Certified Financial Planner or CFP is a professional certification course offered at a duration of 6 months to 2 years. It imparts the knowledge in the field of Financial Planning and it is offered by the Financial Planning Standards Board (FPSB).
The basic CFP eligibility is passing class 10+2 from a recognised board. Aspirants should have cleared CA/ Intermediate level, CFA, ICWA, CAIIB, CS, etc.for applying through Challenge status. In this mode, candidates need to clear only the fifth exam(Advance Financial Planning) to earn the certificate. Check: CFP Admission 2023
CFP Syllabus helps to create professionals who are skilled in the field of Investment Planning, Financial Consultation, Banking, etc. CFP subjects include Financial Planning, Risk Analysis & Insurance Planning, Tax & Estate Planning etc.
The CFP exam is conducted three times a year across 8-day testing windows that take place in March, July and November. The CFP course fees range between INR 40,000 and 60,000. This certification course is recommended for persons who want to work as financial advisors and assist people to manage their finances. According to Payscale, a certified CFP's salary ranges around INR 3,98,000.
1.1 Why study CFP?
2.1 Regular Pathway
4.1 CFP Fees
5.1 CFP Online
9.1 CFP vs CFA
9.2 CFP vs CPA
10.1 CFP Course in USA
10.2 CFP Course in Canada
11.1 Top Recruiters
11.2 Job Profiles
12.1 Specialization WIse
12.2 Experience Wise
12.3 Company Wise
All about CFP courses
Certified Financial Planner or CFP is offered by the Financial Planning Standards Board (FPSB) in financial planning. CFP duration varies and ranges between 6 months to 2-3 years. The CFP certification course is known globally and is trusted for giving training in the field of Financial Planning, Education and Morals.
Why study CFP?
The Certified Financial Planner or CFP professional certificate is widely recognized and accepted across the globe for its standard for financial planning professionals worldwide. It will teach you how to build trust and assist customers in an increasingly complex advice world.
The Certification in Financial Planning will help you in the following ways.
- It will make you proficient in making a robust and recurring financial planning framework
- Allows each client to consistently deliver a pure financial planning proposal. It allows you to easily prove decisions which reduces your risk of compliance.
- It will help increase customer confidence to help them achieve their life goals.
- Enhanced relations with customers leading ultimately to customer references.
- Provides advanced career opportunities in financial services along with a greater job satisfaction
- It is a high-income generation course with dynamic working opportunities (individual or firm) and gives you a good reputation in the business world.
Who should study CFP?
- The professionals can take this course as an addition to the current profession for a better paycheck.
- Individuals who plan to be financial advisors in the future can pursue this course.
- CFP can be pursued by students who are fond of financial studies.
- Individuals seeking a career change with the highest level of job satisfaction.
- Since the CFP accepts students from all courses with any Major, it offers students a great opportunity to turn their career into something that might interest them.
Types of CFP Courses
CFP certification can be opted in two modes– Regular Pathway and the Challenge Status Pathway depending upon the candidate's eligibility and qualification.
Regular Pathway
- Students enrolled in a Bachelor's degree program typically apply for CFP through the regular Pathway.
- Candidates must pass NSE exams 1-4.
- Candidates after qualifying the exams 1, 2, 3 and 4 are eligible to take exam 5, for Advanced Financial Planning.
Challenge Status Pathway
- To obtain CFP certification, students must only pass the final exam, Advanced Financial Planning.
- A candidate must have this relevant work experience before taking Exam 5 under the Challenge Status pathway.
CFP: Admission Process
The students must follow the admission process mentioned below to be eligible for admission to the CFP Course. Check: CFP Admission 2023
CFP: Eligibility Criteria
To be eligible to pursue a CFP course, candidates are required to fulfill the eligibility requirements for the course. It has been discussed in detailed manner below.
The registration process for Regular Pathway is given below for your reference:
- One must get an NCFM number from the official website of the NSE Academy's.
- Then one must fill the registration form to become a member of a FPSB Ltd.
- The Student Registration Fee must be paid.
- FPSB Ltd. activates the student on the NSE test portal after verification.
The Challenge Candidate Pathway registration process is as follows:
- After successful registration, candidates will get an NCFM number on the NSE Academy's official website.
- Fill out a Challenge Candidate Registration Form and email the relevant self-attested, scanned papers to IndiaCFPExperience@fpsb.org, together with your NCFM number, to register as a Challenge Candidate with FPSB Ltd.
- After the verification process, one needs to pay the required fees for the registration.
