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Exam Code: CVA Practice test 2022 by team
CVA Certified Valuation Analyst (CVA)

Certified Valuation Analyst® (CVA®) Determine, Defend, and Maximize Company Value™

Business valuation is the "Gold Rush" of the century. 10 million small businesses will change hands over the next 10 years. Could you confidently advise your clients if they came to you faced with these issues?
An opportunity arises to sell or merge the business.
They are faced with transitioning the business to family members or other partners.
They are looking to expand the business and need to secure capital.
They are taking on new partners and need to determine buy-in price.
They are reaching retirement and considering an exit strategy.
Business partners or shareholders are exiting, requiring the business to be divided or dissolved.
They are embroiled in financial litigation.
They want to focus energies to grow company value.

Establish your authority in matters of value! Bolster your reputation with your clients. Enhance your credibility within the business community. Demonstrate competency to the courts that you can articulate business value.

A. Purpose for business valuation 0.5%
1. Financial accounting
2. Tax valuations
3. Litigation
4. Merger and acquisition
B. Standards of value 1.5%
1. Definitions of standards of value, including
a) Fair market value (U.S. based definition as starting point)
b) Statutory fair value
c) Financial reporting fair value
(1) IFRS
(2) U.S. GAAP
d) Investment (strategic) value
e) Intrinsic (fundamental) value
2. Relationship between purpose of the valuation and standard of value
C. Premise of value 0.5%
1. Going concern
2. Assemblage of assets
3. Liquidation (orderly or forced)
D. Principles of value 1.0%
1. Value is determined as of specific point in time
2. Value reflects prospective cash flow
3. Value reflects the level of risk into the rate of return
4. Value is influenced by liquidity
E. Levels of value 0.5%
1. Lack of control (minority vs. control)
2. Marketable vs. non-marketable
3. Strategic and investment value
A. NACVA Standards 1.5%
B. Ethical considerations 1.0%
C. Communicating and reporting analysis and results 1.0%
D. Roles of the valuation analyst in litigation services 1.0%
A. Defining the engagement 1.0%
1. Valuation date and its importance
2. Structure of the entity
3. Interest being valued
4. Purpose and objective of valuation
5. Standard of value and premise of value
6. Conflict checks
B. Engagement Letters 1.0%
1. Purpose
2. Content
C. Acceptance 1.0%
1. Experience
2. Staffing
3. Expectations
A. International Sources of Data 1.5%
B. Economic Environment 1.5%
1. Macro-environment
2. Micro-environment
3. Relationship of economic activity to the valuation
C. Industry background 3.0%
1. Economic data
2. Structure, trends, and life cycle
3. Market and competitive analysis
D. Company background 3.0%
1. Company structure and ownership
2. Site visit and interviews with key personnel
3. History and nature
4. Economic data (cost structure, pricing power, marginal analysis)
5. SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats)
A. Financial statements 4.5%
1. Source (audited/reviewed/compiled/tax returns/internal)
2. Number of years to obtain
3. Common size
4. Trend analysis
5. Ratios
6. Comparative analysis
a) Specific company
b) Industry averages
B. Adjustments to financial statements 4.5%
1. Normalizing
a) Control vs. non-control
b) Discretionary
c) Reasonable compensation analysis
d) Extraordinary/non-recurring
2. Operating vs. non-operating items
3. Off-balance sheet and unrecorded items
C. Statistical Analysis 3.0%
1. Measures of central tendency (arithmetic, harmonic, geometric means)
2. Measures of dispersion (including variance and standard deviation)
3. Statistical strengths of numerical relationships (including covariance, correlation, coefficient of determination, and coefficient of variation)
4. Linear regression
D. Types of benefit streams and selection 3.5%
1. Selection of appropriate time periods (including mid-year convention)
2. Selection of appropriate type of income/cash flow
3. Growth assumptions
a) Trend line projected
b) Constant
c) Erratic
d) Level
e) Declining growth approaches
E. Historical vs. projection based on considerations
F. Relating effects due to economic/industry events and trends
G. Pass-through entities – tax effecting of the benefit stream
A. Income approach 10%
1. General theory
2. Defining applicable income/cash flow
3. Sources of data
4. Capitalization vs. discount rates
5. Commonly used methods
a) Discounted economic income/cash flow method (DCF) (multi-stage model)
(1) The method is applied using cash flow available to invested capital
(2) The method is applied using cash flow available to equity
b) Capitalized economic income/cash flow method (CCF), including Gordon Growth
Model (constant growth model)
(1) The method is applied using cash flow available to invested capital
(2) The method is applied using cash flow available to equity
c) Excess earnings (cash flow) method
d) Dividend paying capacity
B. Market approach 8.0%
1. General theory
2. Commonly used methods
a) Transactions in subject companys stock
b) Transactions/sales of companies similar to subject
(1) Guideline public companies
(a) General theory
(b) Selecting guideline companies
i) Sources of data
ii) Size adjustments
(c) Equity vs. invested capital (including multiples)
(d) Selection of appropriate time periods
(e) Selection of appropriate multiples
i) Adjusting for growth, size, and company specific risk
(2) Guideline merged and acquired companies
(a) General theory
(b) Sources of data/relevant transactional databases
(c) Consideration of the selection of data points
C. Asset Approach 6.0%
1. General theory
2. Sources of data
3. Commonly used methods
a) Book value
b) Net tangible value
c) Adjusted net asset method (intangible and tangible assets)
d) Excess earnings method
e) Liquidation method (forced or orderly)
4. Identifying and valuing intangible assets
a) Approaches and methods
b) Estimated life
c) Impairment
5. Off-balance sheet and unrecorded items (including tax issues)
D. Sanity Checks 2.0%
1. General theory
2. Sources of data
3. Commonly used methods
a) Industry formulas (“Rules of Thumb”)
b) Justification of purchase
E. Reconciliation of indicated values 2.0%
A. Capital asset pricing model (CAPM) 6.0%
1. Risk free rate
2. Equity risk premium
3. Beta (ß) including un-levered and re-levered
B. Build-up method and Modified CAPM 5.5%
1. Risk free rate
2. Equity risk premium
3. Beta (ß) including un-levered and re-levered
4. Size risk premium
5. Industry risk premium
6. Company specific risk
7. Long-term sustainable growth
8. Other
C. Weighted average cost of capital 4.0%
D. Converting after tax risk rates to pre-tax rates 1.0%
E. Other recognized methods (e.g. Gordon Growth, Arbitrage Pricing, Fama- French Three Factor, Market Multiples, Risk Rate Component Model) 1.0%
A. Levels of value and effect on discounts and premiums 2.0%
1. Synergistic value
2. Control value
3. Non-controlling, marketable value
4. Non-controlling, non-marketable value
B. Adjustments for Control Issues 3.5%
1. General theory
2. Sources of data
3. Ownership characteristics
4. Magnitude
5. Relationship to how benefit stream is defined
C. Adjustments for Marketability Issues 3.5%
1. General theory
2. Sources of data
3. Ownership characteristics
4. Restrictions on transferability
5. Magnitude
6. Models
D. Discounts and premiums—understanding the empirical studies 2.0%
E. Subsequent events 1.0%
F. Other valuation discounts and adjustments (e.g. Key Person, Blockage, Restrictive Agreement, Lack of Voting, Lack of Liquidity, Contingent Liabilities) 1.0%
A. Intangible assets 2.0%
B. Debt securities 0.5%
C. Convertible securities 0.5%
D. Preferred stock 0.5%
E. Stock options 0.5%
F. Voting vs. Non-voting stock 0.5%
G. Professional vs. practice goodwill 0.5%
H. Other special purpose valuations (e.g. Fair Value, Mergers and Acquisitions, Pension Benefits, Insurance policies) 0.5%
Total 100%

