CFP 2023: A professional certification program called the Certified Financial Planner (CFP) is available and lasts between six months and two years. It is provided by the Financial Planning Standards Board and imparts information in the area of financial planning.
The prerequisite for applying for a CFP is passing class 10+2 from an approved board. For applications under the Challenge status, candidates must have passed the CA/Intermediate level, CFA, ICWA, CAIIB, CS, etc. exams. To obtain the credential using this method, candidates must pass just the fifth exam (Advance Financial Planning). CFP Admission 2023, please.
The CFP syllabus aids in the development of experts in banking, financial consultation, and investment planning. Financial planning, risk analysis, and insurance planning, as well as tax and estate planning, are all CFP topics.
Throughout three 8-day testing windows in March, July, and November each year, the CFP exam is given. The cost of the CFP course ranges from INR 40,000 to 60,000. For those who desire to work as financial advisors and help clients manage their finances, this certification programme is advised. Payscale states that a certified CFP may expect to make between INR 3,98,000 and 4,00,000.
Anything about CFP courses
The Financial Planning Standards Board (FPSB) offers the Certified Financial Planner designation or CFP. The average CFP lasts between six months and two to three years. The CFP certification programme is renowned throughout the world and is regarded as a reliable source of training in the areas of financial planning, education, and ethics.
why pursue CFP?
- The Certified Financial Planner designation, sometimes known as the CFP professional certificate, is generally acknowledged and accepted as the industry standard for individuals who work in financial planning.
- You will learn how to gain the confidence of clients and support them in the increasingly complex advisory industry.
- You will benefit from the Certification in Financial Planning in the following ways.
- You will become skilled at creating a reliable and ongoing financial planning framework.
- enables any client to make a proposal that is solely financial in nature. It enables you to make decisions with ease and lowers your risk of compliance.
- It will assist clients to feel more confident so they can attain their goals in life.
- improved customer relationships that eventually result in customer references.
- gives financial services professionals advanced career prospects and higher levels of job satisfaction
- It is a course that generates significant income, offers a variety of employment options (individual or corporate), and enhances your professional standing.
- Who ought to pursue CFP?
- For a better salary, professionals can add this course to their current careers.
- This program is open to those who want to work as financial advisors in the future.
anything about CFP courses
The Financial Planning Standards Board (FPSB) offers the Certified Financial Planner designation or CFP. The average CFP lasts between six months and two to three years. The CFP certification programme is renowned throughout the world and is regarded as a reliable source of training in the areas of financial planning, education, and ethics.
why pursue CFP?
The Certified Financial Planner designation, sometimes known as the CFP professional certificate, is generally acknowledged and accepted as the industry standard for individuals who work in financial planning. You will learn how to gain the confidence of clients and support them in the increasingly complex advisory industry.
You will benefit from the Certification in Financial Planning in the following ways. You will become skilled at creating a reliable and ongoing financial planning framework.
Regular Route
- Typically, students enrolled in bachelor’s degree programs use the standard Pathway to apply for CFP.
- NSE examinations 1-4 must be passed by candidates.
- Candidates who pass Exams 1, 2, 3, and 4 are qualified to sit for Exam 5, which is for Advanced Financial Planning.
- Pathway for Challenge Status
- Students simply need to pass the Advanced Financial Planning exam as their final exam to earn their CFP certification.
- For the Challenge Status pathway, a candidate must have this relevant job experience before sitting Exam 5.
CFP: Qualification Standards
Candidates must meet the course’s eligibility standards in order to be eligible to enroll in a CFP course. Below, it has been covered in great detail.
For your information, the Regular Pathway registration process is listed below:
- An NCFM number must be obtained through the NSE Academy’s official website.
- The registration form must then be completed in order to join FPSB Ltd.
- It is necessary to pay the student registration fee.
- After verification, FPSB Ltd. activates the student on the NSE test portal.
The registration procedure for the Challenge Candidate Pathway is as follows:
On the official website of the NSE Academy, candidates will receive an NCFM number following successful registration.
- To register as a Challenge Candidate with FPSB Ltd, complete a Challenge Candidate Registration Form and email the pertinent, self-attested, scanned documents to IndiaCFPExperience@fpsb.org along with your NCFM number.
- After the verification procedure, the necessary registration payments must be paid.