- After the payment, FPSB Ltd. activates the candidate on the NSE exam portal.
| Eligibility for CFP | - |
|---|---|
| CFP Eligibility in ICOFP, Lucknow | CFP Eligibility in ICOFP, Mumbai |
| CFP Eligibility in IIFP, Delhi | CFP Eligibility in ICOFP, Kolkata |
CFP Exam
The CFP exam is a MCQ based test consisting of a 170-question with a duration of two 3-hour sections during one day. Furthermore, each section is divided into two distinct subsections. The exam includes stand-alone questions, as well as questions associated with case studies.
| 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
CFP fee structure is different for Regular Pathway and Challenge Status Pathway. Take a look at registration, exam and certification fees of both:
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 Course
CFP Online program provides students with a strong option for entering the financial planning field, taking less time than the Master’s and allowing students to study on their own time, without making sacrifices in their professional or personal lives.
CFP Online Financial Planning Certificate programs prepare the students for this course through a curriculum in accordance to CFP standards.
Most people lack the knowledge to accurately develop their own long-term financial plans and needs, often not knowing where to start out . However, knowledgeable certified financial planners can simplify the method of monetary planning for people and families and check out to assist them get the foremost out of their money for the long run.
Given below are some of the popular Online CFP Courses which are offered by various platforms.
| 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
The CFP Syllabus constitutes of 6 modules which are discussed below along with the topic covered.
| 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, and 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. |
Know More: CFP Exam Syllabus, Study Material & Course Material
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 |
Read More: CFP Colleges in India 2023
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 |
Check:
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 Abroad
CFP can be done abroad with the top most universities around the world. CFP programme is a global programme and the certifications are valid all around the globe.
CFP USA
The following are some of the colleges to pursue the CFP course from the USA.
CFP from Pennsylvania State University
Pennsylvania State University also offers online CFP certification courses in a wide range of financial Planning concepts which include Estate Planner, Investment Planner, Financial Planner, Tax Consultant, etc. The CFP UPENN programme includes various given courses:
- Estate Planning
- Financial Planning Capstone
- Investment and Portfolio Analysis
- Personal Financial Planning
- Principles of Taxation I Or Principles of Taxation
- Retirement Planning
CFP UPENN conducts CFP as a Board Registered program with the Certified Financial Planner Board of Standards.
CFP Canada
CFP Canada under the Professional working body FP Canada is dedicated to fostering better financial health and security to Canadians by certifying financial planners and leading the advancement of CFP Finance professionals across the country. The top colleges and universities providing CFP are:
-
CFP from Humber
- Humber’s Financial Planning graduate certificate program provides a clear pathway to careers in the lucrative financial services industry including banks, investment firms, insurance companies, financial planning firms among others.
- CFP at Himbee is offered in 3 semesters and some specific courses within the programme courses makes the students eligible to sit for the QAFP exam, formerly the FPSC Level 1 Examination in Financial Planning, as part of the process towards achieving the Certified Financial Planner designation.
-
CFP from Seneca Business
- Seneca’s CFP programme is an eight-month graduate certificate that prepares one to become specialized in one of the fastest growing sectors in financial services. The curriculum equips skills for working in client-facing and behind-the-scenes roles with banks; trust companies; insurance companies; and investment, wealth management and financial planning firms.
- CFP Course duration is 2 semesters (8 Months). Through the CFP programme at Seneca Business, candidates learn to manage their personal finances, also they will be able to provide financial advice to their clients or the public and pursue industry-demanded certifications.
CFP Jobs
After completing the certification course, graduates in CFP or certified financial planner can find lucrative and high paid job opportunities in various sectors which includes wealth management companies, private banking sector, mutual fund and insurance companies, investment consultancy firms and many others. The average annual salary of a Certified Financial Planner is around INR 3.99 LPA, according to Payscale.
Know More: CFP Jobs & Salary
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 the 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
After successful completion of a CFP course, several roles are offered to the graduates that include financial advisors, risk analysts, portfolio managers, mutual fund advisors, retirement planning advisors, etc.
One can also set up an independent consultancy firm and act as a tax planner, insurance advisor, and debt management specialist. Check the tables below to know the average CFP salary in India of some of the common CFP jobs.
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 |
What after the CFP Course ?
You can easily find financial stability in your career after getting this certification, but there are many other courses/post certifications that you can do after this course which are mentioned below:
B.Com
Bachelor of Commerce or BCom is a basic undergraduate degree in the field of commerce. Students who have pursued CFP after Class 12 can get this bachelor’s degree in raising their qualifications and getting an edge over other candidates.
Apart from this, there are many specializations of this Bachelor degree which you can pursue in the field of commerce and its related areas which are given below:
| BCom Computer Applications | BCom Accounting & Finance | BCom Banking & Insurance |
| BCom Company Secretaryship | BCom Taxation | BCom Finance |
| BCom Accountancy | BCom Co-Operation | BCom Banking Management |
M.Com
Master of Commerce or MCom is a postgraduate degree covering the necessary aspects of commerce and its related fields.
If you already have a bachelor’s degree, then you can definitely go for M.Com. It will provide you a better understanding of basic concepts and its application across different related sectors.
