CERTIFIED FINANCIAL PLANNERCM
The CFPCM Edge!
Q1.What is CERTIFIED FINANCIAL PLANNERCM or CFPCM Certification?
Ans: CERTIFIED FINANCIAL PLANNERCM Certification is the most prestigious and internationally accepted Financial Planning qualification recognized and respected by the global financial community. CFPCM Certification is a mark of excellence granted to individuals who meet the stringent standards of education, examination, experience and ethics. Education is an integral component of the CFPCM Certification Program and any candidate aspiring to become CFPCM Certificant has to register himself with any of the FPSB Authorized Education Partners.
Q2. What is Financial Planning Standards Board (FPSB), U.S.?
Ans: FPSB is the principal licensing body that awards CFPCM Certification in India. It is a Professional Certification Organization, part of leading Global Confederation established by prominent financial service corporations with an objective to professionalize the concept of Financial Planning in India. FPSB is supported by 50 Financial Services Organizations in the country as its Charter Members.
Q3. What is Financial Planning?
Ans: Financial Planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a house, saving for your child’s higher education or planning for retirement. It is comprehensive planning which covers all aspects of an individual’s financial well being from wealth creation to wealth protection; selecting products to suit specific needs; monitoring and reviewing his financial situation on a regular basis and revising the plan if required.
Q4. What are the benefits of pursuing the CFPCM Certification?
- Enhanced career and employment opportunities in financial services sector.
- Most recognised and respected financial planning certification in 26 countries.
- Enhanced social status by joining the league of professionals.
- Highly sought after certification by Banking, Financial Services and Insurance (BFSI) industry as it provides credibility with customers seeking trustworthy assistance.
- Ideal for self employment. Financial planners can start their own practice as an entrepreneur.
- Satisfied clients who appreciate the comprehensive approach to Financial Planning and extend long term relationship and referrals.
- More revenue streams by increasing your product and service offering to your clients.
- Opportunities to show case your knowledge on Financial Planning & Advising through various media vehicles.
Q5. Is CFPCM Certification a global certification?
Ans: Yes, currently CFPCM Certification is offered and recognized in over 26 countries. FPSB India is one of the Affiliates of FPSB, Denver, USA.
Q6. What is the eligibility criterion to register for the CFPCM Certification Program?
Ans: In order to enroll for the CFPCM Certification Education Program, the applicant must have at least passed his SSC (Class 10th) or equivalent. However, the applicant will be entitled to use the CERTIFIED FINANCIAL PLANNERCM or CFPCM marks only after he/she has acquired a minimum qualification of HSC (Class 12th). Moreover, the applicant also needs to have a minimum work experience of 6 years in the financial services industry. In case the applicant is a graduate, he/she needs to have a minimum of 3 years work experience in the financial services industry.
Q7. What are the career prospects of Financial Planning and after completing the CFPCM Certification?
Ans: In India, CFPCM are in high demand in the following fields:
- Wealth Management Companies
- Stock Broking Firms
- Investment Advisory Services
- Financial Planning Services
- Life and General Insurance
- Accounting and Law Firms
- Asset Management Companies
- Credit Counseling Organisations
Q8. How are Financial Planners compensated in India?
Ans: Financial Planners are remunerated in a variety of ways:
(i) Fees charged to the client based on an hourly rate, a flat rate per plan, a percentage of the value of
the client’s assets and /or income or a combination of these methods
(ii) Commissions from investment or insurance companies for product sold as the plan is implemented
(iii) A combination of fees and commissions
(iv) Salary for those employed by financial organizations or other institutions
Q9.Is there any entrance test to join the CFPCM Certification Program?
Ans: No, there is no entrance test for joining the CFPCM Certification Program.
Q10. What is the curriculum of the CFPCM Certification Education Program?
Ans: The Five modules under the CFPCM Certification Education Program are – 1) Introduction to Financial Planning, 2) Risk Analysis & Insurance Planning, 3) Retirement Planning & Employee Benefits, 4) Investment Planning, 5) Tax Planning & Estate Planning, and 6) Advanced Financial Planning.
Q11. What are 4Es Criteria for awarding CFPCM Certification?
Ans: CFPCM Certification worldwide is awarded by FPSB Affiliates to competent and qualifying candidates fulfilling the 4 E Criteria of CFPCM Certification, i.e. Education, Examination, Experience and Ethics.
Q12. What is AFP Certification?
Ans: To professionalize the product based advisory and specialized advisory services, FPSB has established AFP Certification which is targeted at existing professionals who want to upgrade their knowledge about Financial Planning without undergoing the entire CFPCM Certification Program. The various Certifications available under this option are:
• AFP Certification (Risk Analysis & Insurance Planning)
• AFP Certification (Retirement Planning & Employee Benefits)
• AFP Certification (Investment Planning)
• AFP Certification (Tax Planning & Estate Planning)
However, FPSB and industry encourages the students to undertake the complete CFPCM Certification Program to practice Financial Planning in its true comprehensive spirit.
