Overview

This certification is tailored to those advisors who intend to make a career in the area of personal Financial planning. This credential shows that he or she is capable of assisting persons on Financial planning, investment, insurance, tax, retirement, will preparation, and so forth.

This certification is tailored to those advisors who intend to make a career in the area of personal Financial planning. This credential shows that he or she is capable of assisting persons on Financial planning, investment, insurance, tax, retirement, will preparation, and so forth.

Holders of the CFP designation are individuals who have passed an examination of some predefined criteria of education, exam, and hands-on experience. In addition, they are subject to adhering to the Code of Ethics and Standards of Conduct as set forth by the CFP Board, meaning that they have the responsibility to avoid any conflicts of interest with regard to their customers.

Most of their working lives, these Financial planning professionals practice in Financialadvisory firms, banking institutions, or insurance companies. Other CFP professionals also venture out independently and start their practices to provide Financial planning to clients, both individuals and corporations.

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CFP Eligibility

CFP certification can be obtained by people from diverse educational backgrounds or disciplines. Nevertheless, as is the custom, there are some education requirements that must be adhered to:

  • Bachelor’s Degree: Individuals considered for such positions must possess at least a bachelor’s degree (or its equivalent) from a well-recognized institution. Students who have not yet graduated are permitted to register for and sit for the CFP exams; however, they must complete their degree before the certification is awarded.
  • Other Requirements: CFP Board-Approved Coursework. When applying for the CFP examination, candidates are required to complete certain classes endorsed by the CFP board. Key subjects for this coursework include investment planning, retirement planning, estate planning, and tax planning.

Besides the educational qualifications, it is also necessary to have a work experience when applying for a CFP. There are two ways in which one can accomplish this:

  • Six thousand hours of total experience in professional Financial planning: Experience must be applied in various areas within the finance department, including Financial planning and related fields that offer clients direct Financial planning services.
  • 4000 hours of apprentice experience: This option allows apprentice candidates to gain supervised employment while fulfilling their experience requirements through a structured apprenticeship.

Candidates must comply with the membership fit and ethical conduct standards set by the CFP Board. This means that one has to abide by a Code of Ethics including having no relevant problem such as a criminal record or a history of bankruptcy.

CFP Duration

There are factors that influence how long it takes for a student to finish all of the units in the CFP course and these would be to include the rate a student works on different modules as well as the education of the person before the test.However, the duration can be considered to be between 18 months and 3 years. Let’s break this down further:

  • Coursework Completion: The actual course load required to take the CFP exam typically takes roughly nine to twelve months on a part-time basis. Some candidates may complete it faster if they have prior knowledge, qualifications, or are full-time students.
  • Exam Preparation: After completing their coursework, most students will take six to nine months to prepare for the certification examination, which is an integrated test covering all aspects of Financial planning.
  • Work Experience: The work experience requirement can range from 2 to 3 years, depending on how quickly a candidate is willing to accumulate relevant experience in Financial planning. Most candidates fulfill this requirement by working and studying simultaneously.

Every candidate must complete all the jurisdictions set by the authorities, that is, education, examination, and work experience, within 3 to 5 years mostly.

CFP Fees

The costs associated with obtaining the Certified Financial Planner certification vary depending on the school, materials, and exam fees. The overview communication of the kinds of expenses is as follows:.

Education/Training Costs:

The cost of fetching the necessary educational qualifications to allow one to sit for the CFP exams through a recognized institution generally ranges between $3000 and 7000. Some of the other institutions would charge more for online or accelerated programs, citing high overheads.

CFP Exam Registration

The CFP exam registration fee typically ranges from $725 to $1025. The fee will be determined by the period during which one registers for the exam. If you register early, the fees are lower, but if you register late, the fees could go up by hundreds of dollars due to many common registration factors.

Certification Application Fee

After clearing the exam and all the requirements, one is expected to pay a $200 fee to the CFP board as certification application fee.

Annual Certification Renewal Fee

Annual renewal of certification is a requirement for every CFP professional. The amount paid for the renewal is approximately 355 dollars per year. This predominately covers fees for continuing education courses taken that are considered necessary for the maintenance of the CFP.

Apart from these expenses, candidates can choose to spend an additional $500 to $1000 on study guides, practice exams, and review course enrollment.

