Table of Contents
- CFP Overview
- CFP Highlights
- All About CFP
- Types of CFP
- CFP Admission Process
- CFP Exam
- CFP Fees
- Online CFP Courses
- CFP Top Colleges
- Skills Required to be a CFP Professional
- CFP Scope
- FAQs about Certified Financial Planner
CFP Overview
The Certified Financial Planner (CFP) certification is a professional program offered by the Financial Planning Standards Board (FPSB). It spans from a minimum of six months to two years in duration and equips individuals with expertise in financial planning. To be eligible for the CFP exam, candidates must have completed their 12th grade with at least 50% marks from a recognized board. There are two pathways to enter the CFP program: the regular mode and the challenge status method. The latter requires candidates to have cleared CA/Intermediate Level, CFA, ICWA, CAIIB, CS, or equivalent qualifications. Under this method, they need to pass the fifth exam, which is Advanced Financial Planning, to earn the professional certification. CFP-certified professionals can explore career opportunities as Financial Assistants, Financial Analysts, Portfolio Managers, Investment Managers, Mutual Fund Administrators, Finance Assistants, and more. Salaries in this field typically range from INR 4,00,000 to INR 8,00,000 per annum.
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CFP Highlights
To get a quick view of the CFP course. One should go through the information provided in the table below. Also Read:What is the advantage of doing an MBA in Finance in India?Category Description Course Name Certified Financial Planner Full Form CFP Eligibility 10+2 Mode of Admission Regular Pathway and Challenge Status Pathway Course Duration 6 months- 2 years Course Fee INR 40,000- INR 60,00,000 per annum Job Profiles Financial Assistant, Financial Analyst, Portfolio Manager, Investment Manager, Mutual Fund Admin, Finance Assistant etc. Average Salary INR 4,00,000- INR 8,00,000 Employment Sectors Banks, Audit Firms, Tax Departments, Government Ministries, PSUs, Management Consulting Firms, Corporate Financial Houses etc
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All About CFP
CFP-certified financial professionals demonstrate expertise and commitment to providing ethical financial planning services, helping clients achieve their financial goals and navigate complex situations. It's beneficial for those aspiring to be financial advisors, students interested in financial studies regardless of their major, and career changers. The CFP program is inclusive, enabling individuals to transition into fields of genuine interest. Financial professionals who hold the CFP certification have demonstrated their expertise and commitment to providing comprehensive and ethical financial planning services to clients. They are equipped with the knowledge and skills necessary to assist individuals and families in achieving their financial goals and navigating complex financial situations. The CFP certification is a globally recognized benchmark, equipping professionals with the skills to build trust, deliver tailored financial plans, enhance client confidence, and open doors to advanced career opportunities in the financial services industry. It offers dynamic work options, whether independently or within a firm.Who Should Pursue CFP?
Why Choose CFP?
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Types of CFP
CFP certification can be opted in two ways-regular pathway and the challenge status pathway, depending upon the candidate eligibility and prior academy qualification.Regular Pathway
Challenge Status Pathway
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CFP Admission Process
The students must follow the admission process mentioned below to be eligible for admission to the CFP course. The detailed eligibility norms to pursue a CFP course is mentioned below for your reference. Regular Pathway Registration Process Challenge Status Pathway Registration ProcessEligibility Criteria
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CFP Exam
The CFP exam has multiple-choice questions based tests in which 170 questions are asked which are to be answered in a duration of three hours during one day. Furthermore, each section is divided into distant subsections. The exam includes standalone questions as well as questions associated with case studies. Retirement and Tax Planning Specialist Certification, Investment Planning Specialist Certification, Risk Management and Estate Planning Specialist CertificationExam Duration 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
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CFP Fees
CFP fees differs depending upon the pathway chosen. The detailed fees for both the modes of admission is given below. Challenge Status Pathway Fee Structure Also Read:Which is better MBA Finance vs Master of Finance?Regular Pathway Fee Structure
Description Fees Student Registration Fees with FPSB India INR 16, 385 (valid for 1 year) Exam Fees (Paper 1-4) INR 4,130 per exam, per attempt Exam Fees (Paper 5) INR 8,260 per attempt CFPCM Certification Fees INR 7,080 (renewed annually) Mode of Enrollment Fees Description FPSB India (Direct) INR 29,955 Registration fees (valid for 1 year), certification fees and administration & processing fees. Through Charter Members of FPSB India INR 15,795 Registration fees (valid for 1 year), initial CFP certification fees, administration and processing fees.
