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Ask the Expert: Getting Started with Certification

  • 1.  Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 12:56
    Edited by Rebekah Horsting 11-14-2018 08:49
    Hello candidates,

    Please welcome our three wonderful panelists, Lisette Smith, CFP®, Marguerita Cheng, CFP®, and Kelly Shikany, CFP® for our Ask the Expert: Getting Started with Certification session.

    Please post your questions below on this thread and our experts will be responding live. 

    Looking forward to the session!

    ------------------------------
    Heather Arkwright
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
    ------------------------------

    #asktheexpert


  • 2.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 12:58
    ​​Hello.  I am considering a career change into Financial Planning.  I can use my GI Bill to complete the CFP course, but am unsure if this is the right path as I do not have any formal experience in this industry.  I have hundreds of informal hours of financial counseling during my over 30 years of military/government service and am the "go to" guy for advice & questions, and as a mentor to many young troops, but no formal experience or training.  It is a career I think I would enjoy immensely, as I'm a numbers and people person.  Should I go ahead and enroll in a CFP program, and try to find a part time or intern position locally to start building formal experience?  I can't completely quit my current job, so any advice or direction you can provide is greatly appreciated.  Thanks.

    ------------------------------
    Keith Turney
    Operations Officer
    Dept of the Air Force

    ------------------------------



  • 3.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:05
    ​Keith,

    As someone who has participated in Pro Bono planning for the military, we need you. I think your plan/idea to begin the CFP program is a good one. And it certainly sounds like you are the person who people like to speak with already on various topics related to planning. And I get the inability to simply quit your job and go full speed ahead too. I did the studying for the program part time over 4 years while working for a firm doing the planning. Perhaps see if you can find a position that will allow this sort of work while studying? That would allow for the overlap. The information you are learning will not go to waste.
    Good luck. And thank you for your service. Kelly

    ------------------------------
    Kelly Shikany
    Financial Advisor
    Lakeside Wealth Management
    Chesterton IN
    219-250-2022
    ------------------------------



  • 4.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:14
    ​Hi Keith,

    Being a "numbers and people person" is a great start in becoming a financial planner.  The path you are describing is one shared by many planners as they transition into planning full-time. The informal advice and mentoring you have done is incredibly valuable experience.  Many new planners lack confidence in their skills as they have not given advice previously, but you will not have that issue.
    It is not unusual to have to start building your practice or working with a more experienced advisor while keeping your "day job".  Enrolling in the CFP program will also connect you with others with more experience.  There are also some practical books on getting started that may be helpful (Deena Katz has written some).

    I hope this is helpful.

    Lisette

    ------------------------------
    Lisette Smith
    The Advisory Group of San Francisco, LLC
    San Francisco CA
    (415)977-1127 (4159771127)
    ------------------------------



  • 5.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:08
    Dear Keith,

    I concur with Kelly. We need more CFP professionals to serve those who have served our country. You can pursue the Education on a part-time basis while you still work. I pursued CFP certification while I was a financial advisor. Good luck to you.

    ------------------------------
    Marguerita Cheng
    CEO
    Blue Ocean Global Wealth
    Potomac MD
    (301)502-5306
    ------------------------------



  • 6.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:13
    Hi Keith,

    I am a CFP® professional, and work with the CFP Board.  There are several things you can do to get to know more about the profession and professional opportunities.  Start by signing up for an account at cfp.net which will qualify you to receive info from CFP Board about the certification process, and to participate on the Candidate Forum where you can talk with others in your position and ask them your questions.  Also on the cfp.net site, you can research the various education programs some of which are offered as degrees by colleges and universities, others are certificate programs, which often appeal to individuals who already have college degrees, or are working.  Some of the programs are online.  Hope this helps!

    ------------------------------
    Eleanor [Blayney] [CFP®]
    [Special Advisor on Gender Diversity for CFP Board Center for Financial Planning


    [Phone]
    ------------------------------



  • 7.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:15
    Dear Keith,

    These are a variety of ways in which you can satisfy the education. One of the 4 E's (education, experience, examination & ethics). You can do self-study at your own pace, distance learning with an instructor and live classroom. I started out with self-study and then finished with the classroom option. You don't have to quit your <g class="gr_ gr_653 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling multiReplace" id="653" data-gr-id="653">full time</g> job to satisfy the education requirement

    ------------------------------
    Marguerita Cheng
    CEO
    Blue Ocean Global Wealth
    Potomac MD
    (301)502-5306
    ------------------------------



  • 8.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:01
    My question is what counts as experience. I have worked from Aug 2015-June 2017 as a personal financial management specialist teaching and counseling Marines how to manage their finances. I will be doing the same in Italy for the next three months. Does that all count? If I do that same thing in my own business does it also count?

