EXAM POLICIES AND PROCEDURES OF AMERICAN ACADEMY OF FINANCIAL MANAGEMENT INDIA PRIVATE LIMITED (AAFM INDIA) CHARTERED WEALTH MANAGER® (CWM® )
- Overview
- Exam Grading
- Exam Scheduling Process
- Examination Pattern Level I (Foundation Level)
- Test Significance of Units Level I (Foundation Level)
- Examination Pattern Level II (Advanced Level)
- Test Significance of Units Level II (Advanced Level)
- Permitted Accessories
- Examination Results
- Major Examination Policies
- Exam Tutorial
OVERVIEW
CWM® Examination through the NSE Portal
Exam Name | Units Tested | Centres | Exam Date | Exam Language | Duration | Exam Fees | Enrolment Through | Compulsory Pathway |
---|---|---|---|---|---|---|---|---|
CWM Level-1 | 1-10 Units |
NSE Academy Centres | Throughout the Year(365 Days) | English | 180 Minutes |
Rs. 4720/- |
Enrolment and Scheduling through NSE Academy | Yes |
CWM Level-2 | 11-20/ & 20% from unit 1-10 |
NSE Academy Centres | NSE- Throughout the Year(365 Days) | English | 180 Minutes |
NSE- Rs. 4720/- | Enrolment and Scheduling through NSE Academy | Yes |
CWM® Examination through the Pearson Vue
Exam Name | Units Tested | Centres | Exam Date | Exam Language | Duration | Exam Fees | Enrolment Through | Compulsory Pathway | Experience Pathway |
---|---|---|---|---|---|---|---|---|---|
CWM Level-1 | 1-10 Units |
Pearson Vue Centres Globally | 10th to 20th of every Month | English | 180 Minutes |
Rs. 4720/- |
Enrolment and Scheduling through Pearson Vue | Yes | |
CWM Level-2 | 11-20/ & 20% from unit 1-10 (Level-1) |
Pearson Vue Centres Globally | 10th to 20th of every Month | English | 180 Minutes |
Rs. 4720/- | Enrolment and Scheduling through Pearson Vue | Yes | Yes |
Note :This is to inform you that as per the recent SEBI Amendment to SEBI RIA Regulations 2013. National Institute of Securities Market (NISM) accrediting institution for Certifications to meet the academic requirement of SEBI RIA Regulations under Clause 7(2) has made some changes that will have the following effect:
Only candidates appearing through a compulsory pathway i.e., clearing both level 1 and level 2 examinations can use the CWM®️ Certification to meet the academic requirements of SEBI RIA Regulations 2013 under NISM Approved Certifications for SEBI RIA REGULATIONS.
If a candidate uses the CWM®️ Certification to meet the academic requirements of SEBI RIA Regulations 2013 under NISM Approved Certifications for SEBI RIA REGULATIONS, then the candidate needs to renew the CWM®️ Certification after every 3 years by re-appearing for both level 1 and level 2 examinations. Other policies of Certification renewal by AAFM need to comply with in addition to the above.
If a candidate does not wish to use the CWM® Certification to register as an RIA under SEBI RIA Regulations, then the candidate can pursue the certification under the experience pathway. Also, can renew it without re-appearing for any further exam, but by complying with AAFM®️ CWM®️ renewal requirements.
Grading of Exam:
Passing percentage for CWM® Examination is 50%.
Each candidate would be graded as per the score achieved in the examination:
PERCENTAGE | GRADE |
---|---|
More than 76% | A |
65% to 75% | B |
50% to 64% | C |
0% to 49% | D |
Exam Scheduling Process:
- Candidates can book their CWM level 1&2 exams through the NSE and Pearson Vue portals.
- Exams can only be scheduled after 30 days of registration with AAFM India for Experience Pathway and 60 days of registration for Compulsory Pathway.
- Compulsory Pathway Student can only enroll for level II examination after clearing Level 1 Examination.
- Level 1 & Level 2 exams are online MCQs with no negative marking and the passing percentage for CWM® Examination is 50%
- The time duration for level 1 & level 2 exams is of 3 hours each i.e. 180minutes.
- 20% weightage in the Level II exam is given to Level 1.
- Candidates who schedule exams through the NSE portal must complete the exam application form on the NSE Academy website and pay the applicable fees online.
