FPA details new CFP fast track option
TheFinancial Planning Association(FPA) has released more details of changes to its Certified Financial Planner (CFP) program, to allow those with other professional credentials to fast track their qualification for the mark.
To be called “challenge status pathway” applicants, these candidates must now demonstrate relevant experience in financial planning and have an approved professional designation or recognised postgraduate qualification.
On satisfying these criteria, the candidates must then sit for a new CFP Certification Assessment in order to be recognised as being up to CFP standard.
The FPA revealed in February that the Certified Practising Accountant (CPA), Chartered Accountant (CA), Practising National Accountant, and Chartered Financial Analyst (CFA) designations would be recognised under the changes to the CFP program as being eligible for the fast track path to CFP qualification.
The recognised postgraduate qualifications are courses offered by institutions including theSecurities Institute of Australia,Griffith University, Deakin University, and theUniversity of Western Sydney.
The FPA says these candidates must also have two years relevant experience holding proper authority or authorised representative status with an Australian financial services licensee or licensed securities dealer. The last six months of this experience must also be with a principal member of the FPA.
FPA senior manager international and certification standards Ken Bruce says allied professionals have been taking part in financial planning for many years and the changes will include them in the mainstream of the industry.
“The FPA is committed to raising the educational standard of all financial planners. I believe the CFP Certification Assessment requirement of the CFP education program goes a long way towards doing that,” Bruce says.
The CFP Certification Assessment components will be a financial plan case study, oral presentation of the case study, and two three hour multiple choice examinations.
It will be overseen by a committee of CFP practitioner members that will determine the pass standard.
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