Certified Valuation Analyst (CVA)
Financial Certified Topics
Killexams : Financial Certified syllabus - BingNews Search results Killexams : Financial Certified syllabus - BingNews Killexams : CFP Board to Review Competency Standards for Certified Financial Planners

The CFP Board plans to launch its first-ever comprehensive review of competency requirements for Certified Financial Planners, a process that could result in changes to professional standards for the nearly 94,000 professionals who hold the coveted CFP credential.

A volunteer commission will review competency standards.

Courtesy of CFP Board

The board, which administers the credential, says it is forming a commission to conduct the review next year. The commission will evaluate competency standards for advisors seeking to get the CFP credential as well as ongoing education and other requirements for existing CFPs.

“As the professional organization that sets, administers, upholds and enforces competency and ethical standards for CFP certification, the CFP Board has the obligation to ensure that its certification requirements remain valid, reliable and legally defensible for the benefit of the public,” CFP Board CEO Kevin Keller said in a statement.

The commission will be composed of volunteers, including some from the financial planning industry, according to the CFP Board. It will review a variety of topics, such as continuing education credits for advisors who do pro bono service.

“The Competency Standards Commission will look at not only the appropriateness of each requirement, but also at how the requirements work together to ensure financial planning competency,” Dan Moisand, CFP Board chair-elect, said.

The CFP credential has become the most sought-after among advisors, particularly those who are new to the profession. The board said that 3,204 candidates took the test to become a CFP during the most recent testing window; 64% passed. About one-third of candidates were under age 30, according to the CFP Board. The next exams will be held in March.

Write to Andrew Welsch at

Tue, 13 Dec 2022 10:41:00 -0600 en-US text/html
Killexams : 25 Ways to Strengthen Your Financial Situation in 1 Hour

Money is a complex topic, with thousands of books, websites, and podcasts dedicated to covering some aspect of the subject. It can also evoke a strong emotional response. Feelings of embarrassment, shame, frustration, anger, and more can keep people from addressing their financial situation.

Due - Due

One solution is to carve up financial strategies into small, simple tasks. The following 25 tasks can all be implemented and completed within an hour, which means they’re non-threatening and easy to do. Crossing a few off your list will help you feel more confident and save some money.

1. Create a simple budget

A simple budget can help you identify not only how you currently spend your money but also ways in which you can change those spending habits and practices for better financial results. Budgeting your money and allocating funds to existing expenses helps you keep more of your money in your pocket or account. Adhering to that budget helps ensure you don’t run out of money by the end of the week.

2. obtain a budget app

Given the practicalities of modern daily life, it’s usually more convenient to use an app to create, maintain, check, and adhere to your budget, as opposed to pencil and paper. Some of the top-rated budgeting apps for Android and iOS devices include Mint, YNAB (You Need a Budget), EveryDollar, and PocketGuard. Still, you should definitely take a look at independent reviews with app screenshots to find the one that best meets your needs and preferences.

3. Review your budget

Budgets should be flexible, living documents that change as your life and work evolve. Take some time to review your budget and update it to make sure it still aligns with your goals and to ensure you’re living within your means.

4. Negotiate a higher salary

How long has it been since you got a raise at work? Resolve to negotiate for higher pay within the next 30 days. Start by creating a short script you can use to begin negotiations with your current employer. List out your accomplishments and supporting data, and practice delivering that request in a confident, straightforward manner.

5. Create or update your estate plan

Nobody wants to think about death and dying, but it’s a part of life. Don’t leave your family and loved ones in a precarious financial position. Ensure your wishes are carried out by making sure you’ve got an updated will and estate plan. If you need some help, make an appointment with a local trusts and estates lawyer who can talk you through your options and make sure your documents comply with applicable laws in your state.

6. Learn something new

Invest in yourself by taking a class or reading a book on a personal finance topic. What don’t you know? What are you curious about? If you’re not sure what the stock market is, or if you want to learn more about cryptocurrency and blockchain, find a great resource to teach you.

