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What is the Financial Advisers' International Qualification (FAIQ)?
The Financial Advisers' International Qualification (FAIQ) is an internationally-recognised certificate for professionals looking to gain worldwide recognition and a solid foundation for a career in financial services. It is a one-stop certificate that gives you a head start in financial advice and financial planning while addressing the demand for strong professional ethics. The entry-level qualification is also designed to be relevant for Hong Kong by including materials for the application of knowledge and practices in Hong Kong and having 25% of the exam addressing a variety of local issues. |
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Who developed FAIQ?
FAIQ is developed for financial services professionals and candidates by the prestigious U.K.-based Chartered Insurance Institute (CII) and is brought to you in partnership by the Hong Kong Institute of Financial Planners of Hong Kong (IFPHK). |
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Who is CII?
The CII is the premier professional organisation for those working in the insurance and financial services industry. The 90,000 members strong organisation is dedicated to promoting higher standards of competence and integrity through the provision of relevant qualifications for employees at all levels and across all sectors of the industry, for over a century.
Further information on the CII and its wide range of products and services can be found at www.cii.co.uk. |
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Who should consider FAIQ?
FAIQ is for financial services professionals, customer relationship officers, insurance agents, stock brokers, those looking to expand their careers in the financial services business, and graduates who want to be professionally and globally recognized. |
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What makes FAIQ different from other entry-level exams?
FAIQ is an international exam with local elements. 25% of the exam is adapted specifically to the Hong Kong market, making it relevant internationally and locally at the same time. FAIQ also raises the bar in professional standards by being conducted at the same time around the world. In addition, its strong focus on ethics and professional behavior makes FAIQ much sought-after by the financial services industry worldwide. |
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What is FAIQ's international appeal?
Countries from which candidates have applied for FAIQ include, but are not limited to, Argentina, Bahrain, Barbados, Brazil, China, Hong Kong, Macau, Japan, Malaysia, Pakistan, Russia, Saudi Arabia, Singapore, Slovakia, South Africa, Thailand and Vietnam. |
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Is FAIQ examination currently offered in Macau?
Yes. Macau Institute of Financial Service (IFS) has joined IFPHK and CII since October 2005 to offer FAIQ examination in Macau.There will be two public exam sittings conducted annually in April and October. For details and application, please visit IFS website at www.ifs.org.mo |
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What qualifications do I need for FAIQ?
No particular qualifications or experience is needed. FAIQ is designed for self-study and is open to everyone from students to professionals looking to gain an advantage in a highly competitive financial services industry. |
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What are the key benefits of FAIQ?
The FAIQ provides the following benefits:
Internationally-recognized certificate to be jointly awarded on successful completion by the CII and IFPHK.
Provides a good starting point for anyone serious about financial services by providing an easy-going introduction to professional fundamentals of financial services products and professional conduct, even for those who are not from the same industry.
Provides sound international knowledge since it concentrates upon the core principles of financial services products and professional conduct accepted worldwide.
Relevant to local needs as the syllabus also covers Hong Kong market practices, products and legislation with 25% of the exam specifically testing on local knowledge.
A one-stop learning service that covers the coursebook, examination guide, sample questions and one sitting of the exam for a single fee.
The exam and coursebook are now conveniently available in both English and Chinese.
Each exam is conducted in the same manner, around the world, maintaining the certification standards internationally.
Open to everyone - from graduates to professionals--looking to gain an advantage in a highly competitive financial services industry.
Improves career prospects by demonstrating commitment to self-improvement.
Holders can apply to use the designation FAIQ (CII) providing a means of demonstrating educational achievement to the public and to peers (membership and Continuing Professional Development requirements apply).
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When will FAIQ be available?
It is available now. There will be two public exam sittings conducted annually in April and October.
For year 2010, the specific exam dates are April
21 and October 20. |
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When will be the deadline for application?
Application deadline for FAIQ Examination is usually 2.5 months before the examination date.
For year 2010, deadline for April exam is March
10 and for October exam, the deadline is
September 8. |
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How much does FAIQ cost?