    Thank you,
    Dana Carlyle

    ------------------------------
    Dana Carlyle
    Financial Trainer and Strategist

    ------------------------------



  • 9.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:06

    Dear Dana,

     

    It is important to first check with CFP Board and document your hours. Yes, client facing work does constitute experience, provided you are providing financial planning advice.






  • 10.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:08
    Advice for passing the test? I can't seem to pass. I think I've over studied and confuse the simple issues. Entirely too much information.

    ------------------------------
    Mark Franciotti
    CSA
    UBS Financial Services
    Clark NJ
    (732)742-8681
    ------------------------------



  • 11.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:11
    Dear Mark,

    Please don't get discouraged. Did you take a review course? The review course can help with test strategies. My other advice is for you to see where you need the most help, what section is most challenging for you. Finally, you're right! Don't overthink the questions too much. I am laughing because I remember reading about some of the proposed portfolios and was thinking, "These are all horrible!" I can provide some other recommendations as well.

    ------------------------------
    Marguerita Cheng
    CEO
    Blue Ocean Global Wealth
    Potomac MD
    (301)502-5306
    ------------------------------



  • 12.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:21
    ​After completing the review course from Zahn I felt much more prepared to pass my third time. However, the instructor told us that there are at most 8 financial calculations and not to make that a focus in preparing so I took his advice. I believe had he said to focus on the calculations I would have passed. So my advice is to take peoples opinion and verify what you hear so as not to take them as matter of fact.

    ------------------------------
    Jonathan Mardis
    Registered Representative
    Western & Southern Life
    Cincinnati OH
    ------------------------------



  • 13.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:24
    Mark, you can also purchase practice exams on the CFP Board website cfp.net/practiceexams  to get some experience with the types of questions asked, and a sense of the length and level of knowledge required.  This has helped many test-takers prepare.

    ------------------------------
    Eleanor [Blayney] [CFP®]
    [Special Advisor on Gender Diversity for CFP Board Center for Financial Planning


    [Phone]
    ------------------------------



  • 14.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:26
    That's great advice, Eleanor. :)

    ------------------------------
    Marguerita Cheng
    CEO
    Blue Ocean Global Wealth
    Potomac MD
    (301)502-5306
    ------------------------------



  • 15.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:31
    ​At the time I had purchased practice questions a year or so ago there were only 200 questions available for purchase. Not enough. Has that changed? Also, are questions from a year or two ago outdated? If so, what percentage?

    ------------------------------
    Jonathan Mardis
    Registered Representative
    Western & Southern Life
    Cincinnati OH
    ------------------------------



  • 16.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:14

    As a CFP Candidate who has failed the exam 3 times (2x Exam Prep via Lone Star & most recent via Zahn), I would like to know what my primary focus should be to pass on my next attempt?

    * See Results attached.

    The challenge I am facing is that the probability for passing decreases dramatically with each attempt and I would be interested in hearing your insight for ensuring that my 4th attempt is my final attempt and I finally pass this hurdle.



    ------------------------------
    Jonathan Mardis
    Registered Representative
    Western & Southern Life
    Cincinnati OH
    ------------------------------



  • 17.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:20
    Dear Jonathan,

    Here is my advice. Are you not successful because of the way the information is presented, or are you nervous or are you running out of time? Next, I would look at the sections that are giving you the most difficult. I would do as many test questions as possible. Finally, whatever you do, don't cram. Pace yourself. Some people may do practice questions with paper and pencil. I suggest computer generated test bank questions. 



    Good luck and I hope that helps.

    ------------------------------
    Marguerita Cheng
    CEO
    Blue Ocean Global Wealth
    Potomac MD
    (301)502-5306
    ------------------------------



  • 18.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:28
    ​I get stuck on financial calculations which causes me to run out of time. Are you suggesting to master my weakness via repetition of practice questions?

