ECF on RWM

 

Overview


With the aim of supporting capacity building and talent development for banking professionals, the Hong Kong Monetary Authority (HKMA) has been working together with the banking industry to introduce an industry-wide competency framework -
Enhanced Competency Framework (ECF) for Banking Practitionersin Hong Kong.

The Enhanced Competency Framework on Retail Wealth Management (hereinafter referred to as “ECF on RWM”) is a non-statutory framework which sets out the common core competences required of retail wealth management practitioners in the Hong Kong banking industry.  The objectives of the ECF on RWM are twofold:
 

(a)  to develop a sustainable talent pool of retail wealth management practitioners for the banking industry and

(b)  to raise and maintain the professional competence of retail wealth management practitioners in the banking industry. 
 

Although the ECF on RWM is not a mandatory licensing regime, authorised institutions (“AIs”) are encouraged to adopt it for the following purposes:

 

(a)   to serve as a benchmark to determine the level of competence required and assess the ongoing competence of individual employees;

(b)   to support relevant employees to attend training programmes and examinations that meet the ECF on RWM benchmark;

(c)   to support the continuing professional development of individual employees; and

(d)   to specify the ECF on RWM as an industry-recognised qualification including for recruitment purposes.  


Please refer to the HKMA c
ircular on Enhanced Competency Framework on Retail Wealth Management” for details.

 

Scope of Application

The ECF on RWM is targeted at “Relevant Practitioners”, including new entrants and existing practitioners, engaged by AIs to perform the following roles in retail wealth management function:

 

 

 

Role 1 –

Frontline Customer Relationship and Retail Wealth Management

Role 2 –

Risk Management and Control

(Staff who assume frontline retail wealth management roles and additional risk management duties as supervisors)

Role descriptions

 

   Promote insurance and financial products to retail customers

   Deliver investment, insurance or wealth management services to retail customers, taking into account customers’ circumstances

   Oversee policies, procedures and controls for suitability assessments and selling practices

   Supervise Know Your Customer (KYC) processes and review customer risk profiling

 

Remark: Under the ECF on RWM, KYC processes refer to those aiming at understanding the risk profiles of customers and assessing the suitability of financial products rather than mitigating the risk of money laundering or financing of terrorism.

Details of the respective roles are classified by a two-level qualification structure namely Core Level and Professional Level. Please refer to Highlights of Competencies for Key Roles of Relevant Practitioners in Retail Wealth Management for details.

 

Competency Standards and Syllabus

The competency standards of ECF on RWM are set at two levels: 

(a) Core Level – applicable to entry-level staff responsible for carrying out frontline customer relationship and retail wealth management duties

(b) Professional Level – applicable to staff who are able to discharge frontline customer relationship and retail wealth management duties on their own or assume additional risk management and control duties as supervisors.


Qualification

A "Professional Certificate for ECF on Retail Wealth Management (RWM)" would be awarded to candidates who have successfully completed all 7 modules and obtained a pass at the relevant examination of each module.

Certification

Relevant Practitioners may apply to HKIB for certification as Associate Retail Wealth Professional (ARWP) or Certified Retail Wealth Professional (CRWP) with HKIB professional membership under the following conditions:

(a) ARWP – A Relevant Practitioner may apply to the HKIB for the professional certification if he or she (1) has completed the training modules and passed the examination for the Core Level or (2) has been grandfathered based on the required work experience and qualification upon the launch of the Core Level training modules. 

(b) CRWP – A Relevant Practitioner may apply to the HKIB for the professional certification if he or she (1) has completed the training modules and passed the examination for the Core and Professional Levels and has at least 2 years of relevant work experience or (2) has been grandfathered based on the required work experience and qualification upon the launch of the Professional Level learning modules. The two-year relevant work experience required for CRWP certification should be accumulated within the four years immediately prior to the date of application for certification, but does not need to be continuous.

(1)   Training and Examinations

Core Level

The Core Level of the ECF on RWM consists of 4 modules, providing new entrants and staff with an introduction to Retail Wealth Management. Eligible candidates may apply for exemption from completing individual training module. 

Professional Level

The Professional Level of the ECF on RWM aims to develop the knowledge of more experienced practitioners. This level of qualification can be achieved by completing Modules 5 to Module 7 of the ECF on RWM learning programme on top of the Core Level training module.

(2)   Grandfathering

      Relevant Practitioners who have been grandfathered are eligible to be certified as ARWPs or CRWPs. Please refer to the “Guidelines of ECF on RWM Grandfathering” for details on grandfathering eligibility criteria and requirements. Relevant Practitioners can apply for certification upon approval in one-off grandfathering.

(3) Registration of ARWP / CRWP

ARWP and CRWP certification holders are registered as Certified Individuals and included in the public register on the HKIB website. Upon successful application for ARWP/CRWP certification, HKIB will grant the ARWP/CRWP certification holder a professional membership. Details please refer to "Guidelines of Application for ARWP/CRWP Certification".

 

Annual Renewal


Certification of ARWP and CRWP is subject to annual renewal by HKIB. ARWP and CRWP certification holders are required to meet the annual Continuing Professional Development (CPD) requirements and pay an annual certification fee to renew their ECF on RWM certification. For details, please refer to CPD Requirements section below.