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Online CFP Courses
The CFP Online program offers a compelling pathway for individuals aspiring to enter the financial planning field. It presents a flexible learning option that requires less time commitment compared to a Master's degree, allowing students to study at their own pace without compromising their personal or professional obligations. The CFP Online Financial Planning Certificate programs are designed to equip students with the necessary skills and knowledge aligned with the standards set by the CFP. The curriculum prepares students for this program, ensuring they receive comprehensive training in financial planning principles. Many individuals lack the expertise to effectively create their own long-term financial plans, often unsure of where to begin. However, certified financial planners with extensive knowledge can simplify the financial planning process for individuals and families, helping them maximize their financial resources for the future. Listed below are some of the popular online CFP courses for your reference. Also Read:Top Finance Courses OnlineCourse Provider Average Fees CFP Certification ICICI Direct - Introduction to Financial Planning - CFP Certification Udemy INR 3,200 Certified Financial Planner Challenge Status Apna Course INR 15,000 CFP Certification course ProSchool Online INR 52,000 Financial Planning Certificate Imarticus Learning INR 58,000
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CFP Syllabus & Topics
The CFP syllabus is an amalgamation of 6 modules, which are presented below: The CFP syllabus along with the important topics is tabulated below for a broader understanding of the course curriculum. Modules Important Topics Risk Analysis & Insurance Planning Investment Planning Introduction to Financial Planning Retirement Planning and Employee Benefits Tax Planning & Estate Planning Advanced Financial Planning Also Read:Short-Term Courses in Finance in IndiaIntroduction to Investment Planning, Investment Vehicles, Investment Strategies, Regulation of an Investment Advisor, Application to Clients, etc. Financial Planning Process that includes gathering client data and determining goals and expectations, etc.
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CFP Top Colleges
There are few government and private CFP top colleges in India. Candidates must decide a college, depending upon several factors such as faculty, placement, curriculum, pedagogy, infrastructure, rankings, college location, college fees etc. Below are some of the esteemed government institutions offering CFP course. Some of the leading private CFP, colleges of top rankings and tabulated below:Government CFP Colleges
College Name Location Average Fees Hyderabad INR 20,990 New Delhi INR 25, 990 Indian School of Business Management & Administration Patna INR 20. 990 Private CFP Colleges
College Name Location Average Fees ICFL - ICICIDirect Centre For Financial Learning Pune INR 37,500 ICICIDirect Centre for Financial Learning (ICFL) Kolkata INR 30,000 ICOFP Delhi - International College of Financial Planning New Delhi INR 35,000 IMS ProSchool Pune Pune INR 30,000 ICOFP Delhi - International College of Financial Planning Mumbai INR 37,500
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Skills Required to be a CFP Professional
To pursue a Certified Financial Planner (CFP) course in India, certain skills are beneficial for success in the program. These skills include: 1. Financial Knowledge: A strong foundation in financial concepts, including understanding investment strategies, taxation, insurance, retirement planning, and estate planning, is crucial for a CFP course. 2. Analytical Abilities: The ability to analyze complex financial situations, assess risks, and make informed decisions is essential for a CFP. Strong analytical skills help in evaluating clients' financial needs and creating suitable plans. 3. Communication Skills: Effective communication skills, both verbal and written, are vital for a CFP. The ability to explain financial concepts clearly, listen actively to clients' needs, and articulate recommendations is essential for building trust and rapport. 4. Problem-Solving Skills: CFP professionals often encounter unique financial challenges and must devise innovative solutions. Strong problem-solving abilities help in addressing clients' specific financial goals and navigating complex scenarios. 5. Ethical Awareness: CFP professionals must adhere to high ethical standards, as they handle sensitive financial information and make recommendations that impact clients' financial well-being. An understanding of ethical principles and a commitment to acting in clients' best interests is crucial. 6. Time Management: CFP courses require dedication and effective time management skills to balance coursework, examinations, and practical experience. The ability to prioritize tasks and meet deadlines is essential for success in the program. 7. Interpersonal Skills: Building and maintaining relationships with clients is a crucial aspect of financial planning. Strong interpersonal skills, including empathy, active listening, and the ability to connect with people from diverse backgrounds, are important for a CFP. 8. Continuous Learning: The financial industry is dynamic, with evolving regulations and market trends. A willingness to engage in continuous learning, staying updated with industry developments and pursuing professional development opportunities, is important for a successful CFP. While these skills are valuable for pursuing a CFP course in India, it is worth noting that some skills can be further developed during the course itself through rigorous training and practical experience.
