CFP (Certified Financial Planner) Course: Full form, Admission 2023, Fees, Syllabus, Entrance Exam, & Career Scope

Updated on Jul 20, 2023 04:38 IST
Jasmine Dang Arora

Jasmine Dang AroraDeputy Manager-Content

CFP or Certified Financial Planner is a certification given by the Financial Planning Standards Board (FPSB) to individuals who wish to take up financial planning as a profession. The CFP is recognised internationally and considered the best for financial planning training, education and ethics to practice. The FPSB defines financial planning as a “process of developing strategies to help people manage their financial affairs to meet life goals.” It includes analyzing the client’s financial status, developing a financial plan for the client and implementing it for the client’s benefit.  

A Certified Financial Planner can find several career opportunities in financial advisory services as well as in the finance sector. A financial planner can offer services in the capacity of a consultant or represent his/her organisation for offering financial planning services to individuals and organisations. To earn the CFP certification, professionals must fulfil certain eligibility criteria and complete the 6-module CFP Certification Education Programme. CFP Syllabus assists in the development of individuals trained in the fields of Investment Planning, Financial Counseling, Banking, and so on. The main topics taught in CFP include Financial planning, risk analysis, insurance planning, tax and estate planning.

Also Read:

CFP Colleges in India

Table of Contents
  1. CFP Course Highlights
  2. All About CFP
    • 2.1 Who should pursue CFP?
  3. CFP Eligibility Criteria
  4. Type of CFP Courses
  5. CFP Exams 2023
  6. CFP Fees
    • 6.1 Fee Structure: Regular Pathway
    • 6.2 Fee Details: Challenge Status Pathway
  7. CFP Syllabus and Topics
  8. Top CFP Colleges
  9. CFP Scope: Job Profiles & Recruiters
    • 9.1 CFP Salary
    • 9.2 CFP Top Recruiters
  10. CFP FAQs

CFP Course Highlights

The below table includes important points related to this course:

Particulars Details
Course Name CFP
Course full form Certified Financial Planner
Eligibility

For Regular Pathway Eligibility the candidate must have passed class 12th and should have cleared the five exams covering all six modules.

For Challenge Status Pathway Eligibility the candidate must have cleared CA/Intermediate level, CFA, ICWA, PhD among others.

Exam pattern Multiple Choice Questions
Online Courses CFP Certification course, Financial Planning certification course
Main Subjects Financial Planning, Risk Analysis, Retirement Planning, Investment Planning, Tax Planning etc.
Top Colleges ICICIdirect Centre for Financial Learning (ICFL),Indian School of Business Management and Administration,IMS ProSchool Pune

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All About CFP

Certified Financial Planners (CFPs) assist their customers in making investment selections, retirement plans, tax planning, and insurance policy selection. CFPs in India are primarily responsible for visiting with clients, investigating new investment options, and analysing various sorts of financial data. Applicants for CFP in India must finish the Certified Financial Planner Course given by the Financial Planning Standards Board (FP SB) after passing five exams covering six modules. The CFP certification is a worldwide recognised Certificate in Finance that is available both online and offline.

Why pursue CFP?

CFP course teaches students how to create a solid and recurring financial planning foundation. It also enables each customer to offer a pure financial planning solution on a regular basis. Besides, it helps readily to prove decisions, lowering your risk of non-compliance. It will boost client confidence and assist them to reach their life objectives. A certified CFP student can work marvels and bring about a positive impact in the financial industry on attractive job profiles like those of a Financial Controller, Management Trainee, Project Manager, and Accounting Officer. A CFP professional can get a starting salary of INR 4 LPA.

Who should pursue CFP?

Professionals might take this course in addition to their current job to increase their earnings. Also, students who aspire to work as financial advisors in the future might enroll in this programme. Students interested in financial studies can pursue a CFP. This professional learning will help the candidates get acceleration in their careers. They need to be persistent, energetic, and good at problem-solving abilities. Besides, they need to develop some organisational abilities

CFP Eligibility Criteria

One can earn the CFP certification under two modes – Regular Pathway and Challenge Status Pathway. Given below is the CFP eligibility criteria of both modes.

Regular Pathway Eligibility:

The candidate must have passed class 12thand should have cleared the five exams covering all six modules of the certification programme to be certified as a CFP by the FPSB.

Challenge Status Pathway Eligibility:

Candidates who have cleared CA/Intermediate level, CFA, ICWA, CAIIB, CS, LLB, PhD, MPhil, PG, Licentiate/Associate/ Fellowship of Life Insurance, Actuary, FFSI & FLMI from LOMA, Civil Service Examinations by UPSC can apply through Challenge Status Pathway. In this mode, the candidates are required to clear only the fifth exam (Advanced Financial Planning) to earn the certification.

