I attempt in one exam cycle?
A. RULES OF PROGRESSION FOR CFP® EXAMINATION
- New entrants into the CFP® Certification Programme are allowed to attempt at most three new modules, where Module 1 is compulsory and any other, made up from Module 2 to Module 5, at the first examination sitting.
- Thereafter, candidates are allowed to attempt any or all Module 2, 3, 4 and 5 at each examination sitting if they have passed Module 1. Otherwise, they are only allowed to attempt at most two new modules per examination sitting, to be accompanied by Module 1.
- Module 6 can only be attempted on the successful completion of Module 1, 2, 3, 4 and 5.
Q7. Is that all I have to
do to earn the CFP® mark?
A. Yes, as far
as the examination requirement is concerned. The other
requirements to qualify for the CFP® mark
are addressed in the "Membership" section of the FAQ.
Q8. When are examinations
held?
A. Examinations
are held every year in the months of
April, July and October.
Q9. How do I register for the FPAS Certification Education Program Examinations?
A. When the Examination Registration period is open, FPAS members will be notified of this via e-mail. All application forms must reach FPAS office before the closing date. Proof of posting is not proof of receipt by FPAS.
Q10. If I fail, will there
be a supplementary examination of the same module?
A. No. There
will be no supplementary examination. You will have to
re-register for that particular examination.
Q11. When will the "Entry
Slip" be mailed to me?
A. All candidates successfully registered for examinations will receive an examination entry slip from FPAS. The “Entry Slip” bearing the Index Numbers and details of the examination (e.g. date, time, examination venue) will be emailed to examination candidates at least one week before the examination date. Examination candidates must print and bring the “Entry Slip” to gain admission to the examination venue. Those who do not receive their examination entry slip 4 working days prior the examinations should contact FPAS immediately.
Q12. What is the fee for
each examination?
A. The
examination fee is S$120.00
each for modules 1, 2, 3, 4, 5. The examination
fee is S$250.00 for module 6. Effective January 2012.
Q13. I have registered for
the examination but am unable to attend. Can I withdraw
from the examination?
A. Cancellation and withdrawal are not allowed and no refund of fees will be made. Deferment cases may only be considered on compassionate ground and medical certificates will not be recognised for deferment or fee refund. For deferment evaluation, examination candidates are required to submit their written request together with appropriate supporting documents and an online payment of $52.50 being deferment administrative fee within 7 days of the examination date. If approved, such cases would be deferred to the next immediate exam sitting. Thereafter, no further deferments would be allowed (regardless of reasons) and the examination fee paid would be forfeited.
Q14. When will the
examination results be released?
A. Examination results will be released
within six weeks after the last examination date. The
results will be posted to examination candidates. As
soon as the results are finalized, the results will also
be uploaded to FPAS website. An email will be sent to
all candidates notifying the posting of examination
results. FPAS will not disclose
examination results via telephone or fax.
Q15. I have lost my result
slip. Can I request for a duplicate of the result slip?
A.
Duplicate result slips may be requested at a fee of S$25.00 per slip. This request should be made in writing to the Examination Officer.
Q16. What sort of
confirmation from the FPAS will I receive regarding my
examination registration?
A. Upon
processing of the Examination Registration form, an
acknowledgement of payment would be mailed to the
member.
Q17. Can I request for a
review of my examination answer sheet?
A. For security reasons, examination materials are not available for review before or after the examination date. FPAS will not discuss specific examination questions. You may submit your comments about the examination questions in writing to the Certification Sub-Committee through examination@fpas.org.sg. The Certification Sub-Committee will review comments relating to the examination but will not make written responses to the comments.
If the examination candidate viewed that their answer sheet was scored incorrectly, the examination candidate may forward their request for a re-grading in writing to FPAS. With your request, please include
Name, NRIC Number, Examination Date together with a processing fee of S$50.00 for Modules 1 to 5 or S$115.00 for Module 6, and state the reason for requesting the re-grading.
The request must
be made within 10 calendar days of the postmark date of
your result slip. Requests made after the 10 calendar
days will not be entertained.
Q18. What else must I bring
to the Examination venue?
A. Candidates must bring with them:-
- FPAS’ Examination “Entry Slip”,
- NRIC or Passport
- 2B pencil (Modules 1 to 6) or black/ blue pen (Module 6 ONLY) and
- A calculator of a model approved by FPAS (refer to Qn 5 for the list of approved calculators)
Q19. How many times can I retake a Certification Module Examination?
A. There is no limit to the number of times a candidate may retake a module examination. However, the candidate is required to pay the current applicable examination fees for each retake. Candidates doing the CFP® Certification Education Program are to refer to the 7-year guideline from the date of your first module registration in Qn 28.
Q20. How do I register for
the AFPCM, AWPCM or CFP®
Certification Education Program courses?
A. There are 2
approved education service providers appointed by the
Financial Planning Association of Singapore. They are:
1.
Financial Perspectives Pte Ltd
38
Circular Road,
FP House
Singapore 049394
Tel: 6533 6121
Fax: 6533 6802
Email:
enquiries@fp-edu.com
Website:
www.fp-edu.com
Before registering for the course, candidates must
ensure that they have at least 'A' levels or three years
working experience.