- Candidates who schedule exams through the Pearson Vue portal must complete the exam application form on the AAFM website and pay the applicable fees online.
- Candidates scheduling examinations on NSE Academy can schedule their examinations throughout the year.
- Candidates scheduling examinations on Pearson Vue can schedule examination only between 10th to 20th of every month.
- A candidate can schedule examinations any time of the month except 10th to 20th of the month and the test taking dates are only 10th to 20th of the month.
- A candidate practices the exam on AAFM Website to make themselves familiar with the look and feel of the exam.
- Candidates are required to carry a Photo ID and an ID carrying their signatures along with the copy of Exam Confirmation Mail received from Pearson Vue to the examination center. (List of Acceptable ID’s is mentioned below)
- Candidate need to agree to a Non-Disclosure Agreement at the start of the exam.
- Candidate takes the exam at NSE Academy and Pearson Vue Test Centre.
- Exam result is shown to the candidate immediately after submitting the exam.
- Candidates are allowed to take a print out of the exam result.
- On clearing of Level-II exam candidate needs to fill the CWM® Certification form and pay the requisite fees to AAFM India. Candidate submits the project work within the given time frame on approval of the project work the Candidate receives the CWM® Certification.
Exam Pattern:
Exam Pattern CWM® Level I (Foundation Level)
The table sums up the section wise marks distribution CWM Level I Examination
Sections | Section A | Section B | Section C | Passing Criteria | ||||
---|---|---|---|---|---|---|---|---|
Marks | No. of Questions | Total Marks |
No. of Questions | Total Marks |
No. of Questions | Total Marks |
50 % i.e. A score of 80 in the examination (there is no negative marking) | |
1 | 40 | 40 | 0 | 0 | 0 | 0 | ||
2 | 0 | 0 | 30 | 60 | 0 | 0 | ||
4 | 0 | 0 | 0 | 0 | 15 | 60 | ||
Total | 40 | 40 | 30 | 60 | 15 | 60 | ||
CWM Level 1 Examination | Total Question | 85 | Total Marks | 160 |
Testing Significance of each Unit in CWM® Level I (Foundation Level)
Level 1 Exam consists of 85 Questions of 40Mcqs of 1 Mark; 30Mcqs of 2 Marks and 15Mcqs of 4 marks each and the total marks are 160.
Unit No. | Unit Name | 1 Marks | 2 Marks | 4 Marks | Total Question | Total Marks |
---|---|---|---|---|---|---|
1 | Concept of Wealth Management | 4 | 2 | 1 | 7 | 12 |
2 | Indian and Global Financial System | 3 | 3 | 1 | 7 | 13 |
3 | Investment Vehicles In Wealth Management | 5 | 4 | 2 | 11 | 21 |
4 | Measuring Investment Risk And Returns | 3 | 3 | 1 | 7 | 13 |
5 | Concept Of Insurance And Risk Management | 3 | 3 | 2 | 8 | 17 |
6 | Role of Wealth Management in Banking | 2 | 2 | 1 | 5 | 10 |
7 | Legalities in Wealth Management | 2 | 2 | 1 | 5 | 10 |
8 | Tax Laws For Wealth Management | 8 | 4 | 3 | 15 | 28 |
9 | Life Cycle Management | 4 | 3 | 2 | 9 | 18 |
10 | Intergenerational Wealth Transfer & Tax Planning | 6 | 4 | 1 | 7 | 18 |
Total | 40 | 30 | 15 | 85 | 160 |
Exam Pattern CWM® Level II (Advanced Level)
The table sums up the section wise marks distribution CWM® Level II Examination
Sections | Section A | Section B | Section C | Passing Criteria | ||||
---|---|---|---|---|---|---|---|---|
Marks | No. of Questions | Total Marks | No. of Questions | Total Marks | No. of Questions | Total Marks | 50 % i.e. A score of 80 in the examination (there is no negative marking) | |
1 | 40 | 40 | 0 | 0 | 0 | 0 | ||
2 | 0 | 0 | 30 | 60 | 0 | 0 | ||
4 | 0 | 0 | 0 | 0 | 15 | 60 | ||
Total | 40 | 40 | 30 | 60 | 15 | 60 | ||
CWM Level 2 Examination | Total Question | 85 | Total Marks | 160 |
Note :The CWM Level 2 Final Exam consist of 20% of MCQs from the Level 1
Testing Significance of each Unit in CWM® Level II (Advanced Level)
Level 2 Exam consists of 85 Questions of 40Mcqs of 1 Mark; 30Mcqs of 2 Marks and 15Mcqs of 4 marks each and the total marks are 160.
