The Practice - A Publication by the Financial Planning Association of Singapore ISSUE MARCH 2009 Financial Planning Association of Singapore
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THE FPSB EXAMINATION FORUM

From 5 to 7 January 2009, the Financial Planning Standards Board (FPSB) held an Examination Forum for FPAS at the M Hotel Singapore. FPAS President Maj (NS) James Sim kickstarted the forum by thanking FPSB for their support in making the event a collaborative success. On top of expressing his appreciation to all the committed participants who have attended the forum, he remarked that the forum was an excellent platform to further strengthen the certification process and boost FPAS’ credibility in Singapore.

  1. FPSB CEO Noel Maye addressing the forum participants.
  2. Forum facilitator and FPSB Director of Certification, Dr Denny Smith.
  3. FPAS Council Member Dr Hui Weng Tat, sharing some insights with the forum participants.
  4. FPAS Honorary Member & Advisor Lee Chiwi, engaging in a discussion with Ms Teo Shek Ling at the forum.
  5. Attendees leafing through their handouts during the session.

 

FPAS Council Member Dr Hui Weng Tat, sharing some insights with the forum participants.Attended by FPAS Certification Board advisors and members as well as several other Executive Council members, the purpose of the forum was to share and update participants on international standards of setting examination questions. In his opening speech, Dr Denny Smith – forum facilitator and Director of Certification for FPSB – reiterated the importance of education and remarked that a knowledgeable advisor is in a stronger position to serve his clients better. He also pointed out that there has been a marked increase in the number of candidates taking the CFP examinations and that a majority of them came from diverse backgrounds. He explained that the main objectives of the examination and CFP Certification Programme was to retain the same commitment in maintaining the highest certification practice standards, regardless of geographical boundaries.

2009 FPSB Examination Forum participants.During the forum, participants were briefed on the development and components of the certification standards, which comprised areas such as the composition of Certification Board members, board structure and roles; basis for policies and procedures; assessment framework; as well as instruments and methodology.

 

  1. 2009 FPSB Examination Forum participants.
  2. Dr Hui Weng Tat and Dr Denny Smith sharing a moment.
  3. Forum attendees mingling over tea break.
  4. FPAS President Maj (NS) James Sim with Council Members, Goh Chye Huat and Wendy Wong.
  5. President James Sim touching base with forum participants over tea break.
  6. (Left to right): Honorary Secretary Foo Jong Ai; Council Members Ashley Ong, Ong Kian Min and Wendy Wong; President James Sim; Honorary Treasurer Kimmis Pun; Council Members Jessica Poh, Goh Chye Huat and Dr Hui Weng Tat. (Not in photograph: Council Member Tow Joon Lai).
  7. President James Sim presenting a token of appreciation to FPSB Director of Certification, Dr Denny Smith on behalf of the Ex-Co.
  8. President James Sim presenting a token ofappreciation to FPSB CEO Noel Maye on behalf of the Ex Co.
  9. President James Sim presenting a token of
    appreciation to Council Member Ong Kian Min.
  10. President James Sim presenting a token of appreciation to Honorary Treasurer Kimmis Pun.
  11. Representatives from the FPSB and FPAS Ex-Co sharing a toast, marking the end of the successful 2009 FPSB Examination Forum.

 

(Left to right): Honorary Secretary Foo Jong Ai; Council Members Ashley Ong, Ong Kian Min and Wendy Wong; President James Sim; Honorary Treasurer Kimmis Pun; Council Members Jessica Poh, Goh Chye Huat and Dr Hui Weng Tat. (Not in photograph: Council Member Tow Joon Lai).Apart from this, discussions on how to structure examination questions such that it remains relevant in today’s changing financial landscape, were also held at the forum. As the CFP mark symbolises the highest honour or certification of excellence for financial planning, it is certainly very important that current legislation and statutory guidelines are consistently being updated in the curriculum. Dr Smith expounded that examination candidates should be assessed based on their abilities to translate their academic knowledge in line with the current economic and social environment. It was also worth noting that setting examination questions is a tedious process, involving subsequent reviews by editorial experts and psychometricians to assess the difficulty level of the given questions. Interestingly, the estimated average cost of setting a question for the CFP examination modules reaches a whopping US$2,000 in the US.

Representatives from the FPSB and FPAS Ex-Co sharing a toast, marking the end of the successful 2009 FPSB Examination Forum.

Following the forum, a series of ‘Item Writing Workshops’ was conducted over the next two days. The FPAS forum was indeed an insightful and enlightening experience for the participants from Singapore, Malaysia and Indonesia. It has successfully fulfilled the objectives of training and exchange programmes between FPSB and its affiliates.

1 - 2009 FPSB Examination Forum participants. 2 - Dr Hui Weng Tat and Dr Denny Smith sharing a moment. 4 - FPAS Honorary Member & Advisor Lee Chiwi, engaging in a discussion with Ms Teo Shek Ling at the forum. 5 - Attendees leafing through their handouts during the session.

7.Dr Hui Weng Tat and Dr Denny Smith sharing a moment. 8.Forum attendees mingling over tea break. 9.FPAS President Maj (NS) James Sim with Council Members, Goh Chye Huat and Wendy Wong. 10.President James Sim touching base with forum participants over tea break.

12.President James Sim presenting a token of appreciation to FPSB Director of Certification, Dr Denny Smith on behalf of the Ex-Co. 13.President James Sim presenting a token ofappreciation to FPSB CEO Noel Maye on behalf of the Ex Co. 14.President James Sim presenting a token of appreciation to Council Member Ong Kian Min. 15.President James Sim presenting a token of appreciation to Honorary Treasurer Kimmis Pun.