The ECF contains two modules – Module 1 on Technical, Industry and Product Knowledge and Module 2 on Ethics and Compliance. Please refer to “Detailed Syllabus” for information on the detailed syllabus for Module 1 and Module 2.

The table below highlights the requirements of ECF:

Module 1
Technical, Industry
and Product Knowledge
Module 2
Ethics and Compliance
Training Hours40 hrs12 hrs52 hrs
ExaminationsFinancial Instruments (Paper 1) – 2 hrs

Wealth Management (Paper 2) – 2 hrs 40 min
1 Paper – 1 hr5 hrs 40 min
Examination FormatMultiple ChoiceMultiple Choice
Passing Mark70%70%

The Training Hours are in-class training hours.
The PWM practitioners can opt to attend class lectures or undertake self-study.

Please note that the CPWP Module 1 is currently under review and the new examination based on the revised syllabus will be launched in December 2020 for Paper 1 and February 2021 for Paper 2. For more details, please visit the HKSI website (