Professional qualifications are not mandatory for a career in financial planning, but in a competitive world they can give the holder a crucial advantage. It is increasingly evident that employers are asking for skills or training beyond a first degree or work experience.
Those looking to enter financial planning should consider the Financial Advisers' International Qualification (FAIQ), a short foundation course developed by British-based Chartered Insurance Institute and available in Hong Kong through the Institute of Financial Planners of Hong Kong (IFPHK).
'We recommend that students with no prior experience or learning in financial planning take a look at the FAIQ,' said Angeline Chin Lai-kuen, chief executive of the IFPHK. 'It gives a solid foundation in key areas and gives those who attain it an edge in job applications or early career advancement.'
The FAIQ costs HK$1,500 and the course is designed for self-study. The course book provides guidance on financial services covering protection products, savings and investment products and pension products. The price covers the cost of the final examination which students need to pass.
'The course also includes self-assessment questions, which help you to pass the examination, and then with the FAIQ under your belt you can begin to look further ahead in the profession,' she said.
It is recommended that students allow a minimum of 80 hours of study before attempting the final exam, which takes the form of a 2 1/2-hour paper consisting of 100 multiple choice questions.
The FAIQ syllabus covers Hong Kong market practices, products and legislation with 25 per cent of the exam specifically testing on local knowledge. The course only became available in Hong Kong two years ago, but already around 1,500 people have taken it.