What it involves

Here you can find out about what the CERTIFIED FINANCIAL PLANNERCM certification process entails.

The CFPCM certification isn’t an exam. Using a case study approach, it will test your ability to apply complex technical knowledge by putting it into practice and writing a Financial Plan based on a scenario.

Undertaking CFPCM certification is a twelve week process. It starts once you receive the case study which you have ordered from IFP. You are required to submit your Financial Plan to IFP for assessment before the end of the twelfth week.

Once you have completed your financial plan it will be assessed against the CFPCM certification standards by two assessors. This process will take eight weeks. They will either pass the plan or provide feedback on which parts of the plan need to be clarified or improved.

You have a total of three chances to pass the assessment using your chosen case study. The first submission counts as one entry. A response to the feedback is your second attempt and you have one further attempt after this. If, after the third attempt, your plan fails to pass, a new case study will have to be selected for you to produce a fresh plan.

Knowledge requirements

To become a CERTIFIED FINANCIAL PLANNERCM professional, you must be able to demonstrate international standards of knowledge and skill. The qualification is set at QCF level six, or the equivalent of an honours degree.

The learning competences (cognitive or thinking competences) required includes:

  • Knowledge – The recognition and recall of information
  • Comprehension – Interpreting, summarising or computing given information
  • Application – Using information to carry out a function
  • Analysis – Separating information into parts until the relationships between them are clear in identifying problems.
  • Synthesis – Combining information to produce solutions.
  • Evaluation – Decision-making or judgement based on criteria or rationale.

To view the full syllabus, please click here [link download the syllabus]

The assessment process

Whether you choose to attend the preparation courses designed by IFP to support candidates undertaking the process, or prefer to attempt the case study assessment from home the process is as follows:

Case Study - Candidates are supplied with a case study which outlines client circumstances.  Candidates can select a case study where the client(s) to be advised are either retired or pre-retirement,  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. 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.  

Passing the CFPCM Certification Assessment

In order to pass the assessment, candidates must meet 75% of the standards as well as over 51% of the standards within each section (A1, A2 etc.) This is also in addition to all the mandatory standards.

Feedback

If a candidate attended a CFPCM Certification course they can expect to receive feedback after six weeks of completing their plan. If a candidate opted for the Home Study route, they should expect feedback after eight weeks of submission.

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 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

Once you have passed the assessment, you can apply to the Institute of Financial Planning for certification as a CFPCM professional  

Find out if you meet the entry requirements