- FPSB Ltd. activates the contestant on the NSE exam portal following the payment.
| Eligibility for CFP | – |
|---|---|
| CFP Eligibility in ICOFP, Lucknow | CFP Eligibility in ICOFP, Mumbai |
| CFP Eligibility in IIFP, Delhi | CFP Eligibility in ICOFP, Kolkata |
CFP Test
The CFP exam is an MCQ-based test with a total of 170 questions and is divided into two halves of three hours each. Additionally, there are two unique subsections inside each part. The exam consists of both independent questions and questions related to case studies.
Exam registration is currently active for March 2022. Registration will run from October 20, 2021, through February 22, 2022. The test will be given between March 8 and March 15, 2022.
The exam will be given from July 12–19, 2022, and registration for the July session will start on March 17, 2022.
The registration period for the November session will start on July 14, 2022, and the exam will be given between November 1 and 8, 2022.
| Exam | Duration |
|---|---|
| Investment Planning Specialist Certification Retirement and Tax Planning Specialist Certification Risk Management and Estate Planning Specialist Certification | 3 hours, 85 multiple choice questions, computer-based test for each track exam |
| Certified Financial PlannerCM Certification | 3 hours 85 questions, computer-based test with case studies |
CFP Fees
Fee Structure: Regular Pathway
| Description | Fees |
|---|---|
| Student Registration Fees with FPSB India | Rs 16, 385 (valid for one year) |
| Exam Fees (Paper 1-4) | Rs 4,130 per exam per attempt |
| Exam Fees (Paper 5) | Rs 8,260 per attempt |
| CFPCM Certification Fees | Rs 7,080 (renewed annually) |
Fee Details: Challenge Status Pathway
| Mede of enrollment | Fees | Description |
|---|---|---|
| FPSB India (Direct) | Rs 29,955 | Registration fees (valid for one year), certification fees, and administration & processing fees. |
| Through Charter Members of FPSB India | Rs 15,795 | Registration fees (valid for one year), initial CFP certification fees, administration, and processing fees. |
Online CFP Training
With a shorter time commitment than a master’s and the freedom to study whenever they want, the CFP Online program offers students a viable alternative for breaking into the financial planning industry.
Through a curriculum that adheres to CFP standards, CFP Online Financial Planning Certificate programs prepare the students for this course.
The majority of people frequently lack the knowledge necessary to establish their own realistic long-term financial goals and needs since they are unsure of where to begin. To help individuals and families get the most out of their money over the long term, skilled certified financial planners can streamline the financial planning process.
| Course | Provider | Average Fees (INR) |
|---|---|---|
| Introduction to Financial Planning – CFP Certification | Udemy | INR 3,200 |
| Financial Planning Certificate | Imarticus Learning | INR 58,000 |
| CFP Certification | ICICI Direct | – |
| Certified Financial Planner Challenge Status | Apna course | INR 15,000 |
| CFP Certification course | Proschoolonline | INR 52,000 |
CFP Syllabus
| Module | Topics |
|---|---|
| Introduction to Financial Planning | Financial Planning Process that includes client interactions, time value of money applications, etc. |
| General principles such as education planning, etc. | |
| Risk Analysis and Insurance Planning | Introduction to Risk Analysis, its strategies, and its applications, etc. |
| Insurance Concepts, Insurance Policies, Environment of an Insurance Advisor, | |
| Retirement Planning and Employee Benefits | Introduction to Retirement Planning, Retirement Benefits, Retirement Planning, Strategies, etc. |
| Pension sector reforms, Reform proposals, etc. | |
| Investment Planning | Introduction to Investment Planning, Investment vehicles, Investment strategies, Regulation of an investment advisor, Application to clients, etc. |
| Tax Planning & Estate Planning | Tax Planning Considerations, Tax Computations, etc. |
| Estate Planning | |
| Advanced Financial Planning | Financial Planning Process that includes gathering client data and determining goals and expectations, etc. |
Top CFP Colleges in India
There are several government and private institutions offering the CFP course. Some of the top government and private colleges to pursue the CFP course are mentioned below.