7. Start an emergency fund

Ideally, we should all have anywhere from three to six months’ worth of living expenses, but you can start more simply. Open a new account and put a few dollars in, then make a plan to add to it over time to cover unexpected costs. Resolve not to touch it outside a true emergency, such as an unanticipated medical expense or car repair bill that would take more money than you currently have on hand.

8. Automate your finances

You may have already enrolled in direct deposit. If not, contact your employer’s finance or HR department to make that change. Then talk to your bank about ways you can automate a contribution to your savings account from each paycheck. You can also look for bills that will let you sign up for automatic monthly payments. That way, you’ll know your financial situation well and won’t have to wonder if you’re late with a bill.

9. Save on your credit card payments

Making credit card adjustments can be an easy way to Strengthen your financial situation. Credit cards are notorious for high-interest rates, but even if you think you’re getting a good deal, it pays to double-check. Call your card issuer and ask for a lower interest rate on your account, or shop around for better deals. That way, you’ll be paying less each month for your purchases.

10. Create a savings plan

If you’re not already regularly putting some money aside on a regular basis, deliver some thought to doing this now. Look at your budget and figure out how much you can afford to put aside. Then open up a savings account at your bank and pledge to put aside a certain percentage of every paycheck (or client payment, if you’re a freelancer) into that account.

11. Review your insurance policies

It’s easy over the years to get talked into buying too much insurance, but it’s also equally simple to not carry enough insurance. For home, auto, health, and other policies check your coverage and usage and make sure they’re appropriate for your circumstances. Read the fine print. You might also want to look for less expensive alternatives.

12. Cancel subscriptions

A quick and easy way to Strengthen your financial situation is to eliminate subscriptions. Netflix, Hulu, subscription boxes, personal care membership programs, and more can easily put a sizable dent in your disposable income. The individual payments seem so inconsequential and small, but together they can really add up. Look through your subscriptions and memberships, then cancel any that you no longer use or that you can live without.

13. Look for better loans

Whether it’s a mortgage, car loan, personal loan, or another type of loan, maybe you can do better. Take some time to research your options and shop around for lower rates. If you have a solid credit rating and payment history, you might be able to qualify for a much better deal.

14. Renegotiate your cell plan

Cell phone plans can quickly become bloated with unanticipated fees and extras. Call your mobile carrier and attempt to negotiate a better deal on your cell phone plan. If that doesn’t work, shop for a better deal from a different carrier, then port your existing number over to the new account.

15. Sell your stuff

Almost everyone has unused clothing, toys, books, and more, taking up space. Why not list these items for sale on an auction site? Alternatively, set them aside and pick a date for a garage sale.

16. Place an ad for a roommate

Whether you’re renting or purchasing your home, housing expenses likely take up a large percentage of your monthly income.

So it stands to reason that anything that can reduce your mortgage or rent payment each month would save you a substantial amount of money each year. With rents rising across the nation, lots of folks are looking for more affordable accommodations.

If you have an extra bedroom or another room that can be turned into a habitable living space, why not look for someone who needs a place to live and who can pay a reasonable amount of rent?

17. Swap out your light bulbs

Utility payments can easily impact your financial situation. And with inflation driving up costs across almost all financial sectors, including electricity, it’s smart to think of ways to reduce your monthly bill. You can always turn off lights in rooms you’re not occupying and unplug appliances and products when not in use.

Additionally, if you’re using standard light bulbs, replace them with LED bulbs to save on your electricity bill. LED light bulbs are about 75% more efficient, and they last up to 25 times longer than standard bulbs.

18. Start a side gig

What specific skills have you accumulated over your life? Chances are, at least one of them could earn you some extra money and boost your financial situation. Freelance content writing, social media management, graphics, podcast editing, affiliate marketing, and more can all be the basis for your side hustle. Check other websites and digital opportunities to create additional revenue streams if you’re not interested in formally launching a full-time business.

19. Trim your grocery bill

Inflation is making almost everything we buy more expensive. Look at your usual weekly shopping list and then try to identify places where you can choose more economical options. Consider using these tactics:

  • Shop for store brands and other less expensive options.
  • Choose less expensive cuts of meat.
  • Plan vegetarian or vegan meals a few nights a week to save on meat.
  • Resolve to leave less leftover food and use everything you buy to cut down on waste.
  • Pay attention to serving sizes.
  • Clip coupons.

20. Look for help with overspending

If overspending is a problem for you, the first step in conquering it is to admit the problem exists. The next step is to look for resources that can help you get your compulsive shopping under control. There are books available, as well as mental health counseling services through sites like Better Help.

21. Bump up your retirement savings to Strengthen your long-term financial situation

Arrange with your employer’s benefits manager to increase your retirement savings contributions by 1%. If you don’t already have a retirement savings vehicle, begin the process of starting one by researching your options. If you’re self-employed, look into options like the SEP IRA and the solo 401(k).

22. Open a 529 plan for your child

If you have children, consider opening a 529 plan to help fund college or other educational expenses. It’s a great savings vehicle for families as it offers tax-free growth and withdrawals, as long as the withdrawals are for qualifying educational expenses.

23. Check your credit reports

Every US citizen gets one free copy of their credit reports from each of the three major reporting agencies—TransUnion, Experian, and Equifax. Don’t be swayed by commercial services and online ads; make sure you use the official US website,

24. Dispute credit report errors

Creditors make mistakes sometimes, and when those mistakes find their way onto your credit report, the negative impacts can be serious and substantial. That’s why it’s so important to carefully check your reports on a regular basis. If you find an error, dispute it with the credit reporting agency.

25. Look for unclaimed money

Old tax refunds, pension accounts, life insurance proceeds, and more can all mean free money for you. Whether due to a move, a name change, or some other life change (or just a simple mistake on the part of the issuer), you may have unclaimed funds out there waiting for you.