Unit No. | Unit Name | 1 Marks | 2 Marks | 4 Marks | Total Question | Total Marks |
---|---|---|---|---|---|---|
1 | Equity Analysis | 3 | 2 | 3 | 8 | 19 |
2 | Alternative Investment Products In Wealth Management | 4 | 3 | 2 | 9 | 18 |
3 | Real Estate Valuation and Analysis | 3 | 2 | 0 | 5 | 7 |
4 | Behavioural Finance In Wealth Management | 4 | 2 | 1 | 7 | 12 |
5 | Relationship Management by a Wealth Manager | 3 | 5 | 0 | 8 | 13 |
6 | Loan & Debt Management | 4 | 1 | 0 | 5 | 6 |
7 | Portfolio Management Strategies | 3 | 3 | 1 | 7 | 13 |
8 | International Tax and Trust Planning | 2 | 4 | 1 | 7 | 14 |
9 | Wealth Management Planning | 4 | 2 | 0 | 6 | 8 |
10 | Advanced Wealth Management | 0 | 0 | 5 | 5 | 20 |
Level I | Level 1 (Unit 1 to 10) | 10 | 6 | 2 | 18 | 30 |
Total | 40 | 30 | 15 | 85 | 160 |
20% weightage in Level II exam is given to Level I
The marks signify the difficulty level and time consumption in solving the question.
The Advanced Wealth Management questions would be in form of case study in built in the examination.
Permitted Accessories
Students are only permitted to use “CASIO FC 200 V” Financial Calculator in the examination. No exchange of accessories will be permitted during the examination.
- Students are not allowed to carry any paper during the examination.
- Students are not allowed to carry Laptop, Palmtop, Log Tables, and Annuity Tables etc.
- Students are not allowed to use Calculators in their Mobile Phones.
- Mobile Phones are to be compulsorily kept ‘switched off’ during the examination
Examination Results
There will be no score card at the end of the Exam. There will be WBSR (Web-based Score Report) added to the exam which candidates can see when they will log in to their Student Account. Now the exam has been moved to a browser platform, so it is recommended to have the WBSR. So, candidate will have their score card in their Student Login Details.
Retake Policy:
Candidates will be allowed to book retake after 10 days, regardless of whether the candidate failed or passed the previous attempt.
Examination Policies:
Standard Primary IDs (with both Photo and Signature).
- Driver’s license
- Passport
- Election card/Voter ID
- PAN card
- Photo identity issued by a school, college or university
- UID/Adhar card
- Employee ID with photo and signature
Standard secondary IDs (with Signature).
- Any primary ID
- Credit card
- ATM card
Names on ID’s must exactly match those given by the candidate during registration. Discrepancies on ID’s that are due to typographical errors, traditional & cultural variations, and technical limitations must be reported by candidates to AAFM who will need to inform Pearson VUE as soon as possible.
Candidates are required to carry original id .Copy of ID is not acceptable proof.
Candidates will also be required to produce the appointment confirmation letters received from Pearson VUE after scheduling their test.
1. Late Arrivals and No-shows.
The standard arrival policy of 30 minutes was agreed where-by the candidates must arrive 30 minutes before the exam to their test center. Late arrival period of upto 30 minutes is allowed. If the candidate does not arrive within this period, and the test center is unable to accommodate him or her later, the candidate will be turned away and marked as a No-show.
2. Erasable note board/booklet.
Candidates will receive one erasable note board & a pen to use for rough work during the exam.
3. Exhibits, personal items, Calculators.
- Candidates will be allowed to have an erasable note board and a pen inside the testing room.
- Only “Casio FC 200V” – Financial Calculator will be allowed.
- Candidates will not be allowed to take mobile phones, headphones or any personal items / exhibits into the testing room.
4. Break policies
AAFM exams will not have any scheduled breaks.
Candidates can access personal belongings during unscheduled breaks limited to essentials such as medicines but no access to texts or printed materials should be allowed.
Decisions of AAFM India in all matters pertaining to the examination shall be final and binding.
The CWM® Examination is held across India across 75 Cities and Globally across 200 Cities spread over 27 Countries.
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