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What are the Requirements to Become a CFP?
5 Simple Requirements to Become a Certified Financial Planner
What does it take for someone to earn the title of Certified Financial Planner (CFP)? In this article, we look at the educational and skill requirements as set by the CFP Board of Standards that anyone has to meet to obtain the title of certified financial planner.
1: Meet the Educational Requirements
According to the CFP Board, you can meet their educational requirements by:
This entails sitting and passing the two day 10-hour exam which tests your ability to apply financial planning knowledge to potential financial planning situations. The exam is administered three times every year, in March, July and August. Be sure to have submitted your completed application including the exam fee before the deadline date indicated on the applications – there are no exceptions.
3: Earn the Required Experience
Since the CFP certification is an indicator of your ability to adequately provide financial planning services without supervision, the Board requires that:
4: Integrity Screening
After passing all the above stages of the CFP certification process, your next hurdle is to undergo a comprehensive background check which also entails an assessment of any disclosures made on CFP certification application. All investigations are conducted in accordance with the disciplinary rules and procedures of the CFP Board.
5: Certification Payment
After verifying the above steps, you will have to pay a one-time non-refundable initial certification fee. This fee covers your background check charges. In addition, you will be responsible for a biennial certification fee.
Once all the above is complete, you will receive confirmation that you are officially a certified financial planner and you can refer to yourself as one. This however does not mean you are done. Every two years you will have to satisfy continuing education requirements to retain your CFP credentials.
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