Are You Ready For Global Career in Finance?
Take The First Step by Earning Globaly Acclaimed CWM® Certification
Take The First Step by Earning Globaly Acclaimed CWM® Certification
CWM® Designation awarded by American Academy of Financial Management (AAFM USA) is the world’s highest, most accepted Wealth Management Certification
CWM® Certification enables you to advise HNI & Ultra HNI Clients on investments, tax, real estate providing skills to manage both onshore and offshore wealth thus making you a sought after professional.
|Levels||Designation||Expected Pay (p.a.)|
|Entry||Executive / Asst. Wealth Mgr.||Rs. 3-6 lakhs|
|Intermediate||Sr. Executive / Wealth Manager / Team Leader / Unit Head / Branch Head||Rs. 4-8 lakhs|
|Middle||Cluster / Zonal / Regional Head / AVP / VP / Private Banker||Rs. 8-25 lakhs|
|Senior||Business Head / Channel Head / Product Head||Rs. 25-50 lakhs|
|Top||CEO / ED / EVP||Rs. 50 lakhs|
For a professional like a Wealth Manager or Investment Advisor, an understanding of Financial Markets and systems is of prime importance. This unit will enable the Wealth Management professional get a basic understanding of the Global and Indian Financial Systems. This unit also covers the fundamental aspects of financial markets across the globe. The unit will enable the investment professional in acquainting him/herself with the history and origin of the International Financial Markets, Global Financial Institutions, regulatory institutions, Monetary and Economic Systems. The objective of the unit is to enable a wealth manager to perceive the changes in a client’s Investment Portfolio as per the changes in the Economic Environment.
This unit will serve as a stepping stone for the prospective investment professional in the basic understanding of the Wealth Management concept. The unit covers the Wealth Management Process, Client Interaction Process, Time Value of Money Applications, Personal Financial Statements, and Cash Flow Management. The unit will further focus on dynamics of Wealth Management Industry especially in the context of global space. The last part of the unit should help the wealth manager in knowing the future of the Wealth Management Industry in India.
This unit explains the concept of Life Cycle Management including Retirement Planning for an investment professional. The wealth manager will gather an in-depth knowledge in understanding Life Cycle Issues at the time of devising the Wealth Management Plan for the client. The emphasis is on the process of wealth creation and the review of ‘retirement planning strategies’ for clients.
The unit will focus on making an investment professional understand the concepts of return for an asset in general and portfolio in particular. The wealth manager will be able to understand and calculate the different return measures which are helpful for assessing the performance of various asset classes like Equity and Mutual Funds. Overall the endeavor of the unit is to harness the skills of the investment professional with regard to understanding investor’s ability and willingness for investment risk and identify optimal portfolio allocation as per the client’s risk taking abilities and financial goals.
This unit focuses on the plethora of investment ideas i.e. products which a wealth manager could suggest to his/her clients in order to build the investment portfolio. The unit encompasses the concept, structure, return measurement (income and/or capital gains), tradability, liquidity and legal issues of the major investment vehicles.
This unit will address the wealth manager’s knowledge requirements relating to risk analysis in detail. It introduces the investment professional to risk analysis and insurance decisions in Protection Planning in a Wealth Management Plan. The wealth professional can use the facets of Wealth Planning for clients with regard to risks of mortality, health, disability, property, liability, and long-term care. A Wealth Manager will then be in a much better capacity to protect the client against these exposures.
The performance of every investment decision is evaluated as per the Post Tax Returns of the portfolio. So to say the least, taxation issues play a very important role in devising a wealth plan for a client (it is one of the investment constraints). This unit enables the aspiring wealth managers to understand the Tax Structure in India, to be able to compute tax under various heads of income and to gain a deep understanding of the techniques employed for tax planning in India.
Legal rules and regulations govern every industry and wealth management business is no different especially considering the function of managing money which is the wealth management business’ primary objective. This unit will highlight some of the most important statutes and regulations affecting businesses, families, and individuals which a wealth manager should be aware of in his role of managing and accumulating wealth.
A wealth manager will not be thorough in wealth management unless he understands Banking and its processes. The focus of this unit is just that. Through this unit the wealth manager will be able to gain an in depth understanding of the banking industry, its processes and its products currently prevailing in the Indian Market.
In wealth management space the concept of Wealth Transfer and Preservation has gained as much importance as Wealth Accumulation. Few things are more important to an individual than planning his or her estate. This unit will help the wealth manager in understanding how Estate Planning can guide the client in determining who will receive his client’s wealth at his death, how much of the wealth will go to the government in taxes, and whether the property will pass through a probate estate or through a trust. On completion of this unit, the investment professional should be able to give advice on Estate Planning and Trust Planning while accounting for the taxation aspects of his/her suggestions.