Small Steps Can Yield Big Improvements

Improving your finances doesn’t need to be a huge, scary monster lurking in your closet. Choosing simple, straightforward tasks that you can complete in an hour or so will help you achieve a sense of accomplishment and control over your finances. That can, in turn, help fuel other financial improvement strategies in the future.

The post 25 Ways to Strengthen Your Financial Situation in 1 Hour appeared first on Due.

Thu, 01 Dec 2022 00:00:00 -0600 John Boitnott en text/html
Killexams : How To Become A Financial Advisor: Education, Skills And Certification How To Become A Financial Advisor: Education, Skills And Certification © Getty How To Become A Financial Advisor: Education, Skills And Certification

Financial advisors provide individuals and companies with guidance on syllabus like mortgages, estate planning, investments and retirement. They take a big-picture view of clients’ income and expenses to help plan for budgeting goals related to significant life events, such as higher education, marriage and retirement.

Though some financial advisors report that their work can be stressful, these professionals earn relatively high salaries and enjoy an encouraging job outlook. This guide explores how to become a financial advisor, including requirements for education, experience and licensure.

What Is a Financial Advisor?

Financial advisors help clients meet short-term and long-term financial goals through careful consideration of clients' income, liabilities, investments and expenses. These professionals interact with clients of all income levels to assist with a broad range of goals, such as making timely mortgage payments or taking on significant expenses like higher education.

Financial advisors assess their clients’ financial health to understand their liabilities and risk level in meeting financial goals. Advisors then use this analysis to forecast trends and funding availability.


Day-to-day job duties for financial advisors may vary based on their chosen client base. When working with individuals or families, these advisors help prepare for events like marriage, retirement, attending college and having children. Financial advisors also educate their clients in areas like budgeting, taxes and insurance.

When working with organizations, financial advisors typically handle investment portfolios. They help companies raise funds through stocks, bonds and other investments. Financial advisors also monitor accounts to stay up to date on any changes, making adjustments and suggestions as necessary.

Salary and Job Outlook

The U.S. Bureau of Labor Statistics (BLS) reports that financial advisors earn a median annual salary of $94,170"nearly $50,000 more than the median for all occupations. According to the BLS, the lowest-earning 10% of financial advisors make under $47,450, which is still higher than the national median salary of $45,760 across all occupations.

The BLS projects employment for financial advisors to grow by 15% from 2021-2031, which is three times the average projected growth for all occupations nationwide.

Skills for Financial Advisors

An individual should possess the following key skills if they plan to become a financial advisor.

Analytical Skills

Financial advisors analyze large data sets from multiple sources and draw conclusions from their findings. Along with hard numbers, these professionals must assess ongoing trends and economic shifts to identify the best pathways for their clients.

Communication Skills

Financial advisors deliver complex information to stakeholders who may not have familiarity with technical terms. Communication skills are key in providing findings and guidance in a clear, easily understandable way.

Interpersonal Skills

Finances can present stressful situations for clients. As such, personal advisors must be honest, trustworthy listeners and speakers who project confidence in their advice.

Math Skills

Perhaps above all, financial advisors must have strong math skills so they can present accurate data to their clients.

Sales Skills

Though financial advisors often find full-time employment within organizations, many work independently as consultants and contractors. Self-employed financial advisors must know how to market themselves to grow their client base.

How to Become a Financial Advisor

Earn a Bachelor's Degree

Hiring managers typically seek financial advisors with business administration bachelor's degrees or undergraduate degrees in other subjects like mathematics or social science. Bachelor’s programs generally take four years to complete, though some schools offer accelerated options. Some employers require master’s-level education for more advanced roles.

Gain Experience

To develop experience, current students and recent graduates can seek internships with finance companies. Entry-level financial advisors receive on-the-job training from senior-level professionals in areas like creating portfolios and networking with clients. Developing familiarity and mastery of financial advisory tasks is key to advancing in the field.

Obtain Any Necessary Licenses

Depending on their line of work, financial advisors may need specific licenses for professional practice. For example, professionals who offer advice on certain investments or who buy and sell stocks for clients must earn securities licenses. When researching a specific line of financial advisory work, make sure to consider any necessary licenses that career path might entail.

How to Become a Certified Financial Planner

Certified Financial Planners (CFPs)® typically complete several years of professional experience as financial advisors before pursuing formal CFP credentials. While the term “financial advisor” covers a broad array of professionals, CFPs perform more specific tasks for their clients. CFPs have also completed additional education to further their mastery of the finance field.

Complete Education Requirements

Along with earning a bachelor’s degree, each prospective CFP must complete specific college-level coursework. Individuals can often take these classes at their current institutions as part of a bachelor’s program. Alternatively, certain professional credentials can fulfill these requirements.

Complete Required Work Experience

To qualify for CFP credentials, a candidate must have 6,000 hours of relevant professional experience, which amounts to about two years of work. Alternatively, a candidate may complete 4,000 hours of supervised apprenticeship work, which must meet more stringent content requirements.

Pass the CFP exam

The CFP certification test entails 170 multiple-choice questions, split into two three-hour sections. As of 2022, the CFP Board reports a 66% pass rate for this exam. Experts suggest that each candidate should spend about 250 hours preparing for the exam.

Frequently Asked Questions (FAQs) About How to Become a Financial Advisor

How many years does it take to become a financial planner?

At a minimum, it takes about six years to become a certified financial planner. Along with earning a bachelor’s degree, CFPs must have about two years of professional experience and pass an exam.

How do I become a financial advisor?

To become a financial advisor, start by earning a bachelor’s degree in business, social science, statistics or mathematics. Completing an internship while earning your degree can help you network with potential employers.