    ------------------------------
    Jonathan Mardis
    Registered Representative
    Western & Southern Life
    Cincinnati OH
    ------------------------------



  • 19.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:33
    Dear Jonathan

    I think doing practice questions can help. Practice does make perfect. Also, understanding the fact pattern as to how this information may be tested. If you need help, either a mentor or tutor can help you understand the math behind all of the keystrokes. Don't rush or get nervous.

    ------------------------------
    Marguerita Cheng
    CEO
    Blue Ocean Global Wealth
    Potomac MD
    (301)502-5306
    ------------------------------



  • 20.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:26
    ​Jonathan,
    I can't imagine your frustration. I was unable to open your attachment to see where your scores were. I know when I had to retake Estate Planning twice, I needed to do it in a different format. The subject matter was just too difficult for me to comprehend the first time and I had to just try it another way. With the CFP exam and having to compile all of this subject matter into the fact patterns, it can be overwhelming. Perhaps finding a recent CFP who has passed that can mentor you? Walk you through some practice questions in order to sort through all of the information to help you come up with a strategy for success? I have to believe you have the knowledge! It is just a matter of finding the confidence to assimilate it for that darn test! You can do this. Kelly

    ------------------------------
    Kelly Shikany
    Financial Advisor
    Lakeside Wealth Management
    Chesterton IN
    219-250-2022
    ------------------------------



  • 21.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:29
    Dear Jonathan,

    I agree with Kelly. You got this! For me, estate planning was challenging too. Investments and time value of money, no problem. You're almost there. You can do this! I think I may have read "Estate Planning for Dummies" or something as a primer.

    ------------------------------
    Marguerita Cheng
    CEO
    Blue Ocean Global Wealth
    Potomac MD
    (301)502-5306
    ------------------------------



  • 22.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:34
    ​Finding a CFP who recently passed to mentor me is one of the best pieces of advice I've heard. Thank you very much.

    ------------------------------
    Jonathan Mardis
    Registered Representative
    Western & Southern Life
    Cincinnati OH
    ------------------------------



  • 23.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:12
    ​Dana,

    Hello. I believe the CFP Board has some specific rules on what classifies under the experience piece. When I was fulfilling my requirements, I needed my supervisor to sign off on the delivery of financial planning. With you owning your own business, that may take a special "dispensation", not that it couldn't happen!  I am going to ask you to seek the Boards intervention on this specific response.
    Kelly

    ------------------------------
    Kelly Shikany
    Financial Advisor
    Lakeside Wealth Management
    Chesterton IN
    219-250-2022
    ------------------------------



  • 24.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:32
    Are there any numbers on African-Americans advisors getting there CFP?

    Second, with legislation changing around LGBTQ issues, is there a growing opportunity to serve those clients?

    ------------------------------
    Keith White
    RIA
    Architect Group, LLC
    Rockville MD
    ------------------------------



  • 25.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:36
    I do know that CFP coursework is available at least 2 Historical Black Colleges & Universities. Financial planning is an amazing profession because we have the ability to transform lives! Eleanor Blayney, Special Advisor may be able to provide us with more information.

    ------------------------------
    Marguerita Cheng
    CEO
    Blue Ocean Global Wealth
    Potomac MD
    (301)502-5306
    ------------------------------



  • 26.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:43
    There is definitely an opportunity to serve the diverse needs of different communities. For example, LGBTQ, African American/Black, Latino/Hispanic, blended families, special needs families, just to name a few! You can then determine what communities you want to serve (niche) and what services you would like to offer.

    ------------------------------
    Marguerita Cheng
    CEO
    Blue Ocean Global Wealth
    Potomac MD
    (301)502-5306
    ------------------------------



  • 27.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 13:59
    ​Hi Keith,

    I do not know the numbers regarding African-Americans getting their CFP currently, but my experience and previous reading has led me to conclude that there is an under-representation of African-American CFP certificants.
    In some ways the legislation around LGBTQ issues makes planning less complicated than it was twenty years ago, when I started, but I'm sure there are still opportunities to provide niches services if that's one you are seeking.

    I hope this is helpful!

    ------------------------------
    Lisette Smith
    The Advisory Group of San Francisco, LLC
    San Francisco CA
    (415)977-1127 (4159771127)
    ------------------------------



  • 28.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 14:05
    I have completed the education requirements for the CFP, but do not think I can complete the experience requirements. From what I understand, even if I take the CFP exam, I cannot have that designation until I complete the experience requirements.

