Quora Answer: How Do I Become a Financial Consultant?

The following is my answer to a Quora question: “How do I become a financial consultant?” 

In Singapore, it is relatively easy to become a financial consultant.  There is a high turnover in the industry, whether banks or insurers, whether tied agencies or independent agencies.  Becoming a financial consultant is not the difficult part.  Staying one for years, and developing credibility in the industry is. 

You may choose to contact any bank or insurer, especially when they are recruiting, which can be at career fairs, roadshows, or even ask your financial consultant friends. You will be sent for an interview process.  There will be a Criminal Records Office check to confirm that you have never been charged in court with property crimes such as fraud or theft.  If you ever have, then you will not be accepted. The ethics requirements are strict. 

Secondly, the prospective hiring agency will arrange for you to take the requisite papers with the Singapore College of Insurance or equivalent.  These papers, M5, M8, M8A, M9, M9A and HI.  Generally, the minimum passing grade is to get at least 75% of questions correct.  Alternative, you may choose to do so for yourself. You may book online at the SCI web site.  There are also classes and textbooks should you require.  Some people require multiple attempts to pass these examinations. 

Once you have passed, the results will be passed on to MAS, and they will review before issuing you an RNF code, which is your license number, as a financial consultant, or representative of a financial institution.  And that is it.