Examination


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
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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.
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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
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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.

  • Major Examination Policies

    1. Confidentiality Policy

    AAFM India strives to maintain the confidentiality of exam result of all the unsuccessful candidates. The results would be uploaded in the individual account of the candidate at the AAFM Website once in a fortnight. The intimation to successful candidates in Level II Advanced Level would be sent by mail requisitioning the candidate to apply for the CWM® Certification. Once the Candidate applies for the certification project work is sent. On submission and acceptance of the project the candidate’s details would be forwarded to AAFM USA for issuance of the Certification.

    Any documents submitted by the candidates at centre, viz. rough sheets, back-up sheets, feedback form, etc. are the property of AAFM India. They shall not be subject to any public scrutiny. The same is to preserve the confidentiality of candidate specific information. These are also required for gathering useful information to strengthen our examination system.

    No question/s or part of the paper which appear on the computer terminal should be copied from the test screen and/or taken out of the examination hall as it shall lead to disqualification of the candidature. In case of serious ambiguity in a question item, the same should be noted down only with the specific approval of exam coordinator in his/her presence. The replies to such queries would be sent without subverting the confidentiality of test items, within 7 days of the receipt of related documents from the Exam Administrator.


    2. Non-discrimination Policy

    AAFM India follows a policy of non-discrimination among candidates who appear for any AAFM examination. The on-line testing medium, algorithm used, facilities provided in terms of on-line content and testing and threshold criteria are the same for all candidates. On the strength of the aforesaid, there is no discrimination of any kind among the eligible candidates on the basis of pathway or mode of examination chosen, sector, region, caste, religion, age, gender, or on the basis of additional qualification and experience than those mandated for specific pathway, or on the basis of the allegiance of candidates to institutional entities or authorized educational entities.


    3. Review and Appeals Policy

    Specific query related to a particular question, if any, should be pointed out by the candidate during the course of the examination to the test coordinator at the test centre. For this the candidate is expected to submit his/her query in writing to the test coordinator after completing the examination, while submitting all other examination related documents. Subsequent queries through mail or post to AAFM India shall not be entertained.


    4. Exam Discipline

    AAFM India would treat the instances of resorting to unfair means or malpractices noticed during examination very seriously and any candidate found doing so will be expelled from taking the examination and his/her candidature shall be cancelled.


    5. Rescheduling and Cancellation Policy

    Exams once scheduled cannot be cancelled for any reason whatsoever.
    If the candidate after paying the examination fees to AAFM India does not schedule the exam at Pearson Vue during the registration eligibility period the fees paid would not be refunded nor would be adjusted further. On registration renewal with AAFM India the candidate would be required to pay the examination fees again.

    Rescheduling of Examination is possible 48 hours prior to the examination on payment of Rs. 1127 to Pearson Vue. Rescheduling of examination is not allowed if the time to examination is less than 48 hours.
    Candidate not appearing at the examination centre on the scheduled examination would be treated as absent and the fees would not refunded back.

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.

To Locate Nearest PEARSON VUE Examination Centre:: Click Here

To Locate Nearest NSE(National Security Exchange) Examination Centre: : Click Here

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