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CFP^CM Certification

CFP Certification – Global Excellence in Financial Planning^TM

• Knowledge requirements
• Preparing for the CFP Certification
  
• The Assessment Process
• CFP Certification Courses
• CFP Certification resource library
  

Over 900 CFP professionals in the UK are part of this global community of 126,000 from 23 territories. CFP certification is an advanced qualification which tests a candidate’s ability to apply their detailed knowledge and skills in order to produce an effective financial plan.

Becoming a CFP professional is not easy. It’s a real challenge and that is why CFP certification is highly respected as an international standard. It is achieved by the completion of a comprehensive financial plan, based on a case study supplied by the IFP. It can be viewed in the same way as preparation of an undergraduate dissertation. This follows a learning path that has already tested the individual on their technical knowledge.

Large financial services firms are making CFP certification a core requirement for those who work within their Financial Planning divisions. In the UK, leading firms like Bluefin, Grant Thornton, Hargreaves Lansdown, Mazars, BDO and Haines Watts are choosing this route as the most appropriate in a changing regulatory environment post de-polarisation and particularly since the FSA announced the Retail Distribution Review (RDR) process. Whether you work in a large or small firm, becoming a CFP professional provides the means to communicate your expertise to clients and open career opportunities too.

KNOWLEDGE REQUIREMENTS

The CERTIFIED FINANCIAL PLANNER^CM certification is dependent upon demonstration of knowledge and skill to a defined international standard.

The knowledge application standard required is specified in the syllabus.  It is set at the QCF level six or equivalent to an honours degree.

The learning competences (cognitive or thinking competences) required are: -

PREPARING FOR THE CFP CERTIFICATION

The E-Learning Programme

Preparing to begin the CFP certification process can be challenging. Not only do you need the requisite technical knowledge but also the essential planning skills to be able to apply this effectively for the benefits of the underlying client scenario.  To help you prepare effectively for the assessment, IFP provides an online E-Learning programme which is the ideal way to approach the task. Cost effective and user friendly, its modular approach is proving very popular with candidates who find it helps them to understand what is required to successfully prepare a financial plan and submit it for assessment.

It is also recommended that you attend the CFP certification courses.

THE ASSESSMENT PROCESS

The CFP certification is not an examination as such; instead it tests your ability to apply complex technical knowledge by putting it into practice using a case study approach. Whether you choose to attend the preparation courses or attempt the assessment from home the process is as follows:

Case Study - Candidates are supplied with a case study which outlines client circumstances.  Candidates may select a case study where the client(s) are not retired or are retired.  A confidential questionnaire is also supplied with the case study which provides further information.

Financial Plan - Candidates should prepare a financial plan for the clients which will be assessed against the CFP certification standards (see CFP Certification syllabus).  Candidates should address three technical areas in their financial plan.  The technical areas that are available for each case study will be provided in the introduction to each case study.  For case studies where the clients are not retired, risk management and protection is a compulsory technical area.  

In order to pass the assessment, candidates must meet 75% of the standards AND over 51% of the standards within each section (A1, A2 etc.) AND all the mandatory standards.

Feedback - Candidates will be provided with feedback between six and eight weeks depending on whether they attended a CFP Certification course or choose the home study route, after submitting their financial plan for assessment.  The feedback will state whether the financial plan has met the required standards (Pass / Fail).  If the result is a pass, candidates may be provided with helpful guidance to improve further the standard of their financial plans.  If a candidate meets the eligibility requirements, then they may apply for certification as a CFP professional.

If the financial plan does not meet the required standards, written feedback will be provided which will include:

•    Whether the overall mark is above or below 75%
•    Which section(s), if any, where less than 51% of the standards are met
•    Which mandatory standard(s), if any, are not met
•    General comments on the financial plan and helpful comments for improvement in order to meet the standards
•    Comments on each failed section and failed mandatory standard

CFP^CM CERTIFICATION COURSES

> Focused Assessment Programme

> Home Study

CFP^CM CERTIFICATION RESOURCE LIBRARY

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