Fri, 02 Dec 2022 11:45:00 -0600 en-US text/html
Killexams : Private Banker: Career Path and Qualifications

Private bankers work in the private banking divisions of large retail banks, in investment banks and in wealth management firms. They provide personalized financial services primarily to high-net-worth individuals (HNWIs). In essence, private bankers are personal financial advisors for the very rich.

Below is a look at the field, what the work entails, and what the qualifications are to become a private banker.

Key Takeaways

  • Private bankers work at large retail or investment banks, or wealth management firms, providing specialized services to the ultra-wealthy.
  • Private bankers define financial goals with clients, develop a plan to execute the goals with the firm's other experts, then build and manage the client's portfolio so as to try and reach those goals.
  • Many private bankers start as entry-level financial analysts or financial advisors before moving on to becoming private bankers.

What Private Bankers Do

Private bankers meet with clients to define investment goals and then work with financial analysts and other professionals in the firm to create individualized investment strategies to meet those goals.

After defining a strategy, private bankers execute the strategies by selecting appropriate mixes of securities and investment products for the client portfolios, which they then manage and adjust on a continual basis.

In addition to investment advising and portfolio management services, many private bankers oversee deposit and cash management services, credit and lending services, tax planning services, trust services, retirement products, and annuities and insurance products.

Many private banking divisions in large banks handle virtually all aspects of clients' finances. A private banker often works with relatively few clients to provide the focus and personalized service that private banking clients often demand. In some firms, private bankers focus on managing client portfolios while relationship managers handle other client needs.

The largest private banks in the U.S. are Morgan Stanley, Bank of America Merrill Lynch, JPMorgan Private Bank, Citigroup, and Goldman Sachs.

Career Path

Many private bankers begin working in entry-level financial analyst positions in wealth management firms, banks, brokerages or other organizations in the securities industry. Many financial analysts study stocks, bonds, and other securities to produce financial plans, analytical reports, and recommendations for private bankers, portfolio managers, and other senior investment professionals in the firm. With experience and a record of high performance, a financial analyst specializing in investments can rise into a private banker position.

Other professionals in the field begin working as personal financial advisors serving retail clients at banks and other financial services firms. Personal financial advisors do much of the same work that private bankers do, but they typically deal with clients who do not have the wealth to justify the cost of the highly personalized services private bankers typically offer. A record of success as a retail-level advisor can lead to a position as a private banker.

$83,800 to $111,800

According to, $83,800 to $111,800 is the average range of annual base pay plus fees, bonuses, and commissions for an intermediate private banker.

Educational Qualifications

A bachelor's degree in a business discipline or another relevant subject is a basic qualification to work as a private banker. However, in most cases, a bachelor's degree must be combined with substantial work experience to qualify for a position in this field.

Most employers prefer to hire experienced candidates with master's degrees in business disciplines such as finance, accounting or business administration. Many employers also look for experienced job candidates who have graduate degrees in mathematics, statistics or law. Coursework in subjects such as taxation, risk management, investing, and financial planning are especially valuable to prospective private bankers.

Other Qualifications

Many employers seek private bankers with one or more professional certifications relevant to the field. The chartered financial analyst (CFA) designation, awarded by the CFA Institute, is one of the most widely respected professional certifications for investment professionals. It is available to candidates who have at least 4,000 hours of qualifying experience, completed in 36 months.

The certified financial planner (CFP) designation, awarded by the CFP Board, is another highly regarded certification common among private bankers. The CFP designation requires 6,000 hours of qualifying professional experience or 4,000 hours of apprenticeship experience.

The certified trust and fiduciary advisor (CTFA) designation, awarded by the American Bankers Association, is designed for trust and wealth advisors. There are several paths to the CTFA designation; the shortest path requires three years of wealth management experience and completion of an approved training program. Each of these certifications requires candidates to pass one or more examinations.

Private bankers typically must obtain appropriate licenses from the Financial Industry Regulatory Authority (FINRA), which is responsible for oversight of securities firms in the United States. Many private bankers require Series 7 and Series 63 licenses. Other licenses may be required, depending on the position. Private bankers who intend to deal with life insurance, variable annuities, and related products may also require appropriate licenses from their local state insurance boards.

Thu, 01 Dec 2022 10:00:00 -0600 en text/html
Killexams : Adviser Product Partnerships

Schwab Advisers Gain Access to Envestnet’s Cloud-Based Billing System

Independent Schwab financial advisers now have access to Envestnet’s cloud-based billing solution called Redi2 BillFinsolution.

Advisers that are part of Schwab Advisor Solutions can now use Envestnet’s billing solution for capabilities including flexible billing setup, standardized templates and reminders and alerts, the companies said.

“Our enhanced integration with BillFin further demonstrates the depth and breadth of our third-party technology capabilities, enabling advisers to choose and combine technology that best meets their needs,” Kartik Srinivasan, head of third-party integrations at Schwab Digital Advisor Solutions, said in a press release.

The BillFin system is currently used by more than 670 advisory firms and is designed to help in areas including operational efficiencies, identifying and plugging fee leaks and simplifying user experience and workflow to minimize errors and shorten billing cycles.

AICPA and CIMA Launch ESG Fundamentals Certificate for Accountants

AICPA and CIMA, which together run the Association of International Certified Professional Accountants, are offering a new certificate focused on environmental, social and governance (ESG) reporting and assurance. The associations said the growing demand for ESG data from investors, lenders, customers and policymakers makes ESG a high-priority category for accountants.

The Fundamentals of ESG Certificate is geared toward CPAs, management accountants such as CGMAs and finance professionals looking to obtain baseline knowledge of ESG topics. The course takes nine hours and graduates will get a digital badge they can display on their online profiles, the associations said.

“Business reporting and the underlying concepts of enterprise value are evolving rapidly, and no group is more essential to instilling trust and integrity into that process than accountants,” Susan S. Coffey, CIMA’s CEO of public accounting, said in a press release.

