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Exam Code: CTFA Certified Trust and Financial Advisor (CTFA) test January 2024 by Killexams.com team

CTFA Certified Trust and Financial Advisor (CTFA)

The knowledge areas below are the basis for the Certified Trust and Financial Advisor (CTFA) examination. These
knowledge areas were derived from a job analysis study and were validated by the CTFA Advisory Board. Postcertification programs that address these knowledge areas are eligible for CTFA continuing education credits through the American Bankers Association.



I. Fiduciary & Trust Activities (25%)

A. Nature and Characteristics of Account Relationship

1. Trusts

2. Estates

3. Guardianships/ Conservatorships

4. Custodians

5. Financial and Health Care Powers of Attorney

6. Agencies

B. Formal Requisites of Establishing Account

1. Written Agreements or Documents

2. Trust Situs

3. Acceptance of Fiduciary Appointment

4. Disclaiming of Interest

C. Fiduciary Responsibilities

1. Powers

2. Duties

3. Uniform Acts/Codes

4. Safekeeping of Assets

5. Environmental Issues

D. Investment Responsibilities

1. Investment Powers

2. Investment Types & Restrictions

3. Sale/Retention by Bank of Its Own Holding Company Securities

4. Prudent Investor

E. Receipts, Payments and Distributions

1. Duty in Making Payments or Distributions

2. Uniform Principal & Income Act

F. Accounting and Compensation

1. Duty to Keep Records

2. Duty to Furnish Information

to Beneficiaries

3. Duty to Render Court Accountings

4. Fiduciary Compensation

G. Alteration or Termination of the Trust

1. Power to Change Terms

2. Power to Revoke or Terminate

H. Regulatory/Compliance

1. Due Diligence

2. Know Your Customer

3. Privacy Issues

4. Bank Secrecy Act

5. OCC Regulation 9

6. Securities Laws

II. Financial Planning (25%)

A. Personal Finance

1. Time Value of Money Principles

2. Statement of Assets and Liabilities

3. Cash Flow Management

4. Debt Management

5. Investment Planning

6. Education Planning

7. Health Care & Disability Planning

B. Retirement

1. Capital Sufficiency

2. Investment Strategies

3. Wealth Accumulation & Distribution

4. Social Security & Other Programs

5. IRAs

6. Qualified and non-Qualified Plans

7. Income Needs & Sources

C. Insurance

1. Life Insurance

2. Long Term Care Insurance

3. Disability

4. Annuities

5. Health Insurance

6. Property/Casualty Insurance

7. Insurance Company, Product, and Intermediary Selection Criteria

D. Transfer Assistance

1. Wealth Transfer During Lifetime

2. The Flow of Property at Death

3. Business Succession Planning

4. Planning Documents

5. Planning Considerations

6. Charitable Giving Strategies

7. Special Needs Planning

E. Financial Modeling

1. Risk Assessment

2. Asset Allocation

III. Tax Law & Planning (25%)

A. Income Tax

1. Individuals

2. Fiduciaries

3. Charitable Trusts, Private Foundations, and Split Interest Trusts

4. Business

B. Transfer Tax

1. Gift Tax

2. Estate Tax

3. Generation-Skipping Transfers (GST)

IV. Investment Management (20%)

A. Economics and Markets

1. Gross Domestic Product

2. Interest Rates

3. Inflation & Employment

4. Government Fiscal Policy

5. Monetary Policy

6. International Influences

7. Market Operations

8. Currency

B. Portfolio Management Theories and Concepts

1. Modern Portfolio Theory

2. Equity Investment Management Approaches

3. Fixed Income Investment Management Approaches

4. Hedging Strategies

5. Risk Management

6. Total Return

C. Types of Investments/Selection & Analysis

1. Equities

2. Fixed Income

3. Convertible Securities

4. Mutual Funds

5. Common Trust Funds

6. Closely-Held Businesses

7. Real Estate & Farms

8. International

9. Nontraditional

10. Master Limited Partnerships

11. Stock Options

12. ETFs

13. Oil, Gas & Minerals

14. Commodities & Precious Metals

D. Client Objectives & Constraints

1. Investment Objectives

2. Risk Tolerance

3. Time Horizons

4. Tax Considerations

5. Current vs Future Objectives 6. Investment Restrictions & Preferences

7. Asset Allocation

E. Performance Measurement

1. Time-Weighted vs. Dollar-Weighted

2. Risk Adjusted

3. Benchmarks & Indicies

V. Ethics (5%)

A. Advisory

1. Unauthorized Practice of Law

2. Conflict of Interest

3. Confidentiality

4. Undue Influence

5. Related Parties

6. Client Competence/Capacity

B. Fiduciary

1. Duty of Loyalty

2. Breach of Trust

3. Trust Officer as Beneficiary

4. Personal Liability

5. Self Dealing

6. Gifts to/from Clients & Vendors

C. Business Development

1. Business Solicitation

2. Compensation Arrangements

D. Investment

1. Insider Information

2. Equal Treatment of Accounts

3. Directed Brokerage

4. Disclosures