It has a one-off cost of HK$1,500. |
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What does that payment cover?
‧ One examination entry
‧ A full set of study manual
‧ A glossary of important terms
‧ Sample examination questions |
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In what language will the exam be conducted?
The exam is now available in both English and Chinese. To apply for the appropriate one, you need to download and complete the appropriate application forms below:
For the English exam, please click here
For the Chinese exam, please click here
The language you choose to be examined will automatically determine the language of the coursebook to be given to you. E.g., if you use a Chinese application form to apply for the Chinese exam, then the coursebook provided to you will automatically be in Chinese.
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What will I be tested on?
FAIQ is based on three-part published syllabus:
- Part I: Professional advice and understanding of clients' needs; the fact-finding process; and the elements of good practice.
- Part II: Knowledge and application of protection, savings and investment, and retirement-related products.
- art III: Knowledge of Hong Kong financial services industry regulatory framework and taxation.
For a detailed syllabus, please contact IFPHK. |
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How can I study for FAIQ?
FAIQ is designed for self-study, allowing you to cover the entire syllabus at your own convenience. There are no mandatory classes to attend. As a guide, it is recommended that you allow a minimum of 80 hours' study to prepare for this exam (this will vary according to your experience, ability and background).
All 8 chapters in the coursebook, which is conveniently available in both English and Chinese, conclude with a series of self-test questions which enable you to monitor your progress as you prepare for the exam itself. The language of the coursebook will be automatically determined by the language chosen for the exam.
The examination guide and sample questions highlight the syllabus areas covered, and includes useful tips on how to pass the exam. |
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How will the exam be conducted?
The exam is a two and a half hour paper (pencil exam) comprising 100 multiple-choice questions. There are two public exam sittings in April and October. The nominal pass mark is 70%. |
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What do I gain for immediate recognition when I pass the exam?
Success in passing the exam opens up several opportunities for immediate recognition by your peers, customers and the financial services industry as a whole.
Successful candidates will be awarded a Certificate.
They will be invited to apply for membership with the CII and IFPHK. FAIQ graduates who successfully apply for CII/IFPHK joint membership will be able to indicate their designation FAIQ (CII) and IFPHK Associate Member on their professional identifications, including name cards. |
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What are the benefits of the CII/IFPHK joint membership?
You also automatically gain all the benefits of both institutions that are designed to enhance your career internationally and locally.
Benefits of IFPHK Associate Membership include:
Member's can indicate their membership status on their professional documents, including their name cards, gaining recognition from peers and customers, and becoming part of a prestigious group of financial services dedicated to providing excellent services with high standard of ethics.
Free subscription to Advisors Today, Hong Kong's leading financial planning publication, with news, analysis and comments on current issues.
Member newsletter
Special member rates to attend seminars, forums and conferences organised by IFPHK.
Invitation to attend social events organised by IFPHK.
Discounts for books in selected bookshops.
Library services and internet access at IFPHK office.
Benefits of CII Membership include:
Member's of the CII benefit by being one of 90,000 people who belong to the largest professional body dedicated to the insurance, savings and financial services sector in the world.
Being a member of the CII is not only a universal recognition of professionalism but also means that, when qualified, you are entitled to use designatory letters after your name (CII membership and Continuing Professional Development requirements apply).
Discounts for exams and learning materials, including the CII's online training system ed. LEARN®
Free subscription to The Journal, the UK market's leading insurance publication to keep you up-to-date on the latest news and information.
Free access to CII Information Services - a comprehensive resource on insurance, risk and related financial services. You can also get discounts on books and other publications.
You can support your ongoing regulatory competence and compliance needs through a Continuing Professional Development (CPD)* scheme and receive discounted access to ed.ASSESS® the CII's online competence system.
All FAIQ graduates are required to commit to an annual CPD programme to maintain relevancy and safeguard professionalism.
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How do I contact IFPHK for further information?
Tel: +852 2982 7888
Fax: +852 2982 7777
E-mail: faiqinfo@ifphk.org |
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are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd.(FPSB).