Monday, 11 February 2008

I'm gonna be AMFI certified soon...

Heyyy... I just cleared my AMFI examination!!!
And I am getting registered with them as an independent distributor soon...

It was yet another great moment in life when I got through my AMFI examination

AMFI is the Association of Mutual Funds in India. Any person who wishes to sell mutual funds has to be certified by this body. Only then can he sell them

I have been a big fan of mutual funds from years together. I have done a lot of research on each and everything related to mutual funds. Further, one fine day, I thought, "Why not sell mutual funds alongwith life insurance?" To turn this thought into reality, I started finding the ways to do it. And I got to know that I have to clear this exam
There was a book written by the AMFI which costs Rs 400. However, with the kind of knowledge that I had on mutual funds, I was 100% sure that I will clear the exam without reading this book. However, I did not wish to take a chance as the exam fee was Rs 1000. Even if I fail by 1 mark, I will have to pay another Rs 1000. So, its always good to pay Rs 1400 (400 for the book and 1000 for the exam) and study properly and clear the exam

I ordered the book which arrived in 4-5 days. And I started preparing. The exam was supposed to be held on 8 Feb 08. My preparation was not upto the mark in the beginning. I had a lot of commitments and was tied up with life

However, on the deadline day, 07th Feb, I made a serious venture and studied the book word by word. My God! It was a 350 pages book and I was able to cover about 180-200 pages. The next morning, I just started glancing the remaining portion. Almost everything was known to me. It was mainly dealing with marketing ethics which I had learnt in my classes of BCom and more importantly, I have followed them through life. It dealt with the kinds of funds, their operations, expense ratios, limits, etc which I had in my mind already as I have the habit of reading the offer documents (which are around 100 pages) of almost every mutual fund that comes. So, it was a cakewalk in most of the lessons. However, there were some lessons which I was learning for the first time. I concentrated more on them

And finally, it was 1.30 pm and my exam began. I answered all the questions to the best of my knowledge. The time allotted was 2 hours. However, it was over in 25-30 minutes. I revised everything again. There was a negative marking system too and so, I had to be very careful. It was about an hour now and I was not able to sit. I just submitted the paper and the result flashed on the screen

"You cleared the test"
"Your score is 75%"

Well, that was a beautiful moment that delighted me
I believe, I had answered about 90% of the question correctly and the remaining wrong answers brought my score to 75%
Good going...
Immediately, I ran to the bank, gathered money and took the next step. I had to register myself with AMFI after this exam. I took a copy of the scorecard and the form that I was supposed to fill up. I had to take another DD of Rs 500 for the registration fee. A lot of cash outflow...

I got the DD and sent the application for registration

I am now awaiting for my ARN (AMFI Registration Number)

Once I get that, I shall be an independent mutual fund distributor

Yet another value addition to the services that I offer to my clients
And a lot of thank yous to the people who helped me in the process!!!

Life has been beautiful as well as ugly. On the negative note, I would also like to say that I have not been able to clear my CA examination. The struggle is on. However, its getting more tougher
Lets see, where life takes me...