Type of CFP Courses

A CFP certification is available in two forms, depending on the candidate's eligibility and qualification: Normal Pathway and Challenge Status Pathway.

Regular Pathway:

  • Students pursuing a Bachelor's degree often apply for CFP via the normal Route.
  • Applicants must pass the first four NSE tests.
  • Students who pass exams 1, 2, 3, and 4 are qualified to take exam 5, Advanced Financial Planning.
  • Challenge Status Pathway:
    Students must only pass the final exam, Advanced Financial Planning, to acquire CFP certification.
  • Before taking Exam 5 under the Challenge Status pathway, a candidate must have this relevant work experience.

CFP Exams 2023

The CFP certification programme includes five exams for six modules. There is no separate exam for the first module. Its weightage is added to the rest five modules (20% each). The six modules are listed below:

Name of Module

Details

Module 1

Introduction To Financial Planning

Module 2

Risk Analysis & Insurance Planning

Module 3

Retirement Planning & Employee Benefits

Module 4

Investment Planning

Module 5

Tax Planning & Estate Planning

Module 6

Advanced Financial Planning

Also Read:

Entrance Exams for CFP

CFP Fees

CFP fee structure is different for Regular Pathway and Challenge Status Pathway. Take a look at registration, exam and certification fees of both:

Fee Structure: Regular Pathway

Description

Fees

Student Registration Fees with FPSB India

INR 16, 385 (valid for one 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)

Fee Details: Challenge Status Pathway

Mede of enrollment

Fees

Description

FPSB India (Direct)

INR 29,955

Registration fees (valid for one year), certification fees and administration & processing fees.

Through Charter Members of FPSB India

INR 15,795

Registration fees (valid for one year), initial CFP certification fees, administration and processing fees.

CFP Syllabus and Topics

The syllabus of FPSB’s financial planning programme includes eight topics that cover all the aspects, right from the fundamentals of the programme to the application of skills in the real world. Take a look at the CFP syllabus below:

CFP certification programme components

Details

1.Financial Planning Principles, Process and Skills

Financial planning process

Financial planning practice and ethics

Professional Skills

Regulatory, economic and political environments that affect personal financial planning

Law and compliance

Time value of money

Client characteristics

Client risk profile

Client engagement and communications

Critical thinking

2. Financial Management

Principles of financial management

Personal and small business balance sheet (net worth statement)

Use and non-use assets

Cash flow statement

Budget preparation and management

Savings analysis and strategy

Emergency fund

Credit and debt management

Financial ratio analysis

Specific purpose planning

3. Tax Principles and Optimisation

Taxation principles

Tax planning objectives

Tax planning principles

Tax planning law and policy

Tax analysis and calculations

Tax planning strategies

Tax planning for asset location

4. Investment Planning / Asset Management

Investment principles

Investment objectives, constraints, capacity and suitability

Investment time horizon

Behavioral finance

Asset classes

Investment theory

Performance measurement

Asset allocation and performance

Investment products – evaluation, selection and monitoring

5. Risk Management and Insurance Planning

Risk management principles

Insurance planning objectives

Analysis and evaluation of risk exposures

Risk strategies

Risk management products

Insurance law and claims process

Product, company and adviser selection and due diligence 

6. Retirement Planning

Retirement principles

Retirement objectives

Retirement needs analysis and forecasts

Potential sources of retirement income

Retirement income and withdrawal projections and strategies

Retirement planning and funding products

7. Estate Planning and Wealth transfer

Estate planning principles

Estate planning objectives

Legal related issues

Asset ownership and its implications

Estate planning documents

Succession planning

Special family situation

Projected financial situation at death

Estate planning strategies

Philanthropy and charitable giving

Management in the event of incapacity (i.e., living estate planning)

8. Integrated Financial Planning

Client engagement, communication, and financial planning process

Collection and data

Attitudes, goals and objectives

Issues and problems

Analysis

Strategies

Synthesis and recommendations

Implementation

Periodic review

Top CFP Colleges

The list of popular CFP Colleges include the names of:

Name of College Fees (in INR)

Indian School of Business Management and Administration, Hyderabad

20 K

Indian School of Business Management and Administration, Delhi

20K

Indian School of Business Management and Administration, Patna

20K

Indian School of Business Management and Administration, Mumbai

21K

IMS Pro School, Pune

25K-50K

IMS Pro School, Mumbai

25K-50K

ICOFP, Delhi

38K

ICICIdirect Centre For Financial Learning (ICFL Mumbai)

----

Financial Planning Academy, Mumbai

1 Lakh

ICFL - Icicidirect Centre For Financial Learning, Pune

-----

CFP Scope: Job Profiles & Recruiters

There is a great need for financial planning given the nation's expanding population and the yearly wages it generates. As a result, CFP specialists can be seen collaborating with people, corporations, banks, wealth management businesses, insurance companies, and accounting firms on problems about financial administration, estate preparation, taxes, insurance and retirement. The job role of a Certified Financial Planner includes essentially four tasks.

