The Certified Financial Planner (CFP) is a certification course offered for a duration of a minimum of six months to two years. This program imparts knowledge in financial planning and is provided by the Financial Planning Standards Board (FPSB).
As a professional course, eligibility for the Certified Financial Planner exam requires candidates to have completed Class 12th from a recognized board with a minimum of 50% marks.
There are two entry paths for students into the Certified Financial Planner course: regular mode and challenge status method. Candidates opting for the challenge status mode must have cleared CA/Intermediate Level, CFA, ICWA, CAIIB, CS, etc. Under this mode, candidates need to clear only the fifth exam, which is Advanced Financial Planning, to earn the professional certification.
The Certified Financial Planner syllabus is designed to skill students in investment, planning, financial consultation, banking operations, etc. Subjects include financial planning, tax and estate planning, risk analysis, and insurance planning.
Some popular Certified Financial Planner colleges offering the course include IMS Proschool Pune, Indian School of Business Management and Administration Hyderabad, Indian School of Business Management and Administration New Delhi, ICOFP Delhi, ICFL Pune, etc. The course fees for CFP range between INR 20,000 to INR 1,00,000 per annum.
Certified Financial Planner jobs encompass roles such as Financial Assistant, Financial Analyst, Portfolio Manager, Investment Manager, Mutual Fund Admin, Finance Assistant, etc. The salary for these professionals ranges around INR 8,00,000 to INR 19,00,000 per annum.
Certified Financial Planner Course Highlights
To get a swift view of the Certified Financial Planner course, refer to the highlights given in the table below:
| Category | Description |
|---|---|
| Course Name | Certified Financial Planner |
| Full Form | CFP |
| Eligibility | 10+2 |
| Mode of Admission | Regular Pathway and Challenge Status Pathway |
| Course Duration | 6 months- 2 years |
| Course Fee | INR 20,000- INR 1,00,000 per annum |
| Job Profiles | Financial Assistant, Financial Analyst, Portfolio Manager, Investment Manager, Mutual Fund Admin, Finance Assistant etc. |
| Average Salary | INR 8,00,000- INR 19,00,000 |
| Employment Sectors | Banks, Audit Firms, Tax Departments, Government Ministries, PSUs, Management Consulting Firms, Corporate Financial Houses etc |
Why Choose a Certified Financial Planner?
There are certain benefits to choose a Certified Financial Planner course, these are mentioned below:
- Competitive Advantage: While having a Certified Financial Planner certification allows for independent work, adding it to your CV can significantly enhance your job prospects. Approximately 83% of Certified Financial Planner professionals report gaining a competitive edge over other financial advisors.
- National and International Opportunities: The Certified Financial Planner certification is recognized in over 25 nations globally, opening doors to work in top multinational companies. In India, leading financial institutions like HDFC, ICICI, Axis Bank, LIC, Kotak Life, and more actively hire Certified Financial Planners to optimize their operations.
- Globally Renowned: The Certified Financial Planner is a globally renowned program that enhances the value of your resume. Recognized in 26 countries, including Australia, China, Hong Kong, Canada, the USA, and the United Kingdom, the Certified Financial Planner course is considered one of the finest financial qualifications worldwide. In India, it holds significant respect. Major financial advisory services and investment banks in these countries prefer hiring Certified Financial Planner course individuals due to the high standard of excellence and credibility they bring to the job. Whether applying for positions in India or any of the 26 nations, possessing this certification automatically gives you an edge over other candidates, providing a head start in your career.
- Great Exposure: The Certified Financial Planner course is not limited to freshers; it serves as a valuable asset for individuals already employed in the finance sector. Whether you are a financial service professional, customer relationship officer, insurance agent, or stockbroker, this course is tailored for you. It unlocks fresh opportunities and propels you into a higher salary bracket. With this certification, you can engage closely with prominent clients and implement impactful changes to shape their financial future.
- Entrepreneurship Experience: Aspiring to establish your own business? Acquiring the right mix of experience, a client base, and a clear vision is crucial. The Certified Financial Planner course provides a distinct advantage in achieving these key elements. By working as a financial planner, you interact with high-profile individuals in the industry, fostering connections and expanding your network with potential clients. This exposure broadens your perspective and provides the groundwork needed to embark on your entrepreneurial journey. Building a reputable name allows you to transition into the role of your own boss.
What is an Online Certified Financial Planner?
Nowadays due to demand for online courses the Certified Financial Planner online courses are also provided by various platforms. These courses are in demand due to their flexibility wherein working professionals and interested students take up these courses to save their time, money and commitment, they are not required to leave their jobs, but also get an opportunity to advance themselves at their own pace.
These courses are developed in alignment to the demand of the industry and are offered with a certificate or a license, which makes them valid.
These courses are also quite affordable when compared to the regular program and are designed by top notch faculties and institutions throughout the world who try to provide these courses, by aligning them with both national and international needs.
Some of these online courses are as follows:
| Course | Course Provider | Average Fees |
|---|---|---|
| CFP Certification | ICICI Direct | – |
| Introduction to Financial Planning – CFP Certification | Udemy | INR 3,200 |
| Certified Financial Planner Challenge Status | Apna Course | INR 15,000 |
| CFP Certification course | ProSchool Online | INR 52,000 |
| Financial Planning Certificate | Imarticus Learning | INR 58,000 |
Types of Certified Financial Planner Programs
Certified Financial Planner certification can be pursued through two pathways: the regular pathway and the challenge status pathway, based on candidate eligibility and prior academy qualification.
Regular Pathway:
- Candidates pursuing a graduation degree typically follow the regular pathway for Certified Financial Planner certification.
- To qualify, candidates need to pass NSE exams 1-4.
