Certified Financial Planner - Explained
What is a Certified Financial Planner?
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What is a Certified Financial Planner?
A certified financial planner is a professional certification conferred to an individual by the Board of Certified Financial Planner of Standards. CFP certificates have to go through a rigorous assessment and training coupled with a certification program that ensures they are equipped with sufficient knowledge regarding their ability to address various aspects of a clients financial life.
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What Does a Certified Financial Planner Do?
With that said, the would -be, the certified financial planner has to pass a pretty involving certification test set as a bar of exam specifically for financial planners. They also have to spend three years in a learning institution and then complete the same number of years working in a designated field to garner experience. Certified Financial Planner is also needed to abide by a strict code of ethics that governs everyone in the industry. How to Obtain the Certified Financial Planner Designation Financial planning and advising are projected to be one of the fastest growing occupations. Getting a CFP mark may assist an individual in poaching lucrative job positions in the industry. A CFP professional works with clients to establish a comprehensive plan for meeting their long-term financial objective including retirement, college tuition, a home, a startup, and many more. Certified Financial Planner jobs are currently expected to increase up to 25 percent in the next five years thereby making it an iconic career option for the young professionals who aspire to join the financial industry as service providers. Many professionals in this industry work in large financial as well as insurance firms. But others have chosen to establish their own companies. To become a Certified Financial Planner, you must meet specific credible requirements.
- Complete a CFP Board-registered education program- Here, one can choose from various options for their education. The CFP Board will be notified immediately the candidate has completed their exam. The coursework providers can also do the notification on your behalf.
- Sit for the Certified Financial Planning Exam- One can do this exam once the Board of Certified Financial Planners has been notified of the candidates education completion. These exams are offered three times annually in March, July, and November. The candidate has to take the examinations within five days, at a locally approved examination center that offers CFP designation.
- Its crucial to note that one can be allowed to register for the examination before they complete their program. However, the CFP Board has to receive notification of the candidates completion of education to verify that the deadline is still valid. Failure to do this one can be charged a $100 withdrawal fee.
- Hold a bachelors degree from a certified university in five years- A candidate is eligible to sit for these exams beforehand. However, they need to ensure that they complete their degree in the 5-year window period.
- A candidate should exude experience in financial planning. This may be three years of full-time service in the relevant field.