What is Certified Financial Planner

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

CFP or the Chartered Financial Planner is 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 of 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 into 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.

Chartered Financial Planning Course Details
Board Financial Planning Standards Board (FPSB)
CFP Course Duration 6 months to 2 years
Student Registration Fees with FPSB India Rs 16, 385 (valid for one year)
Coaching Fee INR 15,000 to INR 60,000 
Eligibility Criteria  For the Regular Pathway, here’s what you’ll need:

  • Complete your 10+2
  • NCFM number from the NSE website
  • Fill the registration form to become a member
  • Pay the registration fees

For the Challenge Pathway, here’s what you’ll need:

  • Complete your 10+2
  • Fill out the Challenge Pathway registration form
  • Share scanned copies of your work experience documents to IndiaCFPExperience@fpsb.org
  • Become a member to begin your learning journey
Exam Paper Format 3 hours, 85 multiple choice questions, computer-based test for each track exam
Test Windows Jul. 12-19, Feb. 23, Jun. 7, Nov. 2-9,  Jul. 15, Oct. 4
CFP Job Scope Portfolio Manager, Tax Planner, Insurance Advisor, Risk Analyst, Debt Management Specialist, Financial Advisor, Retirement Planning Advisor, and Mutual Fund Advisor
Chartered Financial Planning Fresher Salary INR 3.5 lpa

cfp course

You must be wondering what is the difference between the CFP regular pathway and CFP challenge pathway, the answer to that is a simple one. The CFP regular pathway is for those without work experience and the CFP challenge pathway is for those with relevant work experience. The ones choosing the challenge pathway, are directly exempted from the first four papers and can start preparing for the last module.

Here’s exactly what you’ll need to qualify for the challenge pathway.

  • 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 industry

Chartered Financial Planning Syllabus

There are a total of six modules in the Chartered Financial Planning Syllabus consisting of 5 papers. The candidates opting for this course need to complete all five papers to gain the Chartered Financial Planning certification. Here’s a glimpse into the syllabus of the CFP course to give you a better understanding on the subjects and papers you will be preparing for.

Module Exam Curriculum

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: This section of the portion includes determining and gathering client data along with their goals and expectations and other related sections.

Chartered Financial Planning Course Exemptions

The FPSB board offers certain exemptions on the basis of previous qualifications and work experience gained by candidates. While there’s no fixed number of exemptions mentioned on the site you can avail them while registering for the program.  Currently, the institute offers the following exemptions.

  • Investment Specialist Education Exemption (starting 1 April 2020)
  • Retirement and Tax Planning Education Exemption (starting August 2020)
  • Risk Management and Estate Planning Education Exemption (starting September 2020)
  • Certified Financial Planner Education Exemption (starting October 2020)

Education Exemption Process

  1. Register with FPSB Ltd.
  2. Submit documentation in the FPSB online portal to request an education exemption.
  3. FPSB will notify you within 14 days if your documentation is accepted as valid.
  4. If approved, you may proceed to take the online prequalification exam in the FPSB online portal. This is a 2-hour exam with 75 multiple choice questions that, upon passing, proves your eligibility to take the in-person certification exam. You may take this exam up to two times.
  5. If you do not pass the prequalification exam within two attempts, you are no longer eligible for
  6. the education exemption route and must pursue the Individual-led education or Instructor-led
  7. education.
  8. If you pass the prequalification exam within two attempts, you will be eligible to sit for the
  9. certification exam.

CFP Course Eligibility

The eligibility criteria of the Chartered Financial Planning course is quite simple. Depending on the pathway you choose, the eligibility criteria differs. Here’s a detailed overview on the eligibility criteria of both CFP pathways.

The Regular Pathway

  • The basic eligibility criteria here is a 12th grade passing certificate  from a recognised board. 

The Challenge Status Pathway

  • Candidates who have an advanced level of qualification like CA/Intermediate level, CFA (US), ICWA, CAIIB, CS, LLB, PhD, MPhil, PG, Licentiate/Associate/ Fellowship of Life Insurance, Actuary, FFSI & FLMI from LOMA, UPSC exams are undoubtedly eligible for challenge status.
  • Applicants need to pass only 1 paper of Advanced Financial Planning to earn the degree.

CFP Professional by firms

We hope that 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 degree post this course is the direction to take. To know more about the Chartered Financial Analyst course click on the WhatsApp icon at the side of this blog and get in touch with our experts directly.

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.

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