FPA reveals new fast track CFP
TheFinancial Planning Association(FPA) has made significant changes to its Certified Financial Planner (CFP) education program, allowing individuals with existing qualifications to be fast tracked through the program.
Under the changes, announced yesterday, the CFP education program will increase from four to five units, including one foundation unit, three technical units and the final certification assessment unit.
The new structure will allow professionals who hold the Certified Practicing Accountant (CPA), Chartered Accountant (CA), Practicing National Accountant (PNA), and Chartered Financial Analyst (CFA) designations, as well as others with certain higher academic qualifications, to skip the first four units and proceed directly to the final certification assessment unit.
The certification unit will include an examination and the submission of a comprehensive financial plan, and will be available from the second semester this year.
However candidates with an Advanced Diploma in Financial Services (Financial Planning) will still be required to complete all five units of the CFP education program under the new system.
A task force has been formed to write the new CFP curriculum and prepare the assessment and certification examination, while continuing professional development requirements will also be revisited in light of the need to maintain continuing professional competence.
According to Financial Planning Association (FPA) business education unit general manager Chris McMillan, the changes were prompted in part by changes made to the global CFP requirements by the US-based Financial Planning Standards Board (FPSB).
The FPSB is the new international body set up to oversee the global Certified Financial Planner (CFP) qualification.
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