Equity as an asset class has always featured as the first choice in almost every portfolio. Considering the importance of Equity in investment management space this unit focuses on enabling the investment professional in understanding various aspects of Equity as an investment asset. The unit will help the investment professional in analyzing the equity and related products in a comprehensive way. The unit will enhance the knowledge of the wealth manager regarding this premier asset class so that it will help him/her to extensively mark and then convert the equity related needs of the clients in conjunction with risk and return parameters.
This course aims at explaining and discussing the importance of alternative assets in an investment portfolio. As the market for Alternatives is still nascent in India we will focus on how the inclusion of alternate assets has affected the risk and return composition of global clients. The unit will also focus on studying the various alternate channels of investment and their applicability in India.
This unit is focuses on behavioral and psychological factors which influence the investment decisions made by an investor. This unit will further exemplify how the investor behavior changes due to different situations prevailing in the financial markets which should help a wealth manager in evaluating how to handle and manage the client’s responses. The unit includes few case studies covering the behavioral biases shown by the investors and how a wealth can approach and mitigate the same.
The purpose of this unit is to make an investment professional gain an understanding of the economic forces that drive Real Estate asset class and how the unique characteristics of real estate can provide an excellent fitment in a client’s portfolio. The unit encompasses the concepts, tools, and techniques for evaluating individual real estate assets. The Unit also features different mechanisms through which a wealth manager can guide a client with respect to investing in this asset class – Direct or Indirect.
The course intends to make the investment professional a Single Point Contact for the client within the investment business by capturing the credit side of the client’s portfolio as well. The unit covers the loan management fundamentals, various types of loans available to the different set of borrowers in general and in the Indian context. The unit will also enable a wealth manager to understand in brief the credit process, followed before disbursing a loan in India as per the regulations. The unit also features how debt consolidation can be a part of the overall portfolio management of the client.
This unit will serve as a foundation for understanding the Portfolio Management process of an individual. This unit covers the fundamental concepts of risk-return and their application in the context of the overall portfolio of a client. This will help the wealth manager in making efficient asset allocation with respect to client’s risk and return objectives. This endeavor of the unit would be to guide the investment professional in drafting the Investment Policy Statement which is one of the most important tools of investment advisory arena. The later part of the book features the various portfolio managing strategies both for Equity as well as Debt.
Relationship management is the back of wealth management business. This concept of Customer Relationship Management (CRM) has been widely implemented by wealth management businesses for managing relationship and interactions with customers, clients, and sales prospects. The unit discusses techniques to find, attract, and win new clients, nurture and retain those the wealth manager already has, entice former clients back into the fold, and reduce the costs of marketing and client service.
The unit would help the financial market and investment management professional in assessing the applicability of various taxation aspects for an individual investor before deciding on the portfolio allocation of the client in the international space. The unit would cover the tax structures in few of the prominent investment zones across the globe like US, UK, Singapore and Mauritius. The latter part of the unit would make an investment professional understand in requisite detail the implications of Tax treaties applicable for an Indian client with respect to these investment centres. Lastly the unit would throw some light on the taxation for NRI clients and on tax planning through trust for clients.
This unit covers different aspects of wealth management business across the globe. It focuses on analyzing and studying the various key profitability drivers like Clients, Products, Distribution and Organization of any wealth management business and how each of the drivers can impact the efficiency of the business. The unit also features the wealth management landscape in India and with specific focus on different business models.
This unit builds upon the foundations in Wealth Management concepts covered under CWM®. The unit provides an excellent platform to the wealth manager for constructing a comprehensive Wealth Plan for his client with specific focus on each of the 6 steps of the wealth management process covered in Level 1. This unit will make the investment professional understand the application of the each of the earlier units through different enriching live case lets.
The unit also provides handful of tools drafted by AAFM India (Performa for Portfolio Review) which can be used by an investment professional right from the start till the end of the wealth management process.
To understand the Difference between Chartered Wealth Manager (CWM) and Certified Financial Planner (CFP) we need to first understand the difference between Wealth Management & Financial Planning.
