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)

certification

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


    17 replies to "How to Become a Financial Planner?"

    • Daniel Liew

      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

      • KCLau

        Thanks for sharing the info

    • Shanny

      Hi KC,

      For those who not from financial background,else if already obtain licensed. What you suggest to do?

      Thank you

    • Daniel Ngoh
    • KC

      PM for more details

      • malarveli

        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?

        • KCLau

          You can look for firms that are licensed to conduct financial advisory. Then contact them. I think most of them will be interested.

    • Siti khadijah

      Interested to becoming one of CFP/RFP. Next year perhaps !

    • Vivian

      Would like to understand detail on the qualification and course structure. Thank you 🙂

    • Chee Hau

      Need more information on this.
      Thank you in advance

    • Veinn chin
    • Ng kiang

      Please pm

    • SEW SAW PHENG

      Pls email me in detail . Thanks

    • Derek

      please share me more about it. thanks.. 🙂

    • Adlin

      Pm for more details

    • Susan Beh

      Pm .
      to know more information about this couse fess .

      • Abraham Choo

        Hi KC, I am Abraham from Kuching. In insurance business and had been attended class RFP. But don’t know how to entering CFP?

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