Certified Financial Planner - Fast track

 

CFP Fast Track

 

(Previously Known as CFP Challenge Pathway)

The Financial Planning Standards Board (FPSB) reintroduced the CFP Fast Track Pathway (earlier known as the CFP Challenge Pathway) in October 2022, offering an expedited route to achieve the prestigious Certified Financial Planner certification. This streamlined pathway allows seasoned professionals in the BFSI sector, who meet stringent educational and experiential criteria, to complete their certification within 4 months.

The FPSB Board acknowledges the need for an accelerated pathway to help financial services professionals quickly obtain the CFP® certification, propelling them up the growth ladder in financial planning industry. With many professionals already bringing years of experience to the table, adding a globally recognized certification like the CFP® to their profile gives them a significant edge over the competition.

Advantages of Fast-Track Pathway

• Achieve CFP® Certification with a Single Exam: Give one exam in Fast Track Pathway instead of 4 exams in Regular Pathway.
• Faster Completion/Time Efficiency: Earn your CFP® certification in just 4 months (against 10-12 months in Regular Pathway), allowing professionals an opportunity to quickly add this globally recognized certification to your academic growth. This is unlike any other professional financial certification available today.
• Cost Efficiency: Enjoy a 30% reduction in FPSB fees and 40% drop in ICOFP tuition fee (compared to Regular Pathway), making this pathway a smarter, more cost-effective option—a true win-win for professionals.
• Enhanced Career Opportunities: Gain a competitive edge in the job market with faster certification, leading to quicker promotions and recognition within the industry.
• Join Global Network: Opportunity to join a global network of 223,700+ Certified Financial Planner professionals committed to putting the client’s interests first.

Eligibility Fast-Track Pathway

To qualify for the Fast Track Pathway of the course, candidates must possess the following approved qualifications or professional certifications:

1. Chartered Financial Analyst (CFA) designation from the CFA Institute (USA)
2. Certified Public Accountant (CPA) from the AICPA (USA), CMA, ACCA
3. Chartered Accountant (CA) from ICAI, or CA (Inter) with 3-year Articleship plus B.Com
4. Fellow Member of Insurance Institute of India (Life/General)
5. CAIIB (Certified Associate of Indian Institute of Bankers) plus a graduation in any discipline
6. Postgraduate degree in Economics, Commerce, Finance, or Financial Planning from a UGC approved University
7. MBA (all streams) and PGDM (all streams) from an AICTE approved institution, Ministry of Education approved institution, or other recognized Indian or Foreign institution or business school

Candidates must provide supporting documents such as certificates, degrees, and marksheets to validate their qualifications.

Experience Required:

1. For Corporate Employees:
   1. Minimum 3 Years of relevant work experience at the time of submitting their documents. This requirement applies to employees of:
   2. Banks and non-banking financial companies (NBFCs)
   3. Mutual fund asset management firms
   4. Insurance companies
   5. Securities firms
   6. Portfolio management firms
   7. Brokerages
   8. Registered Investment Advisers (as individuals associated with investment advice)
   9. Treasury departments of companies registered with the Registrar of Companies (RoC)
   10. Academic institutions or FPSB's Authorized Education Providers
   11. The experience should involve activities such as funds management, investment advice, accounting (including fund accounting and auditing), corporate finance, customer relations or investor services, or lecturing in academic institutions on economics, commerce, finance, or teaching/training based on FPSB's CFP® certification curriculum.
2. For Self-Employed Individuals:
   1. Self-employed individuals seeking eligibility should have at least three years of prior work experience in financial intermediation, distribution, or advisory roles. This applies to those operating as:
   2. Individuals or proprietors of firms
   3. Of the three years' prior work experience, a minimum of two years should be focused on one of the following components of financial planning:
   4. Personal Financial Management, including cash flow management and budgeting
   5. Investment Planning, such as asset management and portfolio management
   6. Risk Management, specifically in insurance planning
   7. Tax Optimization for individuals, firms, and corporations
   8. Retirement Planning, encompassing solutions for individuals and employees
   9. Estate Planning and Wealth Transfer, applicable to individuals and within family office setups
   10. For the remaining one year (or at least one year within the entire experience period), applicants should demonstrate experience in "two or more" of these components.

