19 Sep 2024
CFP full form is Certified Financial Planner accredited by the Certified Financial Planner Board of Standards-based in the USA. For individuals interested in Financial Planning, CFP certification stands out as the one that promises to provide avenues where your interests could turn into your expertise.
Other than the US, globally, including India, CFP is governed by the Financial Planning Standards Board (FPSB). The CFP course is a professional certification course that equips individuals to act as financial advisors and provide personalized and comprehensive financial services to individuals, families, and organizations. It is a well-recognized and acknowledged professional designation in over 26 countries, such as Australia, Austria, India, Belgium, Brazil, and many others, therefore providing lucrative career prospects alongside potential growth. Through this blog post, we'll explore all about the CFP course details, including CFP course eligibility and CFP course duration, so that you get to make an informed and streamlined decision.
To further acquaint you with the CFP (Certified Financial Planning) certification, let's take a closer look at a few essential aspects of the CFP course details:
Aspect |
CFP Course Details |
Focus |
Financial Planning Services |
Governing Body |
CFP Board for USA/ FPSB for other Countries |
Examination Curriculum Structure |
Consists of 6 modules: Module 1: Introduction to Financial Planning Module 2: Insurance Planning & Risk Analysis Module 3:Retirement Planning & Employee Benefits Module 4:Components of Investment Planning Module 5:Tax Planning & Estate Planning Module 6:Introduction to Advanced Financial Planning |
Examination Frequency |
March, July,& November |
Total no. of Exams |
5 |
Examination Mode |
Computer-based Testing (CBT) |
Work Experience |
3 years minimum |
CFP course eligibility consists of two entryways, depending on the point from which you are starting. Let's break it down further:
This is for the candidates who have just completed their 12th standard or high school qualification from an accredited institute. They are eligible to start their CFP journey by partaking in the initial 4 examinations, and after qualifying for the four exams, they can sit for the final, 5th examination and obtain their CFP certification.
This is for the candidates who have an advanced level of qualification such as CA/Intermediate level, CFA (US), CAIIB, ICWA, LLB, CS, PhD, MPhil, PG, Licentiate/Associate/Fellowship of Life Insurance, Actuary, FFSI & FLMI from LOMA, UPSC and any degree or professional certification from any discipline and want to pursue the CFP course are eligible.
Moreover, through this pathway, candidates can maximize their prior knowledge with the CFP course, as they just have to appear for the final paper, Advanced Financial Planning. The rest of the 4 examinations are exempted, thus allowing them to acquire their CFP certification.
As we covered the fundamental CFP course details and CFP course eligibility, now comes the part that most of the candidates wonder about: how long is the CFP course? Or, in other words, what is the CFP course duration? The CFP course duration can vary significantly, ranging from 6 months to 2 years on average. To break it down, it chiefly depends on the eligibility criteria you meet and the pathway from which you are starting your CFP journey:
If you are starting the CFP course after completing your high school or 12th standard, the timeline usually ranges from 18 to 24 months.
For professionals with existing qualifications or work experience in the financial planning field, the challenge status pathway provides a more accelerated route to obtain your CFP certification. With the challenge status pathway, the CFP course duration can be as short as 6 to 9 months.
Regardless of the pathway that you choose, the CFP course duration can further vary based on several factors:
The career portfolios that the Certified Financial Planner (CFP) course provides are as follows:
A CFP, or Certified Financial Planner, offers expertise in the field of financial planning to individuals and organizations. They develop customized financial plans for their clients and advise on investment strategies, retirement planning, estate planning, tax planning, and other such areas. Furthermore, a CFP is also responsible for monitoring and adjusting financial plans according to their client's financial circumstances.
No, the Certified Financial Planner (CFP) course is not harder than the Chartered Accountancy (CA) course. In this essence, the CA certification is considered to be more difficult due to its vast curriculum, its area of focus, and requirement for practical training that together takes around 4-5 years to complete the course. On the other hand, CFP is more area-specific towards financial planning and has comparatively less course curriculum and requirements than CA leading to an overall shorter duration. Ultimately, the difficulty level solely depends on an individual's strengths and interests in the respective fields. Although the CFP course is shorter in duration, it can not let the CFP course be underestimated as both programs demand a significant amount of dedication, effort, and time.
The starting salary of CFP professionals in India ranges from ₹3 to ₹6 Lakh per annum. On the other hand, the salary of an experienced CFP professional ranges from ₹12 to ₹25 Lakh per annum. However, it is important to note that the salary of CFP professionals varies due to many factors, such as experience, location, and employer.
Yes, candidates can enrol themselves for the CFP course right after completing their 12th standard or high school qualification, as the CFP course eligibility starts with a minimum qualification requirement of the completion of the 12th standard.