CFP Colleges: Top Government Colleges
| College Name | City | Average Annual Fees |
|---|---|---|
| Indian School of Business Management and Administration | Hyderabad | INR 20,990 |
| Indian School of Business Management and Administration | Patna | INR 20,900 |
| Indian School of Business Management and Administration | New Delhi | INR 25,900 |
CFP Colleges: Top Private Colleges
| College Name | City | Average Annual Fees |
|---|---|---|
| IMS ProSchool Pune | Pune | INR 30,000 |
| ICICIdirect Centre for Financial Learning (ICFL) | Kolkata | INR 30,000 |
| ICOFP Delhi – International College of Financial Planning | New Delhi | INR 35,000 |
| ICOFP Mumbai – International College of Financial Planning | Mumbai | INR 37,500 |
| ICFL – Icicidirect Centre For Financial Learning | Pune | INR 37,500 |
CFP Course: Skills Required
To pursue a career as a financial planner a candidate should have the following skills.
| Communication Skills | Interpersonal Skills |
| Stress Management | Energetic |
| Analytical skills | Problem-solving skills |
| Persistence | Organization skills |
| Passion | Attention |
CFP: Course Comparison
The following section highlights the difference between CFP and CFA courses and CFP and CPA courses.
CFP vs CFA
| Parameters | CFP | CFA |
|---|---|---|
| Organizing Body | Managed and Controlled by Certified Financial Planner board. | Managed and Controlled by American Institute of Certified Public Accountants. |
| Course Pattern | The course consists of only one level | The course is divided into 4 Assessment Exams: Financial Accounting and reporting Business Environment and Concept Audit & Attestation Regulation |
| Duration | 6 Months or more | 1.5 years |
| Syllabus | General Principles of Financial Planning Estate Planning Investment Planning Education Planning Retirement Savings & Income Planning Risk Management & Insurance planning Tax Planning Professional Conduct & Regulation | Financial Statement Accounts Corporate Governance Entity Federal Taxation Individual Federal Taxation Professional Responsibilities, Ethics & General Principles Economic Concepts & Analysis |
| Fees | INR 76,445 | INR 1,11,870 |
| Jobs | Tax Consultant, Financial Planner, Estate Planner, Investment Planner etc | Public Accountant, Forensic Accountant, Financial Analyst, Financial Advisor etc |
CFP vs CPA
| Parametres | CFP | CPA |
|---|---|---|
| Organizing Body | Managed and Controlled by Certified Financial Planner board. | Managed and Controlled by American Institute of Certified Public Accountants. |
| Pattern | The course consists of only one level. | The course is divided into 4 Assessment Exams: Financial Accounting and reporting Business Environment and Concept Audit & Attestation Regulation |
| Duration | 3 years | 1.5 years |
| Syllabus | General Principles of Financial Planning Estate Planning Investment Planning Education Planning Retirement Savings & Income Planning Risk Management & Insurance planning Tax Planning Professional Conduct & Regulation | Financial Statement Accounts Corporate Governance Entity Federal Taxation Individual Federal Taxation Professional Responsibilities, Ethics & General Principles Economic Concepts & Analysis |
| Fees | INR 85,000 | INR 70,000 |
| Jobs | Tax Consultant, Financial Planner, Estate Planner, Investment Planner etc | Public Accountant, Forensic Accountant, Financial Analyst, Financial Advisor etc |
CFP USA
The following are some of the colleges to pursue the CFP course in the USA.
| Boston University | Kansas State University |
| University of California | DePaul University |
| University of Florida | University of Missouri |
| Rice university | Pennsylvania State University |
| Northeastern State University | University of Nebraska |
Pennsylvania State University’s CFP
Additionally, Pennsylvania State University provides online CFP certification courses in a variety of financial planning topics, such as estate planning, investing, financial planning, tax consulting, etc. The CFP UPENN program offers a variety of courses, including:
Estate Preparation
- Financial Preparation Investment and Portfolio Analysis Capstone
- Financial Planning for Oneself
- Taxation Principles I or Taxation Principles
- Retirement Preparation
- CFP The Certified Financial Planner Board of Standards has registered UPENN’s CFP program as a Board Registered program.
Canada CFP
By certifying financial planners and guiding the progress of CFP Finance professionals across the nation, CFP Canada, an organization under the professional working body FP Canada, is committed to encouraging improved financial stability and wellness for Canadians. The major institutions and schools offering CFP are:
From Humber, CFP
- The Financial Planning graduate certificate program at Humber offers a direct route to jobs in the lucrative financial services sector, which includes, among others, banks, investment companies, insurance companies, and financial planning agencies.
- The Certified Financial Planner program at Himbee is delivered across three semesters, and certain courses within the curriculum qualify students to take the QAFP exam, formerly known as the FPSC Level 1 Examination in Financial Planning, as a step toward earning the Certified Financial Planner title.
- Seneca Business’s CFP
The CFP program at Seneca is an eight-month graduate certificate that prepares students to specialize in one of the financial services industries that is expanding the quickest.