- Upon successfully completing exams 1, 2, 3, and 4, candidates become eligible to take exam 5 (Advanced Financial Planning).
Challenge Status Pathway:
- To attain a Certified Financial Planner certificate, students must pass the final exam, Advanced Financial Planning.
- Candidates opting for the challenge status pathway need to have relevant work experience before attempting the final exam.
Certified Financial Planner Eligibility Criteria
The detailed eligibility criteria for a Certified Financial Planner course is as follows:
- Eligibility requirements include the completion of 10+2 from a recognized school education board in any stream.
- Those with a graduation degree in any subject are also eligible.
- A minimum of 50% marks in either 10+2 or graduation is necessary for application.
- The course has no age restrictions.
- In certain instances, candidates may need to qualify an entrance examination after a specific period, achieve a good score to meet the cut-off, and be listed in the merit list.
Certified Financial Planner Skill Set
There are certain skills that an individual must hold or acquire before opting for a Certified Financial Planner course. These skills are listed below in the table.
| Eye for Details | Critical Thinking | Risk Analysis |
|---|---|---|
| Negotiation | Budgeting | Financial Management |
| Knowledge of Taxation | Investment Planning | Time Management |
| Problem Solving | Ability to Communicate | Problem Solving |
Certified Financial Planner Entrance Exams
The Certified Financial Planner exam comprises multiple-choice questions, totaling 170, to be answered within a three-hour time frame on a single day. Additionally, each section is subdivided into distinct subsections, featuring standalone questions and those related to case studies.
| Exam | Duration |
|---|---|
| Retirement and Tax Planning Specialist Certification, Investment Planning Specialist Certification, Risk Management and Estate Planning Specialist Certification | 3 hours, 85 multiple choice questions, computer-based test for each track exam |
| Certified Financial Planner CM Certification | 3 hours 85 questions, computer-based test with case studies |
Certified Financial Planner Admission Process in India
There are two ways through which the students can get admission into the Certified Financial Planner course in India.
- Regular Pathway
- Challenge Status Pathway
The admission process for both is given below for your reference.
Regular Pathway Registration Process
Obtaining a NCFM number through the NSE Academy’s official website is the initial step. Subsequently, completing the registration form is necessary to join FPSB Ltd. As part of the process, candidates are required to submit the student registration fee. Upon verification, FPSB Ltd. will activate the student on the NSE test portal.
Challenge Status Pathway Registration Process
Upon completing the registration process, students receive a NCFM number from the NSE Academy’s official website. To register as a Challenge Candidate with FPSB Ltd., students must fill out a Challenge Candidate Registration Form and email the necessary self-attested scan papers to indiacfpexperience@fpsb.org, along with their NCFM number. Following a successful verification process, candidates are required to pay the specified registration fees. Subsequently, FPSB Ltd. will activate the candidate on the NSE exam portal.
Certified Financial Planner Fees in India
The fees for Certified Financial Planner programs in India differ among colleges, influenced by factors like location, NAAC grades, placement support, curriculum, faculty, and infrastructure. In the country, the cost of the course is generally reasonable, ranging from INR 20,000 to INR 1,00,000 per annum.
Career Options After Certified Financial Planner
The Certified Financial Planner course opens doors to various well-paying and esteemed career paths.
Wealth Management Firms, Financial Forms, Consultancy Services, Banking and Non Banking Sector, Mutual Funds Agencies, Accounting Hubs, Financial Planning and Advisory Hubs are some of the best placement sectors wherein Certified Financial Planner course graduates are hired.
Certified Financial Planner Jobs
Certified Financial Planner roles are abundant globally, with notable positions outlined below:
- CFP Instructor
- Financial Consultant
- Wealth Manager
- Portfolio Manager
- Management Advisor
- Operational Risk Consultant
- Budget Analyst
- Retirement Planner
Certified Financial Planner Salary
Certified Financial Planner graduates enjoy competitive salary packages, providing them with financial stability. Entry-level salaries range from INR 3,00,000 to INR 6,00,000 per annum, mid-level graduates earn between INR 7,00,000 and INR 12,00,000 per annum, while senior positions command salaries of up to INR 15,00,000 to INR 19,00,000 per annum. The table below highlights average salaries for various top job profiles:
| Job Profiles | Average Salary (per annum) |
|---|---|
| CFP Instructor | INR 6,00,000- INR 9,00,000 |
| Financial Consultant/ Advisor | INR 13,00,000- INR 18,00,000 |
| Wealth Manager | INR 10,00,000- INR 14,00,000 |
| Portfolio Manager | INR 9,00,000- INR 16,00,000 |
| Management Consultant | INR 13,75,000- INR 19,00,000 |
| Operational Risk Consultant | INR 8,00,000- INR 12,00,000 |
| Budget Analyst | INR 7,00,000- INR 14,00,000 |
| Retirement Planner | INR 6,00,000- INR 13,00,000 |
Certified Financial Planner Recruiters
In India itself, there are top-level organizations who are constantly looking for Certified Financial Planner graduates. Due to the ever expanding financial sector, the jobs of Certified Financial Planner courses are always in demand. Most of these graduates are hired in consulting and management firms, however, these days even banks, investment and accounting firms are looking for professionals who have certified themselves with this course. Some of the top recruiters of Certified Financial Planner course are as follows
| Fidelity International | SBI Life Insurance | Reserve Bank of India |
|---|---|---|
| BZ Consultant | Aditya Birla Capital | Goldman Sachs |
| Deloitte | APEX Services | PwC |
| Amazon | JP Morgan | Edelweiss Fin |
| CP Consultancy Services | ICICI Bank | HDFC Bank |