The program will include:

  • Identifying the key aspects in each area of environmental, social and governance
  • Recognizing the expectations of investors and the impact on business
  • Assessing the responsibility of businesses for key ESG issues
  • Recognizing the business case for implementing sustainable practices
  • Identifying the role of the accounting and auditing profession in sustainability
  • Recognizing the current sustainability reporting frameworks and reporting requirements

ShareBuilder 401k Waives Plan Setup Costs in December for Small Businesses

Digital retirement plan provider ShareBuilder 401k is waiving 401(k) plan setup pricing for all new clients during December.

Sharebuilder said that from December 1 through December 22, companies with more than one employee can save up to $995 in setup costs by starting a small business 401(k) plan, and self-employed business owners can start a solo 401(k) plan without paying the standard setup charge of $150.

“Running a small business can be especially challenging during this period of economic uncertainty,” Stuart Robertson, CEO of ShareBuilder 401k, said in a press release. “We want to help entrepreneurs keep more of their hard-earned money by making it easier for them to start a 401(k) and receive all the benefits.”

BMO and United Way Partner on Free Financial Literacy eBook

BMO has partnered with United Way Worldwide to offer a free financial literacy eBook aiming to help bridge the financial literacy gap among Americans. The digital resource addresses financial syllabus with tips to help people make real financial progress, including budgeting, debt and credit management, digital banking, homeownership, loans and retirement planning, the organizations said.

For the last two years, BMO and United Way have collaborated to identify ways to enhance communication with consumers and ensure financial information and guidance is provided in an easy-to-digest format. Included in the partnership was a joint survey that found an overwhelming number of United Way clients were interested in additional financial literacy help.

A recent BMO Real Financial Progress Index survey found that financial confidence is declining, with only 39% of Americans stating they feel more financially secure than they were a year ago—down 11 points since last year. Meanwhile, 54% of Americans said they are making financial progress—down 8 points from last year—and 25% do not track financial progress at all.

UBS Partners with Addepar and Mirador on Wealth Analysis for Ultra-High-Net-Worth Investors

UBS launched a wealth analysis and reporting platform for ultra-high-net-worth investors in partnership with software and technology providers Addepar and Mirador. The platform provides a consolidated, real-time view of a portfolio across assets and liabilities, including traditional, non-traditional and illiquid assets, the firms said.

UBS financial advisers will have access to the platform’s analytics, which are designed to help them visualize their clients’ investment performance, cash flows and worth, while assessing the opportunities and risks across their portfolios.

Addepar’s data, analysis and reporting capabilities will also help UBS advisers consolidate clients’ performance calculations presented in a graphic interface to unlock additional insights on returns and investment trends. As part of the Addepar system, Mirador’s financial data technology experts will support UBS advisers with data management, custom visualization and tailored reporting, as well as operations and system maintenance.

Ameriprise Financial Partners with Dalton Education on Certified Military Financial Adviser Certification

Ameriprise Financial has partnered with Dalton Education to create a first-to-market Certified Military Financial Advisor™(CMFA) certification, the companies said.

The certification is earned through a mix of training and learning development modules typically completed over the course of 40-50 hours. The program is designed to teach a deep understanding of the unique life circumstances and the benefits available to veterans, active duty military, reserve and National Guard members and their families.

CMFA certification is available exclusively to Ameriprise advisers through June 2024. After that, the certification will be available to all qualifying advisers in the industry. The program will be run with Dalton Education, an education solutions provider for financial services professionals.

Wolters Kluwer Launches Plan Design Summary Tool on

Wolters Kluwer Legal & Regulatory U.S. announced a new plan design summary  tool available on its site, the information and software solutions company said in a press release. The new tool enables retirement service plan providers to track plan installation processes and deliver recommendations to plan sponsors during installation via ftwPortal Pro, a portal that provides users with secure, two-way access to plan documents, forms and other data.

The plan design tool was designed to streamline retirement plan installations and save users time, the company said. The tool features a detailed tracking log designed to help management stay informed during various steps of the plan installation process.

The tool’s global and plan-level dashboards will enable customers to view all plans and relevant data points. Users will also be able to create unlimited plan design templates based on their service model and available plan designs.

“Having developed this tool based on customer feedback, the Plan Design Summary is designed to simplify the complex installation process, which involves many parties and several stages,” Holly Roussel-Godfrey, senior technology project and program manager for Wolters Kluwer’s, said in a press release.

Wed, 07 Dec 2022 00:29:00 -0600 en text/html
Killexams : ID Talk in Finance — Fighting Fraud Through Collaboration with Trulioo
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FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi’s product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit

Tue, 13 Dec 2022 01:46:00 -0600 en-US text/html
Killexams : Private equity certification gets critical boost

When Sacred Heart University made the snap decision to close its in-person programme in Luxembourg in May, the board of regents indicated a solution would be provided: students could complete their training remotely or switch to an HEC Liège offer.

The latter school joined forces with the Luxembourg Chamber of Commerce and the House of Training to create HEC Liège Luxembourg, which now fills that gap by offering an international MBA in the grand duchy.

This was a welcome announcement for many, including Jens Hoellermann, former SHU adjunct professor, who now will hold the same professional title at HEC Liège Luxembourg. His private equity (PE) certification course will kick off in January 2023--part of the planned expansion of offerings through the MBA programme into next year--and be similar to the one he previously ran through SHU. It will include a wide range of syllabus and guest speakers from the field, constantly adjusted to account for new market trends.

When it comes to PE, “We had a lack of talent and fierce competition [previously], but this has very much increased over the last year,” Hoellermann explains. “We see that for all actors, be they the Big Four, law firms, service providers, asset managers...”