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CFP Scope
The scope of Certified Financial Planner (CFP) certification is quite broad and promising. Here are some key aspects of the scope for CFP professionals: 1. Financial Planning Services: CFP professionals have the opportunity to offer comprehensive financial planning services to individuals, families, and businesses. This includes assessing clients' financial goals, creating customized financial plans, providing investment advice, retirement planning, tax planning, estate planning, and risk management strategies. 2. Wealth Management: CFP professionals can specialize in wealth management, assisting clients with the effective management and growth of their assets. This may involve investment portfolio management, asset allocation, and providing guidance on investment products and strategies. 3. Retirement Planning: With the increasing importance of retirement planning, CFP professionals can focus on helping clients prepare for their post-retirement financial needs. This includes estimating retirement expenses, developing retirement income strategies, and ensuring clients have a secure financial future. 4. Insurance Planning: CFP professionals can specialize in insurance planning, analyzing clients' insurance needs, and recommending suitable coverage options. This may include life insurance, health insurance, disability insurance, and long-term care insurance. 5. Estate Planning: CFP professionals can assist clients in creating estate plans to manage their assets and ensure the smooth transfer of wealth to future generations. This involves strategies for minimizing estate taxes, establishing trusts, and designating beneficiaries. 6. Tax Planning: CFP professionals can provide guidance on tax-efficient strategies, helping clients optimize their tax positions while complying with applicable tax laws. This includes strategies for reducing tax liabilities, maximizing deductions, and taking advantage of tax-advantaged investment options. 7. Financial Education and Counseling: CFP professionals can contribute to financial literacy and education initiatives by conducting workshops, seminars, and individual counseling sessions. This allows them to empower individuals with the knowledge and skills to make informed financial decisions. 8. Career Opportunities: CFP professionals can pursue various career paths, including working as independent financial planners, within financial advisory firms, banks, insurance companies, or wealth management firms. They can also establish their own financial planning practices and serve as trusted advisors to a wide range of clients. The scope of CFP extends beyond geographical boundaries, with opportunities for CFP professionals to work globally and cater to the needs of an increasingly interconnected world. As the demand for professional financial advice continues to grow, the scope for CFP professionals remains promising, offering a rewarding and fulfilling career in the field of financial planning. The financial planning field offers a diverse range of roles and settings, including working in independent practices, financial institutions, insurance companies, and consulting firms. CFP professionals can also choose to work as solo practitioners or start their own financial planning firms. Some of the popular CFP job profiles includes: After the completion of the CFP course, numerous roles are offered to the CFP graduates such as financial advisors, risk analysts, portfolio managers, mutual fund advisors, etc. Individuals can also set up an independent consultancy firm and act as a tax planner, insurance advisor, debt management specialists etc. The salary of a CFP professional depends upon various factors such as the organization one is hired into, the role at which one is hired, specialized skills and advanced knowledge that one has acquired, the years of experience one has etc. An approximate idea of CFP salary for various job roles is tabulated below for your reference. CFP Jobs Average Salary (per annum) Financial Planner INR 4,00,000- INR 8,00,000 Fund Manager INR 4,00,000- INR 9,00,000 Financial Advisor INR 6,00,000- INR 9,50,000 Wealth Manager INR 5,00,000- INR 8,00,000 Private Banker INR 4,00,000- INR 6,00,000 Retirement Planning Specialist INR 4,00,000- INR 5,70,000 Insurance Advisor INR 3,00,000- INR 4,50,000 Estate Planner INR 6,00,000- INR 8,75,000 Financial Analyst INR 4,00,000- INR 7,00,000 Debt Management Specialist INR 4,00,000- INR 5,50,000 Project Manager INR 5,00,000- INR 9,00,000 Finance Manager INR 6,00,000- INR 10,00,000 Mutual Fund Admins INR 3,00,000- INR 6,00,000 Portfolio Manager INR 4,00,000- INR 7,50,000 Risk Manager INR 4,00,000- INR 6,60,000 As a CFP there are various industries, organizations, and sectors that actively recruit CFP professionals. Various job opportunities can also arise from referrals, networking, and establishing one’s own financial planning practice, etc. Some of the top recruiters for CFP graduates are:CFP Job Profiles
CFP Salary
CFP Top Recruiters
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FAQs about Certified Financial Planner
What is a CFP course?
The CFP course focuses on more holistic financial planning. In addition to investments, the CFP exam covers savings, income planning, risk management, insurance, taxes and estate planning.
What is the duration of the CFP course?
The Certified Financial Planner course is a 6-month to 2-year long program.
What are the modules of the CFP course?
There are mainly six modules of the CFP course are :
Introduction to Financial Planning
Risk Analysis & Insurance Planning
Retirement Planning & Employee Benefits
Investment Planning
Tax Planning & Estate Planning
Advanced Financial Planning
What are the eligibility requirements for admission to the CFP course?
