How to Obtain Certification for Financial Planning
If you are interested in establishing a great career which can help people with their finances consider becoming a Certified Financial Planner (CFP). There are many people employed as financial planners but only a limited number achieve the designation of CPF.
According to the Certified Financial Planner Board of Standards, in order to reach this status candidates must have a specific amount of education and pass a certification exam administered by the board.
The Proper Education: The Board-Registered Education Program includes credit and non credit certificate programs as well as graduate and undergraduate degree programs. Training must be completed through a board recognized school. However, some degree or professional credentials will fulfill this educational requirement. The lists of degrees include: Law, PhD of Business Administration, Business or Economics. The professional certifications list includes: CPA, CFA CHFC and CLU. These candidates can request a CFP board review of their credentials to satisfy the education requirement and move directly to the exam. Furthermore, a candidate seeking certification must hold a bachelor's degree from an accredited College or University. It is not a requirement to take the exam but upon passage of the exam. The candidate must be able to provide an official transcript to substantiate their education.
Taking and passing the Exam: The exam is given three times a year in March, July and November. The 10 hour exam is divided into three parts. Each part tests a candidate's knowledge of financial planning in client specific situations. The format for the questions is multiple choice. In order to participate in the exam candidates must register at specified times and pay the proper fees. Successful passage of the exam is required in order to receive the CFP designation.
Providing Verifiable Experience: Individuals seeking this designation must have three years of qualifying full time work experience in one of the six areas of personal financial planning. They can include financial planning for clients, support or teaching.
Successfully Passing a Background Check: Prospective CFP's must pass a background check establishing that the candidate meets the CFP's Board of Fitness Standards for the designation. A candidate who has successfully completed the above steps can now pay all of their required fees, upon doing so they will receive the authorization to use the designation of CFP. Individuals interested in pursuing this option can learn more at the Certified Financial Planner Board website.