1. Identifying the client:  Interviewing individuals or companies to understand their financial goals, the purpose of investment and related concerns.

2. Assessing the client’s financial status:  Analyzing the client’s area of income, flow of income, assets, debts and problem areas. Foreseeing the future to the basis of historical and present status.

3. Making a financial plan for the client: After analyzing the status of the client’s financial goals and status, the CFP makes an investment plan for the client.

4. Implementing the plan and reviewing it periodically: If the plan is approved by the client, the CFP implements the plan and reviews it periodically to ensure that the client receives maximum benefit.

CFP Salary

The average salary of a certified financial planner is INR 3.5 lakh per year in India. There is a lot of scope for CFP’s to earn over and above the fixed salary in the form of bonus (INR 50,000 in average), profit sharing (INR 22,000 on average), or commission (INR 75,000 on average).

*Salary data has been obtained from Payscale.com

CFP Top Recruiters

Students can find employment in Law firms, Banking and Insurance sectors after completing the course in financial planning. Some of the top recruiters are:

  • Axis Bank
  • Yes Bank
  • HDFC Bank
  • ICICI Bank
  • Standard Chartered Bank
  • SBI
  • J P Morgan
  • Post Offices
  • Max Life
  • LIC

Read More:

Click to know other Finance courses

CFP FAQs

Q: What are the benefits of CFP certification?

A: Certified Financial Planner is the most desired and respected global certification for those seeking to demonstrate their commitment to competent and ethical financial planning practice. Candidates having CFP certification get enhanced career and employment opportunities with financial services companies. They can work in banks, distribution houses, insurance companies, equity brokerage, and financial planning firms.

Q: What are the benefits of CFP certification?

A: Certified Financial Planner is the most desired and respected global certification for those seeking to demonstrate their commitment to competent and ethical financial planning practice. Candidates having CFP certification get enhanced career and employment opportunities with financial services companies. They can work in banks, distribution houses, insurance companies, equity brokerage, and financial planning firms.

Q: What are the subjects included in CFP certification?

A: In CFP certification courses, candidates are taught regarding investment planning, retirement and tax planning, risk and estate planning and financial planning.

Q: How do I get CFP certification?

A: Upon completing all four education courses and related exams, meeting CFA exam and experience requirements, individuals are recognised as a Certified Financial Planner.

Q: How can I apply for CFP certification?

A: Candidates need to follow the steps below to apply for CFP certification.

  • Candidate can apply for the initial CFP certification only after successfully clearing Exam 5 and having required work experience.
  • Having met the criteria, duly fill the CFP certification application form and upload the required documents as mentioned in the application form.
  • FPSB will verify the uploaded documents. Once the documents are in order, a payment link will be sent to the candidate on their registered email id for payment of fees.
  • Once the candidate makes the payment and it is verified by FPSB, candidates will receive a digital copy of the CFP certificate on their registered email id.

Q: If I already took the exam and did not pass, will I need to retake the education coursework?

A: No, if you have already taken the exam, your coursework will continue to be valid.

Q: Can I register and schedule my CFP exam before completing the coursework requirement?

A: Yes. You can register for the CFP exam prior to completing your coursework.

Q: Can I postpone or withdraw from my scheduled CFP exam?

A: You may postpone CFP exam only once per registration. Your next exam appointment must be rescheduled by the next two exam testing windows.

Q: Can I change my CFP test date, time or location in the same exam window?

A: You may reschedule your CFP exam date, test site location and, in some cases, test start time, within the testing window when you are scheduled.

Q: Is it possible to transfer my CFP certification to a different territory?

A: Yes, when a CFP professional wants to practice financial planning using the CFP marks in more than one territory, they must become certified to use the marks in each territory where they want to practice.

Q: In which mode CFP exam is conducted?

A: CFP exam is offered online only. Once a course is completed and passed, students have an opportunity to register for an online certification exam.

 

Popular CFP (Certified Financial Planner) Colleges in India

Following are the most popular CFP (Certified Financial Planner) Colleges in India. Learn more about these CFP (Certified Financial Planner) colleges (Courses, Reviews, Answers & more) by downloading the Brochure.
20.9 K
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Popular Private CFP (Certified Financial Planner) Colleges in India

20.9 K
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Most Popular Courses

Following are the most popular CFP (Certified Financial Planner) courses, based on alumni reviews. Explore these reviews to choose the best course in CFP (Certified Financial Planner).

Popular CFP (Certified Financial Planner) Specializations in India

Following are the most popular CFP (Certified Financial Planner) Specializations . You can explore the top Colleges offering these Specializations by clicking the links below.

Popular Specializations

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