5. Prudent Investor Standard

E. Other

1. Relationship with Other Professionals

2. Fraud Prevention
Certified Trust and Financial Advisor (CTFA)
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Certified Trust and Financial Advisor (CTFA)
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Question: 440
A person purchased a share of Acme.com common stock exactly one year ago for $45.
During the past year the common stock paid an annual dividend of $2.40. The person sold the
security today for $85. What is the rate of return the firm has earned?
A. 5.3%
B. 194.2%
C. 88.9%
D. 94.2%
Answer: D
Question: 441
A set of possible values that a random variable can assume and their associated probabilities
of occurrence are referred to as __________.
A. Probability distribution
B. The expected return
C. The standard deviation
D. Co-efficient of variation
Answer: A
Question: 442
A statistical measure of the variability of a distribution around its mean is referred to as
__________.
A. Probability distribution
B. The expected return
C. The standard deviation
D. Co-efficient of variation
Answer: C
Question: 443
The weighted average of possible returns, with the weights being the probabilities of
occurrence is referred to as __________.
A. Probability distribution
B. The expected return
C. The standard deviation
D. Co-efficient of variation
Answer: B
Question: 444
Which of the following statements regarding covariance is correct?
A. Covariance always lies in the range -1 to +1
B. Covariance, because it involves a squared value, must always be a positive number (or
zero)
C. Low co-variances among returns for different securities leads to high portfolio risk
D. Co-variances can take on positive, negative, or zero values
Answer: D
Question: 445
Total portfolio risk is __________.
A. Equal to systematic risk plus non-diversifiable risk
B. Equal to avoidable risk plus diversifiable risk
C. Equal to systematic risk plus unavoidable risk
D. Equal to systematic risk plus diversifiable risk
Answer: D
Question: 446
It is a market condition normally associated with investor optimism, economic recovery, and
expansion; characterized by generally rising securities prices.
A. Bear market
B. Bull market
C. OTC
D. Dealers market
Answer: B
Question: 447
______________ is a condition of the markets typically associated with investor pessimism
and economic slowdown; characterized by generally falling securities prices.
A. Bear market
B. Bull market
C. OTC
D. Dealers market
Answer: B
Question: 448
A person who buys and sells securities on behalf of clients and gives them investment advice
and information is called:
A. Stockholder
B. Account executive
C. Financial consultant
D. All are one and the same
Answer: D
Question: 449
A broker is:
A. Far more than a salesperson
B. Mostly interested in his own commission
C. May not be socially known
D. Can trade your stock without your permission
Answer: A, B
Question: 450
A broker who, in addition to executing clients transactions, offers a full array of brokerage
services is:
A. Full-service broker
B. Discount broker
C. Online broker
D. OTC broker
Answer: A
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Financial Certified test - BingNews https://killexams.com/pass4sure/exam-detail/CTFA Search results Financial Certified test - BingNews https://killexams.com/pass4sure/exam-detail/CTFA https://killexams.com/exam_list/Financial What is a Certified Financial Planner (CFP) and what do they do? No result found, try new keyword!To earn their certification, CFPs have to: Complete extensive coursework in financial planning specialties Pass a six-hour test that tests them in eight core subjects they are likely to come across in ... Wed, 20 Dec 2023 08:06:00 -0600 en-us text/html https://www.msn.com/ What is a financial consultant?

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Wed, 03 Jan 2024 10:00:00 -0600 en text/html https://www.consumeraffairs.com/finance/what-is-a-financial-consultant.html
Edward Jones' Wangen receives Certified Financial Planner certification

Dec. 27—Financial Advisor Jaclyn Wangen of the financial services firm Edward Jones in Austin, has received the Certified Financial Planner or CFP, certification, granted by the Certified Financial Planner Board of Standards (CFP Board).

Becoming a CFP professional expands a financial advisor's knowledge base in the following areas:

* Financial management

* Tax-sensitive investment strategies

* Retirement savings

* Insurance planning

* Education planning

* Estate Considerations

In addition to the education and examination components of certification, Wangen also has committed to abiding by the CFP Board's Code of Ethics and Standards of Conduct.