The eligibility requirements for admission to the CFP course are qualifying for higher secondary examinations, along with undergraduate and graduate degrees. The eligible degrees are B. Com, BFM, BBI, BIM, BMS, BBA, CA Inter, CA, MBA, M. Com, CS, and LLB.
What is a CFP in Retirement and Tax Planning?
This course teaches the candidates to consider their clients’ personal financial goals, risk tolerance and risk capacity, asset locations, the structure and impact of public and private retirement plans, and how taxation will affect their clients’ financial situation and goals.
What is a CFP in Investment Planning?
The FPSB Investment Planning Specialist course prepares the students to develop strategies to help clients optimize their risk profile, financial capacity and constraints.
Is CFP a good career?
Yes, CFP is an excellent career because it increases one’s chances of getting employed in Wealth Management, Financial Planning Firm, Banks , Mutual Fund. Also, students pursuing CFP become eligible for high remuneration. Some CFP graduates will earn annual packages of INR 10 lakhs.
Can I do CFP after 12th?
There are 2 pathways to become a CFP – Challenge and Regular. A Regular candidate must be a 10th or 12th pass at the time of application. While a Challenge candidate must be a CA / Intermediate level, CFA (US), CAIIB, CS, LLB, PhD, M. Phil, PG or ICWA.
What can I opt for after CFP?
Mentioned below are some of the higher educational opportunities after CFP course:
- CFA
- CAIIB
- DBF
- MBA in Banking and Insurance
- PG Certificate in Banking and Insurance
What is the salary after a CFP course?
The salary after pursuing a CFP course differs for various profiles.A Portfolio Manager makes INR 10,50,489 per annum. A Risk Analyst earns INR 6,00,000 on average every year. The average annual compensation for an Investment Banker is INR 9,66,410.
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CFP Overview
The Certified Financial Planner (CFP) certification is a professional program offered by the Financial Planning Standards Board (FPSB) It is designed to equip individuals with expertise in financial planning and typically spans from a minimum of six months to two years in duration.
CFP Highlights
The CFP course offers a comprehensive curriculum and covers various aspects of financial planning. Here are some key highlights:
- Course Name: Certified Financial Planner (CFP)
- Full Form: CFP
- Eligibility: Candidates must have completed their 12th grade with at least 50% marks from a recognized board.
- Mode of Admission: There are two pathways to enter the CFP program: the regular mode and the challenge status method.
- Course Duration: The course duration ranges from 6 months to 2 years.
- Course Fee: The course fee for CFP ranges from INR 40,000 to INR 60,00,000 per annum.
- Job Profiles: CFP-certified professionals can explore career opportunities as Financial Assistants, Financial Analysts, Portfolio Managers, Investment Managers, Mutual Fund Administrators, Finance Assistants, and more.
- Average Salary: Salaries in the field of CFP typically range from INR 4,00,000 to INR 8,00,000 per annum.
- Employment Sectors: CFP professionals can find employment in banks, audit firms, tax departments, government ministries, PSUs, management consulting firms, corporate financial houses, and more.
All About CFP
The CFP certification is designed for financial professionals who demonstrate expertise and commitment to providing ethical financial planning services. CFP professionals help clients achieve their financial goals and navigate complex financial situations.
Types of CFP
The CFP certification can be obtained through two pathways: the regular pathway and the challenge status pathway. The regular pathway is typically for candidates enrolled in a graduation degree program, while the challenge status pathway requires relevant work experience before taking the final exam.
CFP Admission Process
The admission process for the CFP course involves the following steps:
- Eligibility Criteria: Candidates must meet the eligibility criteria, which include completing the 12th grade with at least 50% marks.
- Regular Pathway Registration Process: Candidates need to obtain an NCFM number from the official website of the NSE Academy and fill out the registration form to become a member of FPSB Ltd. They also need to pay the student registration fee.
- Challenge Status Pathway Registration Process: Candidates need to obtain an NCFM number from the NSE Academy's official website and fill out a Challenge Candidate Registration Form. They must email the relevant self-attested scan papers to indiacfpexperience@fpsb.org, along with their NCFM number, to register as a Challenge Candidate with FPSB Ltd. After successful verification, candidates need to pay the required fees for registration.
CFP Exam
The CFP exam consists of multiple-choice questions and is divided into different sections. The exam includes standalone questions as well as questions associated with case studies. The duration of the exam is three hours, and candidates need to answer 170 questions.
