Is it difficult to become a Financial Planner? What’s the requirement needed?”
Hmmm… Good news is it is not difficult, but the bad news is it’s not easy either and the requirements for sure will be raised in the future.
So, how?
In Malaysia, those who practice as Financial Planner must pass any one of below examinations:
- Registered Financial Planners (RFP) issued by Malaysia Financial Planning Council (MFPC)
- Certified Financial Planners (CFP) issued by Financial Planning Association of Malaysia (FPAM)
After you have passed the said examination, it doesn’t mean that you’re a Licensed Financial Planner straight away. Why? It’s just serves you an entry passport only. Once you have accredited the qualification, you must apply the required licenses with Bank Negara Malaysia (BNM) and Securities Commission (SC) before you can carry out financial planning activities.
By then, you can claimed the following title:
- Financial Adviser Representative (FAR) by BNM
- Licensed Financial Planner by SC
Please take note that passing the said examinations doesn’t carry you the titles, getting the licenses does. If not, you’re deem to have convicted an offence which can land you in jail or subject to hefty fine.
Other requirements include:
- Must be a Malaysian citizen
- At least 21 years old
- Have minimum 3 years related experience
- Must be a FULL time practitioner
Then, you must fulfill the minimum hours for personal development programs every year.
This article was contributed by Alex Yeoh, a licensed financial planner with a reputable financial planning firm. Finance Malaysia blog will work together with Alex in bringing more interesting articles on personal financial planning. You may reach him via email alexyeoh@vka.com.my
19 replies to "How to Become a Financial Planner?"
Am a CFP and an Indian, wish to be a financial planner or advisor in Malaysia.
What is the procedure that i should adhere to have my business in malaysia?
Hi, you can attach to one of the Financial Advisory Firm. For further details kindly email to jpg@consultant.com
Hey guys, I just went to MFPC. Started from 2020 all needed to be a degree holder in order to enroll RFP program. CFP long ago already only accept degree holder. So if you would like to become financial planners and is a diploma holder, do so now! You just need to enroll Module 1 in 2019 so that this new rules won’t apply to you!
Another thing I found out was if you register Module 1 & 2 at MII (Malaysian Insurance Institute) you can save half the cost! Check out at their website https://www.mii4u.org/ilms/user/login
Thanks for sharing the info
Hi KC,
For those who not from financial background,else if already obtain licensed. What you suggest to do?
Thank you
PM
PM for more details
Dear KC
I have completed my CFP , now I want to start a coreer as Financial Planner but want to join a company first so that i can gain knowledge and experience. How do I do that?
You can look for firms that are licensed to conduct financial advisory. Then contact them. I think most of them will be interested.
Interested to becoming one of CFP/RFP. Next year perhaps !
Would like to understand detail on the qualification and course structure. Thank you :)
Need more information on this.
Thank you in advance
Pm
Please pm
Pls email me in detail . Thanks
please share me more about it. thanks.. :)
Pm for more details
Pm .
to know more information about this couse fess .
Hi KC, I am Abraham from Kuching. In insurance business and had been attended class RFP. But don’t know how to entering CFP?