Wangen's office is located at 1405 15th Ave NW in Austin. She and branch office administrators Mary Flaherty and Shelby Hullopeter can be reached at 507-437-7601. You can also visit her website at www.edwardjones.com/jaclyn-wangen.

Wed, 27 Dec 2023 20:18:00 -0600 en-US text/html https://www.aol.com/edward-jones-wangen-receives-certified-031800485.html
Vaillancourt becomes a Certified Credit Union Financial Counselor

BANGOR – Acadia Federal Credit Union is pleased to announce that collections officer, Kate Vaillancourt, has successfully finished the required coursework and test to become a Certified Credit Union Financial Counselor.  

CCUFC designation is earned through the Credit Union National Association Financial Counseling Certification Program eSchool and demonstrates proficiency in critical financial counseling skills and concepts. The program is designed for credit union staff who work in financial counseling, collections, and loan departments, to help Boost the financial well-being of credit union members. 

The demand for expert assistance is significant, particularly as many individuals confront uncertain economic futures. Vaillancourt’s expertise will be used to assist Acadia FCU members facing financial challenges and guide them toward greater financial stability. This may ultimately help reduce delinquencies and increase adoption of credit union products and services, while showcasing the distinctive advantages of credit union membership.

“Kate’s recent certification is more than just an individual achievement; it embodies our mission of creating exceptional experiences that enrich the lives of our members,” said Acadia FCU Executive Vice President, Joey Cannan. “With each stride we make in professional development, we draw closer to providing unparalleled resources and support to our community, always aiming to elevate the standards of excellence.”

To earn the CCUFC designation, Vaillancourt completed a combination of educational objectives and passed the required exam. She will keep her financial counseling knowledge current by recertifying every three years. 

Acadia FCU is committed to offering continuous educational opportunities, empowering our team to excel in their respective roles and provide meaningful guidance to our members.

With a rich history dating back to 1963, Acadia Federal Credit Union is the culmination of seven smaller community credit unions and proudly serves Aroostook, Penobscot, Hancock, Washington, and Piscataquis counties. With eight branch locations, over 16,000 members, and assets exceeding $327 million, our mission, “Creating exceptional experiences to enrich your life,” guides our dedication to delivering top-tier support and financial solutions, while contributing to the vibrancy of our communities. Discover how our member-owned financial institution can enhance your financial journey by visiting acadiafcu.org.

Fri, 22 Dec 2023 07:31:00 -0600 en-US text/html https://www.bangordailynews.com/2023/12/22/bdn-maine/vaillancourt-becomes-a-certified-credit-union-financial-counselor/
Virginia wins ‘A’ grade for financial literacy courses; high school teachers recognized

Live within your means. Contribute to your 401k immediately. Create an emergency savings fund, because there will be a rainy day.

Those are among the tips that high school students in Hampton Roads hear from financial literacy teachers.

Those tips appear to be paying off, at least on course exams that show high pass rates for students at several area schools, including in Newport News and Chesapeake.

Teachers and schools across the area recently received awards for their high student pass rates on the W!SE Financial Literacy Certification Test.

For about a decade, Virginia has required that all high school students take a financial literacy class. This year, the state was one of seven given the top “A” grade on a “report card” from the Center for Financial Literacy at Champlain College, in Burlington, Vermont, for requiring a personal finance course before graduation.

Tina Shorter, from Woodside High School in Newport News, was among those from the area receiving a Gold Star Teacher Award because at least 93% of her students passed the certification test.

Shorter said she’s glad that the financial literacy class is state mandated, adding that it can be life-changing.

“Everybody that’s in my generation or a little bit younger made so many mistakes,” Shorter tells her students, because they did not learn financial literacy while in school. This class is about trying to help students avoid some of those mistakes.

Many of the lessons are eye opening, Shorter said. “Some students don’t know how much groceries are.”

Shorter said the class covers various topics, including credit, money management, insurance and investments. Some of her students also are able to help their parents and families with personal finances after taking the class.

David Thaw, a teacher at Chesapeake’s Grassfield High School, said the class makes students more “financially savvy” as they leave high school.

“They’re prepared to live on a budget, to live within their means and hopefully to get off to a really good start in their financial journey,” he said.

Grassfield won the Platinum Star Award from W!se for achieving a 90% student pass rate in the certification course for the second consecutive year.

Thaw said that the class includes games that feature scenarios and simulations to help students understand some of the more complex subjects, such as the stock market.

