RARE Academy

Category: cfp

  • CFP Certification 2019 Registration | Syllabus | Exams | Training | Fees

    CFP Certification Registration Process

    Long Wait of many candidates to know about latest CFP Certification Registration 2019 process is over.  As You might be aware, FPSB (USA) took over the administration of CFP  in India from FPSB India. Now FPSB, USA is the only authorised body to award CFP Program in India through its Authorised Education Providers in India.

     

    RARE Academy is the Authorised Education Provider (AEP) of FPSB, USA to Provide CFP Certification Training in India.

    If you want to be a Certified CFP Professional and looking for CFP Education online training you can register your details with RARE Academy. Self Study Mode is NOT available to register for CFP Program in India. Candidates have to register through any Authorised Education Provider by FPSB like RARE Academy.

    4 Step Process To Register for CFP Certification in 2019

    1. Register with NSE Academy to get an NCFM #
    2. Complete an FPSB Ltd. Student Registration Form to get an FPSBI # (Submit your details for more info at RARE Academy )
    3. Pay FPSB Ltd. a US$165(~Rs. 11,540) student registration fee through RegOnline
    4. Book and pay for a CFP exam slot with NSE Academy on theNSE exam portal

    Syllabus for CFP Exams

    CFP 2019 syllabus in India will be same as before at least till March 2020. It means all the candidates already registered earlier for CFP Certification program through FPSB India can appear for examinations now. Examinations will be with same syllabus and exam pattern till March 2020. Examinations will be conducted through NSE Academy as earlier. Although, there is no official communication form FPSB about the syllabus and exam pattern after 2019, From April 2020 both syllabus and exam pattern are going to be changed.

     

    CFP Certification Fees

    CFP Certification in India is provided by FPSB, USA and all the registration fees to be paid in US dollars to FPSB.  The registration fee for CFP Certification is USD 165 (Approximately 11500-12000 rupees). Exam fees are to be paid directly to NSE Academy while registering for the examinations. Exam fees will remain same as earlier till March 2020. After that there may be revision in the examination fees for CFP Certification

    CFP Exams Online Training

    RARE Academy is one of the Authorised Education providers of CFP Program in India. We offer Online live programs to the candidates who are looking to appear for the examinations. Multiple online practice tests are provided for solving the questions in the examination format to get confident before appearing for final examination.

    You can read more about complete details here

     

     

     

  • How To Become a Retirement Adviser (Individual) In India?

    To become Retirement adviser one must register with PFRDA (Pension Fund Regulatory and Development Authority). PFRDA has made it mandatory to register with them to offer retirement advisory services from June 2016. As per Gazette published “Retirement adviser” means any person being an individual, registered partnership firm, body corporate, or any registered trust or society, which desires to engage in the activity of providing advice on National Pension System or other pension scheme regulated by Authority to prospects/subscribers or other persons or group of persons and is registered as such under these regulations”.

    How to get registered as Retirement Adviser?

    One must register as retirement adviser and offer retirement advisory services offered by NPS or any other pension scheme regulated by PFRDA after commencement of Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016.

    An Individual who fulfills the requirement can apply to PFRDA to register in Form A available on the regulators website along with supporting documents and Non -refundable application fee of Rs 500.

    NISM is the accredited institute under the regulations. Other than the exempted individuals under the regulations, individuals must pass NISM-Series-XVII: Retirement Adviser Certification Examination to be eligible to register as retirement adviser with PFRDA. CIBIL Score certificate must be attached (CIBIL Score should not be less than 700 and not older than 6 months). Graduation is minimum eligible qualification and the same must be valid at all times.

    Registration fee shall be 1000 rupees for individuals and they also need to provide a security deposit of Rs 10000.

    Exempted Individuals from NISM Retirement Adviser Certification Exam

    (i) an Investment Adviser registered with Securities and Exchange Board of India under its regulations.

    (ii) any CERTIFIED FINANCIAL PLANNER (CFP) or ASSOCIATE FINANCIAL PLANNER (AFP)- Retirement Planning
    Certification/s, awarded by Financial Planning Standards Board India (FPSB India). AFP is awarded by FPSBI to individuals who passed Retirement Planning & Employee Benefits Module and registered with FPSB India as AFP. FPSB India has established AFP Certification to enable product based advisory and specialized advisory services in a niche segment like retirement advisory, investment planning, insurance advisory etc.,

    By Completing CFP one is eligible for exemptions to register as SEBI Registered Investment Adviser (RIA) and also as retirement adviser. Individuals other than Registered Investment Adviser & CFP/AFP need to pass Retirement Adviser Certification exam conducted by NISM. The exam is of 2 hours duration for 100 marks. Each wrong answer carries 25% negative marks and the required pass mark is 60%.