Top Recruiters
| Amazon | Dr. Reddy’s |
| Bajaj | Voyzon Aerospace |
| Aditya Birla | Angel Broking |
| Kotak Life | BYJU’S |
Job Profiles
Check the table below to know about some of the common CFP jobs.
| Job Profiles | Job Description |
|---|---|
| Financial Analyst | Performs research and analysis and/or manages investment options, making recommendations to advisors. |
| Investment Manager | Selects and manages investments on behalf of a firm and its clients. |
| Portfolio Manager | Manages client assets and portfolios in accordance with firm’s guidelines, and contributes to research and analysis of investment opportunities and firm investment philosophy. |
| Finance Assistant | Responsible for the business and financial forms of a company for the purpose of verifying account balances, facilitating purchases, etc. |
| Mutual Fund Admin | Mutual Fund Admins or Advisors are the professionals who know everything about mutual funds. They are responsible for helping and consulting their clients or individuals all about the process related to investing funds in mutual funds. |
| Personal Financial Manager | Creates holistic financial plans to meet the unique financial goals of their clients. |
CFP Salary: Specialization Wise
| Specialization | Average Salary (INR) |
|---|---|
| Financial Analyst | 4.1 LPA |
| Financial Advisors | 5.9 LPA |
| Management Trainee | 6.3 LPA |
| Project Coordinator | 4 LPA |
| Financial Managers | 8.7 LPA |
| Mutual Fund Admin | 5.6 LPA |
CFP Salary: Experience Wise
| Experience | Salary (INR) |
|---|---|
| Entry – level | 2 – 4 LPA |
| Middle – level | 4 – 8 LPA |
| Experienced | > 8 LPA |
CFP Salary: Company Wise
| Name of the Company | Salary (INR) per month |
|---|---|
| Amazon | 30k |
| Bajaj | 15k – 18k |
| Kotak Life | 25k |
| Ambe Future solutions | 10k – 30k |
| Golden Orchid | 10k – 15k |
| Aditya Birla Group | 35k – 80k |
Pay for CFP
Graduates of CFP programs can apply for a variety of positions, such as financial advisers, risk analysts, portfolio managers, mutual fund advisors, retirement planning advisors, etc. after successfully completing the program.
As a tax planner, insurance consultant, and debt management expert, one can also establish a private consulting business. See the tables below to learn the typical CFP salaries in India for some of the most popular CFP positions. B
- What is the salary for a CFA Level 1 completed candidate in 2023?
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FAQ
Ans. CFP offers financial guidance to its clients so they may create the best investment strategy to achieve all of their short- and long-term objective
Ans. It entirely depends on the applicant and his or her capacity to pass every exam. The time frame can range from 6 to 9 months at the minimum to 3 to 4 years at the greatest. Students only need to pass the tests, which they can do with the help of coaching sessions or careful self-study.
The answer is that CFPs primarily serve in an advisory capacity for individual clients, whereas CFAs normally work more in the areas of financial analytics and investments.
A CFP course is worthwhile to take in India because of the imbalance between supply and demand. India’s economy is still in development, so it needs experts in areas like risk and insurance planning, investment planning, and wealth management.
Ans. For the FPSB to certify a candidate as a CFP, they must have completed their class 12th grade as well as the five tests encompassing all six modules of the certification programme.
Ans. No. For CFP certification, you need a bachelor’s degree or higher in any field from an authorized college or university.
Ans. In India, a CFP makes an average salary of between INR 3-6 LPA. Such experts can earn up to INR 20 LPA after about 10-15 years of relevant experience and after developing the necessary skills.
Ans. Internationally renowned for its competence in financial planning, the CFP designation. In Canada, there are about 17,000 Certified Financial Planners who are a part of a global network that includes more than 170,000 CFPs in 26 other countries.
Ans. CFP offers financial guidance to its clients so they may create the best investment strategy to achieve all of their short- and long-term objectives.
Ans. It entirely depends on the applicant and his or her capacity to pass every exam. The time frame can range from 6 to 9 months at the minimum to 3 to 4 years at the greatest.
Ans. In India, a CFP makes an average salary of between INR 3-6 LPA. Such experts can earn up to INR 20 LPA after about 10-15 years of relevant experience and after developing the necessary skills.
Ans. There are numerous publishers and coaching organizations that offer quality CFP preparation materials. Among them are:
Investment Analysis and Portfolio Management by Prasanna Chandra, Risk Analysis, Insurance, Retirement Planning by IIBF, Investment Planning by Dalton, etc.