|American Academy of
Financial Management, USA
Standard Board India
|Both are Global Boards
based out of USA
|Affiliation Body||The CHARTERED WEALTH MANAGERTM (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.||The CERTIFIED FINANCIAL PLANNERCM (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|
|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 Regulations 2013||Recently Accredited||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|
|Global Certification in True Sense||The CHARTERED WEALTH MANAGERTM 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"|
|Global Presence||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|
|Output from Certification||CHARTERED WEALTH MANAGERTM(CWMTM) is unique and the Premier Certification in Wealth Management certification Globally. 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. CFP Certification covers all aspects of an individual’s personal finance needs like insurance, retirement, tax & estate, investment etc.||Wealth Management is an established profession with most of the Banks already having Wealth Management Divisions. Financial Planning is a relatively new concept.|
|Courseware for the Certification||The Courseware for the CWM certification is provided by AAFM India approved from AAFM, US. The benefit of courseware provided by the Board will helps in the standardization amongst the industry and maintaining the education standards and quality. The courseware covers Global plus Indian content.||The Courseware for CFP certification is not provided by the FPSB India. The Education Providers themselves have to develop the content for the certification which creates discord amongst industry from the perspective of standardization and standard setting. Further, the students are not clear about the nature of questions asked in the exam. The courseware covers Indian content only.||Standardized Courseware for CWM is developed by the AAFM Board itself.|
|Curriculum||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. 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. The curriculum of CWM is relevant, practical, and exhaustible in nature and also covers Global Financial System, Derivatives, Equity Analysis, PMS, Real Estate Valuation, Loan & Debt Management, Intergenerational Wealth Transfer, International Taxation, Relationship Management, Behavioral Finance, etc. The curriculum covers Global as well as Indian Markets.||The curriculum of CFP Certification has been adopted from its parent body FPSB Ltd. which has been localized. The curriculum is designed to focus on Financial Planning Services Industry which covers Introduction to Financial Planning, Insurance Planning, Retirement Planning, Indian Taxation, Investment Planning and Estate Planning. 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.||CWM Curriculum has much more depth and includes all asset classes including Real Estate, Alternative Investments etc. It covers Client Relationship Management and Behavioral Finance.CWM Program allows the Certificant to manage Local Wealth as well as Cross Border Wealth.CFP Curriculum is restricted to Mutual Funds and Insurance as asset classes and does not properly cover Equity, Debt, Real Estate and Alternative Assets|
|Project Work||There are 2 Project/Assignments which the Student has to complete for acquiring the CWM Certification.||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.|
|Duration||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 Similar.|
|Career Avenues||Analyst, Research, KPO, Banking, Brokerage Firms, Mutual Fund Houses, Private Banking, Wealth Management firms, Financial Planning Outfits, Insurance Companies, Corporate Training, Educational Institutions, Independent Financial Advisory||Mutual Fund Houses, Financial Planning Outfits, Insurance Companies, Corporate Training, Educational Institutions, 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|
|Pathway to Register||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.||The eligibility criterion to register and hold the CFP certification through Regular Pathway is that the candidate must have passed minimum 12th Standard.||It is necessary to be a Graduate to obtain the CWM Certificant while a 12th Passed Student can obtain the CFP Certificate.|
|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.||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.||3 years relevant experience is required for Exam Waiver both the Programs|
|Experience Requirement||Does not have any experience requirement.||Minimum 3 Year financial experience Requirement.||There is no experience requirement to use the CWM Designation once you have fulfilled the Certification Process. There is a requirement of 3 years of relevant work experience to get the CFP Certification and Designation.|
|Board Fee||Compulsory Pathway - Rs. 10,000/
(Registration)- plus Rs. 6,000/-
(Courseware) plus Rs. 4,000/-
(Examination) = Rs. 20,000/- OR
Experience pathway - Rs. 10,000/-
(Registration) plus Rs. 6,000/-
(Courseware) + Rs. 2000/-
(Examination)= Rs. Rs. 18,000/-.
Special Fee structure for Corporate Member of Rs. 11,500/- including Registration Fee and Study Material Fee
|Regular Pathway - Rs. 10,000/
(Registration) - plus Rs. 3,000/-
(Courseware) plus Rs. 13,000/-
(Examination) = Rs. 26,000/- OR
Challenge Status pathway - Rs. 20,000/-
(Registration) plus Rs. 3,000/-
(Courseware) + Rs. 5000/-
(Examination)= Rs. 28,000/-.
Special Fee structure for Charter Member of Rs. 2,000/- only subject to conditions
|CWM on an average is 28% less costly than CFP|
|Registration Mode||No Direct Student Registration Allowed with the Board, the registration can be done only through Authorized Education Providers||Direct Student Registration is Allowed with the Board, the registration can be done through Authorized Education Providers and Board also|
|Certification Fee||USD 100||Rs. 5,000/-||Certification directly from USA.|
|Examination Pattern||In CWM certification there are 2 levels of examinations i.e. Level 1 and Level 2. The examinations are online and are conducted on Monthly basis across India. The duration of Level 1 examination is of 2.00 Hours and Level 2 is 3 Hours and all the questions are MCQ in nature. The Experience Pathway is exempted from Level 1 Examination||In CFP certification there are five examinations. 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. The Exam 1-4 are of 2 Hours each and Exam 5 is of 4 Hours and all the questions are MCQ in nature. The total examination cost for the student is Rs. 13,000/- for all the examinations.||CWM has 2 Exams for Regular Student and 1 exam for experienced Student.
CFP has 5 Exams for Regular Student and 1 exam for experience Student.
|Training Cost Per Student||Ranging between Rs.30,000 to Rs.40,000 for classroom training and||Ranging between Rs.30,000 to Rs.40,000 for classroom training and DLP Basic of Rs. 10,000 - 15,000/-||Class Room Training is priced approx. same. But Self Study option is cheaper for CWM.|
The American Academy of Financial ManagementTM is a worldwide Board of Standards and financial professional organization, with members in 151+ countries offering exclusive certified designations, charters, and masters certification to candidates who meet the high standards.