as part of the new safeguards to protect retail investors, a new test, namely the capital markets and financial advisory services examination module 9a (M9A) for insurance agents marketing life insurance products has been introduced by the monetary authority of singapore.
this test applies to those who join the industry from next year but existing agents have been given the dateline by june 2013 to pass it.
the test will be based on the knowledge and understanding of the advantages and risks in structured products, especially structured investment-linked policies (ILPs), and covers a variety of derivatives in the market, both on-the-exchange and over-the-counter.
those who are exempted from the test must have a degree or higher qualification in finance, financial engineering or computational finance, or have chartered financial analyst (CFA) qualification awarded by the CFA Institute. i reckon a minority will have the specified higher qualifications and therefore, the majority …