Financial Planning Education Is Now More Vital
KUALA LUMPUR, May 26 — The Malaysian Financial Planning Council (MFPC) signed a Memorandum of Agreement (MoA) today with MAHSA University, recognising the University as one of MFPC’s education providers.
As of May 2022, a total of 25 public and private universities in Malaysia are listed as MFPC education providers, enabling undergraduates of these universities to obtain an affiliate MFPC qualification and more importantly, be equipped with sufficient financial planning knowledge to practise effective financial planning in their own lives.
Further, the qualification will enable them to pursue careers in the financial planning sector, thus enlarging the pool of qualified financial advisors, necessary to equip Malaysians with much-needed financial education and advice.
MFPC’s RFP and Shariah RFP designations are approved qualifications for individuals embarking on careers in personal financial advisory.
The designations are approved by Bank Negara Malaysia for the application of the Financial Adviser’s Licence (FAR) and by Securities Commission for the Capital Market Services Representative’s Licence (CMSRL).
Financial Planning standards
The RFP and Shariah RFP programmes are also accredited by the Finance Accreditation Agency (FAA), an agency set up by the regulators and that is responsible for certifying the standards and quality of professional learning and development in the financial services industry.
At the event, MFPC President, Vincent Kwo, states, “One of the key learnings of the Covid-19 pandemic for all segments of Malaysian society is the importance of financial resilience. When economies were muted and businesses were forced to be closed, many had poor financial buffers and did not have what we term ‘emergency savings’.
“As the pandemic taught us, longer and sustainable emergency savings is required both for individuals and businesses, debunking conventional wisdom of the 6 months’ of emergency savings requirement”.
Assoc. Prof. Alla Kesava Rao of MAHSA says, MAHSA University is always aligned to the Malaysian government’s initiatives and is committed to create competent financial professionals through this agreement.
Ever since its inception in 2004, MFPC has worked towards developing the financial planning profession through our professional education programmes and introducing several initiatives and projects to raise the financial literacy of Malaysians from all walks of life.
The Council’s free financial literacy programme, My Money and Me, is among our flagship initiatives to this end.
The negative impact of the Covid-19 pandemic on the finances of Malaysians is clear as seen by the number of individuals who have had to tap into their retirement funds just to survive. Effective Financial Planning education is obviously an important factor in transforming the financial well-being of Malaysians, empowering them to withstand financial shocks.
Malaysian Financial Planning Council
The Malaysian Financial Planning Council (MFPC) was set up in in 2004 with the objective of promoting nationwide development and enhancement of the financial planning profession.
Its mission now includes raising the financial literacy of all Malaysians by being at the forefront of raising Malaysians’ financial literacy.
This reflects our corporate social responsibility to the rakyat and the nation and underscores our initiatives to meet the crucial need to elevate financial knowledge among Malaysians, many of whom are struggling to meet everyday living needs.