Welcome to Our Blog Post!!
We are thrilled to share our transformative experience in the Certificate in Retirement Planning (CiRP) Program of 2023, conducted by the esteemed Malaysian Financial Planning Council (MFPC). This program was fully funded by the CMDF Scholarship and served as a Special Intake for Emzek IFP Alumni, facilitated by Emzek Academy via Aswa Advisory. We embarked on this journey to unlock financial freedom and learned about the essence of retirement planning. Join us on this exhilarating expedition.
About the Author
Meet Zahidi Ahmad, a visionary education leader and the dedicated Principal of Emzek Academy PLT. With a passion for shaping the future through education, he brings a wealth of experience and a commitment to fostering a nurturing learning environment. Zahidi is not just an administrator; he is a mentor who believes in empowering both participants and trainers. Under his guidance, Emzek Academy has become a hub of creativity and intellectual growth. Zahidi fosters a culture of collaboration, encouraging participants to explore their passions and faculty to implement innovative teaching methodologies.
Being part of the CiRP 2023 was a humbling and enlightening experience. Our goal was to elevate standards in the financial planning industry and equip ourselves with the latest updates. This special intake was aimed at enhancing the skills of unit trust consultants, capital market practitioners, and financial services practitioners among the Emzek IFP Alumni.
The program spanned over six days in November and December and led us to a profound understanding of retirement planning. We had the opportunity to study under the guidance of the Securities Commission Malaysia (SC) and the training provided by MFPC. The sense of satisfaction and gratitude we feel for this program is immeasurable.
The program was an eye-opener, shedding light on the importance of retirement planning. It was a transformative journey that opened new doors of opportunities for us and our fellow alumni. The experience has empowered us and made us more competent in advising our clients about their financial planning needs, especially regarding retirement.
The CiRP 2023 comprised two important modules— Module 1: Fundamentals of Shariah Financial Planning and Module 6: Retirement Planning. These modules were tailor-made to provide an in-depth understanding of the financial planning field.
Module 1 served as the base and focused on providing a solid foundation about Shariah Financial Planning. It was designed to impart knowledge about the basic concepts, principles, and application of Islamic financial planning. This module was indeed a revelation for us as it unveiled the principles of Islamic finance.
Module 6, on the other hand, was centered around retirement planning. It elucidated the intricacies of planning for retirement, considering both financial and non-financial aspects. We were taught about the importance of early planning and how to guide clients through the process of saving, investing, and growing their retirement fund.
During our journey through the CiRP 2023, we had the privilege of learning from highly qualified trainers. Their extensive knowledge and their knack for simplifying complex concepts made the learning experience all the more enriching. They were not just teachers, but mentors, guiding us towards the path of financial freedom.
In this program, the focus was not just on imparting knowledge but also on application and real-life scenarios. The assessments and practical case studies helped us in understanding the theories in a broader context. This approach ensured that we are ready to take on the challenges of the financial planning industry.
Module 1 - Fundamentals of Shariah Financial Planning
This module focused on three key areas:
- Understanding the basic concepts and principles of Islamic Financial Planning: This was the stepping stone towards our journey in the world of Shariah-compliant financial planning.
- Shariah-based financial products: We learned about the range of Shariah-based financial products available in the market and how to incorporate them into our financial planning.
- Application of Islamic Financial Planning: The module culminated with us learning how to apply the principles of Islamic Financial Planning in real-world scenarios.
Module 6 - Retirement Planning
Importance of Retirement Planning
This subsection highlighted the significance of planning for retirement. It emphasized the need for early planning and the role financial advisors can play in aiding this process
Components of Retirement Planning
We were introduced to the various components that need to be considered while planning for retirement. These included assessing one’s financial situation, setting retirement goals, and devising a retirement strategy.
Financial and Non-financial Aspects
While retirement planning primarily deals with finances, it also involves various non-financial aspects. We learned about the importance of considering aspects like health, lifestyle, and leisure activities while planning for a client’s retirement.
Case Studies and Practical Lessons
This was perhaps the most valuable part of the module. We were presented with practical case studies that helped us understand retirement planning in a real-life context.
Assessments and Requirements
The assessment criteria for the CiRP were comprehensive and rigorous, encompassing a thorough evaluation of our understanding of the modules. The assessment process included a combination of written assessments and practical case studies based on real-life scenarios.
The written assessments were administered at the conclusion of each module, serving to assess our comprehension of the module’s concepts and our capacity to apply them. This assessment method provided valuable insights, challenging us to think critically and extend our understanding beyond theoretical knowledge.
The practical case studies constituted an engaging component of the assessment, requiring us to analyze and apply the concepts learned in the program to real-world situations. This experiential approach proved to be an effective method for evaluating our knowledge and ensuring our preparedness to provide sound financial guidance to our clients.
There were three main lessons we learned from the CiRP program:
- The importance of retirement planning: It cannot be understated how crucial it is to plan for retirement. It’s never too early to start planning, and every little step counts.
- The role of a financial advisor: Through this program, we realized the tremendous responsibility that financial advisors hold. We learned how to guide our clients effectively and help them achieve their financial goals.
- The essence of Shariah Financial Planning: Understanding the principles of Islamic Financial Planning was a revelation. We can now guide our clients better by providing them with Shariah-compliant financial solutions.
Structured Program and Qualified Trainers
The structure of the CiRP was meticulously designed to ensure we grasp the core concepts and methodologies of financial planning. The program was comprehensive, covering essential topics from the Fundamentals of Shariah Financial Planning to Retirement Planning.
The trainers were the highlight of the program. Their expertise and knowledge in the field of financial planning were unparalleled. Their approach to teaching, which blended theory with practical examples, was very effective in helping us understand complex financial concepts.
The success of the program is a testament to the efforts of MFPC, the trainers, and the Emzek Academy. Their collective dedication and passion for financial planning have made this program not just a course, but a transformative journey for all participants.
With the completion of the CiRP, a world of opportunities has opened up for us. We are more confident in our abilities as financial consultants and look forward to guiding our clients towards financial freedom. We believe that with the right knowledge and tools, everyone can achieve their financial goals.
The CiRP has also enhanced our credibility as financial advisors. The certificate is a testament to our commitment and expertise in the field of financial planning. We are proud to be part of the esteemed group of Emzek IFP Alumni who have completed this program.
In the future, we plan to continue learning and growing within this field. We believe that the world of financial planning is ever-evolving, and as advisors, we must stay abreast of the latest trends and developments.
we are grateful for the opportunity to be part of the CiRP 2023. It has been a transformative journey that has enriched our understanding of financial planning. We are excited about the opportunities that lie ahead and are eager to use our knowledge to help others achieve financial freedom.
Thank you, MFPC, Aswa Advisory and Emzek Academy, for this life-changing experience.