COMAPARISON BETWEEN CHARTERED WEALTH MANAGER (CWM) & CERTIFIED FINANCIAL PLANNER (CFP) PARAMETERS CHARTERED WEALTH MANAGER CERTIFIED FINANCIAL PLANNER Website www.aafmindia.co.in www.fpsbindia.org Certificate Issuing Body American Academy of Financial Management, USA Financial Planning Standard Board India TM CM Remarks Both are Global Boards based out of USA The CERTIFIED FINANCIAL PLANNER (CFP) is offered by FPSB Ltd which was founded in 2004. Financial Planning Standards Board Ltd. (FPSB) is a nonprofit association, having a global presence operating in 24 countries including India. AAFM is a 18 Year Old Body, FPSB is a 10 Year Old Body Affiliation Body The CHARTERED WEALTH MANAGER (CWM) is offered by American Academy of Financial Management, US. The AAFM Board of Standards TM was founded in 1996, is a nonprofit organization, an independent Board of Standards and Accreditation Council for professionals with presence in 150+ countries having its offices in 17 Countries offering exclusive certifications to candidates who meet the highest standards. Recently Accredited ACCREDITATION The CHARTERED WEALTH MANAGERTM (CWM) has been accredited by NISM under Regulation 7 (2) of Securities Exchange Board of India (Investment Advisers) Regulations, 2013. CWM was the First Course Accredited under the SEBI Investment Adviser Regualtions 2013 CWM was the First Certification to be Accredited. As of today both are accredited No of Certificants 50,000+ CWM and 3,00,00 certificants for all certifications taken together 1,50,000 Approx Both are quite popular Globally The CHARTERED WEALTH MANAGER certification is awarded directly by the parent body AAFM, US which makes the CWM certification truly global and is accepted globally without any territorial limitation. The candidates do not have to undergo any additional certification / examination if he / she want to pursue their career in any other jurisdiction. The CFP certification is awarded by the Indian Chapter i.e. FPSB India which restricts the certification to be global in true sense and is recognized in India only. The candidates will have to undergo additional certification / examination, if he / she want to pursue their career in any other country. CWM Certification comes directly from AAFM USA while CFP Certification is issued by FPSB India. The CWM Certification is globally acceptable but to use CFP Outside India Students need to give extra exams called "Cross Border Exams" The CWM certification is offered internationally across the globe in 175+ Countries with classroom training in 17 countries. Currently, CWM is offered in United States, India, Brazil, Latin America, South America, EU, Europe, United Kingdom, Middle East, South Arabia, South Africa, West Indies, etc. The CFP certification is offered in 24 countries including India. AAFM has Exam Centers and CWM Certificants in 175 Countries, CFP is offered in 24 Countries TM Global Certification in True Sense Global Presence The curriculum of CFP Certification has been adopted from its parent body FPSB Ltd. The curriculum is designed to focus on Financial Planning Services Industry which covers Introduction to Financial Planning. Insurance Planning. Equity Analysis. CFP Certification covers all aspects of an individual’s personal finance needs like insurance. the students are not clear about the nature of questions asked in the exam. The Education Providers themselves have to develop the content for the certification which creates discord amongst industry from the perspective of standarization and standard setting. Loan & Debt Management. Further. Real Estate and Alternative Assets TM Courseware for the Certification Curriculum TM CERTIFIED FINANCIAL PLANNER Remarks . which has been localized. The courseware covers Global plus Indian content. and exhaustible in nature and also covers Global Financial System. Financial Planning is a relatively new concept. Wealth Management is a established profession with most of the Banks already having Wealth Management Divisions. Real Estate Valuation. The courseware covers Indian content only. US. Derivatives. tax & estate.The CFP certification focuses on Financial Planning Industry which is yet to evolve as a business in India and develop a Fee Based Advisory Model in the current financial advisory services and it may take some more years to establish such fee based advisory model in India. Investment Planning and Estate Planning. Relationship Management. The curriculum of CWM is relevant. investment etc. Intergenerational Wealth Transfer. PMS.COMAPARISON BETWEEN CHARTERED WEALTH MANAGER (CWM) & CERTIFIED FINANCIAL PLANNER (CFP) PARAMETERS CHARTERED WEALTH MANAGER Output from Certification CHARTERED WEALTH MANAGER (CWM ) is unique and the Premier Certification in Wealth Management certification Globally. etc. The curriculum of CWM certification have been designed and developed in consultation with the global academicians and industry experts with a focus on Wealth Management and Financial Advisory Services Industry. The Courseware for the CWM certification is provided by AAFM India approved from AAFM. Retirement Planning.CWM Program allows the Certificant to manage Local Wealth as well as Cross Border Wealth. Behavioral Finance.CFP Curricullum is restricted to Mutal Funds and Insurance as asset classes and does not properly cover Equity. The benefit of courseware provided by the Board will helps in the standardization amongst the industry and maintaing the education standards and quality. Indian Taxation. The curriculum covers Global as well as Indian Markets. The Courseware for CFP certification is not provided by the FPSB India. retirement. CWM certification is professional qualification for aspiring candidates who want to establish their career in Wealth Management and the professional who want to upgrade and enhance their skill set as per the mandatory requirement posted by the regulator and the industry CFP is a professional qualification for aspiring & experienced Financial Planners. Standardized Courseware for CWM is developed by the AAFM Board itself. It covers Client Relationship Management and Behavioral Finance. practical. Alternative Investments etc. In the contemporary dynamic environment of financial sector a Financial Advisor has to be mandatorily equipped with the Comprehensive knowledge and skill set to deliver at the job. Debt. CWM Curricullum has much more depth and includes all asset classes including Real Estate. Internalnational Taxation. 