Quora Answer: Do I Need to be Certified in Order to be a Financial Planner if I Have a CPA?

The following is my answer to a Quora question: “Do I need to be certified in order to be a financial planner?  I am already a CPA.”

I am not sure of the legal requirements where you are, but in Singapore, there is a separate certification regime for people working in finance distinct from the CPA.  A CPA only means you understand accounting.  It does not cover asset classes, banking and insurance laws, broader fiscal and monetary policy, liability mitigation and healthcare policy.  That requires specialised certification.

In that sense, we have HI and M5 papers that cover the foundations on health insurance and insurance.  Then there is M8 and 8A, which is about managing funds, collective investment schemes of all types.  And then, there is M9 and 9A, which is for investment-linked plans.  The minimum pass mark for these papers is 80%.

There is a separate capital markets license issued to companies to manage their own funds.  There is a separate banking license regime as well.