If you would like to better understand the Certified Financial PlannerTM (CFP) designation, then you've come to right blog post. Take a read through this post, and then give the second part - Benefits and Support for Certified Financial Planner™ Professionals, a read for a well-rounded view of CFP designation, it's benefits and support available.
1. Introduction to CFP™
CERTIFIED FINANCIAL PLANNER™ designation is an international designation and has recognition by the governing body Financial Planning Standards Board (FPSB) outside the U.S.
2. What is the CFP™?
The designation is given to financial advisers, financial planners and wealth managers who have proved their depth and breadth of knowledge in integrated financial planning and the associated technical areas across global standards of knowledge and application of skills.
It represents the pinnacle of financial planning professionalism globally and is awarded in 27 territories around the world.
3. FPSB's Role in Promoting Financial Planning
The FPSB say: “Consumers worldwide feel challenged by their finances but aren’t sure whom to trust for professional financial planning advice. Financial Planning Standards Board Ltd. (FPSB) establishes, upholds and promotes worldwide professional standards for financial planning to foster public confidence in the financial planning profession.
FPSB demonstrates its commitment to excellence through its ownership of the international CERTIFIED FINANCIAL PLANNER certification program outside the United States.”
There are now 223,770 global CFP professionals but there is a much smaller number in the UK, only1,037 as of December 2023.
4. Becoming a CFP™ Professional in the UK
If you are already a financial services professional, you can complete an eligibility form on the CISI website. Once you have evidenced your existing qualifications and been approved, you are free to apply to start the pathway.
The process in the UK requires an exam at NVQ level 6 plus a case study assessment at level 7. These two components are provided by Chartered Institute for Securities and investment. If you are already a CII Chartered Financial Planner you can claim an exemption for the level 6 exam and opt instead for an online Professional Assessment.
Once you have passed that, you can continue to the level 7 case study. Upon completion of those, you will need to pass their integrity test and prove at least three years of relevant experience before applying for your CFP designation. For more information see CISI website.
There are workbooks and courses to help you along the way and Lockie Consultants offers training courses and 1:2:1 coaching for the level 7 assessment. We also assist NextGen Planners with their CISI L6 exam study support.
Back to Journal
