To become a financial advisor in Singapore, individuals are required to obtain certain licenses and pass relevant exams. The licensing and regulatory framework is overseen by the Monetary Authority of Singapore (MAS), which sets the guidelines and qualifications for financial advisors.
The MAS requires financial advisors to pass the Capital Markets and Financial Advisory Services (CMFAS) Examinations. The CMFAS Examinations are a set of modular exams that cover a wide range of topics related to financial planning and investment.
The following are the CMFAS modules that you need to pass to obtain a license as a financial advisor in Singapore
- Module 5: Rules and Regulations for Financial Advisory Services
- Module 9: Life Insurance and Investment-Linked Policies
- Module 9A: Life Insurance and Investment-Linked Policies II
- Module 10: Unit Trusts and Other Managed Products
- Module 11: Securities
- Module 12: Derivatives
In addition to passing the CMFAS Examinations, you also need to meet the following requirements
- Be at least 21 years old
- Have a diploma or equivalent qualification from a recognized institution
- Have at least 2 years of relevant work experience
- Be of good character and reputation
Once you have met all of the requirements, you can apply for a license from the MAS. The MAS will review your application and decide whether to grant you a license.
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Continuing professional development (CPD) as a financial advisor
Once licensed, financial advisors in Singapore are required to fulfill continuing professional development requirements. They must undertake regular training and education programs to enhance their knowledge, keep up with industry developments, and meet the MAS’s ongoing competency standards.
Here are some of the benefits of becoming a licensed financial advisor in Singapore
- You will be able to offer your clients a wider range of financial products and services.
- You will be able to build trust and credibility with your clients.
- You will be able to access training and development opportunities.
- You will be able to network with other financial professionals.
It’s important to note that licensing requirements and exams may evolve over time, so aspiring financial advisors should always refer to the latest guidelines and regulations issued by the MAS. Additionally, individuals may also need to fulfill additional requirements specific to the insurance company they work for, such as internal training or certifications.