| What is CFPCM Certification? |
| CERTIFIED FINANCIAL PLANNERCM or CFPCM is an international certification program in the field of Financial Planning, wealth management and financial advisory services. Financial Planning is one of the fastest growing careers across the world. Being one of the fastest growing economies, India currently has around 5 crore families with investible surplus. Assuming one financial planner is handling approx. 1,000 clients we need at least 50,000 Certified Financial Planners in India immediately. This is set to grow at a faster rate. CFPCM designation was rated as Gold Standard in Financial Planning by Wall Street Journal in the year 2006. CERTIFIED FINANCIAL PLANNERCM Certification or CFPCM Certification is a mark of excellence granted to individuals who meet the stringent standards of education, examination, experience and ethics. It is the most prestigious and internationally accepted Financial Planning certification recognized and respected by the global financial community. CFPCM Certification is the highest level of Certification in the field of Financial Planning worldwide with over 1,18,245 CFPCM Certificants and which is widely respected by consumers, professionals and industry. |
| Who should consider CFPCM Certification? |
| CFPCM Certification is for financial services professionals, customer relationship officers, insurance agents, stock brokers, those looking to expand their careers in the financial services business, and graduates who want to be professionally and globally recognized. |
| What are the prospects of career in Financial Planning? |
| Financial Planning is one of the fastest-growing professions across the world and Financial Planners are the most sought after professionals by a fast growing working population that earns well, and needs expert handling of their finances. The opportunities are aplenty with Banks, Financial Planning Outfits, Wealth Managers, Life Insurers, Accounting Firms, Stock brokers seeking professionals with such expertise. Financial Planners offer expert opinions on issues related to retirement planning, estate planning, tax planning, investment planning, insurance planning, financial management of small businesses and trusts, stock broking, debt and risk analysis. Needless to say a career as a Financial Planner can prove both challenging and rewarding. |
| How is it like working as a Financial Planner? |
| Recognizing Financial Planning’s occupational benefits, there are many surveys that indicate a career in Financial Planning as the top career choice worldwide. Most Financial Planners enjoy relatively low stress, have a high earning potential and enjoy a high degree of workplace autonomy. The personal satisfaction element cannot be underestimated. Very often, independent Financial Planners find that people are just overwhelmed and need direction, so it’s their job to listen, understand their situation and offer some options that will help them. It gives them a satisfaction enabling people do better, not just about their finances but about blending the financial side with the other sides of clients’ lives so that they can achieve their goals. |
| What are the benefits of undergoing the CFPCM Certification Program and the CFPCM marks? |
| • Enhanced career and employment opportunities in Financial Services Sector. • Personal satisfaction in knowing you have earned the profession’s highest standard and met the global benchmark. • Satisfied clients who appreciate the comprehensive approach to Financial Planning and extend long term relationship and referrals. • Your expertise and credibility as a qualified professional is instantly communicated. • More revenue streams by increasing your product and service offering to your clients. • Enhanced Social Status by joining the league of professionals. • Recognition in over 23 countries across the world. • Opportunities to show case your knowledge on Financial Planning & Advising through various media vehicles. |
| How are Financial Planners paid? |
| Financial Planners may earn in any of the following three ways: 1) A Planner can be paid by a salary paid by the company for which the Planner works; by fees based on an hourly rate, a flat rate, or on a percentage of the assets and/or income. 2) By commissions paid by a third party from the products sold to clients to carry out the Financial Planning recommendations. 3) By a combination of fees and commissions whereby fees are charged for the amount of work done to develop Financial Planning recommendations and commissions are received from any product sold. As the profession is in its nascent stage various models are being tried and tested by the Financial Planners in India. But surely over a period of time the clear trend is towards Fee-only Model like other professions, i.e. medical, law, accountancy, etc. |
| Who offers CFPCM Certification in India? |
| Financial Planning Standards Board India (FPSB India) offers the CERTIFIED FINANCIAL PLANNERCM or CFPCM Certification Program. FPSB India is the sole licensing body that awards CFPCM Certification in India through an agreement with FPSB, US. The mission of FPSB India is to help benefit the public by granting the CFPCM certification and upholding it as the recognized standard of excellence for Personal Financial Planning. CFPCM Certification is awarded by affiliate organizations of FPSB, USA in their respective countries of operation. |
| What is FPSB India? |
| Financial Planning Standards Board India (FPSB India) is a Public – Private Enterprise and a Professional Standards Setting body that proactively guides the development and promotion of standards for Financial Planning professionals to benefit and protect the public in the country. FPSB India closely works with all the stakeholders’ viz. the Government, the Regulators, the Industries/Associations, the Corporate, the Media and the General Public to achieve its objectives. It is a Professional Certification Organization, part of leading Global Confederation established by prominent financial service corporations with an objective to professionalize the concept of Financial Planning in India. FPSB India is supported by 50 Financial Services Organizations in the country as its Charter Members. |
| Is CFPCM Certification a Global Certification? |
| Yes, currently CFP Certification is offered and recognized in over 23 countries including Australia, Austria, Belgium, Brazil, Canada, China, China Taipei, France, Germany, Hong Kong, Indonesia, Ireland, Japan, Malaysia, New Zealand, Republic of Korea, Singapore, South Africa, Switzerland, Thailand, United Kingdom and United States of America. FPSB, Denver, US enters into licensing and affiliation agreements with non-profit organizations (or their equivalent) around the world that allows the organizations to establish and operate the CFP certification program in a country or region. FPSB Affiliates who meet and maintain FPSB’s affiliation criteria of high standards are authorized to administer the CFP certification program on behalf of FPSB in a country or region. FPSB India is one of the Affiliates of FPSB, Denver, USA. CFP certification undertaken in any of the affiliate country is recognized globally and governed by cross border policy usage. |
| What is the cross border CFPCM marks use policy of FPSB? |
| To benefit and protect the public, FPSB regulates how CFP professionals use FPSB’s CFP or CERTIFIED FINANCIAL PLANNER marks outside the borders of the country or region in which they first received CFP certification.