Documents Required:

1. For Corporate Employees:
   1. Attestation by HR department of the employer, corporate entity, Registered Investment Adviser, or authorized personnel of academic institution/FPSB's Authorized Education Provider.
   2. Appointment letters and relieving letters from each employer if experience was gained across multiple companies.
   3. The academic experience shall be exclusive for three years and cannot be combined with corporate experience for eligibility.
2. For Self-Employed Individuals:
   1. Incorporation documents showing the firm's formation date and business activities.
   2. Registration details such as ARN (AMFI Registration Number), IRDA license, or Retirement Adviser certificate from relevant regulators or agencies.
   3. Commission statements from product companies (e.g., mutual funds or insurance providers).
   4. Personal Financial Management, including cash flow management and budgeting
   5. Income tax returns to support the continuity of relevant activities during the experience period.

How to Apply?

• Ensure Eligibility: Confirm that you meet the education and experience criteria.
• Enrol with ICOFP for Fast Track Pathway (Premium Authorized Education Provider): Weekend Virtual classes batch for 6-months
• Submit Documents for verification: Upload scanned copies of the relevant documents.
• Pay Fees: Pay the document verification and course fee of FPSB. Assistance will be provided by ICOFP.
• Fill Out the Registration Form: Complete the registration form on the link shared on your registered Email ID with FPSB.

Note: FPSB reserves the right to approve or reject documents based on qualification and experience. If your documents are not approved, you may have the option to register through the Regular Pathway.

Fee Structure Fast-Track Pathway

1. FPSB Board Fee

    

   Fee Description	Amount (INR)
   Documents Verification	₹5,000/-
   FPSB Fee Registration & E-Book Contents	₹34,000/-
   Financial Plan Assessment Fee	₹10,500/-
   Exam Fee	₹13,000/-
   CFP® Certification	₹10,500/-
   Total Fee | ₹73,000/-	₹73,000/-

2. CFP® Study Fees charged by ICOFP

    

   Package offered by ICOFP
   ▪ Prep Course Book + online access of concept & workbook for all 7 modules
   ▪ 52 Hours of Prep Live Interactive Sessions = To help you understand key aspects of module knowledge required to clear finals
   ▪ Capstone Project Mentoring = To help in submission of Financial Plan to FPSB
   ▪ Level 4 Books + Live Interactive Sessions (Classes for (a) financial planning concepts and (b) Case study-based approach covering essential aspects of financial planning skill-sets required
   ▪ Exam Mentor to provide guidance
   ▪ Mock-Tests provided to stimulate the actual exam experience
   ▪ Doubt Clearing Sessions
   Total Fee | ₹34,900/-

    

   Advantages of Pursuing CFP® Fast Track Pathway at ICOFP:

   1. • Study Material

        1. Prep Book: Provides a comprehensive review of concepts from levels 1, 2, and 3, ensuring a solid foundation and readiness for level 4 learning. Online access of concept & workbooks (all modules) on ICOFP’s state of the art Learning Management System (LMS) for in-depth understanding of any concept

        2. Online access of concept & workbooks (all modules) on ICOFP’s state of the art Learning Management System (LMS) for in-depth understanding of any concept

      • Session Details
        1. Live Interactive Sessions:

           Engage in live, interactive sessions that cover the comprehensive curriculum of levels 1, 2, 3 and 4. These classes are designed to actively involve students, encouraging participation and enhancing understanding through real-time feedback and discussions.

           Learn from experienced and knowledgeable instructors who provide insights, answer questions, and guide you through complex topics. Their expertise ensures that you receive high-quality instruction tailored to your learning needs.

