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Building a Solid Foundation: The Benefits of Studying Financial Planning at TMC Academy Singapore

Updated: May 3

If you enjoy working with individuals to enable them to achieve their goals and enjoy the finance area, studying Financial Planning at TMC Academy provides the ideal qualification for you to succeed in this role.

As a Financial Planner, you are the professional who assists people with preparing a financial plan that covers all aspects of their financial needs, including retirement and insurance planning. However, financial planning isn’t just all about calculations and numbers. To be a skilled financial planner, you need excellent communication skills to understand clients' needs.

This means the Financial Planner's role is meaningful and a profession with real opportunities for growth in Singapore.

Building a Solid Foundation: The Benefits of Studying Financial Planning at TMC Academy Singapore

Why Financial Planning is a growth profession

There are several reasons why Financial Planning is and will continue to be an in-demand profession in Singapore.

Rising Retirement Age

In 2026, Singapore will raise the retirement age from 63 to 64, giving workers who want to work longer statutory protection. The re-employment age will likewise increase from 68 – 69, meaning companies must offer eligible staff re-employment until that age.

This change will affect primary industry sectors that employ people aged 65 and older, such as wholesale and retail trade, administrative and support services, accommodation and food services and manufacturing.

The change to retirement age is due to longer life expectancy and the lack of people in the workforce.

With the rising retirement age, more people will require financial planning assistance to enable them to plan for the more extended period within the workforce as well as life post-retirement and how to prepare for contingencies such as ill health.

The pace of life

Many Singaporeans are too busy with daily life to have the time or energy to read, learn, and set aside the necessary time to plan for their financial well-being in the long term.

St James’s Place Wealth Management Asia estimates that 41% of Singaporeans do not have a financial plan. This means financial planners can add value by providing trusted and professional advice to help people cover their financial needs.

Rising Cost of Living

Singapore has a high cost of living. Between 2014 and 2019, it was ranked as the world’s most expensive city to live in (mainly for expats). The average core inflation rate over the past 20 years has been 1.52%.

With the rising cost of living, having a sound financial plan becomes necessary.

Given these factors, studying financial planning at TMC makes good sense.

Studying Financial Planning at TMC Academy.

The Certified Financial Planner (TM) is the most desired and respected global certification for Financial Planners who want to demonstrate their commitment to competent and ethical financial planning.

TMC Academy is an Education Partner with the Financial Planning Association of Singapore [FPAS] and provides the six training modules necessary to receive FPAS Awards.

There are three Certifications that a person can achieve.

Preparatory Course for Associate Financial Planner Examination (AFPCM)

To be eligible for this Award, a person must complete:

Module 1

Foundations in Financial Planning.

This module takes four months to complete on a full or part-time basis.

Preparatory Course for Associate Wealth Planner Examination (AWPCM)

There are three modules a person must complete.

Module 1

Foundations in Financial Planning

Module 4

Investment Planning

Module 5

Retirement Planning

These modules take four months to complete studying full-time or eight months on a part-time basis.

Preparatory Course for Certified Financial Planning Examination (CFP®)

At this level, a student must complete all six modules.

Module 1

Foundations in Financial Planning

Module 2

Risk Management and Insurance Planning

Module 3

Tax Planning and Estate Planning

Module 4

Investment Planning

Module 5

Retirement Planning

Module 6

Financial Plan Construction and Professional Responsibilities.

Completing these modules takes eight months full-time or twelve months part-time.

Further details of the technical skills and competencies within these six modules can be found on the TMC website.

Institute of Banking & Finance Certification

In addition to the Financial Planning Association of Singapore, there is also The Institute of Banking and Finance (IBF).

IBF is Singapore's national accreditation and certification body for financial industry competency. Its role is to administer regulatory examinations for the Monetary Authority of Singapore and manage industry examinations such as the Client Advisors Competency Standards and Financial Markets Regulatory and Practices Certificate Programme.

What is IBF Certification?

IBF Certification is an industry-endorsed mark of quality for finance professionals in Singapore. It is awarded to practitioners with the required skills for the selected industry segment and function. Finance professionals who are IBF Certified are expected to uphold the values of professional excellence, integrity, and commitment to the industry.

There are several advantages to the Financial Planner being recognised by IBF. These advantages are:

Industry Recognition

IBF Certification is a mark of quality for finance professionals recognised by the industry. Depending on the level of certification granted by IBF, certified individuals use the professional certification titles IBF Qualified (IBFQ) or IBF Advanced (IBFA).

Networking opportunities

IBF Certification provides networking opportunities with fellow professionals and industry leaders who have been granted the IBF Fellows or IBF Distinguished Fellows Award.

On-going training and skills development opportunities

IBF Certified professionals can access ongoing training to acquire new skills and participate in recognised courses for CPD hours.

Students who

  • complete the TMC courses.

  • have the requisite industry experience and

  • fulfil the required number of Technical Skills and Competencies for their selected job role,

can apply to IBF for Certification.

With only 41% of Singaporeans having a financial plan and more people staying in the workforce for longer, there is an immediate and ongoing need for industry-recognised Financial Planners. For people who enjoy and have skills in the finance industry and in assisting people in achieving their goals, now is a great time to study Financial Planning through TMC Academy.

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