While studying for my CMFAS exams, I had two surprises.
My first surprise was that the CMFAS syllabus requires students to study the rules on who is required to take the CMFAS exams. This is an examinable topic.
'Well, now, isn't that silly?" I thought. "If you are already studying for the CMFAS exams, surely you must be required to take them."
My second surprise came shortly thereafter. While studying this topic, I discovered that I am not actually required to take and pass the CMFAS exams. In other words, these exams should not be compulsory for me.
Generally if your job is to provide "financial advisory services" to the average client in Singapore, you will need to take the exams. But:
(1) most of my clients are not even in Singapore,
(2) they are all "accredited investors", in other words, sophisticated investors with high net worth, not your average HDB grandmother ; and
(3) I do not advise my clients on anything.
My typical client is a hedge fund or a bank. In fact, every document that I send to my client contains "big boy" language. In this industry, "big boy" language means language that makes it clear that both sides are sophisticated parties; both sides are able to understand and assess the risks for themselves; and neither side is advising nor relying on any advice from the other side.
But since I have already been registered for the CMFAS exams, I'll just take them anyway. Even. Though. I. Really. Shouldn't. Have. To.
This is annoying.