CFP Certification

Securing CFP or certified financial planner accreditation involves four steps:
  • Education: Higher education for financial planning must be obtained through an accredited institution offering a CFP Board-approved program. This coursework encompasses all areas relevant to personal financial planning, such as investment counsel, retirement planning, tax planning, and estate planning.
  • Examination: After fulfilling educational prerequisites, candidates are required to complete the CFP exam. Six hours are allocated for this examination, also known as the ‘Financial Planning Exam,’ which includes computer-based assessments on all essential aspects of financial planning, including estate planning, taxation, investment, and more.
  • Work Experience: Applicants must provide evidence of sufficient training in real-life situations of personal financial planning. This experience should include direct client interactions or working under supervision in a financial services occupation.
  • Ethics and Code of Conduct Statement: Additionally, applicants must endorse the Code of Ethics of the CFP Board, ensuring that all CFP professionals act in the best interest of their clients and uphold high standards of professional conduct.

Once those criteria are satisfied, the registration is then assigned to the candidates who qualify to provide clients with full packages of financial planning services.

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CFP Syllabus

The CFP syllabus includes materials covering all the aspects of the financial planning profession so that the candidates can achieve adequate knowledge. Among them this:

General Financial Planning Principles

This includes the general financial planning process, the processes of establishing, detecting and controlling risks, and ethics in the field of financial planning.

Disability Insurance

This includes attempts to acquire all kinds of potential insurance coverage (life, health, long term care, disability) and how to assess clients’ insurance needs and their risk exposure.

Investment Planning

This involves an in-depth analysis of the enhancement of investment and maintenance of the investment portfolio strategies, risk allocation, and various risk management techniques. They will also appreciate how the strategies in investment can be modified to meet specific objectives of the client.

Tax Planning

This involves an in-depth analysis of the enhancement of investment and maintenance of the investment portfolio strategies, risk allocation, and various risk management techniques. They will also appreciate how the strategies in investment can be modified to meet specific objectives of the client.

Retirement Planning:

This part contains methods for accumulating savings for retirement, techniques for spending the accumulated assets during retirement, and approxiating the financial requirements of aging clients.

Wealth Management:

A candidate should be familiar with the nature of wills, trusts, and wealth transfer planning, including their legal and financial effects. This includes things like taxes on inheritance, philanthropic giving, and making a distribution plan.

Professional Conduct and Regulation

It is one of the requirements for a CFP professional to follow the procedures that will be legally and ethically placed by the CFP Board in any situation acting in the best interest of the clients.

NOTE : This syllabus provides a career framework prepared for females aiming to become competent and principled financial planners.

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About The Founder

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CA Vinod Chandran

Chartered Accountant

Vinod Chandran is a Chartered Accountant and certificate holder of speCFPlized executive finance program from IIM, Lucknow. He started his professional career with Hindustan Aeronautics Ltd and played a pivotal role in pricing of many of the Helicopter projects and for finalization of major contracts under Ministry of Defence . Later on joined Capgemini, France at Top Management level. Vinod headed the commerCFPl finance globally for tenure of 3 years. In addition, Vinod also handled the finance controller role of India operations of Century Link Technologies, USA.

Vinod is also an academiCFPn helped 1000s of students to become Professionals is a founder director of MyLogic, a leading finance professional training institution globally.

About Course Material

For the exam related to the CFP certification, many candidates need to take additional learning materials that enable them to perform appropriately in the tests as well as acquire the competencies that relate to the profession. These materials include:

Textbooks and e-books

These cover all important areas regarding financial planning and include the practice questions and assistance from the educational institutions that provide them.

Practice Exams

They are a mock of the real-life examination of the CFP certification and practical to assist students in timing and structure of the examination and the categories of questions.

Online Learning Modules

Digitization of learning is embraced in most CFP programs where learning materials such as recorded lectures, online classes, and quizzes enabling learners to learn at their convenience are provided.

Videos

A guide making sense of the most significant arguments of every part of the syllabus that is meant to assist students in retaining a few important points for the examinations.

Flashcards and Cheat Sheets

These are remarkable tools for brain fleece and will aid the learners in firmly holding certain basic principles and expressions.

CFP candidates inscribe these review books

Kaplan or Dalton Review, or use notes borrowed from Third Party Kaplan Review to make sure they are ready for the exam

Why Choose MyLogic?

MyLogic is the leading coaching institute for professional finance courses. With highly qualified and experienced trainers and industry professionals, MyLogic does not leave a leaf unturned in enabling students achieve their goal. Here are highlights about MyLogic -

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Approved Learning Partner

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Advanced Learning Platform

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Physical Classes

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Assignments & Exam Practice Sessions

Assignments and practice questions are incorporated in the training to help students get a comprehensive understanding of the concepts.

