CFP Full Form - Exam Eligibility, Structure, Salary, Job Profiles, Benefits

Who must pursue CFP Certification?

The following type of individuals can choose to pursue CFP certification in India:

• Students who have completed their class 12 or graduation and want to enter the personal finance sector.

• Insurance agents

• Mutual fund distributors

• Investment Advisors

• Financial Planners

• Individuals interested in a career in Wealth Management

Benefits of a CFP Certification

Here are some notable benefits of a CFP certification:

• CFP certification is an opportunity to join a global community of 2,23,700+ Certified Financial Planners.

• CFP professionals enjoy good demand in the employment sector at institutions like banks, AMC, distribution houses, insurance companies, financial planning firms, equity brokerage etc.

• CFP is slowly becoming a trusted certification in Indian financial services.

• CFP is recognized in more than 27 countries.

• CFP provides professionals with increased opportunities in wealth management, mutual funds and other financial industries.

CFP Eligibility Criteria in India

There are two ways students can get their CFP certification - one is the regular pathway and other is the fast track pathway. The eligibility criteria for both the pathways is different. The CFP eligibility criteria for regular pathway and fast track pathway has been given below:

CFP Regular Pathway Eligibility Criteria

• Candidates must have completed their class 12 from a recognized board.

• Furthermore, candidates must complete their CFA Level 1, 2, 3, 4 and 5 exams covering all six modules to get the Certified Financial Planner certification.

CFP Fast Track Pathway Eligibility Criteria

Candidates who want entry to CFP through the Fast Track Pathway must only appear for the CFP exam 5 - Advanced Financial Planning. To get entry through fast track pathway, students must have completed any of these following:

• Chartered Financial Analyst, from CFA Institute (USA)

• Chartered Accountant, from ICAI, CA(Inter) with 3-year Articleship+B.Com

• Certified Public Accountant, from AICPA (USA), CMA, ACCA

• CAIIB + Graduation in any discipline

• Fellow Member of the Insurance Institute of India (Life/General)

• MBA (all streams) and PGDM (all streams) from an AICTE-approved institution/Ministry of Education-approved institution/such other Indian or Foreign institution or business school.

• Postgraduate degree in Economics, Commerce, Finance/Financial Planning from a UGC approved University

Eligibility Criteria For Others

For Experienced Candidates:

In the case of employees, they must have at least three years of prior work experience at the time of document submission.

• Any bank, brokerage, mutual fund asset management, securities firm, insurance business, portfolio manager, and non-banking finance company (NBFC).
• Investment advisor who is registered (as “persons associated with investment advice”).
• Treasury division of a business that has registered as an academic institution with the RoC or as an Authorised Education Provider.

Experience in one of the following general work functions is required:

• Funds management
• Advice on investments
• Accounting, fund accounting, and corporate finance auditing
• Investor services and customer relationships
• Giving lectures on economics, commerce, and finance at academic institutions or providing instruction or training on the Financial Planning Education Framework-based CFP certification program.

How to get CFP Certification?

The step-by-step process to get CFP certification has been given below:

• Sit for the required CFP exams and qualify the exams.

• Obtain the required work experience (1-3 relevant work experience).

• Fill the new CFP new form.

• The Financial Services Standard Board (FSSB) India will verify all the required documents and see if the candidate has met the eligibility criteria.

• Obtain your certificate and badge from FPSB India.

CFP Exam Structure

* Module-I consists of generics of Financial Planning, viz. the Process, Practice Standards, Professional Conduct, Code of Ethics, etc. apart from Financial Mathematics. This module is embedded in all component exams, Exam 1 – 4 to the extent of 20% and in the Advanced Financial Planning exam (Exam 5) to the extent of 14%.

Top Job Opportunities for CFP Professionals

Here are some of the common job opportunities available for CFP certified professionals:

• Personal Financial Planner

• Certified Financial Planner

• Associate Advisor

• Wealth Management Advisor

• Client Services Advisor

• Financial Analyst

• Investment Advisor

• Portfolio Manager

• Mutual Fund Analyst

• Wealth Manager

• Fundamental Research Analysts

Skills Required to be a CFP

• Expertise in financial calculations and analysis.
• Ability to clearly communicate financial plans and strategies.
• Proficient in selling and managing financial products.
• Capable of building and nurturing strong client relationships.
• Self-driven and committed to continuous improvement.
• Strategic thinker, focused on achieving long-term financial goals.

Salary of CFP Certified Professionals in India

Below are the average salary packages of CFP for top job roles in the different sectors:

CFP Salary in India

You may also check:

• CA Full form
• CMA Full form
• CS Full form
• ACCA Full Form
• CFA Full Form