           These live classes are designed not only to teach the curriculum but also to prepare you to become a successful financial advisor in the real world. Through practical applications and scenario-based learning, you will gain the skills and confidence needed to effectively advise clients and navigate the complexities of financial planning.

        2. Access to Pre-Recorded Sessions on ICOFP LMS:

           Gain access to Module-Wise pre-recorded sessions that cover essential concepts and detailed explanations from levels 1, 2, and 3. This extensive library allows for thorough review and reinforcement of key topics.

           Study at your own pace and convenience. Whether you need to revisit a particular lecture, or reinforce your understanding of complex concepts, the recorded sessions are available anytime, anywhere.

      • Appointment of Exam Mentor

        Unlike other education providers, ICOFP assigns an exam mentor to each Fast Track candidate. These mentors, who are ICOFP alumni with recent CFP® certification and extensive experience, are carefully selected through a rigorous process before being engaged by ICOFP.

        Key benefits of personal Mentorship

        1. Provides personalized guidance, ensuring candidates understand complex concepts and exam strategies.
        2. Boosts confidence by providing tailored support and encouragement throughout the preparation process.
        3. Improves time management skills, enabling candidates to effectively prioritize their studies.
        4. Increases the likelihood of success by ensuring a structured and disciplined approach to exam preparation.
      • Doubt Resolving Session

        Perfect for a last-minute brush-up and comprehensive revision, these sessions are strategically scheduled before the final exam. They help consolidate your knowledge, reinforcing key concepts and strategies.

        Gain the clarity and confidence needed to excel in your exams. By resolving doubts and solidifying your understanding, you’ll enter the exam room well-prepared and self-assured.

        Engage in interactive discussions with instructors and peers, fostering a collaborative learning environment. This interaction helps in better retention and understanding of complex topics.

Curriculum Fast-Track Certification

1. Financial Plan Assessment:

   This exercise involves evaluating a hypothetical client's financial situation, goals, and needs. Candidates identify key areas requiring attention in a written financial plan, gather necessary additional information, and devise strategies and recommendations. These must be presented in a clear and understandable manner to the client.

2. CFP® Exam Overview:

   The CFP® exam assesses candidates' knowledge, skills, and ability to practice financial planning independently, aligning with FPSB's Financial Planner Competency Profile. Each question on the exam focuses on specific competencies outlined in the profile, and some questions require integrating knowledge across multiple competencies.

Exam Details

• Duration: Three hours
• Sections:
  1. Case Study Section: Includes 25 multiple-choice questions based on a provided case study.
  2. Financial Planning Process and Regulations Section: Consists of 25 multiple-choice questions covering financial planning methodologies and regulatory considerations.
• Format: Multiple-choice format with four possible answers per question.
• Delivery: Computer-based testing.
• Tools: Candidates can access an online worksheet for financial calculations embedded in the exam portal. Permitted financial calculators are also allowed, provided all data is cleared before the exam concludes.

Note: Candidates are not permitted to use pen, paper, or physical sheets during the exam and are encouraged to use the online tools for all calculations and notes.

     Global Impact of CFP®

• FPSB Ltd. (the global authority entrusted with granting the CFP® certification) and its Affiliates, like FPSB India, work together to establish and promote global standards for CFP® certification.
• These organizations operate in 27 territories and have a certified community of over 223,700 individuals.
• The CFP® marks are internationally recognized as symbols of excellence and trust in financial planning.
• This global network ensures that CFP® professionals worldwide follow the same high standards of practice and ethics.

Why should a working professional consider pursuing CFP®?