 

CPD Requirements

Both the ARWP and CRWP certifications require a minimum of 10 CPD hours is required for each calendar year (ending 31 December). Any excess CPD hours accumulated within a particular year cannot be carried forward to the following year.

At least 3 CPD hours out of the 10 CPD hours  must be earned from activities related to topics of compliance, code of conduct, professional ethics or risk management.
  

Per Calendar Year

-        Minimum CPD hours from topics of compliance, code of conduct, professional ethics or risk management

At least 3

-        Remaining CPD Hours related to banking and finance or the job function:

(a)     banking and financial knowledge

(b)     economics

(c)     accounting

(d)     legal principles

(e)     business and people management

(f)      language and information technology

(g)     subject areas covered in HKIB professional examinations

 

-        Minimum Total CPD Hours

10

 

Activities qualifying for CPD include:

 

(a)     Attending seminars or courses provided by AIs, professional bodies, academic and training institutions, and the HKIB;

(b)     Sitting professional examinations;

(c)     Self-study through e-learning (with assessment);

(d)     Delivering training and speeches; and

(e)     Writing on wealth management or related disciplines for publication. 

 

No CPD is required in the year when the ARWP/ CRWP Certification is granted. The CPD requirement starts in the following calendar year.

 
 

Training and Examination for ARWP/CRWP


Candidates must first complete the training modules then proceed to the examinations. After passing the examinations in all modules, candidates would be awarded the “Professional Certificate for ECF on Retail Wealth Management (RWM)”.

Module Outline

The module outlines are as follows: 

Module

Module Title

 

1

Regulatory Environment for Banking and Financial Planning

Core Level

 

Professional Level

 

2

Investment Planning

3

Essentials of Banking

4

Insurance and Retirement Planning

5

Investment and Asset Management:

Product Solutions

 

6.

Investment and Asset Management:

Alternatives and Wealth Solutions

7.

Financial Planning and Wealth Management

 Please refer to programme brochure and Programme Handbook- ECF on RWM for details.

Training and Examination Enrolment

Applicant should complete and sign the Application Form together with the appropriate training and/or examination fee, and return by fax or email, or by hand to HKIB Office on or before the corresponding enrolment deadline.

Late entries for training programmes are accepted up to 7 days after the stipulated application deadlines. An additional late entry fee of HK$200 applies.

Late entries for examinations are accepted up to 14 days after the stipulated application deadlines. An additional late entry fee of HK$200 applies.

 

Training Duration Per Module

15 Hours*

Programme Fee

HK$3,750 per module

 



*15-hour is set as the standard training duration for each module. If you have any special request and situation for a different training duration, please   contact HKIB staff for details.

Module

1 - 6

7

Examination Mode

Paper-based Examination

Part A: Paper-based Examination

Part B: Case and Oral Examination

Examination Duration

2 hours 30 minutes

Part A: 1 hour 15 minutes

Part B: 1 hour 45 minutes

Question Type

Multiple-choice Questions (MCQs)

Part A: MCQs

Part B: Case study and Oral Examination

No. of Questions

75-100 MCQs

Part A: 40-50 MCQs

Part B: 1 Case study

Pass Mark

70%

70%

Examination Fee

First attempt: HK$1,000 per module
Re-sit:   HK$1,000 per module

First Attempt: HK$1,000

Re-sit Part A: HK$1,000

Re-sit Part B: HK$1,000

 

Entry Requirement

The Programme is open to members and non-members of the HKIB. Candidates must fulfill the stipulated minimum entry requirements:
 

      A recognised Associate Degree or equivalent; OR
      Mature applicants with at least 2 years of banking and finance work experience.

 

Schedule 

Please refer to training and examination schedule for details.

 

Exemption

Candidates holding the following qualifications may apply for Modules 1, 2 or 4 exemption of "Professional Certificate for ECF on Retail Wealth Management (RWM)".

Module to be exempted

Eligible Qualification(s) for claiming exemption

Module 1 –

Regulatory Environment for Banking and Financial Planning

-       SFC Licensing Examination Paper 1

Module 2 –

Investment Planning

-       SFC Licensing Examination Paper 7 & 8 

Module 4 –

Insurance and Retirement Planning

-       Insurance Intermediaries Qualifying Examination (IIQE) Papers “I, II and III” or “I, III and V”

Please refer to "Module Exemption Application Form" for more details. 

 

Integration of ECF in Certified Banker (CB)

 

Certified Banker (CB)

Certified Banker (CB) is a new professional banking qualification programme developed and offered by HKIB. This common qualification benchmark is intended to raise the professional competency of banking and financial practitioners in Hong Kong to meet modern demands, while providing a transparent standard with international recognition. Individuals who have completed the ECF on RWM programme and obtained a pass at the relevant examinations are eligible to articulate to study for CB (Stage II) programme. Candidates can then apply for an exemption for the elective module “Financial Planning” of the CB (Stage II) programme. 

Please click here to learn more about CB.


Enquiry

 

Hotline

Email

Programme and Certification Details

(852) 2153 7853 /
(852) 2153 78
77

ecf.rwm@hkib.org

Training and Examination

(852) 2153 7800

application@hkib.org