Updated on Feb 22, 2022 02:15 IST
Shruti Garg

Shruti GargSenior Executive

Table of Contents
  1. What is CFP?
  2. CFP Eligibility Criteria
  3. CFP Exams
  4. CFP Fees
    • 4.1 Fee Structure: Regular Pathway
    • 4.2 Fee Details: Challenge Status Pathway
  5. CFP syllabus and topics
  6. CFP Job Role
  7. CFP Salary
  8. CFP FAQs

What is CFP?

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 recognized 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 organization 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 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 12th and 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:

Candidate 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.

CFP Exams

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:

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

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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 Optimization

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

CFP Job Role

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 in average) or commission (INR 75,000 in average).

*Salary data has been obtained from Payscale.com

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 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: How do I receive my CFP result?

A: You will receive a preliminary pass/fail report after you complete CFP exam. Official exam results are released approximately four weeks after the exam window closes.

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.
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Popular Private CFP (Certified Financial Planner) Colleges in India

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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

Comments

M

Mahavirsinh Rajpurohit

2022-02-24 11:06:50

How is MLSU college for B.Com1st year in financial?

Reply to Mahavirsinh Rajpurohit

J

Jyoti Kumari

Beginner-Level 4

a week ago

Yes, it is an amazing college due to I visited the college and see the college was best. Placement: About 15 to 20% of the student got placed in well-established companies. Roles offered are Accountants, HR Managers, Bookkeepers, and others. The faculty members are well-mannered and have extensiv...Yes, it is an amazing college due to I visited the college and see the college was best. Placement: About 15 to 20% of the student got placed in well-established companies. Roles offered are Accountants, HR Managers, Bookkeepers, and others. The faculty members are well-mannered and have extensive experience, so this is the best university for commerce students. Infrastructure:- There are 2-3 libraries for a peaceful study environment without any disturbance. There are also good facilities in the library. So I recommend this programme to students who wish to major in commerce. Faculty:- The University faculty members are highly experienced, and also the teaching style of this teacher is very unique. Students can easily understand all of the subject areas with a basic understanding. The exams are conducted in a well-mannered manner to help students achieve their goals at the University. So, I recommend this college for CA also.

A

Amit Kakkar

Beginner-Level 2

a week ago

Yes, it's an amazing college and also a review of this college is available on this site.
https://www.shiksha.com/university/mohanlal-sukhadia-university-Udaipur-3891/admission have look ATIT for more detailed information.

N

Nikki kumari

2022-02-11 10:03:47

I want admission in CFP please help me in that, I did my graduation in 2011, now I want to improve my skills. How to take admission?

Reply to Nikki kumari

40326891
konatham Abhishek

Scholar-Level 16

3 weeks ago

The industry faces huge talent gap and thus most of the wealth management firms are scouting for promising candidates to fill the gap. According to FPSB India, there were around 2,000 CFP's in India in 2017 while experts believe that the Indian market requires around 1,00,000 CFP's so there is th...The industry faces huge talent gap and thus most of the wealth management firms are scouting for promising candidates to fill the gap. According to FPSB India, there were around 2,000 CFP's in India in 2017 while experts believe that the Indian market requires around 1,00,000 CFP's so there is the gap. Please go through link for more details: https://www.shiksha.com/compare-ims-proschool-hyderabad-vs-icofp-mumbai-international-college-of-financial-planning-id-368821-110572.

40326891
KUSHAGRA VERMA

Contributor-Level 10

3 weeks ago

CFP Admission 2022 will start in June 2022. There are no entrance exams conducted for admission in the CFP course. It is a regular Certificate course which can be completed in 6-8 months to 2-3 years. CFP course is a certification issued by the Financial Planning Standards Board of India. As per ...CFP Admission 2022 will start in June 2022. There are no entrance exams conducted for admission in the CFP course. It is a regular Certificate course which can be completed in 6-8 months to 2-3 years. CFP course is a certification issued by the Financial Planning Standards Board of India. As per the new guidelines by FPSB, CFP certification is divided into four exams, TRACK 1 - TRACK 3 where 2 hours is given to complete 75 MCQ and the CAPSTONE exam will be of 4 hours consisting of 3 large and 5 mini case studies. The subjects taught in CFP courses are Financial management, Investment and retirement planning, Risk & Insurance Planning, Tax planning. IMS preschool, International Centre of Financial Planning Delhi, International Centre of Financial Planning Mumbai, International Centre of Financial Planning Mysore, etc. Are some of the best CFP Institutions in India. Its fee around Rs 56000. How to apply
First of all, the candidate must get an NCFM ID by registering with the NSE Academy. Register with FPSB by filling students Registration Form and paying the registration fees. After document verification, FPSB activates the student account and NSE portal and sends confirmation of registration. After registration, the candidate can enrol in any institute or college given above to study the subjects which will come in the certification tests. Once the course is completed, the candidate can book a day as per the availability of seats in the exam center. You must keep in mind that, once the student account is activated, it is valid for a year, after which you have to re-register yourself in order to take the test.

N

Nikki kumari

2022-02-11 10:14:46

I want admission in CFP in a good college, is IMS ProSchool, Pune good? How to get admission?

Reply to Nikki kumari

40326891
konatham Abhishek

Scholar-Level 16

3 weeks ago

In general, you can't go wrong with a major in business or economics; both will serve as a sound foundation for a financial planning or advisory career. The industry faces huge talent gap and thus most of the wealth management firms are scouting for promising candidates to fill the gap. Accordin...In general, you can't go wrong with a major in business or economics; both will serve as a sound foundation for a financial planning or advisory career. The industry faces huge talent gap and thus most of the wealth management firms are scouting for promising candidates to fill the gap. According to FPSB India, there were around 2,000 CFP's in India in 2017 while experts believe that the Indian market requires around 1,00,000 CFP's so there is the gap.
Please go through link for more details: https://www.shiksha.com/compare-ims-proschool-hyderabad-vs-icofp-mumbai-international-college-of-financial-planning-id-368821-110572

40326891
KUSHAGRA VERMA

Contributor-Level 10

3 weeks ago

Good colleges for CFP National Institute Of Financial Markets ( NIFM) , DelhiInternational Institute Of Financial Markets ( IIFM DELHI) , DelhiAcademy of Management Professional Development - AMPDFinancial Planning Academy - FPAInternational College of Financial Planning - ICFPNew Era Institute o...Good colleges for CFP
National Institute Of Financial Markets ( NIFM) , Delhi
International Institute Of Financial Markets ( IIFM DELHI) , Delhi
Academy of Management Professional Development - AMPD
Financial Planning Academy - FPA
International College of Financial Planning - ICFP
New Era Institute of Professional Studies - NIPS
International College of Financial Planning (ICoFP)
ICoFP is a good option for CFP which available in Delhi & Mumbai
Ims Pro school is good but as well on review basis I don't suggest you to go there if you want to improve your skill as students has problems from there less teaching attention and no innovation in study carriculum.
Students enrolled in a Bachelor's degree program typically apply for CFP through the regular Pathway. Candidates must pass NSE exams 1-4. Candidates after qualifying the exams 1, 2, 3 and 4 are eligible to take exam 5, for Advanced Financial Planning.

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