Q13. What is the maximum period given to a candidate to complete the CFPCM Certification Program?
Ans: A candidate is given maximum 7 years to complete the CFPCM Certification Education Program course from the date of the first module registration.
Q14. What is Challenge Status Program?
Ans: In order to enable eligible professionals (both in terms of education as well as experience) to acquire the CFPCM Certification in a more time efficient manner, FPSB has introduced a fast track Certification Program in line with global certification practices which has been christened as “Challenge Status Program”.
Q15. What is the eligibility criterion to register for the Challenge Status Program?
Ans: The Challenge Status Program is for professionals who already possess certain skill sets and proficiency which is expected of Financial Planners. In order to enroll for the Certification through the Challenge Status Pathway, the candidate needs to meet the education and experience criteria. A candidate applying for the Challenge Status pathway needs to appear only for a single examination (Exam 5). Nevertheless, the syllabus under the Challenge Status program is same as in the Regular Pathway.
Q16. What are the renewal requirements of CFPCM Certification?
Ans: The following are 2 requirements for renewing the CFPCM Certification
A) Continuing Education (CE):
The CE requirement of 15 points is effective immediately upon certification and one is required to meet this to be a CFPCM Certificant. Continuing Education (CE) plays a vital role to maintain and enhance the professional competence of the CFPCM professional in a dynamic industry. FPSB has made Continuing Education one of the key requirements for continued use of FPSB U.S. CFPCM marks.
B) Renewal Fee:
CFPCM Certificants pay a renewal fee currently set at Rs. 5,618/- per year. To avoid the late fee, the CE requirement must be fulfilled and FPSB must receive a duly-completed CE Reporting Form along with the Fee(s) before the renewal date.
Q17. What is the format of the CFPCM examination?
Ans: The format of CFPCM examination conducted by FPSB is objective Multiple Choice Questions (MCQ) in a Computer Based Testing (CBT).
Q18. Can I appear for Exam 5 before clearing Exam 1–4?
Ans: Only after a candidate is successful in all the component exams, Exam 1 – 4, he/she is eligible to take an attempt at the final exam, Exam 5.
Q19. Which language are the exams conducted?
Ans: The exams are conducted in English only.
Q20. What is the duration of each exam?
Ans: Exam 1 – 4: Two (2) hours each for Exam 1, Exam 2, Exam 3 and Exam 4
Exam 5: Four (4) hours
Q21. Is there any negative marking in CFPCM examination?
Ans: No, there is no negative marking in CFPCM examination.
Q21. What is the minimum passing percentage in CFPCM examination?
Q23. Is ICoFP an authorized education provider of FPSB?
Ans: Yes, ICoFP is an authorized education partner of FPSB to deliver the CFPCM Certification Education Program.
Q24. Why consider ICoFP to prepare for the CFPCM Certification Education Program?
- ICoFP is the pioneer and market leader in CFP Education with highest passing rate.
- ICoFP is the authorized education provider of Financial Planning standards Board, India.
- ICoFP is awarded outstanding B-School – North (Star News)
- 85% of total CFPs have passed out from ICoFP.
- ICoFP courses are adjudged among the Top 3 best finance courses in India – India Today Aspire, June 2008.
- ICoFP Has more than 11,000 students enrolled.
- ICoFP Has the best alumni network.
- ICoFP provides Convenient weekend classes.
- Best study material and innovative teaching methodology.
- ICoFP Has the best industry partnership
- ICoFP’s placement cell assists career starters and career switchers.
- Pool of experienced and CFPCM Certified Faculties.
Q25. How much does it cost to pursue and attain the CFPCM Certification under “Regular Pathway”?
Ans:There are various costs associated with the CFPCM Certification Program. The costs may vary from student to student based on the number of attempts he/she requires to pass the examinations. A brief estimate of associated costs is listed below:
- Student Registration Fees with FPSB: ₹16,385 (valid for 1 year)**
- Exam 1-4 Fees: ₹4,130 per exam per attempt
- Exam 5 Fees: ₹8,260 per attempt
- CFPCM Certification Fees: ₹7,080 and to be renewed annually
** FPSB permits those students who complete within a year of their initial registration, any three exams from Exam 1-4 (RAIP, RPEB, IP and TPEP referred to as Exam 1 – 4) to complete the fourth exam and Exam 5 without payment of fees towards renewing their registration. This is valid for all new registrations from 1st June, 2013 onwards.
To know about the fee structure and for course related queries, you can contact our program specialists and career experts:
Disclaimer: CFPCM, CERTIFIED FINANCIAL PLANNERCM and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd (FPSB).