20. 3. 26. 2.including Registration Fee and Study Material Fee Regular Pathway . 10.000/ (Registration). The eligibility criterion to register and hold the CFP certification through Regular Pathway is that the candidate must have passed minimum 12th Standard. Educational Institutions.000/. 6.000/. Independent Financial Advisory As the CWM Program has more in depth and Wider Curriculum it gives many more options to the Certificants than CFP. Wealth Management is a much more established concept that Financial Planning Compulsory Pathway : The eligibility criterion to register for the CWM certification through Compulsory Pathway is that the candidate must have passed minimum 12th Standard but minimum a graduate to hold the certification. Banking.000/(Examination) = Rs. Insurance Companies. There is no experience requirement to use the CWM Designation once you have fullfilled the Certification Process.000/. Financial Planning Outfits. 6. There is a requirement of 3 years of relevant work experience to get the CFP Certification and Desigantion.000/(Courseware) + Rs. Corporate Training.000/. Rs.plus Rs.000/. Analyst. The eligibility criterion to register for the CFP certification through Challenge Status Pathway is that the candidate must hold a professional qualification with 3 years of minimum work experience. Experience Pathway : The eligibility criterion to register for the CWM certification through Experience Pathway is that the candidate must have passed Graduation with 3 years of minimum work experience.Rs.(Courseware) plus Rs.500/. KPO. Insurance Companies.000/(Registration) plus Rs.Rs. Brokerage Firms.000/. 5000/.000/-.(Examination)= Rs. 10. 2000/. Research. Special Fee structure for Corporate Member of Rs.OR Challenge Status pathway .(Examination)= Rs. 3. 18. 13.(Courseware) plus Rs. 10. 28.000/. Wealth Management firms. Corporate Training. Educational Institutions. 11.only subject to conditions CWM on a average is 28% less costly than CFP Experience Requirement Board Fee CERTIFIED FINANCIAL PLANNER .plus Rs. Mutual Fund Houses. Financial Planning Outfits. Private Banking.(Examination) = Rs. There is no project/assignment Requirement Project Work in Case of CWM ensures that the Student learns to Create Wealth Plan and is Job ready. Candidates take an average of 6 months to complete the entire program Candidates take an average of 6 months to complete the program The time duration to cover both the programs is Smillar. Compulsory Pathway . It is necessary to be a Graduate to obtain the CWM Certificant while a 12th Passed Student can obtain the CFP Certificate.Rs.OR Experience pathway Rs. Special Fee structure for Charter Member of Rs.COMAPARISON BETWEEN CHARTERED WEALTH MANAGER (CWM) & CERTIFIED FINANCIAL PLANNER (CFP) PARAMETERS Project Work Duration Career Avenues Pathway to Register CHARTERED WEALTH MANAGER Remarks There are 2 Project/Assignments which the Student has to complete for acquiring the CWM Certification.(Registration) plus Rs. Independent Financial Advisory Mutual Fund Houses.000/ (Registration) . Minimum 3 Year financial experience Requirement.000/-.000/. 20.(Courseware) + Rs. 3 years relevant experience is required for Exam Waiver both the Programs Does not have any experience requirement. 4. for all the examinations. Ranging between Rs.000/- Class Room Training is priced approx same.000/.000 to Rs.000/.000 for classroom training and DLP Basic of Rs.000/- Certification directly from USA. Level 1 and Level 2. CFP has 5 Exams for Regular Student and 1 exam for experience Student. CWM has 2 Exams for Regular Student and 1 exam for experienced Student. the registration can be done through Authorized Education Providers and Board also USD 100 Rs.000 for classroom training and DLP Basic of Rs.00 Hours and Level 2 is 3 Hours and all the questions are MCQ in nature.30. The examinations are conducted only on daily basis across India which loses the control of the Education Provider in the batch formation and conducting of classes.e. The examinations are online and are conducted on Monthly basis across India.COMAPARISON BETWEEN CHARTERED WEALTH MANAGER (CWM) & CERTIFIED FINANCIAL PLANNER (CFP) PARAMETERS Registration Mode Certification Fee Examination Pattern Training Cost Per Student CHARTERED WEALTH MANAGER CERTIFIED FINANCIAL PLANNER Remarks No Direct Student Registration Allowed with the Board.40. But Self Study option is cheaper for CWM. The Experience Pathway is exempted from Level 1 Examination In CFP certification there are five examinations. In CWM certification there are 2 levels of examinations i. 5.000 . The duration of Level 1 examination is of 2.15.40. The Exam 1-4 are of 2 Hours each and Exam 5 is of 4 Hours and all the questions are MCQ in nature. 10. the registration can be done only through Authorized Education Providers Direct Student Registration is Allowed with the Board. . The total examination cost for the student is Rs.30. 5.is mandatory to be paid by the Candidate to the Education Provider Ranging between Rs. 13.000 to Rs.