CFP Certification Requirements

Initial

The initial CERTIFIED FINANCIAL PLANNER certification process rests on the ‘Four Es’ (education, examination, experience and ethics). To become certified to use the CFP Marks, an individual must meet territory-specific requirements in the following areas:

Education: Candidates for CFP certification must master theoretical and practical financial planning knowledge by completing a comprehensive course of study that meets standards set by FPSB.

Examination: Candidates for CFP certification must pass a comprehensive CFP Certification Examination that tests their ability to apply integrated financial planning knowledge to real world client situations. Based on regular research of what planners do, the CFP Certification Examination covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning, investment management and insurance.

Experience: Candidates for CFP certification must have a minimum of three years’ experience in the financial planning process prior to being awarded CFP certification to ensure they possess financial counseling skills in addition to financial planning knowledge.

Ethics: As a final step to certification, candidates for CFP certification must agree to abide by a strict Code of Ethics that defines their ethical responsibilities to the public, clients and employers. CERTIFIED FINANCIAL PLANNER professionals must disclose any investigations or legal proceedings related to their professional or business conduct and agree to act fairly, diligently and with integrity, offering clients professional services that are objective and based on clients’ needs. CFP professionals must disclose in writing to clients information about their sources of compensation and conflicts of interest.

Renewal Requirements

CERTIFIED FINANCIAL PLANNER professionals are required to maintain technical competence and fulfill ethical obligations. Every two years, they must complete at least 30 hours of continuing education to stay current with developments in the financial planning profession. At least two of these hours must be spent studying or discussing the CERTIFIED FINANCIAL PLANNER professional’s Code of Ethics and/or Professional Practice Standards. In addition to the continuing education requirement, CFP professionals must disclose any public, civil, criminal or disciplinary actions that may have been taken against them during the certification period.