The several MCom specializations are mentioned below:
| MCom Finance | MCom Computer Applications | MCom Accountancy |
| MCom Financial Management | MCom Business Administration | MCom Banking & Finance |
Post-CFP Certifications
Candidates post completing the CFP certification course program and becoming a Certified Financial Planner can pursue other popular certification courses such as Certified Financial Analyst (CFA), Chartered Financial Consultant (ChFC), etc.
Other than this, you can also go for many doctoral courses such as:
Apart from these mentioned courses, there are many other programs and certifications that you can pursue after CFP which you can opt based on your interest and the field in which you want to make your career.
CFP course: FAQs
Ques. What does CFP do?
Ans. CFP provides financial assistance to its clients in order to make the right investment plan to meet all the personal goals within that financial year or in the long term.
Ques. How long does it take to become a CFP?
Ans. It totally depends upon the candidate, and his/ her ability to clear all the exams. The minimum it can take up to 6-9 months, and the maximum it can take up to 3-4 years. Students just need to qualify the exams which they can do after proper self-study or through coaching classes.
Ques. Is CFP easier than CFA?
Ans. CFP is slightly easier than CFA in terms of exam difficulty as to become a CFA one needs to qualify all the three levels which is difficult if compared to CFP.
Ques. Which is better, CFA or CFP?
Ans. CFAs typically work more in the field of financial analytics and Investments, while CFPs usually work as an Advisory role for individual clients.
Ques. Is CFP worth it in India?
Ans. CFP course is worth doing in India due to the deficiency in the demand and supply ratio. India is a developing economy and requires professionals in Investment Planning, Wealth Management, Risk and Insurance Planning etc.
Ques. Can I do CFP after 12th?
Ans. The candidate must have cleared his class 12th and should have cleared the five exams covering all six modules of the certification programme to be certified as a CFP by the FPSB.
Ques. Can I become a CFP without a degree?
Ans. No. A bachelor's degree or higher in any discipline from an accredited college or university is required for CFP certification.
Ques. What is the CFP salary in India?
Ans. The average salary of CFP in India is around INR 3-6 LPA. After getting experience and gaining the required skills, such professionals can earn up to INR 20 LPA after around 10-15 years of relevant experience.
Ques. What are some of the CFP course materials and books in India?
Ans. There are many publishers and coaching institutes that provide good study material to prepare for the CFP. Some of them are:
Investment Planning by Dalton, Risk Analysis, Insurance, and Retirement Planning by IIBF, Investment Analysis, and Portfolio Management by Prasanna Chandra, etc. Check CFP Course Material to know more.
Ques. Is CFP recognized internationally?
Ans. The CFP designation is recognized internationally for excellence in financial planning. There are approximately 17,000 Certified Financial Planner professionals across Canada, part of an international network of more than 170,000 CFP professionals in 26 territories around the world.
Ques. What does CFP do?
Ans. CFP provides financial assistance to its clients in order to make the right investment plan to meet all the personal goals within that financial year or in the long term.
Ques. How long does it take to become a CFP?
Ans. It totally depends upon the candidate, and his/ her ability to clear all the exams. The minimum it can take up to 6-9 months, and the maximum it can take up to 3-4 years. Students just need to qualify the exams which they can do after proper self-study or through coaching classes.
Ques. Is CFP easier than CFA?
Ans. CFP is slightly easier than CFA in terms of exam difficulty as to become a CFA one needs to qualify all the three levels which is difficult if compared to CFP.
Ques. What is the CFP salary in India?
Ans. The average salary of CFP in India is around INR 3-6 LPA. After getting experience and gaining the required skills, such professionals can earn up to INR 20 LPA after around 10-15 years of relevant experience.
Ques. What are some of the CFP course materials and books in India?
Ans. There are many publishers and coaching institutes that provide good study material to prepare for the CFP. Some of them are:
Investment Planning by Dalton, Risk Analysis, Insurance, and Retirement Planning by IIBF, Investment Analysis, and Portfolio Management by Prasanna Chandra, etc. Check CFP Course Material to know more.
![International College of Financial Planning - [ICOFP]](https://images.collegedunia.com/public/college_data/images/appImage/57392_10.jpg?tr=h-150,w-320,c-force)
![International College of Financial Planning - [ICOFP]](https://images.collegedunia.com/public/college_data/images/logos/147652646312.jpg?tr=h-30,w-30,c-force)
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![International College of Financial Planning - [ICOFP]](https://images.collegedunia.com/public/college_data/images/logos/1581066256gaIg94UM.png?tr=h-30,w-30,c-force)
![Indian Institute of Financial Planning - [IIFP]](https://images.collegedunia.com/public/college_data/images/appImage/17871_IIFP_New.jpg?tr=h-150,w-320,c-force)
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