Nour Habib, nour.habib@virginiamedia.com

Thu, 28 Dec 2023 23:20:00 -0600 Nour Habib en-US text/html https://www.dailypress.com/2023/12/29/virginia-wins-a-grade-for-financial-literacy-courses-high-school-teachers-recognized/
Solon pushes ‘no permit, no exam’ ban

Rep. Marissa Magsino of the OFW party-list group has pushed for the enactment of the proposed “No Permit, No test Prohibition Act.”

Magsino, the principal author of the bill in the House of Representatives, made the appeal after the measure had been approved in the bicameral conference committee.

Magsino stressed the proposed No Permit, No test Prohibition Act is a significant step toward promoting equitable access to education.

“By allowing disadvantaged students to take exams without financial barriers, the legislation ensures that education remains accessible to all, regardless of economic challenges,” Magsino said.

Magsino also expressed her appreciation to her fellow lawmakers, advocates, and stakeholders who contributed to the crafting of this policy.

“I am grateful for the collaborative efforts that have led to the passage of this legislation. The No Permit, No test Prohibition Act reflects our commitment to inclusivity in education and addresses the challenges faced by students in times of crisis or financial hardship,” Magsino added.

The measure contained in Senate Bill 1359 and House Bill 7584 imposes sanctions on private elementary and high school educational institutions that will bar learners from taking scheduled periodic examinations due to unsettled financial obligations.

Under the provisions of the Act, disadvantaged students, certified as such by the Department of Social Welfare and Development (DSWD), who are unable to pay tuition and other fees due to calamities, emergencies, and other justifiable reasons, shall be allowed to take periodic and final examinations.

However, schools may require the submission of a promissory note and retain the credentials of the student until the financial obligation is fully settled. In a balanced approach, schools may also voluntarily permit students to take examinations and release credentials even with outstanding financial obligations without the need for DSWD certification.

The No Permit, No test Prohibition Act applies to all public and private basic, higher education institutions, and technical-vocational institutions offering long-term courses exceeding one year.

The Act not only recognizes the diverse circumstances that students may face but also encourages educational institutions to play a proactive role in supporting their students during challenging times, Magsino said.

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Fri, 05 Jan 2024 00:10:00 -0600 en-US text/html https://manilastandard.net/news/national/314404889/solon-pushes-no-permit-no-exam-ban.html
Using generative artificial intelligence as a financial tool

As the New Year approaches, many people are addressing financial resolutions. But a significant number of Americans feel like they’re behind on achieving their money goals.

About 80 percent of Americans didn’t increase their emergency savings this year, according to a recent Bankrate survey. Nearly one-third of households (32 percent) have less emergency savings now than at the start of 2023.

Generative AI has emerged as a useful tool for financial advice, offering consumers a free way to receive customized guidance on everything from creating a budget to managing an investment portfolio.

Key takeaways

  • Generative artificial intelligence (AI) is a technology that picks up patterns and uses that information to create content, including financial advice.

  • Americans are becoming more comfortable with using AI tools to help manage their personal finances and achieve financial goals.

  • Financial advisors are also incorporating generative AI into their services to streamline tasks like research, stock market analysis and generating reports.

AI financial advice data and statistics

Despite a strong economy, many Americans are struggling to achieve their financial goals as 2023 comes to a close.

Nearly half of Americans are struggling to be financially secure, according to a Bankrate survey. Still, many of the Americans surveyed are optimistic about their financial future — 46 percent of Americans who don’t feel financially secure believe that they will someday.

About 2 in 5 Americans (41 percent) surveyed blamed insufficient retirement funds as the primary factor fueling their feelings of financial insecurity. Building an emergency savings fund is another common aspiration, yet 60 percent of Americans feel they’re behind on meeting this goal, too.

More people are now turning to AI platforms, like ChatGPT, as a cost-effective way to manage their finances. The public debut of ChatGPT in November 2022 has boosted consumer awareness of AI’s potential: The chatbot currently has over 100 million users and the website generated 1.6 billion visits since June 2023.

Americans and their financial goals

For many Americans, their financial landscape feels like a battlefield — an on-going struggle to save for major life events while combating rising prices.

While inflation is down significantly from the summer of 2021, interest rates remain at their highest level in more than 15 years. From buying a car to purchasing a home to paying down credit card debt, consumers are feeling the impact of broader economic factors on their bottom line.

Americans feel behind in achieving their financial goals due to a variety of factors:

  • 57 percent of Americans who have not increased their emergency savings since the beginning of 2023 blame rising prices and inflation.

  • 56 percent of Americans who are employed believe they’re behind on retirement savings, according to a September Bankrate poll.

  • 73 percent of aspiring homeowners cite affordability as their primary obstacle keeping them from owning a home, according to a Bankrate report.