    How to renew as retirement adviser?

    Certificate of registration as retirement adviser is valid for 3 years. One need to renew atleast 3 months before the validity period. Initial eligibility conditions are applicable for renewal process too. It means if one get registered as Retirement Adviser by passing NISM Certification, at the time of renewal he must have valid NISM retirement adviser certification or be a CFP/ AFP (Retirement Planning and Employee benefits). The renewal fee shall be Rs 1000.

    What are the fees that can be charged by Retirement Adviser?

    Retirement can charge three type of fee from the subscribers to whom he/she has given retirement advise as per regulations and these fees are
    a) On boarding charges of Rs 120 (Rupees One hundred and twenty only).

    b) Subsequent transaction charges of minimum 20 rupees per transaction (Maximum of Rs 100 per year).

    c) Advisory fee – Details of advisory fee will be notified later.

    More operating guidelines, processes to be followed, infrastructure, risk profiling requirements are given in the gazette

    Retirement advisory services in India are nascent stages. Many people, specially rural people are not aware of the importance and benefits of regulated pension products. It will be the role of retirement advisers to promote, educate and bring these people on board of NPS system.  India will have majority of population in the old age after 20-30 years (India’s advantage at present is it has highest population in the working age).  Due to non – availability of suitable social security schemes for old aged people, pension products will go a long way to help them in the golden age of retired life.  Its where retirement advisers play a pivotal role in educating people about these products and help them to save enough for their old age.  At the same time retirement advisers will be benefited by the way of fee commensurate with the services offered by them.

  • CFP For Career In Financial Planning

    Financial planning is in nascent stages in India.  A lot of progress has been made in past few years to spread awareness about importance of financial planning for financial success.  In India there is scarcity for qualified and experienced financial planners to cater this segment of investors who are looking for them. In this context Certified Financial Planner (CFP) is an Internationally recognized course for financial planners.  It can be of great help for people looking for a career in financial planning.

    Many students have doubts about CFP’s recognition and career opportunities after completing the course and be a Certified Financial Planner Professional with fpsbindia.  At the outset one must be aware of the fact that it is not a statutory course like CA, CS etc.,  In fact many international certifications in financial services are only recognized well due to their credibility and not just because they are approved by governments.

    Although CFP is not a mandatory course, it can be used to register as SEBI’s RIA (Registered Investment Advisor).  At present one must register with SEBI as RIA for offering investment advisory services for a fee in India.  This can be reached in two ways.  One being a Qualified CFP and get exemption from mandatory examinations to register as SEBI Registered Investment Advisor.  Other option is to pass 2 examinations conducted by NISM (Investment Advisor level 1&2).  CFP is one of the few certifications which are recognized by NISM and SEBI for exemption of examination requirement towards becoming a Investment advisor.

    Many candidates ask what is the salary for CFP in India and package for CFPs.  It entirely depends on the skill set and experience of the candidate along with Certified Financial Planner Certification.  Freshers with this certifications can expect around 4-5 lakh per annum and with experience they can reach higher levels.

    Certified Financial Planner Program for Career In Financial Planning and Wealth Management

    Awareness about financial planning and wealth management is spreading fast in India due to investor awareness programs conducted aggressively.  SBI is one of the first public sector banks to identify the opportunity to do business in wealth management.  Recently they have started Exclusif wealth management services. SBI is offering jobs for Certified Financial planners.  This is considered as an added advantage while applying for jobs in SBI for Exclusif wealth management platform. See the employment notice of SBI to see their requirement for investment counselors.  It mentions that for Investment Counsellor posts they require “Graduate from Government recognized University or Institution, preferably possessing the minimum qualifications and certifications mandated by SEBI for Investment Advisers under SEBI Investment Advisers Regulations would be preferred, CFP qualification may be an added advantage”.

    Many candidates after becoming CFPProfessional, either join a wealth management firm, banks, AMC or other similar firms.  But not all of those look for a job as most of they start their own practice.  Some of these are practicing as fee only investment advisors while others are continuing their commission based distribution business.

    Here are some of the programs that are related to finance and accounting that are available in India and provide better career opportunities.