    I work on a college campus where I provide financial literacy programming for students. I love what I do and have no intentions of changing careers (I'm 50 years old). Can the panelists suggest any other way I could complete my experience requirements for the CFP?

    ------------------------------
    Monica Blondin
    Executive Director of Student Aid & Financial Literacy
    Worcester Polytechnic Institute
    Paxton MA
    (508)799-4692
    ------------------------------



  • 29.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 14:08

    Dear Monica,

     

    First and foremost, I love WPI. I visited WPI with my daughter. You can obtain experience from the following:

     

    1. Attending FPA Retreat
    2. Volunteering with your FPA Chapter for financial planning day. Make sure that your hours and volunteer work is supervised by a CFP professional
    3. Working with another CFP professional (you don't have to quit your job. You don't have to work full time for them either. This may not be appropriate in your situation)

     

     






  • 30.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 14:12
    ​Monica,

    As a parent to a College Student, thank you for working on financial literacy on campuses. I hope that hearing it from someone besides me--will have an impact. His bank account was $25 yesterday!
    Anyway, if you are happy in your position, and have no desire to change, I may not suggest this path.
    Unless of course you would like the opportunity to have a skillset that is highly transferable outside of the college campus?

    And I am also thinking, many campuses have professors/staff that need planning. They have 403b's and plans to retire, but have given no thought to what happens next? Having someone like you on campus who could provide this service? Well how wonderful would that be?

    I have to believe there is a firm where you work that could use your skillset to provide the delivery of financial planning!
    What do you think about that?
    Kelly
    P.S. 50 is young, says the 53 year old behind the computer....

    ------------------------------
    Kelly Shikany
    Financial Advisor
    Lakeside Wealth Management
    Chesterton IN
    219-250-2022
    ------------------------------



  • 31.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 14:08
    First of all, thank you for taking the time today to offer some guidance to CFP candidates like myself who are currently swimming through the wave of requirements while trying to navigate work and life...eep! 

    Question 1: I'm currently working on my capstone project, and it has felt like a slap in the face. I have made it to this point, passing each of the other education requirements, and I have been working as a paraplanner for 3 years. Yet, I feel completely unprepared to apply the level analysis required to create a comprehensive financial plan for these fictional clients of mine. I'm also not getting any help from the instructors (literally no response to my inquiries). The deadline is just around the bend (beginning of January) and then I begin studying for the March exam. I find myself wondering if I'm ready for this. Can any of you offer any guidance? A morale boost perhaps? 

    Question 2: I currently work for a small firm that has given me a lot of opportunities to this point, but I'm no longer feeling supported in my role or in my goal of becoming a financial planner. I work for men and not with women in leadership, which is ultimately important to me as a young woman in the industry. The leadership is lacking in general, and I'm wondering if the exhausting level of energy I put into my job is worth it, especially on top of school work and life's demands. I know there will always be challenges in my career and I am willing to stay committed to a dysfunctional team as long as everyone agrees to work toward becoming more functional.. Right now, I'm not sure whether to dig my heels in deeper or transition onto other opportunities. As successful women in the industry with years of experience, what would you or did you do? 

    Again, thank you SO much for your support.

    Megan

    ------------------------------
    Megan Buchanan
    Paraplanner
    Portland OR
    ------------------------------



  • 32.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 14:15
    Dear Megan,

    Of course, we are all here to support you. 

    (1) I know we have many responsibilities. There are several options. I am not sure if you are located in an area served by  FPA or NAPFA.  Even if it is challenging to get to meetings, online communities can be helpful. FPA Retreat is an intensive program to help planner address these skills.
    (2) You can also request a mentor through CFP Board WIN Program
    (3) Finally, it is so important for you to feel supported and know that you can grow and develop as a professional.  FPA Community Women & Finance is helpful. 

    Good luck to you.


    ------------------------------
    Marguerita Cheng
    CEO
    Blue Ocean Global Wealth
    Potomac MD
    (301)502-5306
    ------------------------------



  • 33.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 14:24
    Dear Megan,

    I wanted to answer your question about being young in the industry. Sometimes, I felt overwhelmed. Believe it or not, it wasn't the math that overwhelmed me. That is actually an area where I excelled. I actually taught the guys options and how to do time value of money calculations. I didn't feel like I had any roles models.There was no one who looked like me.  I struggled with sales because I didn't want to be perceived as being pushy.  I was 32 years old with a <g class="gr_ gr_660 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling multiReplace" id="660" data-gr-id="660">3 year old</g> and 6 <g class="gr_ gr_1440 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar multiReplace" id="1440" data-gr-id="1440">month</g> old.

