CHARTERED FINANCIAL CONSULTANT - scicollege.org.sg · • For Singapore Citizens For all IBF-STS...

Awarded by the Singapore College of Insurance under licence from The American College

2019

N u r t u r i n g A s i a ’ s B e s t

®ChFC /SCHARTERED FINANCIAL CONSULTANT ®

For funding details, please refer to page 5 inside.

This self-study programme has been accredited by The Institute of Banking and Finance (IBF) under the IBF Standards

CompreheNsive,Applied

ChFC01: Financial Planning: Process and Environment

ChFC02: Risk Management, Insurance and Retirement Planning

ChFC03: Tax, Estate Planning and Legal Aspects of Financial Planning

ChFC04: Investments

ChFC05: Plan Construction, Practice Standards and Ethics

ChFC06: Planning for Business Owners and Professionals

ChFC07: Wealth Management and Financial Planning

ChFC08: Financial Planning Applications

ChFC09: Ethics For The Financial Services Professional

Upon passing ChFC01, candidates can apply for the Associate Financial

Consultant (AFC) designation directly with IFPAS, subject to any terms

and conditions as specified by IFPAS.

Upon successful completion of the examination modules within the

specified time frame, candidates will be eligible to use the certification

designation of ChFC®/S, subject to other qualifying requirements being

met, including experience and ethics requirements.

Module titles for ChFC®/S, a Designation awarded by Singapore

College of Insurance (SCI), under licence from The American College

leArNiNg outComes

By the end of the 9 modules, candidates will be able to :

• Developknowledgeintheprocess,toolsandconceptsoffinancial

planning and investments.

• Useasystematicapproachtoriskmanagement,insuranceand

retirement planning.

• Applythebasictaxconceptsandskillstodealwithindividualincome,

expenses and allowances.

• Learnthevarioustypesofestateplanningtools,suchaswills,trusts,

powers of attorney and life insurance.

• Understandthemajortypesofinvestmentsandriskprofiles.

• Learntheessentialskillstoformulateasoundfinancialplantomeet

clients’ objectives and conform to ethical standards and practices.

• Gaininsightsontheimportanceofbusinesssuccessionplanningand

buy-sell agreements.

• Learnwealthmanagementstrategiestobettermanageclients’risks

and assets.

• Developtheabilitytodesign,constructandpresentafinancialplan,

and make recommendations to clients, as well as function as an ethical

and competent practitioner in the field of financial planning.

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progression pathway towards Clu®/s

After obtaining the ChFC®/S designation, candidates can proceed to

take CLUS01: Individual Life Insurance, CLUS03: Life Insurance Law,

CLUS04:LifeInsuranceCompanyOperations,CLUS08:GroupBenefits

and Health Insurance, to obtain their CLU®/S designation, also awarded

by SCI, under licence from The American College.

Who should enrol in the ChFC®/s designation? • FinancialPlanners/LifeInsuranceAdvisers;

• RelationshipManagers;

• BancassuranceStaff;and

• Other insurance professionals whose job responsibilities require in-depth knowledge

of financial planning principles, practices and products, and those wishing to obtain a

professional financial planning qualification for their career advancement.

entry requirementsCandidates who register for the ChFC®/S programme must have passed the following examinations:

• CMFASModule5;

• CMFASModule8orModule9;and

• SCIHealthInsurance.

tutorial supportFor face-to-face tutorial support, please approach IFPAS.

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examination details

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Examination / Assessment Format & Structure

Module Examination Duration

Examination Format Total Marks/Grade Allocated

Pass Requirement

Financial Planning: Process and Environment(ChFC01 )

2 Hours 100 Multiple-Choice Questions

100 Marks 70% Pass Mark

Risk Management, Insurance and RetirementPlanning (ChFC02)



Tax, Estate Planning and Legal Aspects of FinancialPlanning (ChFC03)



Investments (ChFC04) 2 Hours 100 Multiple-Choice Questions


Plan Construction, Practice Standards and Ethics(ChFC05)

2 Hours 70 Multiple-Choice Questions (case-based) 70 Marks

70% Pass Mark

Planning for Business Owners and Professionals(ChFC06)



Wealth Management and Financial Planning(ChFC07)



Financial Planning Applications– Practicum Assessment (ChFC08)

1 Hour One-on-one Presentation of Financial Plan to the Assessor

Only “Competent” or“Not-Yet-Competent”

To be assessed as “Competent”

Financial Planning Applications– Case Studies (ChFC08)*

3 Hours 2 Case Studies (6 Short Essay Questionseach)


Ethics for the Financial Services Professional(ChFC09)

1 Hour 30 Multiple-Choice Questions


*For the examination, the candidate is only permitted to bring in a financial plan and ONE piece

of A4-size crib sheet. No other materials are allowed.