Accreditation offered by <1% of B-schools

Participants wanting to get their PE certification are required to take Hoellerman’s obligatory PE course--worth five European credits (ECTS)--and then select from a range of other electives offered through HEC Liège Luxembourg to earn a total of 12-15 ECTS.

Such elective options include courses (ranging from two to five ECTs each) in blockchain and big data, corporate finance, financial management, mergers and acquisitions (M&A), portfolio management, fundamental investment, advanced risk management and sustainable finance.

Participants have 12 months to do so, and courses through the broader programme are flexible for those working, taking place on weekday evenings and sometimes weekends.  

What’s particularly unique about the PE certification now, as HEC Liège Luxembourg head of academy Zoltan Horvath explains, is that participants receive certification through them and the Luxembourg Private Equity & Venture Capital Association (LPEA). “But, on top of it, they receive an official document called a university certificate from the University of Liège which is a legal document,” he adds--meaning that even if those earning a certificate wish to leave the grand duchy, they should be able to have the certificate recognised or certified in other countries.

“As far as I’m aware, there’s no other kind of university certificate for PE in Europe,” Hoellermann adds. “There are a lot of courses that receive a kind of certification that you have completed the course with success and even a grade, but then on top [a certification] from a university? I’m not aware…”

Moreover, the certification--as well as the MBA programme itself--has a double accreditation: through the American organisation Association to Advance Collegiate Schools of Business (AACSB) and the European Foundation for Management Development (EFMD) Quality Improvement System, or EQUIS.“

[Fewer] than 1% of business schools have these two accreditations together,” Horvath adds. “That’s a stamp of quality, which is really powerful.”

Talent management

Both Hoellermann and Horvath are convinced having this level of certification, for both the PE certification and the MBA, in the grand duchy will be a boost not just for local PE players but for the country itself.

Horvath says such aspects should “be a key advantage for talent attraction”, but not just. “When we talk to corporate partners, we talk about the complete talent management, with three main things: talent attraction, talent development and talent retention. For a company to manage the talent, you need to have all three working together.”

A recent event held by Luxembourg for Finance was even focused on this topic. Its “Focus on skills” conference echoed these sentiments, bringing together actors from across the financial sector to tackle the challenges linked to future skills and jobs, from “green jobs” to fintech talent and more.

The challenges are even more complex, as Luxembourg can compete with other cities, like London or Paris, as graduates sometimes prefer staying in those cities. The high price of housing in the grand duchy doesn’t necessarily ease this issue either. But even within firms, there might be competition internally when a firm in one location tries pinching qualified candidates from a location where one of their other offices is based.

It’s a concern Hoellermann already had when interviewed by Delano one year ago. Even then, he was already sounding the alarm about the “fierce competition for talent” when it came to PE, but the situation has worsened over the last year, he attests. He hopes the PE certification will be one part of the solution in the skills gap.

Certification details

To earn the certificate, a participant is required to earn 12-15 European credits (ECTS). Five of these ECTS must be taken with the obligatory private equity and other alternative asset classes course, but there are a range of other electives, ranging from M&A to blockchain and big data, sustainable finance, etc.

The certification is AACSB and EQUIS accredited. Cost is €7,900 for PE certification only; coursework can then be extended for additional costs to complete an MBA. Additional programme details may be found here

This article first appeared in the December 2022 issue of Delano magazine.

Mon, 05 Dec 2022 17:12:00 -0600 en text/html
Killexams : Ask an advisor: Does my client need a financial planner or a marriage counselor?

Welcome back to "Ask an Advisor," the advice column where real financial professionals answer questions from real people. The subject can be anything in the world of finance, from retirement to taxes to wealth management — or even advice on advising.

This week, we're taking a different approach: Our question comes not from an investor, but from an advisor. A certified financial planner in Virginia tells us he's been advising a married couple to the best of his abilities, but he's beginning to wonder if their problems go beyond his purview. One spouse is handling money in a way that not only violates their financial plan, but raises questions of marital trust and honesty.

As various advisors responded, one term that came up again and again was "financial infidelity." While definitions vary, the term generally refers to a situation where someone lies or keeps secrets about money from their significant other. It's a behavior that can break relationships — according to one recent study, 42% of U.S. adults think financial infidelity is just as bad as "physical cheating."

So is this problem just about money, or something deeper? Here's what our CFP in Virginia wrote:

Dear advisors,

When do you draw the line between a couple's need for an advisor or a marriage counselor?

The example I am encountering is that I have been working with a household where we all agree on the action items of a plan, but then one spouse continues to go off and do their own thing with the household finances. I'm talking about taking out six figures in personal loans in order to place options trades to make up losses from prior options trades that didn't pan out. Our meetings started as creating a unified vision and set of goals for the family and implementing action items. Over time it has turned into navigating uncomfortable conversations when the other spouse and I find out about the personal loans at the same time. We are having more conversations about marital trust than about their finances and I am beginning to think we are at that point. I welcome your thoughts.

—Not a financial therapist

And here's what advisors wrote back:

Wed, 07 Dec 2022 14:15:00 -0600 en text/html
Killexams : Bloomberg Market Concepts: How students can Strengthen their financial literacy in under a month In today’s world, financial literacy is more important than ever. As the world goes through major economic shifts, it is imperative for people to understand how their finances will be impacted by external forces such as wars, pandemics or technological advances. However, with the help of the Bloomberg Market Concepts course, people can Strengthen their financial literacy and better prepare themselves for the unknown.

But what are the Bloomberg Market Concepts (BMC), you ask? The BMC curriculum includes various syllabus that introduce students to the world of finance. Through this online, self-paced course, students can develop financial fluency, learning in-depth about GDP, inflation, deflation, the stock market, and many pertinent topics. Most importantly, students are given access to the Bloomberg Terminal, a platform made by Bloomberg to investigate several areas of the financial market through screening for promising stocks and constructing portfolios to analyze performance.