    There are couple of things that I did.

    (1) My mentor (he was an older man) told me to read. He said, "Read". You don't have to like everything you read, agree with it or understand t, but read because it will help you understand what people are feeling and thinking
    (2) Get involved. Join industry associations and find something that interests you. I started to become more confident and expand my network. This can also help you identify other firms and opportunities that align with your values and career aspirations.

    I hope this helps.

    ------------------------------
    Marguerita Cheng
    CEO
    Blue Ocean Global Wealth
    Potomac MD
    (301)502-5306
    ------------------------------



  • 34.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-13-2017 15:05
    Thank you so much to our three wonderful experts, and to all those that submitted questions. I hope this session was helpful and was able to provide you some insight into the certification process.

    Please feel free to post any follow-up questions for our experts on this thread.

    ------------------------------
    Heather Arkwright
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
    ------------------------------



  • 35.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-18-2017 15:00
    Hello, I am currently working on studying for the March exam. I completed the course with UCLA and am already signed up with Zahn for their February review and am working through that material now. Two topics I know I need extra help on are 
    1. Income Taxes
    2. Estate Taxes
    I thought I fairly understood taxes until I realized I need to know more about taxes ( at least for exam purposes since congress is changing everything anyways). Other than gong back to the course work and running in circles there, can you point me to material I can go through to get a stronger understanding of how taxes will be tested and and how I can get to a point to being prepared for the exam?

    Thank you,

    ------------------------------
    Bradley Shammas

    ------------------------------



  • 36.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-19-2017 00:19
    I am not sure how the Zahn material is organized. I used Dalton for the eductation and exam review prep. They provide a condensed review book for each topic. I read each twice and answered all of the questions. Dalton also has a robust online test bank of about 1,600 questions. Tax, for example, had around 17 quizzes, each with 25 questions. I worked the quizzes until I was averaging 80% - 85% before moving to the next review book. This worked for me. As an aside, any tax changes will not be incorporated into the exam until July. Best of luck. 

    Rob Rea





  • 37.  RE: Ask the Expert: Getting Started with Certification

    Posted 12-30-2017 00:40
    I am a CFA and a managing director for a large RIA.  I have satisfied the work experience requirement and am seeking to sit for the March exam.  I believe I need to take just the capstone course of which I would like to satisfy via an online self-paced program.  Could you provide me with a few of the better options for this? 

    Thanks.

    ------------------------------
    Todd Walklett
    Managing Director
    Covington Capital Management
    Los Angeles CA
    (213)629-7502
    ------------------------------



  • 38.  RE: Ask the Expert: Getting Started with Certification

    Posted 03-09-2018 14:17
    In 2004 I completed an MBA with a specialization in Personal Financial Planning from the University of Miami (a CFP Board registered program). Since then I have worked in public tax practice for various mid to large CPA firms. I also have a Masters in Taxation. I am strongly considering a career move to Financial Planning. I would like to take the CFP exam July 2018.

    Will my college course work satisfy the EDUCATION requirement?

    ------------------------------
    Kristina Mahoney Adams
    Licensed Life Insurance Agent
    PHP Agency
    Pearland TX
    (713)489-5296
    ------------------------------



  • 39.  RE: Ask the Expert: Getting Started with Certification

    Posted 03-20-2018 11:45

    Hi Kristina,

    It looks like you were able to speak directly with our Education department and get this resolved. Your education records have been updated to reflect completion of the coursework requirement and you are eligible to sit for the CFP exam. Feel free to email Examinations@CFPBoard.org for assistance with that process.

    Let us know if you have any questions!

     



    ------------------------------
    Heather Arkwright
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
    ------------------------------



  • 40.  RE: Ask the Expert: Getting Started with Certification

    Posted 10-08-2018 17:54

    Hi

    I just completed course work requirement for CFP certification and now eligible to sit for CFP board exam. I am planning to sit for exam in March 2019.