CFP Fees
The fees for the CFP course vary depending on the pathway chosen. For the regular pathway, the fees include student registration fees, exam fees for each paper, and CFPCM certification fees. For the challenge status pathway, the fees include registration fees, initial CFP certification fees, and administration and processing fees.
Online CFP Courses
The CFP Online program offers a flexible learning option for individuals aspiring to enter the financial planning field. It allows students to study at their own pace without compromising their personal or professional obligations. Some popular online CFP courses include the CFP Certification course offered by ProSchool Online, the CFP Certification course offered by ICICI Direct, and the Financial Planning Certificate offered by Imarticus Learning.
CFP Syllabus & Topics
The CFP syllabus consists of six modules, which cover various topics related to financial planning. The modules include Risk Analysis & Insurance Planning, Introduction to Financial Planning, Investment Planning, Retirement Planning and Employee Benefits, Tax Planning & Estate Planning, and Advanced Financial Planning.
CFP Top Colleges
There are several government and private colleges in India that offer the CFP course. Some of the government colleges include Hyderabad, New Delhi, and the Indian School of Business Management & Administration in Patna. Private colleges include ICFL - ICICIDirect Centre For Financial Learning in Pune, ICICIDirect Centre for Financial Learning (ICFL) in Kolkata, ICOFP Delhi - International College of Financial Planning in New Delhi, and IMS ProSchool Pune in Pune.
Skills Required to be a CFP Professional
To pursue a Certified Financial Planner (CFP) course in India, certain skills are beneficial for success in the program. These skills include financial knowledge, analytical abilities, communication skills, problem-solving skills, ethical awareness, time management, interpersonal skills, and a commitment to continuous learning.
CFP Scope
The scope of the Certified Financial Planner (CFP) certification is broad and promising. CFP professionals can offer financial planning services, specialize in wealth management, retirement planning, insurance planning, estate planning, tax planning, provide financial education and counseling, and pursue various career opportunities in the financial services industry. The scope of CFP extends beyond geographical boundaries, offering opportunities to work globally.
CFP Job Profiles and Salary
CFP professionals can explore various job profiles, including Financial Planner, Financial Advisor, Wealth Manager, Private Banker, Retirement Planning Specialist, Insurance Advisor, Estate Planner, Financial Analyst, Debt Management Specialist, Tax Planner, Project Manager, Finance Manager, Mutual Fund Admin, Portfolio Manager, and Risk Manager. The salary for CFP professionals varies depending on the job role and other factors, with average salaries ranging from INR 4,00,000 to INR 10,00,000 per annum.
CFP Top Recruiters
Some of the top recruiters for CFP graduates include financial planning firms like Ameriprise Financial, Vanguard, Charles Schwab, and Edward Jones; banks and financial institutions like JP Morgan Chase, Bank of America, Wells Fargo, and Citigroup; insurance companies like ICICI Prudential, PNB MetLife, MassMutual, Max Life Insurance, and Kotak Life; independent financial advisory firms like Fisher Investment, Mercer Advisors, and Mariner Wealth Advisors; accounting and consulting firms like PwC, Deloitte, EY, and KPMG; and retirement planning companies like Fidelity Investments, TIAA, and Principal Financial Group.
FAQs about Certified Financial Planner
- What is a CFP course? The CFP course focuses on holistic financial planning and covers various aspects such as investments, savings, income planning, risk management, insurance, taxes, and estate planning.
- What is the duration of the CFP course? The CFP course typically ranges from 6 months to 2 years in duration.
- What are the modules of the CFP course? The CFP course consists of six modules, including Risk Analysis & Insurance Planning, Introduction to Financial Planning, Investment Planning, Retirement Planning and Employee Benefits, Tax Planning & Estate Planning, and Advanced Financial Planning.
- What are the eligibility requirements for admission to the CFP course? The eligibility requirements include qualifying for higher secondary examinations and having relevant undergraduate or graduate degrees.
- What is a CFP in Retirement and Tax Planning? This specialization focuses on helping clients with retirement planning, understanding retirement benefits, and developing strategies to optimize tax positions.
- What is a CFP in Investment Planning? This specialization focuses on investment strategies, analyzing risk profiles, and providing investment advice to clients.
- Can I do CFP after 12th? Yes, candidates who have completed their 12th grade with at least 50% marks are eligible to pursue the CFP course.
- What can I opt for after CFP? After completing the CFP course, individuals can pursue higher education opportunities such as CFA, CAIIB, DBFM, MBA in Banking and Insurance, and PG Certificate in Banking and Insurance.
- What is the salary after a CFP course? The salary after completing a CFP course varies depending on the job role and other factors. Average salaries for CFP professionals range from INR 4,00,000 to INR 10,00,000 per annum.
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