Incidental Use Cross-Border Use 1. Cross-Border Certification: An individual using the CFP marks in more than one country or region can become cross-border certified by obtaining CFP certification from the FPSB Affiliate in the new country or region and abiding by the certification renewal requirements of both FPSB Affiliates. Once the CFP professional has completed the process, he or she can identify himself or herself as a CFP professional in those territories as well. 2. Restricted Use of the CFP Marks: If an individual does not want to/cannot become certified in a new territory, he can always communicate the fact that he or she has obtained CFP certification in the country or region of initial certification. |
| What are 4Es Criteria for awarding CFP Certification? |
| CFP Certification worldwide is awarded by FPSB Affiliates to competent and qualifying candidates fulfilling the 4 E Criteria of CFPCM Certification, i.e. Education, Examination, Experience and Ethics. |
| What is the Education Criterion? |
| A candidate must complete academic coverage of the Financial Planning curriculum by undergoing the first five Modules of CFPCM Certification Education Program and pass corresponding Exam 1-4 facilitated by NSE. After a candidate is successful in all the examinations 1, 2, 3 & 4, he/she is eligible to appear in the Advanced Financial Planning examination termed as Exam 5. Candidates applying through the Challenge Status Pathway are deemed to have accomplished the Education Program considering their higher qualifications and work experience. Education criterion demonstrates to the public that the candidate has acquired the necessary knowledge to become a Financial Planner. |
| What is the Examination Criterion? |
| The CFPCM Certification Examination (also called Exam 5 based on Module VI -Advanced Financial Planning) is designed to assess the candidate’s ability to apply Financial Planning knowledge to real-life Financial Planning situations. By passing the CFPCM Certification Examination, the candidate demonstrates to the public that he/she has the required level of competency to practice Financial Planning. The National Stock Exchange (NSE) has been appointed by FPSB India to conduct the CFPCM Certification Examination. |
| What is the Experience Criterion? |
| The experience requirement qualifies work experience that involves Personal Financial Planning. Candidates under the Regular Pathway may complete the experience criteria pre or post appearing for Exam 5. However candidates under Challenge Status pathway need to have attained relevant work experience before appearing for Exam 5. The Experience criterion is meant to provide the public with the assurance that the candidate understands different products of Financial Planning and their intricacies for a specific client apart from the counseling nature of personal Financial Planning. |
| What is the Ethics Criterion? |
| To get the CFPCM Certification, candidates after meeting Education, Examination & Experience criteria must agree to abide by FPSB India’s Code of Ethics, Rules of Professional Conduct, Practice Standards and Disciplinary Rules and Procedures. Careful adherence to these standards of professional conduct helps turn initial consultations into trusted, long term consulting relationships with clients and gain public confidence in the Profession and Certification. |
| Which are the six modules under the CFPCM Certification Education Program and what is the nature of the curriculum? |
| The Six modules under the CFPCM Certification Education Program are – 1) Introduction to Financial Planning, 2) Risk Analysis & Insurance Planning, 3) Retirement Planning & Employee Benefits, 4) Investment Planning, 5) Tax Planning & Estate Planning, and 6) Advanced Financial Planning. The module Introduction to Financial Planning does not have an individual exam but is embedded in the examination of other five modules of the CFPCM Certification Program. The Curriculum for the CFPCM Certification is GLOCAL. It essentially means that it is global in outlook but has been localized as per the laws and regulations governing a particular country. The Syllabus is made by leading industry practitioners and academicians and is reviewed periodically to ensure that the curriculum is up-to-date and relevant to those working in the Financial Planning industry. |
| In what language will the exam be conducted? |
| Challenge Status / Exam 5 is now available in both English and Hindi. To apply for the appropriate one, please fill the relevant option in the Examination Enrollment Form. |
| How do I pursue CFPCM Certification Program? |
| There are 2 pathways through which an aspirant can register for the CFPCM Certification program namely: 1) Regular Pathway 2) Challenge Status Pathway |
Roots Institute of Financial Markets 