2019 examination syllabusPlease refer to the SCI Website at: https://www.scicollege.org.sg/docs/chfc_course_schedule.pdf

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examination scheduleThe examinations for ChFC01 to ChFC07 are conducted weekly.

For the examination/assessment schedule for ChFC08 & ChFC09, please refer to page 6.

The examinations for ChFC09 are conducted monthly.

For the detailed Examination Schedule, please refer to the SCI Website at: https://www.scicollege.org.sg/examschedule.asp?ChFCN

Note: A one-time non-refundable registration fee of S$32.10 (inclusive of 7% GST) is applicable at the time of first admission into the programme.

Fee For Self-Study* (All fees are inclusive of 7% GST)

Fee Per Module: ChFC01 To ChFC07 (Self-Study)

First Attempt (With Study Text)

Each Subsequent Attempt (Without Study Text)

Member Company S$385.20 S$107.00

Non-Member Company S$423.72 S$117.70

Fee For Module ChFC08 (Compulsory Tutorial)

First Attempt (With Study Text and inclusive of the 14-hour Compulsory Tutorial, one Examination Sitting, Practicum and Case Studies)


Member Company S$695.50 S$160.50 (Practicum)S$80.25 (Case Studies)

Non-Member Company S$765.05 S$176.55 (Practicum)S$88.28 (Case Studies)

Fee For Module ChFC09 (Compulsory Tutorial)

First Attempt (With Study Text and inclusive of the 2-hour Compulsory Tutorial and one Examination Sitting)


Member Company S$128.40 S$80.25

Non-Member Company S$141.24 S$88.28

* SCI offers only a self-study option for ChFC01 to ChFC07. Those who pay the examination fee of S$385.20

(inclusiveof7%GST)formembercompanyorS$423.72(inclusiveof7%GST)fornon-membercompany

will get a Study Text and one examination sitting for the module registered. Funding is available for first

attempt candidates. Please refer to page 5 for more details. For ChFC08 and ChFC09, candidates must

attend a 14-hour and 2-hour tutorials respectively, conducted by SCI.

examination Fees(valid for 2019)

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ChFC01 to ChFC07 (self-study)- Funded under iBF standards training scheme (iBF-sts)With effect from 3 May 2018, the examination component for ChFC01 to ChFC07 has been accredited under the IBF Standards, and is eligible for funding under the IBF-STS, subject to all eligibility criteria being met. Candidates are advised to assess the suitability of the examination module and its relevance to candidates’ business activities or job roles.

• For Singapore Citizens or Permanent Residents IBF-STS provides 70% funding for direct training costs subject to a cap of S$7,000 per candidate per programme

subject to all eligibility criteria being met.

• For Singapore Citizens For all IBF-STS programmes commencing on or after 1 July 2016, Singapore Citizens aged 40 years old and

above will be eligible for 90% co-funding of direct training costs, subject to existing grant caps of S$7,000 per programme.

The above funding scheme is eligible for company-sponsored or non-company-sponsored participants, subject to all eligibility criteria being met. Candidates can only submit the claims upon passing the respective examinations. For more details, you may refer to the IBF Website via: www.ibf.org.sg

IBF-STS Claims Submission for Non-Company-Sponsored Track Claims for Non-Company-Sponsored participants of IBF-STS programmes shall be submitted by the IBF- STS accredited training provider within 3 months from the date of completion of the programme.

IBF-STS Claims Submission for Company-Sponsored Track Claims for IBF-STS programmes are to be compiled and submitted according to two half-yearly claim cycles, within three calendar months from the end of each qualifying period:

(i) Claim Cycle 1: 1st July to 30th September - For programmes completed from January to June of the same calendar year;and

(ii) Claim Cycle 2: 1st January to 31stMarch-ForprogrammescompletedfromJulytoDecemberofthepreviousyear.

Find out more on www.ibf.org.sg

ChFC08 - Funded under iBF standards training scheme (iBF-sts)With effect from 1 June 2018, ChFC08 - Financial Planning Applications has been accredited under the IBF Standards and is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to all eligibility criteria being met. Available for a period, this funding is applicable only for the first assessment attempt and candidates may be self or company-sponsored.

ChFC09 - Funded under iBF standards training scheme (iBF-sts) With effect from 13 July 2018, ChFC09 - Ethics for the Financial Services Professional has been accredited under the IBF Standards and is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to all eligibility criteria being met. Available for a period, this funding is applicable only for the first assessment attempt and candidates may be self or company-sponsored.

