Certified Financial Planner Entry Requirements from 2008

To be eligible to embark on the process of becoming a CFP Professional there are three compulsory criteria which must be met:

- A minimum of three years’ experience of financial services
- An FSSC Appropriate Examination for Advising on Packaged Products
- An examination pass in each of the following areas:

• Taxation
• Financial Planning
• Advanced Technical Area

1. Experience

A minimum of three years of relevant experience within financial services is required.  Examples of the sorts of experience that are acceptable are:

Working with financial figures in jobs such as financial accounts and banking
Working as a paraplanner or financial adviser or accountant

Examples of the sorts of experience that are not acceptable are:

Occupations or experience outside the financial world or jobs that do not involve numeracy work or application of financial knowledge either directly to the public or in training those who come into contact with the public.

Pure supervisory management in banking or motivational training where no financial information is analysed or applied for the benefit of advice to the public is not acceptable.

2. Appropriate Examinations

An appropriate examination for advising on packaged products must be held as detailed on the Financial Services Skills Council (FSSC) website: www.fssc.org.uk

Alternatively, a complete list can be found by clicking here.

Typical qualifications which are currently recognised are:

• Certificate for Financial Advisers (CeFA) – ifs School of Finance
• Financial Planning Certificate (FPC) – Chartered Insurance Institute
• Certificate in Financial Planning (Cert FP) – Chartered Insurance Institute
• Certificate in Investment Planning – Chartered Institute of Bankers in Scotland

3. Examination Passes

Candidates must hold an examination pass in Financial Planning, Taxation and an Advanced Technical Area. Candidates cannot use the same examination in more than one area.

Financial Planning - one of the following must be held:

Chartered Insurance Institute:
- FP3 – Identifying and Satisfying Client Need – Financial Planning Certificate *
- CF5 – Integrated Financial Planning – Certificate in Financial Planning
- H25 – Holistic Financial Planning – Advanced Financial Planning Certificate *
- G20 – Personal Financial Planning – Advanced Financial Planning Certificate *
- G30 – Business Financial Planning – Advanced Financial Planning Certificate *
- AF2 – Business Financial Planning – Advanced Diploma in Financial Planning
- AF3 – Pension Planning – Advanced Diploma in Financial Planning
- AF4 – Investment Planning – Advanced Diploma in Financial Planning
- AF5 – Financial Planning Process – Advanced Diploma in Financial Planning

ifs School of Finance
- CeFA 3 – Paper 3 of the Certificate for Financial Advisers (taken before Oct 2004) *

Securities and Investment Institute
- Investment Advice Certificate - Paper 3 *

Standards International
- ISO 22222 – Personal Financial Planning

Edexcel / SQA
- N/SVQ in Providing Financial Advice

Taxation – one of the following must be held:

Chartered Insurance Institute:
- J01 – Personal Tax AND J02 – Trusts – Diploma in Financial Planning
- G10 – Taxation and Trusts – Advanced Financial Planning Certificate *
- AF1 – Personal Tax and Trust Planning – Advanced Diploma in Financial Planning

Association of Taxation Technicians:
- ATT or ATII

Advanced Technical Area – one of the following must be held:

Chartered Insurance Institute:
- G20 – Personal Financial Planning – Advanced Financial Planning Certificate *
- G30 – Business Financial Planning – Advanced Financial Planning Certificate *
- G60 – Pensions Planning – Advanced Financial Planning Certificate *
- G70 – Investment Portfolio Management – Advanced Financial Planning Certificate *
- AF2 – Business Financial Planning – Advanced Diploma in Financial Planning
- AF3 – Pension Planning – Advanced Diploma in Financial Planning
- AF4 – Investment Planning – Advanced Diploma in Financial Planning

UK Society of Investment Professionals:
- IMC – Investment Management Certificate

Securities and Investment Institute:
- Certificate in Investment Management
- MSI(dip) - Diploma of the Securities and Investment Institute

CFA Institute
- CFA – Chartered Financial Analyst

Membership of the following is also accepted as being sufficient in this area:
- Associate or Fellow of the Faculty/Institute of Actuaries
- Solicitor or Barrister – Law Degree (LLB)
- Associate of the Institute of Chartered Accountants of England and Wales (ACA)
- Associate or Fellow of the Chartered Certified Accountants (ACCA)
- Associate or Fellow of the Institute of Chartered Accountants of Scotland (CA)
- Associate or Fellow of the Pensions Management Institute (APMI/FPMI)

Additional Notes:

* denotes a qualification that is no longer available to new entrants

Candidates who are part-qualified
Candidates may start the CFP process whilst studying to obtain one set of the qualifications required as stated within the ‘examination passes’ section.Candidates will be expected to hold the entry requirements within the other two remaining criteria.Experience shows those embarking on the examination process without the full entry requirements dramatically reduce their chances of passing the CFP licence.The use of the CFP marks is prohibited until all the entry requirements have been met.It is important to note that you will have a maximum period of 2 years in which to achieve all of the entry requirements, after which time you will be required to take the CFP assessment again.

Candidates who hold qualifications/examinations that are not listed
If you hold an examination or qualification that is not included within any of the above lists and you believe it to be relevant, you may apply for a review by the IFP Education Committee.You will need to fully complete the Qualification Review Application’ below and submit this to the IFP together with the syllabi relevant to your qualification and an administration fee of £20.Please note, if any application is received either incomplete or without these items it will be returned.Candidates should allow between 8 – 12 weeks for a review.

Qualification Review Application (QRA): CLICK HERE

CFP Entry Requirement Enquiries:

If you have a query regarding the entry requirements, please read the document below which contains a set of frequently asked questions:

Frequently Asked Questions: CLICK HERE

If you have a query which is not addressed within this document please contact:

Institute of Financial Planning
Whitefriars Centre
Lewins Mead
Bristol
BS1 2NT

Tel: 0117 945 2470
Fax: 0117 929 2214
Email: enquiries@financialplanning.org.uk

To download a copy of the CFP Entry Requirements: CLICK HERE

Useful Contact Information:

(1) The Chartered Insurance Institute (CII)
W: www.cii.co.uk
T: 020 8989 8464

(2) ifs School of Finance (IFS)
W: www.ifslearing.com
T: 01227 818 609

(3) Chartered Institute of Bankers in Scotland (CIOBS)
W: www.ciobs.org.uk
T: 0131 473 7777

(4) Standards International
W: www.standardsinternational.co.uk
T: 01462 790 894

(5) Association of Taxation Technicians (ATT)
W: www.att.org.uk
T: 020 7235 2544

(6) UK Society of Investment Professionals (UKSIP)
W: www.uksip.org
T: 020 7796 3333

(7) Securities and Investment Institute (SII)
W: www.sii.org.uk
T: 020 7645 0680

(8) CFA Institute (CFA)
W: www.cfainstitute.org
T: +1 (434) 951 5499

(9) Institute of Actuaries
W: www.actuaries.org.uk
T: 020 7632 2100

(10) Chartered Accountants of England and Wales (ICAEW)
W: www.icaew.co.uk
T: 020 7920 8100

(11) Association of Chartered Certified Accountants (ACCA)
W: www.accaglobal.com
T: 020 7059 5000

(12) Pensions Management Institute (PMI)
W: www.pensions-pmi.org.uk
T: 020 7247 1452

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