The BMC course is extremely valuable to finance majors and anyone interested in learning about our economy. Finance majors can study the BMC to get a leg up on the competition by attaining a deeper understanding of the economy. For those not interested in finance, this course is still beneficial in many ways. By learning more about our economy, people can better understand the world around us and how money impacts nearly everything we do. The course awards students a certificate to authenticate their course completion, which can bolster their resume and lend itself to impressive conversations during interviews or daily interactions. Ultimately, such knowledge will equip BMC scholars with the ability to make smarter financial decisions.

The BMC course has many topics, but students only need to complete four modules to gain certification starting with a lesson on economic indicators. Through this topic, they’ll learn about GDP, inflation, and unemployment rates, which allow economists to make short and long-term predictions about the state of the economy. The second module includes information on different types of currencies that exist within our financial market and their interactions with one another. Next, students are guided through exercises on fixed income, focusing on the bond market, bonds, interest rates, and bond risks. Finally, the fourth module on equities ties together all of the concepts, further demonstrating the interconnectedness of business and finance. This module in particular features more information about the stock market, stock volatility, equities, absolute valuation, and relative valuation.

After completing this course myself, I look at the world differently. Before, I didn’t know much about the economy other than a few words like inflation, deflation, stocks, hedges, and bonds, but didn’t understand their functions. But now I view the world through the lens of an economist, carefully analyzing social and political transactions and their impact on financial markets across the globe.

Mon, 21 Nov 2022 19:07:00 -0600 Rishi Vridhachalam en-US text/html
Killexams : Ameriprise promotes new military certification to recruit advisors

Ameriprise says a new program it launched in May to provide certification for financial advisors to serve veterans and military families has picked up steam as brokers increasingly cater to client segments beyond just wealth tiers. 

The Minneapolis-based financial services firm partnered with Dalton Education, a provider of CFP educational materials, to create what it calls a "first-to-market" Certified Military Financial Advisor online certificate course. The credential will remain exclusively open to financial advisors at Ameriprise until June 2024, according to a press release

Advisors can expect to spend around 40 to 50 hours on the certificate. syllabus include navigating benefit programs for different military divisions, retirement, life and disability insurance, death and survivorship benefits, education benefits, divorce, the VA home loan program, pay, estate planning, healthcare providers and more. 

An Ameriprise spokesperson said in an email that as of today, 46 advisors had been certified since the launch and another 78 are in the process. 

Mike Greene, senior vice president of Financial Advice and Advisor Business Group at Ameriprise Financial Services.


"We're getting more interest every week," Mike Greene, the senior vice president of Financial Advice and Advisor Business Group at Ameriprise Financial Services, said in an interview. "We just finished some advisor training conferences, and this is one of the most popular syllabus that advisors were talking about."   

Last week, in advance of the Veterans' Day weekend, Raymond James also announced the launch of a new employee group, the Veteran Financial Advisors Network, to help advisors who are veterans in the company support each other and promote advisor careers to other veterans. 

Though wealth firms have long grouped clients by their amount of investable assets, employers competing for talent believe offerings like these will appeal to advisors seeking to develop niche areas of expertise. 

Greene said Ameriprise brought up this certification, among other opportunities, when recruiting talent and demonstrating its value proposition. "So many people want to focus on this area, and it is a valuable part of our offering," he said of the firm's resources for advising military families.  

"We want to help advisors grow their business, and we want to help them do the business the best way possible," he said. 

Sean Pearson, one of the first advisors to receive the Ameriprise certification, said in an interview that in-depth trainings like this help him stand out to clients by understanding their needs better — rather than being just a run-of-the-mill advisor using general market news to try to attract clients. 

"Every financial advisor in the industry is going to listen to a post-election, 'how does this hit back markets this week?' As a financial advisor and financial planner, I believe it's important that we become at least as much of an expert in our clients as we are in markets, politics and everything else," Pearson said. 

Sean Pearson, financial advisor and CMFA at Ameriprise.


Pearson himself is also currently serving as a major in the Pennsylvania Air National Guard, he said. He specializes in helping families affiliated with the National Guard and Reserve. However, as someone who has not experienced active duty, there are programs some of his clients need help with that he doesn't have personal experience navigating.  

"That's what the certified military financial advisor program was for me, that opportunity to gain expertise in some of the areas that I didn't experience," Pearson said. Although most of his military clients have the same core financial needs for education and planning that civilians do, "The difference is there's an extra layer of information that you really have to understand to be in the military. There's a value in working with somebody who is an expert in that."

Greene said Ameriprise has around 10,000 advisors around the country, and many live and work in military communities. Ameriprise has its own veteran employee network called VETNET, and the company has been named a military friendly employer by organizations including the military recruitment marketing firm VIQTORY, so it is already known to attract talent from those communities. Advisors may be veterans themselves or have military families among their clients.

"They're definitely interested in this, so on their own, they had to do their homework and get smart about these kinds of benefits" in the past, he said. A few years ago, to provide a resource for these advisors, Ameriprise created a handbook to guide them in advising military families. The certificate is an expansion of that effort, Greene said. 

Greene is a veteran himself, having served in active duty until he was 30, he said. When his family members began experiencing health issues likely related to their time in military service, they were uninformed of and unprepared to navigate the wide array of veteran benefits available to them. 

"This is really personal," he said.

A survey earlier this year showed that among career military members, including officers and senior noncommissioned officers, financial literacy has declined across the board, highlighting the community's need for planning services. 

"There are different benefits available to active-duty members, to the guard, to the reserve, and it can be dizzying for the average person who's just trying to live their life," Greene said. 

When a health issue arises, he said, "often the plan they had in mind is really thrown for a loop. And if we've got access to resources, where we can say, 'hey, we've put a plan in place for this, let's talk about the benefits you have available,' they're in a totally different situation."

Mon, 14 Nov 2022 01:48:00 -0600 en text/html
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