CFP Full Form - Exam Eligibility, Structure, Salary, Job Profiles, Benefits
CFP Full Form - The full form of CFP is Certified Financial Planner. A Certified Financial Planner is a certification provided by Financial Planning Standards Board (FPSB) in India. The CFP certification is meant for individuals who plan to make a career in financial planning. A Certified Financial Planner is an individual who provides financial planning, tax planning, insurance, estate planning etc services to individuals or businesses. Candidates who qualify the CFP exams are awarded the CFP certification. Apart from qualifying the exams, candidates must also fulfil other criteria such as work experience etc.
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
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 | Name | Testing Exam | Exam Composition | No. of items | Marks Categories |
|---|---|---|---|---|---|
Module I* | Introduction to Financial Planning | NA | NA | NA | NA |
Module II | Risk Analysis & Insurance Planning | Exam 1 | Module I – 20% Module II – 80% | 77 | 1,2,3 & 4 |
Module III | Retirement Planning & Employee Benefits | Exam 2 | Module I – 20% Module III – 80% | 77 | 1,2,3 & 4 |
Module IV | Investment Planning | Exam 3 | Module I – 20% Module IV – 80% | 77 | 1,2,3 & 4 |
Module V | Tax Planning & Estate Planning | Exam 4 | Module I – 20% Module V – 80% | 77 | 1,2,3 & 4 |
Module VI | Advanced Financial Planning | Exam 5 | Case Study # format | 2 C as e Studies/ 30 items | 2,3,4 & 5 |
* 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
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
Job Role | Average Annual Salary (In Rs) |
|---|---|
Personal Financial Planner | Rs 4.4 lakhs |
Certified Financial Planner | Rs 4.4 lakhs |
Associate Advisor | Rs 7.8 lakhs |
Wealth Management Advisor | Rs 4.8 lakhs |
Client Services Advisor | Rs 6.4 lakhs |
Financial Analyst | Rs 6.1 lakhs |
Investment Advisor | Rs 7.6 lakhs |
Portfolio Manager | Rs 12.1 lakhs |
Mutual Fund Analyst | Rs 4.5 lakhs |
Wealth Manager | Rs 7.3 lakhs |
You may also check:
Frequently Asked Questions (FAQs)
The full form of CFP is Certified Financial Planner.
CFP salary ranges from Rs 1.9 lakhs to Rs 15 lakhs according to Ambition Box.
The CFP course ranges from 6 months to 2 years depending on the pathway opted by the candidate.
Articles
Browse Finance Colleges by State
Explore Career Options (By Industry)
Budget Analyst
Budget analysis, in a nutshell, entails thoroughly analyzing the details of a financial budget. The budget analysis aims to better understand and manage revenue. Budget analysts assist in the achievement of financial targets, the preservation of profitability, and the pursuit of long-term growth for a business. Budget analysts generally have a bachelor's degree in accounting, finance, economics, or a closely related field. Knowledge of Financial Management is of prime importance in this career.
Data Analyst
The invention of the database has given fresh breath to the people involved in the data analytics career path. Analysis refers to splitting up a whole into its individual components for individual analysis. Data analysis is a method through which raw data are processed and transformed into information that would be beneficial for user strategic thinking.
Data are collected and examined to respond to questions, evaluate hypotheses or contradict theories. It is a tool for analyzing, transforming, modeling, and arranging data with useful knowledge, to assist in decision-making and methods, encompassing various strategies, and is used in different fields of business, research, and social science.
Researcher
A Researcher is a professional who is responsible for collecting data and information by reviewing the literature and conducting experiments and surveys. He or she uses various methodological processes to provide accurate data and information that is utilised by academicians and other industry professionals. Here, we will discuss what is a researcher, the researcher's salary, types of researchers.
Welding Engineer
Welding Engineer Job Description: A Welding Engineer work involves managing welding projects and supervising welding teams. He or she is responsible for reviewing welding procedures, processes and documentation. A career as Welding Engineer involves conducting failure analyses and causes on welding issues.
Quality Controller
A quality controller plays a crucial role in an organisation. He or she is responsible for performing quality checks on manufactured products. He or she identifies the defects in a product and rejects the product.
A quality controller records detailed information about products with defects and sends it to the supervisor or plant manager to take necessary actions to improve the production process.
QA Lead
A QA Lead is in charge of the QA Team. The role of QA Lead comes with the responsibility of assessing services and products in order to determine that he or she meets the quality standards. He or she develops, implements and manages test plans.
Structural Engineer
A Structural Engineer designs buildings, bridges, and other related structures. He or she analyzes the structures and makes sure the structures are strong enough to be used by the people. A career as a Structural Engineer requires working in the construction process. It comes under the civil engineering discipline. A Structure Engineer creates structural models with the help of computer-aided design software.
Process Development Engineer
The Process Development Engineers design, implement, manufacture, mine, and other production systems using technical knowledge and expertise in the industry. They use computer modeling software to test technologies and machinery. An individual who is opting career as Process Development Engineer is responsible for developing cost-effective and efficient processes. They also monitor the production process and ensure it functions smoothly and efficiently.
Download Careers360 App's
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile
300M+
Students
36,000+
Colleges
550+
Exams
1500+
E-Books
16000+
Certifications