    Sr. No. Programme/Course Nature Eligibility University/Institution
    1 MBA/PGDM/PGDBA with specialization in finance PG Degree Graduation with 50% and valid score in CAT/MAT/Other screening Respective Universities/ institution (central or state)
    2 Chartered Account (CA) Professional (Accounting,taxation & auditing) Depending on entry level The Institute of Chartered Accountants of India (ICAI), New Delhi
    3 Company Secretary (CS) -do- (Company Law) -do- The Institute of Company       Secretaries of India New Delhi
    4 Certified Financial Planner (CFP CM) Professional (Financial Planning Insurance, Retirement,Investments & Taxation) Financial Planning Standards Board (FPSB), India, Mumbai,Website :www.fpsbindia.org
    5 Chartered Financial Analyst (CFA) Professional (Portfolio Management & Investment Analysis) Association for Investment Management & Research (AIMR)
    6 PG Diploma in Financial Planning (PGDF) PG Diploma CAT/MAT Score or ICFP written International College ofFinancial Planning (ICFP), New Delhi

    We at RARE Academy are providing professional CFP certification training.  Personal attention is given to each student and classes are taken by a Practicing Certified Financial Planner.  Along with theory we provide practical and application oriented training in our well equipped computer lab.  Online mock tests are conducted to prepare the students for examinations.

    We often notice that the program attracts a lot of interest among students community.  But honestly all those who approach to do the program are of not that caliber.  We advise some of the students first to undergo any NISM Certification programs  to test the waters in the finance and investment field.  They require less time and money compared to doing CFP Program.

  • How To Become An Investment Adviser?

    After introduction of  SECURITIES AND EXCHANGE BOARD OF INDIA (INVESTMENT ADVISERS) REGULATIONS, 2013, no one in India can not act as investment advisor unless registered with SEBI under these regulations.  If any person is acting as IA (Investment Advisor) by the time of notification of these regulations, they must get registered under these provisions with in 6 months.

    Who are not required to register as Investment Advisor with SEBI

    1.  Anyone offering a general comment on economy, financial or securities markets without specifying particular products for investment.
    2. Investment advice given in widely available public mediums like news papers without any considerations
    3. IRDA registered insurance agents or brokers solely offering insurance products.
    4. PFRDA registered pension advisors who are offering investment advice on pension products
    5. AMFI registered mutual fund distributors who receive fees from investors under SEBI (Mutual Funds) 1996 regulations.
    6. Stock Brokers, Sub-brokers, Portfolio Managers and Merchant Bankers registered under respective Regulations, who provide any investment advice to their clients solely incidental to their primary activity. etc.,

    Investment Advisers Registration Requirements

    Registration requirements for investment advisers under SEBI Investment Advisers Regulations are applicable at the time of registration and also applicable at all the times of continuation.

    1.  A professional qualification or post-graduate degree or post graduate diploma.
    2. A graduate in any discipline with an experience of at least five years in activities relating to advice in financial products or securities or fund or asset or portfolio management.
    3. A certification on financial planning or fund or asset or portfolio management or investment advisory services from NISM or any other organization or institution including fpsbindia or others provided they are accredited by NISM.

    The certification of registration as investment adviser is valid for 5 years from the date of issue and must be renewed to continue as investment adviser before expiry of the license.  Usually such renewal of investment adviser license must be made before 3 months of expiry of the license.

    Individuals or partners need to pay a fee of 5000 rupees as application fee and 10000 rupees as registration fee.  Application fee for body corporate is  5000 rupees and registration fee is 1 lakh rupees.

    Exemptions to register as investment adviser

    NISM has accredited the following certifications for Investment Advisers under Regulation 7(2) of Securities and Exchange Board of India (Investment Advisers) Regulations, 2013.  Persons with these qualifications can apply to SEBI for registration without any further exams.

    1.  Certified Financial Planner (CFP) offered by Financial Planning Standards Board India (FPSB India)
    2. Chartered Wealth Manager (CWM) offered by American Academy of Financial Management India Pvt. Ltd.

    and other certification that may be accredited by NISM in due course.

    How to be an investment adviser?

    Along with the two ways mentioned above, NISM conducts examinations to get eligibility to register as investment adviser.  Two examinations form NISM need to be passed if this path is chosen to register as investment adviser.

    The exams offered by NISM for eligibility to register as investment adviser in India are

    1. NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination and
    2. NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination.

    These exams are of two hours duration and conducted by NISM all over India.

    For complete details about investment adviser regulations of SEBI please read the gazette notification in this regard.