• Enhanced Knowledge and Skills:
  1. Comprehensive Financial Planning: The CFP® curriculum covers a wide range of topics, including investment planning, retirement planning, tax planning, estate planning, and risk management. This breadth of knowledge is crucial for providing holistic financial advice.
  2. Advanced Analytical Skills: The coursework and case studies help professionals develop strong analytical skills to assess clients' financial situations and devise effective strategies.
• Career Advancement:
  1. Higher Credibility: Holding a CFP® certification enhances your professional credibility and signals to employers and clients that you possess the expertise and ethical standards required for financial planning & advisory.
  2. Increased Job Opportunities: Many financial institutions prefer or even require their advisors to hold CFP® certification - opening doors to higher-level positions and more diverse roles within the finance industry.
  3. Potential for Higher Earnings: CFP® professionals have the potential to earn higher salaries compared to their non-certified peers, due to the immense value they bring to their clients and employers.
• Client Trust and Confidence:
  1. Building Client Relationships: Clients are more likely to trust and seek advice from certified professionals. The CFP® designation reassures clients that they are working with a knowledgeable and ethical advisor who is a fiduciary.
  2. Improved Client Outcomes: With a deeper understanding of financial planning, CFP® professional can provide better advice, leading to a much greater probability of improved financial outcomes for clients.
• Professional Network
  1. Networking Opportunities: Becoming a CFP® professional provides access to a network of other certified professionals, which can be valuable for career growth, knowledge sharing, and business opportunities.
• Personal Satisfaction and Professional Acheivement
  1. Sense of Achievement: Earning the CFP® certification is a significant professional achievement that can bring a sense of personal fulfilment.
  2. Helping Others: Many financial professionals find satisfaction in providing free advice to the lower strata of society to improve their financial condition and well-being.

Who must pursue CFP® Certification?

The Certified Financial Planner (CFP®) course is ideal for individuals who are interested in pursuing & rapidly growing in a career in financial planning and advisory services. It is particularly beneficial for:

1. Finance Professionals: Those already working in finance-related roles, such as financial advisors, wealth managers, investment analysts, or retirement planners, who want to enhance their knowledge, capabilities and credentials in financial planning.
2. Career Changers: Individuals looking for transitioning into a career in financial planning from other fields, such as accounting, law or IT.
3. Students: Recent graduates or students nearing completion of a bachelor's degree who wish to specialize their skill-sets in financial planning and advisory, can pursue CFP® to become eligible for a promising career in one of the fastest growing verticals of the BFSI Industry.
4. Entrepreneurs: Business owners in the financial domain seeking to expand their service offerings by incorporating financial planning and advisory services to their clients.
5. Professionals in Related Fields: Accountants, lawyers, insurance agents, and other professionals who want to broaden their skill-set and offer comprehensive financial planning & advisory services to their clients.
6. Anyone Interested in Personal Finance: Individuals with a passion for personal finance who are committed to helping others achieve their financial goals, regardless of their current occupation.

Overall, the CFP® course is designed to provide a structured education and certification pathway for individuals who aspire to become competent, ethical and professional financial planners. A Certified Financial Planner is capable of guiding clients through various financial challenges and opportunities during their lifetimes to reach financial independence.

Benefits of being a CFP® Professional

FPSB India offers CFP® professionals a range of benefits to support and advance their careers after completing their CFP® Certification.

1. Lifetime Designation and Alumni Network The CFP® certification is a lifelong achievement, connecting professionals to a prestigious network for support, mentorship, and collaboration.
2. Career Advancement and Recognition CFP® professionals gain recognition and opportunities within the financial planning industry, boosting their careers and client confidence. FPSB India is diligently promoting the importance of Financial Planning and CFP® Professionals across both government, leading education institutions and corporate sectors to enhance the recognition and value that CFP® professionals bring to the BFSI Sector.
3. On-going Professional Development CFP® certificants must earn 15 Continuing Professional Development (CPD) points annually, ensuring they stay updated with industry knowledge and skills to provide top-notch service. For this, professionals have to review journals, attend live webinars and Industry Seminars to remain abreast with the latest developments in the Financial Planning & Advisory Industry.