MyLogic offers over 2000 practice questions which build confidence in the students and prepares them for the exam. Practice questions are the key to performing well in the exam.

What you get

Free Access to Online Mock Test, Question Papers, Alumni network, Interpersonal Skill development, Course Material, Profile Building

Access to Forum, Trending Topic Preparation, Quality Education, One 2 one doubt clearing session, Webinars.

Testimonials

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Aditi Mehra

"MyLogic's CFP program was a game-changer for me! The curriculum was thorough, covering all aspects of financial planning. The instructors were experienced professionals who provided practical insights. I felt fully prepared for the CFP exam and passed on my first attempt!"

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Karan Joshi

"I can’t thank MyLogic enough for their outstanding CFP course. The interactive sessions and hands-on assignments made complex concepts much easier to understand. The support from my peers and instructors kept me motivated throughout the journey."

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Pooja Singh

"Completing the CFP course at MyLogic exceeded my expectations. The study materials were well-structured, and the mock exams were invaluable in building my confidence. I now feel equipped to provide my clients with sound financial advice!"

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Rahul Verma

"My experience with MyLogic's CFP program was fantastic. The balance of theoretical knowledge and practical application was perfect. The guidance I received helped me not only pass the exam but also understand real-world financial planning scenarios."

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Neha Desai

"Enrolling in the CFP course at MyLogic was one of the best decisions I’ve made for my career. The instructors were knowledgeable and supportive, and the networking opportunities were great. I'm proud to be a certified financial planner now!"

Frequently Asked Questions

CFP stands for Certified Financial Planner, a professional certification recognized globally for financial planners. It equips professionals with skills in financial planning, taxes, insurance, estate planning, and retirement planning. In the USA, it is governed by the Certified Financial Planner Board of Standards.

To be eligible for the CFP certification, you must have a bachelor’s degree or higher and complete a CFP Board-registered program. Additionally, you’ll need to pass the CFP exam, meet experience requirements, and agree to adhere to the CFP Board’s code of ethics.

Yes, you can pursue CFP after completing your BCom. A bachelor’s degree fulfills the educational requirement, and with some financial knowledge from your BCom background, you’ll have a good foundation to start your CFP journey.

The CFP exam is considered challenging as it covers a wide range of topics in financial planning, but with the right preparation and study, it’s certainly achievable. Many people find it manageable with structured study time and proper resources.

To pass the CFP exam, you need to score at least 70% on the overall test. The exam is divided into multiple sections, and your score is calculated based on performance across all of them.

Yes, a bachelor's degree is required to become a Certified Financial Planner. While you can take the CFP exam before completing your degree, you’ll need to have it to be officially certified.

The CFP exam covers a wide range of financial topics, including financial planning principles, risk management, retirement planning, investment planning, estate planning, tax planning, and insurance.

The CFP exam consists of two main parts: an exam of multiple-choice questions and case studies, with each part testing a variety of topics in financial planning.

It typically takes about 18 to 24 months to complete the education requirements, gain the necessary experience, and pass the CFP exam, though the timeline can vary depending on your schedule and pace.

It typically takes about 18 to 24 months to complete the education requirements, gain the necessary experience, and pass the CFP exam, though the timeline can vary depending on your schedule and pace.

With a CFP certification, you can work as a financial planner, wealth manager, investment advisor, estate planner, or insurance advisor. CFPs are also often employed by financial firms, banks, and wealth management companies.

Yes, to become a certified CFP, you need at least 3 years of full-time financial planning experience (or 2 years of apprenticeship experience) in the industry.

The total cost for CFP certification can range from $2,000 to $4,000, including fees for education courses, the exam, and study materials.

Yes, many candidates prepare for the CFP exam while working full-time. You can study at your own pace and manage your schedule to balance work, study, and personal commitments.

Yes, the CFP designation is globally recognized, and financial professionals with this certification can find opportunities in many countries around the world.

The CFP certification remains valid as long as you fulfill the Continuing Education (CE) requirements, which involves completing 30 hours of CE every two years, including 2 hours of ethics training.

If you do not pass the CFP exam on your first attempt, you can retake it. However, there are limits to the number of attempts—up to five times in total.

Yes, you can pursue CFP certification even if you do not have a financial background. However, you may need to put in extra effort to understand the core concepts in finance, taxes, and investments during your studies.

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