Q21. Are the AFPCM,
AWPCM and CFP® Certification Education Program
courses practical or theoretical in nature?
A. The AFPCM,
AWPCM and CFP® Certification Education
Program courses are focused on both practical and
theoretical aspects of financial planning.
Q22. If there are classes
offered by the Education Providers, who will be
teaching?
A. The
approved Education Providers are Financial Perspectives
Pte Ltd.
Please direct your questions to these 2 Education
Providers. Their contact details are found in Question
19.
Q23. How many classes will
there be, where will these classes be conducted and what
is the cost?
A. Please see
answer to Question 21.
Q24. Besides the
comprehensive study materials and the revision
workshops, what else will the Education Providers do to
support the students?
A.
Please see
answer to Question 21.
Q25. What about
refund/withdrawal policies?
A. Please see
answer to Question 21.
Q26.
I have a friend who has taken a Module Examination
before. Can I borrow his/her course materials instead of
signing up with an Education Provider?
A.
No. For
first-time Module examination sittings, it is a
requirement to be registered with
both
FPAS and any approved education service provider.
For a member who is
retaking
the same Module Examination, he/she may just register
with FPAS for the examination sitting.
Q27. Will the AFPCM,
AWPCM and CFP® Certification Education Program
reflect local situations, laws, taxation etc.
A. Yes. All materials are localised for
relevance of application to the Singapore context.
Q28. Can I just sign up for
the AFPCM Certification Education Program
course and return to continue doing the AWPCM or CFP®
Certification Education Program course sometime in the
future?
A. Yes you can, but we would encourage
you to continue with the program that would ultimately
lead you to the prestigious CFP® mark that
is globally recognised. If for some reason you are
unable to continue with the program, you have to refer to the 7-year guideline from the date of your first module registration in Qn 29.
Q29. What happens if I have not completed the CFP® Certification Education Program even after 7 years?
| A. | Student Membership: |
Should you be unable to complete the 6 modules after the 7 years, you will be required to re-register for the CFP® Certification Education Program course. In other words, you will need to re-take modules 1-6. |
| AFPCM Certificant: | Only need to retake Modules 2 to 5, to complete Module 6 |
| AWPCM Certificant: | Only need to retake Modules 2 and 3, to complete Module 6 |
| However, if you are only left with module 6 before completion of the CFP® Certification Education Program, you may write in formally to FPAS to request for a 12-month extension of the 7-year requirement. The approval of such request is strictly subjected to FPAS Management’s discretion, and an admin fee of $52.50 is to be submitted together with the request. |
Q30. Are there any
exemptions for the AFPCM and CFP®
program?
A. There are exemptions granted by the
Exemption Committee. Please refer to the
Exemption Section of FPAS website for the complete
listing.
Q31. How do I apply for
exemptions?
A. First and foremost, you must enroll in
the CFP®
Certification Education Program course. Please refer to the Exemption Section of FPAS website for detailed information.
Q32. What if my
qualification is not listed in the FPAS' Exemptions
List?
A. You may write in to apply for exemptions from FPAS. FPAS guarantees that all exemption applications will be vetted. Please refer to the Exemption Section of FPAS website for detailed information.
Q33. What must I include in
my exemption application?
A. Please refer to the Exemption Section of FPAS website for detailed information.
Q34. Must I study / sit for
the modules in sequence?
A. Except for
Module 1 that must be the first Module to be enrolled
for and Module 6 that must be the last Module enrolled
for (i.e. you would have completed modules
1, 2, 3, 4 & 5), you
may choose to take modules 2, 3, 4 & 5 out of sequence.
Please refer to the
Rules of Progression for more information.
Q35. Does holding the AFPCM
/ AWPCM / CFP® certification exempt me from
any modules of the Capital Markets and Financial
Advisory Services (CMFAS) Examinations?
A. If you are
an AFPCM / AWPCM
certificant, you will be exempted from Modules 6 and 8
of the CMFAS Examinations. If you are a CFP®
certificant, you will be exempted from Modules 6, 7, 8
and 9 of the CMFAS Examinations. Please note that
passing the certification examinations for the
relevant certification is not enough. You will need to
apply for that relevant certification as well.
For example, if you have passed Module 1 of the FPAS
Certification Education Program Examinations but have
not applied for the AFPCM certification,
then you will not be exempted from Modules 6 and
8 of the CMFAS Examinations until you do so.
Q36. Does holding the CFP® certification from an overseas affiliate entitle me to be exempted from taking the local CFP® examinations?
A. CFP® practitioners who are currently certified overseas and wish to localise their CFP® certification, are required to just register for and pass the 3-hour challenge paper (which is the Module 6 examination) with a maximum of 1 retake. Failing that, they will have to take the CFP® certification program course and examination.
Q37. Taking the examinations if you have special needs.
A. Special needs candidates should inform FPAS so that reasonable arrangements can be made. FPAS endeavor to provide assistance where possible.
Top
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.