Funding (applicable only for first examination attempt)

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Compulsory 14-hour & 2-hour tutorial schedule for ChFC08 & ChFC09Note: ChFC08 and ChFC09 should be registered in the same intake

2019 Schedulefor ChFC08 & ChFC09

1st Intake 2nd Intake 3rd Intake 4th Intake

Class 1 11 & 12 Feb 2019 3 & 4 Apr 2019 3 & 4 Jul 2019 2 & 3 Oct 2019

Class 2 14 & 15 Feb 2019 8 & 9 Apr 2019 8 & 9 Jul 2019 -

Submission of Financial Plan 8 Mar 2019 30 Apr 2019 30 Jul 2019 24 Oct 2019

Assessment Period 18 - 21 Mar 2019 13 - 17 May 2019 13 - 16 Aug 2019 4 - 8 Nov 2019

ChFC08 Case Study Written Assessment

10 Apr 2019 6 Jun 2019 4 Sep 2019 20 Nov 2019

Release of Results for ChFC08 Case Study Written Assessment by Ordinary Mail

10 May 2019 5 Jul 2019 4 Oct 2019 20 Dec 2019

ChFC09 Examination (CSE) 17 Apr 2019 13 Jun 2019 11 Sep 2019 27 Nov 2019

Cpd hours Awarded• ChFC01toChFC07:2CPDhourspermodulefortherelevantexaminationpassed.

• ChFC08: 14 CPD hours and an additional 4 CPD hours for the relevant examination passed

(inclusiveof1GeneralInsuranceCPDhour).

• ChFC09:2CPDhoursandanadditional1CPDhourfortheexaminationpassed.

ChFC®/s goiNg FArBeyoNdthe BAsiCs

examination policies

Registration Policy

Registrations should be made online at https://www.scicollege.org.sg. Before registering, candidates

should refer to the “For Whom” and “Entry Requirement” section of the respective Programmes, to

ensure that they meet the recommended experience and programme prerequisites. A good command

of the English language is essential. SCI reserves the right to reject any candidates who does not

meet the minimum entry requirements.

Refund Policy

* All examination fees are strictly non-refundable. No substitution is allowed.

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AbsentonDayofExamination

Candidates will be graded ABSENT if they do not attend the examination on the examination date

No refunds will be given.

If the candidate is absent from the examination owing to the following valid reasons:

• Medicalgrounds(self);

• Bereavementcases(immediatefamilymember);

• Disablingaccidentorinjury(self);

• Courtappearance(self);or

• NationalService(self)inaccordancewiththeEnlistmentAct(Chapter93);

The candidate may apply for his examination entry to be rescheduled to the next examination series

bycompletinganonline“AbsentOnTheDayOfExaminationForChFC®/S and CLU®/S Programme”

Form(s) at SCI Website at: https://www.scicollege.org.sg within three working days of the examination

that the candidate was absent from due to valid reasons as above. Supporting documents will have to

beuploadeduponsubmissionofthe“AbsentOnTheDayOFExaminationForChFC®/S and CLU®/S

Programme” Form(s). No other reasons will be entertained.

Rescheduling PolicyThe candidate may apply for his examination entry to be rescheduled to the next examination series,

bypayingafeeofS$53.50(inclusiveof7%GST)permoduleforreschedulingnoticegivenat least7

working days before the examination date.

Should there be a change in the study text edition, the candidate is required to pay the difference

between the first-timer and re-taker examination fee.

No rescheduling will be allowed for notice of less than 7 working days from the examination date.

Should the candidate decide to reschedule to a later examination date, please note that the time bar

will remain as of the first registered examination date.

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Qualifying requirements for ChFC®/sTime Bar for CompletionCandidates are given 5 consecutive years (or 60 months) from the date of first registered

examination date to pass all the 9 modules. Should the candidate be absent or decide to transfer his

first registered examination date, to another date, the time bar will still start from the examination

date the candidate first registered to sit for. Modules passed or exempted exceeding 5 years (or 60

months) are considered outdated passes and will not count towards meeting the ChFC®/S qualifying

requirements. If the candidate does not complete all the modules within this time limit, the modules

previously passed or exempted will no longer be valid and the candidate will be required to retake

all the modules.

It is the candidate’s responsibility to monitor his own time bar for the examination completion of

the ChFC®/S programme. SCI will not send any notification to remind the candidate in this respect.

If there are any changes to the modules, SCI will make every effort to ensure that the candidate

is not disadvantaged by such changes. There will be a proper transitional arrangement for the

candidate.

Education RequirementThe candidate must pass the examinations/assessments and meet all other course requirements for

the 9 modules.

•SequenceofExaminationAttempts 1. Unless specifically exempted from the module, the candidate MUST FIRST register for ChFC01

and attempt the examination, before he is allowed to register for the other modules. This is to

ensure that the candidate possesses the requisite foundational knowledge, to be able to progress

in his studies for the ChFC®/S programme.

2. The candidate can subsequently attempt ChFC02 to ChFC07 in any sequence.

3. The candidate may attempt only ChFC08 and ChFC09 after he has passed (or has been exempted

from ChFC01 to ChFC07.