For Americans struggling to get ahead, AI offers a way to obtain personalized advice and financial information at home for free.

“AI can be a useful tool to understand how to organize basic finances like budgeting, saving, and paying down debt,” says Stephanie Genkin, a certified financial planner and founder of My Financial Planner, LLC in Brooklyn, New York. “While not always 100 percent reliable, it’s a great place to start to gain financial literacy.”

AI financial tools

In the not-so-distant past, managing money often meant sitting down with a financial advisor or conducting your own in-depth research. Information wasn’t always readily available — or free.

Flash forward to today, when the financial industry is experiencing a digital revolution. Consumers now have access to easy online banking, handy budgeting apps and even robo-advisors that use complex algorithms to help with investing.

While these advancements make money management more convenient and accessible, the advice they offer — if any — is often generic.

That lack of personalized guidance is changing with artificial intelligence, specifically AI chatbots. These digital assistants offer the potential to fill the gap between individuals struggling with financial goals and the guidance they need to achieve those goals.

Platforms like ChatGPT offer more than just casual conversations with a robot. They provide access to financial planning information and insights once only available for a fee from an advisor.

One big advantage of AI is its ability to analyze vast data sets quickly. AI can review your income, expenses, savings, investments and financial goals, offering advice tailored to your unique situation. Users can also get guidance on creating a budget or understanding insurance products.

Other AI-driven financial tools include:

  • Automated budgeting and expense tracking

  • AI-driven investment platforms for smart investing

  • Personalized financial planning tailored to your goals

  • Debt management strategies

  • Improving financial literacy

Screenshot of someone using chatGPT

Consumers are also getting more comfortable with the idea of AI-integration in financial planning. In fact, nearly 1 and 3 investors would be comfortable using generative artificial intelligence to receive financial advice, according to a report by CNBC.

However, it’s crucial to note that while generative AI can be a valuable tool, it can’t replace human judgement. Sure, AI can analyze large amounts of data, but it’s not going to provide you with specific investment recommendations. Certain aspects of your financial life still require a more nuanced approach.

Also, OpenAI, the company that developed ChatGPT, warns that the chatbot “sometimes writes plausible-sounding but incorrect or nonsensical answers.”

For consumers, AI can enhance financial decision-making but it can’t replace it. Experts recommend finding a reliable source to vet information provided by a chatbot.

“I wouldn’t make any big financial decisions without also speaking to a fiduciary,” says Genkin.

Keep in mind:While AI chatbots are efficient tools for time-saving activities, some of the content generated can be unreliable or outdated.

How AI can be used in financial advising

Consumers aren’t the only ones using AI to manage money.

For years, financial firms have utilized the technology for everything from fraud detection to credit scoring. As generative AI evolves, more financial advisors are finding new ways to incorporate the technology into their workflows to streamline everyday tasks such as research, stock market analysis and report generation.

Jeremey Finger, a certified financial planner and founder of Riverbend Wealth Management in Myrtle Beach, South Carolina, says he thinks chatbots can be an efficient tool for advisors by helping them simplify tasks like drafting emails to clients.

“I think the danger, especially for clients, lies in assuming the information it provides is true,” says Finger. “It also can’t ask a client thoughtful follow-up questions. It only works off the information you put in.”

For example, if someone with a disability or terminal illness fails to input those details into a chatbot, the advice they receive won’t be tailored to their needs.

“To assume AI is taking those things into consideration is poor judgement,” says Finger.

How to choose the right financial advisor

Robo-advisor: A type of automated financial advisor that provides algorithm-driven portfolio management and investing services with little to no human intervention.

Financial advisor: A professional who is paid to offer financial advice to clients. They typically offer guidance on retirement, personal finances and investments.

Rather than turning to AI chatbots, there are other options available if you need personalized financial guidance, including traditional advisors and robo-advisors.

The rise of AI has seen a parallel surge in the popularity of robo-advisors. While not a new concept, robo-advisors have become more sophisticated with the integration of AI, offering users a cheaper and more convenient way to invest.

But creating a comprehensive financial plan involves more than a data-driven investment strategy. Selecting the right financial advisor, whether human or AI-driven, is an important step in achieving financial goals.

Not everyone needs to work with a human advisor, but doing so provides valuable insight and context you might not get with generative AI or even a robo-advisor. Estate planning, which involves drafting legally-binding documents to pass along your assets after you die, is one example of a complex situation that warrants speaking to a human advisor.

But how do you select the right financial advisor? Here are a few tips:

  • Look for a fiduciary: A fee-only fiduciary is a professional that’s ethically bound to work in your best interest — not the interests of insurance companies or financial institutions. They’ll provide unbiased, personalized advice that you can trust.