    Currently, I am working in a corporate finance area and after passing CFP board exam, it would be my Career change profession. However, I have a major concern about the 'experience' requirement to fulfill to get the CFP designation.

    Can you please provide the guidance about, how should I earn the experience while still working full time in corporate finance? AND what are the various avenues from which I can get 'experience' ?

    Secondly, approximately, how many years it will take to 'earn' the experience to be eligible for CFP designation?

    Truly appreciate your suggestions/recommendations.

    Thank you,

    Sincerely,

    Nishith Shah



    ------------------------------
    NISHITH SHAH
    Senior Corporate Finance

    ------------------------------



  • 41.  RE: Ask the Expert: Getting Started with Certification

    Posted 10-12-2018 09:16

    Hi Nishith,

     

    Because CFP® certification indicates to the public your ability to provide financial planning without supervision, CFP Board requires you to have experience in the personal financial planning process. Qualifying experience includes activities involving the delivery of financial planning services to individual clients, rather than business or corporate finance. Whether you engage with clients directly, supervise or support the financial planning process, teach finance-related courses, or participate in internships or the FPA Residency Program, there are many paths to completing the experience requirement.

     

    Candidates for CFP® certification often choose to establish a private practice, either by themselves or in conjunction with other planners. Some planners work for banks, credit unions, insurance companies, accounting or law firms, credit counseling organizations and brokerage firms. Other individuals earn experience through part-time positions, while they continue their current career and/or perform volunteer work. Or, they may choose a career in academia, teaching personal financial planning in a university setting. Some individuals acquire experience through a combination of these types of activities. 

     

    All candidates must complete 6,000 hours of professional experience related to the financial planning process, or 4,000 hours of Apprenticeship experience that meets additional requirements. You can read about the two pathways here. In general, 6,000 hours is 3 years of experience working 40 hours per week.

     

    Let us know if you have any questions.



    ------------------------------
    Annie Moncure
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
    ------------------------------



  • 42.  RE: Ask the Expert: Getting Started with Certification

    Posted 10-25-2018 17:53
    Thank you very much for the reply --Annie

    One more question is, after passing CFP exam, by what time A person should complete the experience requirements. In other words, is there a deadline that, you must complete the experience requirement in certain time?

    Also, how should I participate in Internship program or FPA residency program? 

    Please provide your feedback.

    Thanks again,
    Nishith

    ------------------------------
    NISHITH SHAH
    Senior Corporate Finance
    Fluor Corporation
    Placentia CA
    (714)404-7585
    ------------------------------



  • 43.  RE: Ask the Expert: Getting Started with Certification

    Posted 10-26-2018 09:36

    Hi Nishith,

     

    Experience must be completed within 10 years before and five years after successful completion of the CFP® exam. Meaning that you will have five years after passing the exam in which to complete your experience hours.

     

    To find an internship, we recommend checking out our Career Center. This is a great resource in which to find industry jobs, and can even search for internships specifically. When you go to https://careers.cfp.net/jobseekers/, click on Internships at the top. You can also search for all available positions. Use your CFP Board account log in information to sign in.

     

    To learn more about the Residency Program, we recommend connecting with the Financial Planning Association or visiting their website. You will find information on timing of the event, location, and registration information. By attending the Residency Program, you will earn 500 experience hours.

     

    Let us know if you have any questions or would like to connect with someone offline to discuss other certification questions!

     

    ​​

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    Annie Moncure
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
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  • 44.  RE: Ask the Expert: Getting Started with Certification

    Posted 10-13-2018 07:59
    Hello and good morning. I am self-employed CPA since 1989 and also Life and Health Insurance Agent. I am U S Citizen but was born in India and had four year college degree (1974 ) from India. At this moment, I do not have anything to prove completion of my college courses in Accounting, Auditing and Taxation. 

    Experience wise: I provide my clients with tax advise and provide them with planning with Insurance and annuity products. I plan to be a CFP. I am also member of AICPA Financial Planning .

    At present, I am registered with the Financial Planning Courses with Collage of Financial Planning which I anticipate to complete by October of 2019 and plan to sit for the exam in Nov of 2019.

    I am looking for the advice on my next step necessary in completion of requirement to attain CFP recognition.
    Thank you so much
    Satish Patel

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    Satish Patel
    President
    Satish Patel & Associates, PC
    Elk Grove Village IL
    847-437-5600
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