4. The candidate must take note that ChFC08 and ChFC09 comprise compulsory 14-hour and

2-hour tutorials which will be conducted by SCI four times a year. Hence, the candidate should

plan his study accordingly. Notwithstanding the lifting of the sequential requirements for

the intermediate modules, the candidate is strongly encouraged to attempt the ChFC®/S

examinations in sequential order as indicated.

•NumberofAttemptesAllowedThere is no limit on the number of attempts that a candidate can take to complete each module,

subject to the Examination Schedule and the maximum period for completion as specified.

Experience Requirement3 years of full-time business experience is required for the award of the ChFC®/S designation.

The 3-year period must be within the 5 years immediately preceding the date of the award. An

undergraduate or graduate degree from an accredited educational institution qualifies as one year of

business experience.

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Ethics RequirementTo comply with the high ethical standards expected of a Chartered Financial Consultant®/

Singapore, every holder of the ChFC®/S designation must sign a statement agreeing to be bound by

the ChFC®/S Code of Ethics.

SCI reserves the right to withdraw the ChFC®/S designation should any ChFC®/S holder be found

in violation of the ChFC®/S Code of Ethics.

ChFC®/s designationCandidates who successfully meet the education requirement and the necessary experience and

ethics requirements will be entitled to apply for the ChFC®/S designation awarded by SCI under

licence from The American College, with the word “Singapore”. This is because the studies are

based on Singapore laws. If the ChFC®/S holder wishes to practise in the US, he will need to take

the US equivalent papers for the ChFC/US title. The ChFC/S title is not transferable in this case.

Fordetailsonthe“GuidelinesForDesignationTrademarkUse.”pleasesreferto:

https://www.scicollege.org.sg/uploads/CHFCCLUGuidelines.pdf

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Continuing professional development (Cpd) requirement

To maintain the designation, the ChFC®/S holder is required to register a minimum of 30 hours of

CPD creditswith the SCI every 2 years. The CPD credits for each reporting periodmust comprise

educational activities in acceptable subject matter areas. The ChFC®/S holder must have independent

verification for the 30 CPD hours in the event of being audited. Independent verification should

consist of grade reports, attendance certificates, transcripts, or written confirmation of attendance

from the relevant organisation. Written confirmation should include the name, topics addressed, date

and duration of programme, as well as the signature of an authorised representative. Renewal of the

ChFC®/SdesignationissubjecttothefulfilmentoftherequiredCPDrequirement.

If the ChFC®/S holder did not fulfil this requirement, he will not be allowed to use the designation till

therequiredCPDhourshavebeenfulfilledaccordingly.

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the Commitment of a ChFC®/sChFC®/S designees are held to the following ethical pledge:

“In all my professional relationships, I pledge myself to the following rule of ethical conduct: I shall,

in light of all conditions surrounding those I serve, which I shall make every conscientious effort to

ascertain and understand, render that service which, in the same circumstances, I would apply to

myself.”

Applying for iBF level 2 Certification (ChFC®/s)

ABOUTIBFSTANDARDS

The IBF Standards are a set of competency standards for financial skills. These Standards are

developed in partnership with industry leaders and provide a professional development and skills

roadmap for financial sector practitioners to excel in their respective job roles. They currently cover

12 industry segments in the financial sector.

ABOUTIBFLEVEL2PROGRAMMES

A practitioner who successfully completes an IBF Level 2 Programme with at least 3 years of relevant

experience will be conferred the IBF Advanced (IBFA) certification status. Terms and Conditions

apply. Find out more about IBF certification and its benefits at: bit.ly/whybeibfcertified

®ChFC /SCHARTERED FINANCIAL CONSULTANT ®

Marketed by

The Premier Association for Financial Practitioners (Singapore)

Contact details

Singapore College of Insurance Limited

9 Temasek Boulevard #14-01/02/03

Suntec Tower Two, Singapore 038989

GeneralEnquiry:(+65)62212336

Fax:(+65)62206684

E-mail: [email protected]

Website: www.scicollege.org.sg

Singapore College of Insurance Limited

CPE Registration No.: 199408491M

Period of CPE Registration: From 26

September 2015 to 25 September 2019

Information presented on this marketing material is correct at the time of publishing. However, changes to the programme contents, dates, time, duration and venue can occur owing to unforeseen circumstances. Every effort will be made to inform all candidates of such changes on a timely basis.

Version 1: 12 October 2018

CHARTERED FINANCIAL CONSULTANT - scicollege.org.sg · • For Singapore Citizens For all IBF-STS...

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Transcript of CHARTERED FINANCIAL CONSULTANT - scicollege.org.sg · • For Singapore Citizens For all IBF-STS...