Certified Private Wealth Advisor® (CPWA®)

The CPWA® certification education program is offered in partnership with two prestigious business schools—The University of Chicago Booth School of Business and Yale School of Management. The Chicago Booth School of Business pricing is reflected on this page. For the Yale School of Management pricing, please reach to learning@mminst.org.

CPWA® certification gives you specialized knowledge to successfully meet the needs of HNW clients. HNW clients have higher expectations for financial advisors and want assurance that you can help them accomplish their goals.  

Advisors who earn the CPWA® certification from Investments & Wealth Institute deliver more value to HNW clients. The expertise gained through certification makes you a better leader of a client’s wealth management team, including CPAs, estate planning attorneys, and more.  

Plus, the CPWA® designation gives you a competitive advantage over other advisors who may not possess deep knowledge of strategies to minimize taxes, monetize and protect assets, maximize growth, and transfer wealth.

The Certified Financial Planner® certification covers financial planning strategies that apply to a wide range of clients. CPWA® certification is specialized to HNW clients and embraces a holistic approach to financial planning and wealth planning. 

The CPWA® program satisfies your CE hours requirement for a CFP® certification period (excluding ethics). You will receive 40 CE hours for CIMA® and/or RMA®, including ethics and tax & regulations.

There are four major topics, which include 11 sections:

• Human Dynamics: Ethics, Behavioral Finance, Family Dynamics
• Wealth Management Strategies: Tax Strategies & Planning, Portfolio Management, Risk Management & Asset Protection
• Specialty Client Services: Retirement, Closely Held Business Owners, Executives
• Legacy Planning: Charitable Giving, Estate Planning & Wealth Transfer

There are six steps to earning CPWA® certification:

1. Apply
2. Complete a 6-month pre-study period
3. Attend an executive education course
4. Pass the CPWA® certification exam
5. Sign licensing agreement and remit the initial certification fee
6. Maintain CE credits 

• Bachelor’s degree OR one of the following designations: CIMA®, RMA®, CFA®, CFP®, ChFC®, CPA®
• Pass FINRA background check
• Five years’ experience in the financial field at time of certification

• Application fee and background check
• Tuition and materials for 6-month study
• Executive education course and materials
• Exam fee (1st attempt and 1 retake)

• 4 days of executive education with Investments & Wealth Institute instructors, professors, and expert practitioners
• Optional exam preparation sessions

Submit an online CPWA® certification application and select your program model: Chicago Booth, Investments & Wealth Institute, or Yale.

• For Chicago Booth: Once your application is approved, you will complete a 6-month pre-study prior to attending the executive education course.
• For Yale: Once your application is approved, candidates will complete an online pre–study. There is no executive education course with Yale Online.
• For Investments & Wealth Institute: Once your application is approved, you will complete a flexible 3-month pre-study prior to attending the virtual executive education course.

You can sit for the CPWA® certification exam once you complete your selected program’s required education.

The CPWA® exam is offered in–person at a Pearson Vue testing center or online through Proctor U, which is monitored by a proctor.

We will send you an email indicating you’ve passed the exam (within approximately 5-7 business days from the date of your exam). Then you will be required to document a minimum of five years of verified work experience in financial services. After that, you will sign a License Agreement and pay an initial CPWA® certification fee.

We will send you an email indicating you’ve failed the exam. Then you must complete two steps:

• Step 1: Complete the Exam Retake Form via the link provided in the Exam Fail email. A retake fee may apply
• Step 2: Make your Exam Selection via a separate link provided in the Exam Fail email

Please note, candidates must wait 30 days in between each exam attempt.

There are 135 multiple choice questions, including 10 beta questions. You will be scored on 125 questions.

Updated exam pass rates can be found here.

The CPWA® certification exam does not have a set score to pass. The exam is scored using the Modified Angoff Scoring Method, meaning that your pass rate is determined by the difficulty of the exam that you received. If your exam is less difficult, then your passing score will be higher; if your exam is more difficult, then your passing score will be lower.

Candidates have a 2-year period to complete required program education and take and/or pass the CPWA® exam. Once your program education requirement is met, you will have an initial 90-day testing window. However, candidates have an unlimited number of exam attempts within their candidate period, and therefore can open multiple testing windows by submitting the exam retake fee, if applicable.

For both Pearson Vue and Proctor U exam vendors, you will receive results immediately after completing the exam.

Upon receipt of the “Exam Fail” email received from the Investments & Wealth Institute, you will need to complete two steps:

• Step 1: Complete the Exam Retake Form via the link provided in the “Exam Fail” email. A retake fee may apply
• Step 2: Make your Exam Selection via a separate link provided in the “Exam Fail” email

Please note, candidates must wait 30 days in between each exam attempt.

We can transfer you to a different class up to 60 days prior to the class (deadline date). A $750 transfer fee will apply. Cancellations must also be before the 60-day window prior to class (deadline date). Cancellations will receive a refund of their tuition minus a $1,500 non-refundable fee. 

Yale Online CPWA® Certification Program: Transfers and cancellations from the Yale Online CPWA® certification program are not permitted.