What is CFP? Course Details, Syllabus, Exemptions, Eligibility

What is CFP? is Chartered Financial Planner an emerging professional course that’s often chosen by finance enthusiasts who are interested in planning and managing organisational finances. This course is a globally recognised certification that offers several job opportunities in over 26 countries worldwide.

Currently, there are more than 1,70,000 Chartered Financial Planner certificate holders, and as the demand for this profession continues to grow, so does the scope in terms of opportunities and compensation. With the wealth and financial planning industry growing at a rate of 20% every year, there is never a dearth of jobs in this field. Offered by the Financial Planning Standards Board (FPSB), this competitive course will teach you how to successfully guide clients through the increasingly complex financial world.

If you wish to enter the career of wealth management and financial planning, taking this course would be the right direction to take as it equips you with concepts like risk analysis, financial planning, insurance planning, tax planning, etc. When pursuing this course with a Chartered Financial Analyst degree, your opportunities are sure to double up.

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Chartered Financial Planning Course Details

CFP is a professional certification course that can be pursued right after completing your 12th. If you’re planning on becoming a qualified CFA, then this course could be of great help in preparing you for the world of financial markets and investments. Let’s take a look at some of the course details of CFP.

CFP Course Details & Eligibility Criteria

CFP Pathways & Eligibility

The Financial Planning Standards Board (FPSB) offers two pathways to pursue CFP certification:

• Regular Pathway: For candidates without relevant work experience.
• Challenge Pathway: For candidates with prior work experience in finance or related fields.

Eligibility for Different Candidates

For Freshers

• Completion of 10+2
• NCFM number from the NSE website
• Registration form submission to become a member
• Payment of registration fees

For Experienced Candidates

• Completion of 10+2
• Challenge Pathway registration form submission
• Submission of scanned copies of work experience documents to [email protected]
• Becoming a member to begin learning

For Self-Employed Candidates

• 2 years of full-time post-graduation degree or professional qualifications as mentioned by FPSB India
• 3 years of work experience in financial services or 5 years of work experience in other related industries

CFP Course Curriculum & Examination Structure

CFP Syllabus Overview

Module 1: Introduction to Financial Planning

What you’ll learn:

• Financial Planning Process that includes client interactions, time value of money applications, etc.
• Education planning and other general principles.

Module 2: Insurance Planning and Risk Analysis

What you’ll learn:

• Introduction to the strategies and applications of Risk Analysis.
• Insurance Concepts, Insurance Policies, Environment of an Insurance Advisor.

Module 3: Retirement Planning and Employee Benefits

What you’ll learn:

• Introduction to Retirement Planning, Retirement Benefits, Retirement Planning, and Strategies, etc.
• Reform proposals, Pension Sector Planning, and other related sectors.

Module 4: Components of Investment Planning

What you’ll learn:

• A fundamental concept to Investment Planning, Regulation of the process, Investment vehicles, Client Application, and other related sections.

Module 5: Tax Planning & Estate Planning

What you’ll learn:

• Tax Planning Considerations, Tax Computations, etc.
• Planning of Estates.

Module 6: Introduction to Advanced Financial Planning

What you’ll learn:

• Determining and gathering client data along with their goals and expectations and other related sections.

Exam Paper Format & Test Windows

• Format: 3 hours, 85 multiple-choice questions, computer-based test for each track exam.
• Test Windows: July 12-19, Feb. 23, Jun. 7, Nov. 2-9, July 15, Oct. 4.

CFP Course Fees & Registration Process

Fees Breakdown

• Student Registration Fees with FPSB India: Rs 16,385 (valid for one year)
• Coaching Fee: INR 15,000 to INR 60,000

Registration & Scheduling Process

• Register with FPSB Ltd.
• Submit documentation in the FPSB online portal to request an education exemption.
• FPSB will notify within 14 days if the documentation is accepted as valid.
• If approved, proceed to take the online prequalification exam in the FPSB online portal.

Job Roles & Responsibilities of a CFP

Job Roles

• Portfolio Manager
• Tax Planner
• Insurance Advisor
• Risk Analyst
• Debt Management Specialist
• Financial Advisor
• Retirement Planning Advisor
• Mutual Fund Advisor

Responsibilities of a CFP

• Assess client financial goals
• Create tailored financial plans
• Advise on investments and risk management
• Offer tax planning solutions

Scope of CFP in India and Abroad

India had around 261 HNIs in 2020, which grew to 308 in 2021. Collectively, the total HNI wealth of these Indians grew by 11.6 per cent. To cater to these growing HNI and their companies, a Chartered Financial Planner is essential.

Potential Employers and Hiring Sectors

Sectors Hiring CFP Professionals

• Banks
• Investment Firms
• Insurance Companies
• Wealth Management Firms

Top Employers Hiring CFPs

India

• HDFC Bank
• ICICI Securities
• Axis Bank
• SBI Wealth Management

Global

• JP Morgan Chase
• Morgan Stanley
• Merrill Lynch
• UBS Wealth Management

CFP Salary Prospects

Salary Based on Specialization & Experience

India

• Chartered Financial Planning Fresher Salary: INR 3.5 LPA

Global Salary

• Salaries vary based on location and experience but typically range higher than in India.

Setting Up Your Own Firm After CFP – Pros & Cons

Critical Requirements

• Strong financial knowledge
• Client management skills
• Investment expertise

Pros of Setting Up Your Own Practice as a CFP

• Independence in decision-making
• Higher earning potential
• Flexibility in work schedule

Cons of Setting Up Your Own Practice as a CFP

• Requires significant effort to build credibility
• Initial capital investment
• Uncertain income in early years

Conclusion

With this detailed article on the CFP course, you have received an in-depth understanding of what the profession looks like and what to expect. If you are interested in getting into this exciting and equally dynamic field, then pursuing a Chartered Financial Analyst course with Zell Education is the direction to take.

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FAQ’s on CFP:

What is the starting salary of a CFP?

The starting salary of a Chartered Financial Planner ranges from 3.5 lpa to 4.5 lpa depending on the field of work they choose.

Is CFP valuable in India?

Yes, CFP is highly valuable in India. India had around 261 HNIs in 2020, which grew to 308 in 2021. Collectively, the total HNI wealth of these Indians grew by 11.6 per cent. To cater to these growing HNI and their companies, a Chartered Financial Planner is essential.

Can CFP be done after 12th?

The CFP course can be pursued after 12th or after completing your graduation degree.

What is eligibility for CFP?

The minimum eligibility criteria for the Regular Pathway is a 12th grade passing certificate from a recognised board.

Partham Barot is an ACCA-certified professional. showcasing his expertise in finance and accountancy. he’s revolutionising education by focusing on practical, real-world skills. Partham’s achievements underscore his commitment to elevating educational standards and empowering the next generation of professionals.