  • Check their designations: Certain designations carry more weight in the financial planning industry than others. A certified financial planner, for example, must complete at least three years of experience, pass a rigorous test and maintain on-going education.

  • Understand their fee structure: Advisors can get compensated in several ways. Make sure you understand how an advisor is paid and that the price fits your budget.

  • Ask questions: Interview several advisors before making your decision. When you meet with potential advisors, ask about their experience and inquire about specific cases they’ve handled. Pay attention to their communication style and transparency.

If you need expert guidance when it comes to managing your money or planning for retirement, Bankrate can help you get matched with a financial advisor in minutes.

Frequently Asked Questions

  • What is a financial advisor?

    A financial advisor provides guidance to help clients manage their money and plan for their financial future. They help track, manage and balance investments as well as offer advice on subjects like retirement planning, insurance, buying a home and budgeting.

  • What is generative AI?

    Generative AI is a branch of artificial intelligence that involves machines creating content — such as text, images or videos — based on patterns and information learned from massive datasets.

    Generative models, like ChatGPT, produce human-like responses and can assist in a range of tasks, including financial planning.

  • How do I achieve financial goals?

    While the process of achieving financial goals looks a little different for everyone, there are three general steps to follow: Clearly define your goal, identify your time frame and monitor your progress.

    You can set yourself up for success by making your goals specific, measurable and achievable. For example “I want to make more money” isn’t a specific goal, but “I want to increase my salary 30 percent over the next three years” is.

    Once you’ve defined your goal, don’t just set it and forget it. Designate specific times to check your accounts and make adjustments as needed. It’s generally recommended to review your progress at least once a month for short-term goals and once or twice a year for long-term goals.

Mon, 25 Dec 2023 20:00:00 -0600 en-US text/html https://www.aol.com/using-generative-artificial-intelligence-financial-110001948.html
View | Becoming a Certified Fellow in ERM (CFIRM): My story from a student to qualified CRO

Early in the 1980s, when Board Toppers were pursuing Electronics Engineering, I took inspiration from their success and began my own educational journey to become an Electronics Engineer. After completing my degree in engineering, I started my career in the CAD/CAM domain, which had various applications across different industry segments.

In 1990, after completing my engineering degree and starting work, India was navigating through severe economic challenges. When I completed my MBA in Finance in 1995, the financial sector was experiencing a downturn, and the overall market conditions were extremely challenging. At that point, I started exploring sectors that could be a sunrise industry for the future. During this phase, I learned about the Government of India’s efforts to open the insurance sector to private players. While interacting with experts in the field, I stumbled upon the term 'risk management', which was then considered synonymous with plant or factory risk management. I was convinced that there’s a risk in everything we do, and it applies to every business or domain, irrespective of the industry or sector.

After extensive research, I came across the Institute of Risk Management (IRM), headquartered in the UK, that offered the leading global certifications in Enterprise Risk Management (ERM) along with professional designations recognised world over. The subjects, course outline, and coverage of all areas of risk beyond finance or insurance caught my attention, and I enrolled in the IRM examinations. The course material was unique and captivating, with a focus on building a strong foundation on risk concepts, the process of ERM, risk-based decision-making, risk identification, risk analysis, and most importantly, developing a risk culture. As part of the course, candidates also had to submit a caselet for a company by identifying and analysing risks in detail. The case study submission was assessed based on formal examination. I was fortunate to clear the Associateship test of the IRM in 1997 and was conferred the title AIRM, which was later upgraded to the Certified Fellowship, i.e., the CFIRM designation.

After completing my PGDBA in Finance, I secured a job at a Non-Banking Finance Company (NBFC). My learning journey continued as I had the opportunity to work in various areas of the financial services sector. Moreover, I was asked to prepare for a Joint Venture with a leading Insurance Firm worldwide as a Steering Committee member.

While serving as a Steering Committee member for the Insurance JV, I enrolled in and completed the Insurance Exams conducted by the Insurance Institute of India and the IRM. This helped me fulfil my responsibilities more effectively. I also briefly worked at a bank leading the Bancassurance initiative and started taking exams from the Indian Institute of Bankers.

