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The CWM ® Curriculum is divided into two levels. A candidate needs to appear for two exams. Details of the curriculum are given below:

RIA Level - 1

Unit 1. Introduction to Indian Financial Market
  1. Understand the macro-economic parameters of Indian Economy
  2. Understand the features of Indian Financial Markets
  3. Know the structure of Indian Financial Markets
  4. Understand the role of the participants in the Indian Financial Markets
  5. Know the role of various Regulators regulating Indian Financial Markets (In brief)
Unit 2 - Securities Market Segments
  1. Understand the nature, functions and types of issues in Primary Markets
  2. Know the role and function of Secondary Markets
  3. Understand the various types of various Corporate Actions
Unit 3 - Mutual Funds
  1. Understand the meaning and features of a mutual fund
  2. Know the key terms and concepts associated with mutual funds
  3. Know the regulatory framework for mutual funds
  4. Know the various types of mutual fund products
  5. Understand the taxation of Mutual Fund Products
  6. Know the investment options in mutual funds
  7. Know the processes associated with investing in mutual funds
  8. Understand the uses and processes of conducting systematic transactions
  9. List the benefits of investing with mutual funds
Unit 4 - Investment Products
  1. Understand the various types of small savings instruments
  2. Understand the various types of fixed income / debt instruments
  3. Know the various types of alternate investments
  4. Know the concept of direct equity as an investment option
Unit 5 - Managing Investment Risk
  1. Know the concept of Risk
  2. Know the Common Types of Risk
  3. Understand the ways of measuring risk
Unit 6 - Measuring Investment Returns
  1. Understand the concept of return
  2. Understand the various return concepts
  3. Understand the concept of compounding
  4. Know the computation of Real rate of return vs. nominal return
  5. Know the computation of Tax adjusted return
  6. Understand the concept of Risk-adjusted Returns
Unit 7 - Concept of Financial Planning
  1. Understand what constitutes financial planning
  2. Know the need for financial advisory services
  3. Understand the scope of financial advisory services
  4. Understand the business model for the delivery of financial advice to client
  5. Understand assets, liabilities and net worth
  6. Understand the preparation of budget
  7. Know the financial planning delivery process
Unit 8 - Asset Allocation and Investment Strategies
  1. Know the various Asset classes
  2. Learn about Portfolio construction
  3. Understand the concept of Practical asset allocation and Rebalancing Strategies
  4. Know the need for portfolio monitoring and re-balancing
Unit 9 - Insurance Planning
  1. Understand the need for insurance in personal finance
  2. List the requirements for a risk to be insurable
  3. Understand the role of insurance in personal finance.
  4. Know the various steps involved in Insurance Planning
  5. Know the types of Insurance Products
  6. Understand about the Life Insurance Products
  7. Understand about the Non-Life Insurance Products
  8. Understand the life insurance needs analysis (Human life approach, Needs approach)
Unit 10 - Retirement Planning
  1. Understand the retirement planning process
  2. Understand and estimate retirement corpus
  3. Determine the retirement corpus
  4. Learn about the various retirement products and their features
Unit 11 - Tax and Estate Planning
  1. Understand Income tax principles
  2. Understand Tax aspects of Investment products
  3. Learn about the Wealth Tax Act and its implication for clients
  4. Know about Estate Planning
Unit 12 - Regulatory Environment and Ethical Issues
  1. Understand the provisions of the SEBI (Investment Advisers) Regulations, 2013
  2. Understand the overall framework of the regulatory system
  3. Learn about the roles of regulators: MoF, MCA, SEBI, RBI, IRDA, PFRDA
  4. Understand the role of Self regulatory organizations
  5. Understand the provisions of PMLA, 2002
  6. Know the codes of conduct by SEBI, AMFI, etc
  7. Know the ethical issues in providing financial advice
  8. Understand investor complaint redressal mechanism

RIA Level - 2

Unit 1 - Understanding Securities Markets and Performance
  1. Know the working of equity markets
  2. Understand key equity market indicators
  3. Know the risk and return from equity investing
  4. Learn about the various tools and options in equity investing – direct, IPOs, Mutual funds and PMS
  5. Know the working of debt markets
  6. Understand debt market analytics and indicators
  7. Understand risk and return in debt investing
  8. Learn about the various debt products – saving schemes, bonds, deposits and debt mutual funds.
  9. Understand derivative markets, products and strategies
  10. Understand how derivatives can be used to hedge
  11. Know the interpretation of derivative indicators
  12. Understand the structure of Foreign Exchange Market; difference between spot and forward exchange rates; settlement periods; effect of interest rates
  13. Know calculation of forward exchange rates using: premiums and discounts; interest rate parity
Unit 2 - Knowing Operational Aspects of financial transactions
  1. Know Investor types and the acquisition process
  2. Learn about PAN, KYC and other processes
  3. Know about the processes of Dematerialisation and Rematerialisation
  4. Learn about the PoA and other agreements
  5. Understand the processes involved for account opening of NR investors
  6. Consolidating, reorganising and folio-keeping
  7. Understand the process flow in Special situations: minor turns major, NRI to RI and RI to NRI
  8. Know the Operational aspects related to joint accounts, lien, nomination, transmission
  9. Learn about the documentation required for financial advice
Unit 3 - Personal Financial Planning
  1. Learn about the computation and interpretation of personal finance ratios
  2. Understand cash flow analysis and determine surplus
  3. Understand Budgetary mechanism for households
  4. Understand contingency planning
  5. Understand about the estimation of financial goals
Unit 4 - Comprehensive Financial Planning
  1. Understanding Leverage and debt counselling
  2. Understand Interpretation of liquidity, investment and long-term needs
  3. Learn about Prioritising and Financing the financial goals
  4. Learn about Risk profiling and processes in financial planning
  5. Know about evaluating insurance needs for life and general insurance
  6. Know about evaluating choices in retirement planning
  7. Understand about the preparation and interpretation of comprehensive financial planning solutions for the household
Unit 5 - Product analysis and selection
  1. Understanding risk, return and portfolio construction principles
  2. Learn about Return targets, risk profile and optimisation
  3. Understand the impact of market cycles on asset allocation and product selection
  4. Know about evaluation and selection of equity funds, debt funds and other funds
  5. Learn about portfolio performance and  evaluate the investment alternatives
  6. Understand the evaluation of mutual fund portfolios for revisions and rebalancing
  7. Understand and Interpret the impact of elements of macroeconomic policies on asset allocation
  8. Understand behavioural biases in decision making and portfolio management
Unit 6 - Regulatory and Compliance Aspects 
  1. Understand Disclosure requirements
  2. Understand compliances related to  transactions
  3. Learn about document costing, taxation and procedures
  4. Understand Regulation relating to insurance, pension and investment products
  5. Understand Investor queries, grievance redressal, and service elements
Unit 7 - Case studies in Comprehensive Financial Advice
  1. Understand practical aspects of providing financial advice through case studies