The path for getting a financial planner certified, there are multiple paths to follow. Still, the basics are the same and would also give you Some shortcuts for financial planner certification which would make your journey easy and valuable these are the 5 points.
Path for Financial Planner Certified
And in many important points, tips are given and would make the financial planner certified process easy.
Essential Education (Save your 1 to 2 years)
Education Financial Planner certified Requirement?
For financial planner certified you need to complete some education requirements So choosing the right subject from high school would make a huge difference in your journey to financial planner certified it would give you many
Advantages:
- Save your time (save 1 to 2 years) by following the tips below & you can become financial planner certified earlier.
- Money (traveling cost).
- Efforts.
Tips:
Choose a college that is recognized by Cfp’s board for your bachelor’s degree which would save you about 1 to 2 YEARS
OR
If you choose any other local high school, after completing your degree you must study some subject separately from those recognized colleges to become financial planner certified.
While studying in a local college that is not recognized by the Cfp board you can manage to avoid some courses but you still have to complete some courses from Cfp recognized college.
In Short
If you don’t have Studied at a Cfp recognized college you can’t register for CFP exams until you have completed the capstone course or many other alternative ways separately described below. So it’s better to choose a CFP board-recognized college.
Mostly faced problems In CFP
What if my college is not cfp approved?
If you have completed a bachelor’s from a local college or a college not verified by the Cfp board, then there are two paths to complete your education requirements.
Path 1
The Capstone Course.
Accelerated path (mostly used).
Path 2
Working experience.
The Capstone Course
Capstone is not a CFP exam It’s just an education requirement for the CFP exam. Registration for Capstone courses is available online or at colleges and helps in becoming financial planner certified.
Who is applicable for Capstone course?
If you have completed your degree from a college that is verified by the Cfp board you don’t need to do a capstone course after your degree because you have already chosen any course that was a capstone course while completing your degree.
But
To become a financial planner certified Only those students who have to do a capstone course after completing their degree and who have completed their education from a local college means a college whose courses are not verified by the official CFP board.
Accelerated path
Another path for Cfp which is an accelerated path means you don’t have to do any capstone course or any other special education and it’s way more beneficial and mostly people use this path.
Things required for CFP
For the accelerated path you should have any ONE of them.
- CFA (Chartered Financial Analyst).
- Ph.D. (Doctor of Philosophy).
- CPA (Certified Public Accountant).
- Tax Professional.
- CLU Insurance underwriters.
- CHFC – Most financial advisors use CHFC) because CHFC consumes less time and CHFC is way much easy and relatively from other less effort is required So by completing this you don’t need to complete any capstone courses or other courses or education for Cfp.
If you opt for CHFC for registration and you can also use this in your resume and add it to your portfolio.
Path 2
Working Experience:
How much experience is required for Cfp?
For financial planner certified you have to show your experience of working as a financial planner
- 4000 hours of working experience.
- 6000 hours of working experience or 3 years (internship interval includes).
And after that
Kaplan Course
You can take the Kaplan course which is another alternative to Capstone courses
You can take the Kaplan test at Kaplan online and Kaplan course is shorter than the capstone and you don’t need to give any exam in the Kaplan course you just have to give proof in terms of voice records of any financial planning meetings while dealing with your client and any case analyses which Kaplan would give you.
So, for completing the education requirement Kaplan course is the shortcut and there are also many other ways to become financial planner certified but these are tested.
CFP exam
Cfp exam Information
You have to upload your all credentials with all proof as images on the Cfp website.
So, they would register you for the CFP exam and now is the time to study as described below for the CFP exam to become financial planner certified.
- For exam scheduling select your time and date for the Cfp exam from their website.
- The exam can be given on the computer online.
- The exam has two parts each part is of 3 hours.
Cfp exam Preparation
How to prepare for the Cfp exam?
To prepare for the Cfp exam you just have to focus on the last two-year studying material of your degree which would help you to get ready for the exam this is only applicable to those who have completed a degree from the university which is satisfied by the Cfp board and have registered your all credentials on the Cfp website.
But if you have studied from other colleges you can also study from the material which is provided at Kaplan after registration and its capstone alternative.
Tip
Spend 3 hours of the day which would take about 3 to 4 weeks and you are ready for the Cfp exam.
Cfp exam Questions
Questions of Cfp exam?
〉 The Cfp exam mostly consists of long case notes most questions are related to property and assets, resources planning with different conditions like doubtful creation of trust rules and some more trust differences conditions or when some trusts are right than other trusts and What would be the right decisions
〉 Multiple tax questions and to answer you should have experience in client dealing. (Which is why while applying they ask for work experience)
〉 Time is available in large amounts if you consume it In the right way.
〉 Some questions are related to portfolio management and performance management which are simple like introductory algebra questions which would take about 20 to 30 seconds to complete.
After completing all answers just hit submit.
Pass or fail results would come quickly.
Let’s assume you’ve passed.
The final principal ethics requirement
Now assume you’ve passed the exam for financial planner certified or CFP professional now you have to submit the document and sign and agree with a document that states that
You’ve practiced financial planning, with the highest moral and professional standards, ensuring that you will always work in your customers’ best interests.
In short:
You will ensure the client’s interests first.
Now you just have to submit and mark a tick on some options after reading.
Your application would be transferred to the Cfp board for approval and once it gets approved You can also check your name on their website for financial planner certified.
Tips
If you have studied from a non-verified CFP college and do not have any other like Ph.D. So opt for CHFC described in the accelerated method which would give you benefits in the future
Leave a Reply