I got my first big break in ERM when I joined the world's leading insurance broking firm as a consultant providing risk services. If it weren't for all the studies I had done in the past, the qualifications I had gained, and in particular the IRM certification, I would never have been able to get the job or deliver on risk consulting services. While working in the risk management consulting area with a Big Four firm, I gained exposure to different forms of risk management services, including enterprise-wide risk solutions, physical risk management, insurable risk analysis, contractual risk analysis, project risk, business continuity planning (BCP), and disaster recovery planning (DRP).
My risk management skills improved significantly when I transitioned from a consultant facilitating risk management to a hands-on risk manager as qualified Chief Risk Officer (CRO) in a corporate setting. I have held CRO positions in infrastructure, oil and gas and engineering design and project management consulting firms. As a CRO, I gained insight into both qualitative and quantitative aspects of risk management. This enabled me to assist management in making informed decisions across various areas, such as bids, projects, business continuity planning, financial decisions, contractual risks, etc.

When working on any risk assignment, I can bring diverse skills and knowledge, including engineering, financial analysis, insurance, banking, contractual expertise, economics, and more. This is due to the qualifications and experience I have gained in these domains, allowing me to tackle any challenge with confidence and efficiency.

How my company has benefited from my IRM certification and Fellowship in ERM:

I started my career in risk management as a consultant and without the IRM’s ERM qualifications, I would not have been in a position to start delivering on engagements from day one without any company training. While working with organisations in the infrastructure sector, I could resonate with and implement all the learnings from the IRM’s materials. This allowed me to create deliverables which speeded decision making by the respective Management. I could develop customised frameworks for Bid Risk, Project Risk, Qualitative and Quantitative risk management, Business Continuity Planning, Linkage to Strategy and more. The quality of my deliverables enhanced my positioning in the organisation. Today, I am a part of the Executive Management Committee which is an apex body of the organisation and I actively participate in areas of management decision making. Besides, my interaction with fellow risk managers from different companies also helps us benchmark our risk practices to bring an outside-in perspective to the organisation. We could bring the concept of ‘No Surprises’ to a larger set of employees as a part of the process of building risk culture in the organisation through customised training programs in our endeavour to ‘Make everyone a Risk Manager’.

Key success factors for a CRO of the future: Based on my experience, I believe that the following is essential:

  • The CRO should have the right mix of education and industry experience and the IRM’s pathway to Fellowship is the gold standard for ERM professionals.
  • The CRO should have 'skin in the game' on every engagement and be involved in every key decision referred to management. This will ensure the CRO has a 'seat at the table' as part of the management committee.
  • The CRO should be exposed to various risk management techniques, governance issues, diverse business/services, and risk regulations.
  • The CRO should work on building a risk culture across the organisation through Business/Function Risk Officers, thereby creating future leaders who think about breadth aspects in addition to their areas of expertise.
  • The CRO should be aware of global developments, industry updates, geopolitics, economic aspects, etc. Strong corporate connections, networking, and a broad studying spread are key.
Over time, the IRM Certification has expanded with a well-structured track from Level 1 to Level 5 or Stage 1 to 5, which students and professionals can pursue to gain a comprehensive understanding of international frameworks (like ISO 31000 and COSO 2004 and 2017), risk identification techniques, scenario planning, horizon scanning, evaluation of emerging risks, risk appetite and tolerance, risk treatment, risk reporting and communication, business continuity planning, internal audit and assurance, and corporate governance. Since I had cleared the Associateship test 25 years ago, I got an opportunity to apply for Fellowship through the Senior Executive Route (SER). My application was thoroughly reviewed based on my credentials, management-level experience, references, and other factors. I was awarded the Certified Fellow of the Institute of Risk Management (CFIRM) title, and I was also among the first to complete the IRM’s Digital Risk Management Certification test in collaboration with Warwick University.
Through a formal training process conducted by experts from IRM, I have now become an Assessor for the SER route. It has been an amazing journey of learning, deploying, and sharing my knowledge. Now, I am giving back to my alumni as the Chair of the India Regional Group that manages member relations while the IRM India Affiliate continues to grow the IRM community in India. In my journey of overseeing the key governance pillar of ERM for the organisations I have worked with, I have gained immense benefits.

Career Tips for aspiring students and professionals

  • Acquire knowledge from all possible sources to be a successful Risk Manager – formal education from IRM, industry specific experience, different types of risk management and areas, studying about organisations (both success and failure stories), networking with peers from within the organisation and outside
  • Read about experts from various fields or reach out to them by participating in various forums and seeking inputs / guidance.
  • Read the Annual Reports of companies, specifically the Risk Management Disclosures section, that gives an idea of the company’s business, management processes and top risks.
  • Use platforms like LinkedIn to reach out to employers, collaborate with alumni, showcase your qualifications / certification / experience to potential recruiters.
  • Your passion for the subject should be infectious and it should influence the stakeholders you deal with.
As the world becomes increasingly complex, getting risk-intelligent irrespective of any career and having formal knowledge of ERM can help one anticipate, prepare for, and deal with uncertainties in scaling a business, climbing in a corporate job, or starting a new venture. Therefore, ERM as a field and career option is universally applicable and will continue to proliferate personally and professionally. My best wishes go out to all young business and risk enthusiasts who wish to become risk intelligent in any domain or sector and aspire to build their careers in one of the most promising areas in the times to come.

