Certified Financial Management Planner™ (CFMP™) > Overview
Training & Examinations > 
Home > 

Overview

Conferred by The Hong Kong Institute of Bankers (HKIB), the Certified Financial Management Professional (CFMPTM) was the first and only professional qualification programme that integrated banking and wealth management practices, incorporating both international standards and local regulations in Hong Kong, Macao, and Mainland China.

Recognising the growing demand for wealth management professionals with comprehensive knowledge of financial services, the Hong Kong Monetary Authority (HKMA) and HKIB jointly launched the new Enhanced Competency Framework (ECF) on Retail Wealth Management (RWM) professional qualification programme on 2 January 2018 which replaced the CFMPNote 1 professional qualification programme.

The ECF-RWM professional qualification programme aims to facilitate practitioners in developing relevant skills and professional competencies to meet the changing needs in the market and banking industry, enabling them to apply their learning in their roles as retail wealth management professionals.

The comparison table of the two professional qualification programmes, CFMP and ECF-RWM is shown below:

With these changes, specific conversion and transition arrangements for CFMP professional qualification holders, programme award holders and candidates (see below descriptions) in each region including Hong Kong, Macao and Mainland China, have been established and implemented sequentially starting from 2018.

  • CFMP professional qualification holders who were certified as CFMP with the attainment of programme award of Professional Diploma in Financial Planning and Management for CFMP (either Hong Kong or Macao Stream) and required work experience and being registered in our List of Certified Individual (CI List) published in HKIB website.
  • CFMP programme award holders who completed the CFMP programme award of Stage 1 (passed Modules 1 to 3) or CFMP Programme Award of Stage 2 (passed/exempted Modules 4 to 7) but were not certified as CFMP.
  • CFMP candidates who did not complete either the CFMP Stage 1 or Stage 2

The arrangements for conversion and transition differ across various regions, specifically in Hong Kong, Macao, and Mainland China.  Please refer to the highlights below:

For Hong Kong

The CFMP professional qualification programme was superseded by the ECF-RWM professional qualification programme, which commenced on 2 January 2018.  The conversion and transition process specific to Hong Kong was completed on 31 December 2020.  The implications of this transition are detailed below:

  • CFMP professional qualification holders who did not opt for conversion to CRWP can maintain their professional qualification status given that they have accrued the requisite continuous professional development (CPD) requirement and are registered in our List of Certified Individuals.
  • CFMP programme award holders and CFMP candidates are no longer eligible to be certified as CFMP.  If they wish to pursue professional qualification in banking and wealth management, they should pursue the ECF-RWM professional qualification programme (For detail, please refer to ECF-RWM page)

For Macao

The transition process from the CFMP to the CRWP Macao arrangement is scheduled for completion by 31 August 2025.  The implications of this transition for CFMP professional qualification holders, programme award holders, and candidates in Macao are detailed below:

  • CFMP professional qualification holders who did not opt for conversion to CRWP Macao certification can maintain their professional qualification status given that they have accrued the requisite continuous professional development (CPD) requirement and are registered in our List of Certified Individuals.
  • CFMP programme award holders who have successfully completed the necessary modules on or before 31 December 2023, are eligible to apply directly for the CRWP Macao certification on or before 31 August 2025.  Successful applicants will be entitled to use the corresponding CRWP Macao professional qualification.
  • CFMP candidates who were unable to complete all the modules of the CFMP professional award programme prior to 31 December 2023, will need to undergo training and pass the examination for the remaining module(s) of ECF-RWM Macao professional qualification programme before 31 August 2025 to attain the ARWP Macao or CRWP Macao professional qualification

After 31 August 2025, if they wish to pursue professional qualification in banking and wealth management, they should pursue the ECF-RWM professional qualification programme (For detail, please refer to ECF-RWM Macao page)

For more details about the conversion and transition arrangements, please refer to the "Guideline on Conversion and Transition Arrangements for Certified Financial Management Planner (CFMP) for Macao Candidates and Holders". (Guideline on Conversion and Transition)

For Mainland China

In light of the CFMP programme being replaced by the new ECF-RWM programme, the HKIB and China Banking Association (CBA) signed an addendum to their Memorandum of Understanding (MOU) on 26 September 2023.  This arrangement enables financial practitioners in Mainland China and Hong Kong to continue achieving a "dual qualification", thereby fostering increased collaboration and contributing to the stable and healthy growth of the economy and finance industry.

To attain the Mainland China's Qualification Certificate of Banking Professional (QCBP), previously named as Certification of China Banking Professional (CCBP):

  • CFMP (HK) programme award holders who have attained the programme award of Advanced Diploma in Financial Planning (Stage 1) (Modules 1 to 3) have to pass the designated QCBP examination.
  • CFMP candidates who have not attained the programme award of Advanced Diploma in Financial Planning (Stage 1) (Modules 1 to 3) have to complete Modules 1 to 4 (including the new subject of Module 4 related to Insurance and Retirement Planning) of the HK ECF-RWM professional qualification programme and pass the designated QCBP examination.

Note: Candidates may consider applying exemption for Module 1 by passing the Hong Kong SFC Licensing Examination Paper 1; Module 2 by passing the Hong Kong SFC Licensing Examination Paper 7,8; and Module 4 by passing the Insurance Intermediaries Qualifying Examination (IIQE) 1,2,3 or 1,3,5.

XING Wei, Chief Executive Officer of CBA, and Carrie LEUNG, Chief Executive Officer of HKIB, signed the addendum at The HKIB Annual Banking Conference 2023, with the Acting Financial Secretary of the HKSAR Government, Michael WONG, GBS, JP, witnessing the signing ceremony.

Download