Overview
Introduction
In a common efforts of various parties, the Greater Bay Area has become a new driving force for economic development. With more and more cross-border business opportunities, it has gradually developed into one of the three major growth engines driving the Hong Kong banking industry. Talent is the most important resource to promote the sustainable development of the Greater Bay Area. In the future, HKIB will continue to act as a bridge, with the assistance of the Macau Institute of Financial Services (MIFS) and the University of Macau (UM), to assist the banking practitioners in Macao and Hong Kong to obtain mutually recognized professional qualifications, and to fully promote wealth management and other areas of the banking industry in the Greater Bay Area. HKIB will continue to strengthen the talent pool of the financial industry in the Greater Bay Area, and hope to assist the practitioners in Macao banking industry to seize the development opportunities in the Greater Bay Area and jointly write a new chapter.
Overview of Enhanced Competency Framework in Macao
Since 2014, the HKMA is working with the banking industry and relevant professional bodies to implement an industry-wide Enhanced Competency Framework (ECF) for Banking Practitioners in order to support capacity building and talent development.
To boost the economic and talent development in Hong Kong and Macao, the Hong Kong Monetary Authority (HKMA) and Monetary Authority of Macao (AMCM) have been working closely together to enhance the professional competence of the banking industry and the competitiveness of banking practitioners in Hong Kong and Macao. This will support the exchange of information for the banking industry and expand the banking practitioners’ career growth.
In October 2018, the AMCM and the HKMA signed a ground-breaking memorandum of understanding (MoU) for the mutual recognition of ECF programmes in Macao and Hong Kong, providing a common qualifications benchmark for the banking industry.
As the programme and qualification provider of the ECF on Retail Wealth Management Macao (Core Level & Professional Level), Macau Institute of Financial Services (MIFS) and HKIB aim at:
- Developing a sustainable talent pool of RWM practitioners for the banking industry; and
- Raising and maintaining the professional competence of RWM practitioners in the banking industry.
Since September 2021, the HKIB and the MIFS established a new partnership with the University of Macau (UM) and jointly launched professional qualification programmes, including “ECF on Retail Wealth Management Macao (Core Level & Professional Level)” and “ECF on Anti-Money Laundering and Counter-Financing of Terrorism Macao (Core Level)”. Localised elements, including up-to-date rules and regulations, are incorporated into the training to fit the on-going development of local banking industry. The ECF on Retail Wealth Management Macao programme replaces the "Certified Financial Management Planner™ (CFMP™) Macau" jointly organised by the MIFS and the HKIB since 2009.
In 2021, the HKIB and the MIFS collaborated with the University of Macau (UM) on professional qualification programmes. To support the continued development of the banking industry in both regions, the collaboration between the HKIB, the MIFS and UM has converted from CFMP™ to ECF on RWM Macao programme in 2022. Currently, the ECF for banking practitioners covers 9 professional work streams while 2 launched in Macao.
Programme Objectives
The ECF on Retail Wealth Management Macao (ECF-RWM Macao) was introduced to develop a sustainable pool of RWM practitioners for the banking industry and meet the local requirements set by the AMCM. It targets both new entrants and existing RWM practitioners to help them achieve the required competency level through attaining a professional qualification with continuous professional development in the retail wealth management sector.
Competency Standards
The competency standards of ECF on RWM Macao 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
In order to attain the professional qualifications, Associate Retail Wealth Professional Macao (ARWP Macao) and Certified Retail Wealth Professional Macao (CRWP Macao), learners are required to complete all seven modules and obtain a pass in all relevant examinations. Learners must first complete the module training classes before proceeding to the examination.
Certification & Public Register
Relevant Practitioners who have completed the training modules and passed the examination for Module 1 to 4 may apply to the HKIB for the joint certification of Associate Retail Wealth Professional Macao (ARWP Macao).
Relevant Practitioners are eligible to be certified as CRWP if they have completed all 7 modules and obtained a pass in the relevant examinations plus two years relevant work experiences.
ARWP Macao and CRWP Macao holders are registered as Certified Individuals (CI) and included in the Lists of Certified Individual on the the HKIB website. Upon successful certification for ARWP/CRWP application with the HKIB, the ARWP/CRWP holder is granted a professional membership of the HKIB.
Integration of ECF Programmes into Certified Banker Macao (CB Macao) Programme
Certified Banker (CB) is a professional qualification developed and offered by the HKIB to help banking practitioners at all levels to raise their professional standards with skills relevant for the fast-changing banking environment. It also provides a common qualification benchmark that is recognised by regulators and industry in Hong Kong.
With the momentum of the MoU between AMCM and HKMA and the close collaboration between the HKIB and the MIFS, the first CB Macao programme was launched in Q1 2019 with five modules, including the first ECF Macao programme "ECF on Anti-Money Laundering and Counter-Financing of Terrorism Macao (Core Level)" (ECF on AML/CFT Macao).
In September 2022, the HKIB and the MIFS established a new partnership with the University of Macau (UM) and jointly launched the second ECF Macao programme, i.e. “ECF on Retail Wealth Management Macao (Core Level & Professional Level)”. The programme of ECF on RWM Macao is integrated into CB Macao (Stage I) programme as the second ECF elective module.
Certification
Core Level
The Core Level of the ECF on RWM Macao 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 Macao 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.
Upon completion of the Module 1 to 4 and passing all examinations, candidates will be awarded a joint “Advanced Certificate for ECF on Retail Wealth Management Macao” and proceed to Professional Level.
Financial Planning and Wealth Management (Module 7) must be the final module that the learners attempt conditioned with the completion of the module training classes (Modules 1 to 6) with a pass of the examination for Modules 1 to 6, including the completion of the module exemption for Module 4.
A “Professional Certificate for ECF on Retail Wealth Management Macao”, jointly awarded by the HKIB, the MIFS and UM, is awarded to candidates who have successfully completed all seven modules and obtained a pass at the relevant examination for each module.
Registration of ARWP Macao /CRWP Macao
ARWP Macao and CRWP Macao holders are registered as Certified Individuals and included in the Lists of Certified Individual on the HKIB website. Upon successful certification for ARWP/CRWP, the HKIB will grant the ARWP/CRWP holder a Professional Membership. Details please refer to "Guidelines of Certification Application for ARWP Macao /CRWP Macao".
Annual Renewal
Certification of ARWP Macao and CRWP Macao are subject to annual renewal by the HKIB. ARWP Macao and CRWP Macao holders are required to meet the annual Continuing Professional Development (CPD) requirements and pay an annual recertification fee to renew their ECF on RWM Macao certification. For details, please refer to CPD Requirements section below.
CPD Requirements
For both the ARWP Macao and CRWP Macao holders, 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
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- Minimum CPD hours from topics of compliance, code of conduct, professional ethics or risk management
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At least 3
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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
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Minimum Total CPD Hours
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10
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Activities qualifying for CPD include:
- Attending seminars or courses provided by Financial Institutions, professional bodies, academic and training institutions, and the HKIB;
- Sitting professional examinations;
- Self-study through e-learning (with assessment);
- Delivering training and speeches; and
- 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.
