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 Hours20 hrs12 hrs32 hrs
ExaminationsFinancial Instruments (Paper 1) – 1 hr 20 min

Wealth Management (Paper 2) – 1 hr 40 min
1 Paper – 1 hr4 hrs
Examination FormatPaper 1: Multiple Choice
Paper 2: Multiple Choice + Structured Question
Multiple Choice
Passing Mark70%70%
LanguageEnglish and ChineseEnglish

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

Updates on Revised Syllabus for CPWP Module 1

Please note that updated syllabus for the CPWP Module 1 Examination has been released in December 2020 for Paper 1 and February 2021 for Paper 2. The topics reflecting changes in the revised syllabus for Paper 1 & 2 in comparison with the previous version are summarized in the below table:

PaperPrevious TopicsRevised TopicsChanges
Paper 1: Financial InstrumentTopic 2: Fixed Income Investments
Topic 3: Equity Securities
Topic 4: Foreign Exchange
Topic 1: Basic Products: Fixed Income Investment; Equity Securities and Foreign ExchangeRe-organized
Topic 5: Derivatives
Topic 6: Structured Products
Topic 2: Derivatives and Structured ProductsRe-organized
Topic 7: Alternative Investments
Topic 8: Unit Trust and Investment Funds
Topic 3: Investments Solutions: Unit Trusts, Investment Funds and Alternative InvestmentsRe-organized and supplement
Topic 11: Portfolio Management & Practices TheoriesTopic 4: Portfolio Management – Theories and PracticesRe-organized and supplement
Topic 9: Lending and LeverageTopic 5: Lending and LeverageRe-organized and supplement
Paper 2: Wealth ManagementTopic 10: Wealth PlanningTopic 6: Wealth PlanningRe-organized and supplement
Topic 12: Behavioral FinanceTopic 7: Behavioral FinanceRe-developed
Topic 14: Customer Relationship ManagementTopic 8: Customer Relationship ManagementRe-developed
Topic 1: Overview of PWM Industry, Products & ServicesTopic 9: Overview of PWM IndustryRe-organized
Topic 13: Mainland China and Asia-Pacific Financial and PWM MarketsTopic 10: Overview of PWM Markets: Hong Kong, Mainland China and Asia-Pacifice-Seminars