The author Rajeev Tanna is CFIRM, Head of Risk Management and Internal Compliance, at Tata Consulting Engineers Limited.

Tue, 26 Dec 2023 00:48:00 -0600 en text/html https://www.cnbctv18.com/views/view-becoming-a-certified-fellow-in-erm-cfirm-my-story-from-a-student-to-qualified-cro-18650341.htm
Ghanaian Man Becomes Certified Public Accountant, Earns Master’s Degree All In 1 Year
  • A Ghanaian man has triumphed over the Certified Public Accountant (CPA) Exam, conquering all four sections with excellence
  • Over the past year, Nana Owusu Ansah Doe navigated significant life changes, including a job transition and the pursuit of a master's degree in Financial Economics
  • He became a state-licensed Insurance Agent, showcasing a diverse skill set in the financial sector and dedication to professional growth

Nana Owusu Ansah Doe has successfully conquered the challenging Certified Public Accountant (CPA) Exam, passing all four sections with flying colours.

Over the past 12 months, Nana Owusu Ansah navigated significant life changes, including a job transition and pursuing a master's degree in Financial Economics, where he achieved an outstanding 3.967 GPA.

In a post he shared on Twitter, he indicated that the journey didn't stop there for him, who also attained state licensure as an Insurance Agent, showcasing a diverse and expanding skill set in the financial sector.

Ghanaian Man Becomes Certified Public Accountant, Earns Master’s Degree All In 1 Year
A collage of Nana Owusu Ansah Doe and one of the two certificates he earned in two years Photo credit: @AlfOwusu Source: Twitter
Source: Twitter

Despite the numerous commitments, Nana Owusu Ansah demonstrated unwavering dedication to professional growth and excellence.

Comments on Nana's post

Friends, family, and colleagues have applauded Nana Owusu Ansah's achievements, recognising the significance of obtaining a CPA certification in finance and accounting. Read some of their reactions below:

@ClintonEleto said:

Congrats bro. Send momo make we cello for you here.

@Derrick_Ayim10 wrote:

HARD GUY.. CONGRATULATIONS

@readJerome said:

Fantastic accomplishment. Congrats!

@Opokuduke wrote:

Congratulations chief

@staksottieGH said:

Congrats, bro... @awere_jnr @wen_dell_now we have licensed insurance agent in AMELIKAAA

@josh_muesi wrote:

Eii all 4 in 12 months. Chale congrats bro

Ghanaian Man Conquers Academic Heights With Back-To-Back Master's And Law Degrees

In another story, Alhassan Duani Amin earned an MSc in Energy and Sustainable Management and a Bachelor of Laws degree within two days from KNUST.

His remarkable dedication to education is evident in his third post-graduate certificate, showcasing expertise in energy and sustainability, while the LLB degree sets the stage for potential contributions to the legal field.

Admitted to the Ghana School of Law, he aspires to be called to the Bar in the near future.

Source: YEN.com.gh

Wed, 03 Jan 2024 00:18:00 -0600 en text/html https://yen.com.gh/education/248719-ghanaian-man-certified-public-accountant-earns-masters-degree-1-year/
Edward Jones' Wangen receives Certified Financial Planner certification

Dec. 27—Financial Advisor Jaclyn Wangen of the financial services firm Edward Jones in Austin, has received the Certified Financial Planner or CFP, certification, granted by the Certified Financial Planner Board of Standards (CFP Board).

Becoming a CFP professional expands a financial advisor's knowledge base in the following areas:

* Financial management

* Tax-sensitive investment strategies

* Retirement savings

* Insurance planning

* Education planning

* Estate Considerations

In addition to the education and examination components of certification, Wangen also has committed to abiding by the CFP Board's Code of Ethics and Standards of Conduct.

Wangen's office is located at 1405 15th Ave NW in Austin. She and branch office administrators Mary Flaherty and Shelby Hullopeter can be reached at 507-437-7601. You can also visit her website at www.edwardjones.com/jaclyn-wangen.

Wed, 27 Dec 2023 10:00:00 -0600 en-US text/html https://news.yahoo.com/edward-jones-wangen-receives-certified-031800039.html




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