How To Become A CFP - Certified Financial Planner Explained
HTML-код
- Опубликовано: 31 июл 2024
- HOW TO BECOME A CFP// Becoming a Certified Financial Planner is no easy task. The requirements for CFP certification are arduous and take years for financial planners to meet. In this video, we'll be breaking down exactly what goes into becoming a CFP and how to meet the requirements for certification.
Add me on Instagram - AppleCriderOfficial
A CFP or Certified Financial Planner is the premier designation for financial planners. Working with a certified financial planner assures you that the person sitting across from you is competent and is bound by a stricter ethics standard than your standard financial advisor.
In order to become a CFP, there are 4 requirements that all CFP candidates need to fulfill. These are the education requirement, the exam requirement, the experience requirement, and the ethics requirement. While there is not a strict order that they need to be fulfilled in, typically the education requirement comes first and is followed by the exam and experience requirements that are sometimes completed simultaneously. The ethics requirement is an ongoing commitment to a high ethical standard that always needs to be maintained.
In order to meet the CFP education requirement, you'll need to go through a CFP Board registered program that covers the core topic areas of financial planning. Many colleges now offer CFP Board certified degrees that allow students to have completed the education requirement upon graduation. Personally, that's what I was able to do at UW Madison so that immediately upon graduation OI was ready to sit for the exam.
The CFP Exam was hands-down the hardest exam I have ever taken. Cumulatively, I spent over 500 hours studying for this exam (which probably adds up to more time than I spent on studying all throughout college). The exam is 6 hours long and contains 170 questions ranging from taxes, to ethics, to investments, to estate planning, and a whole lot of other financial topics. After passing the exam, you'll need to start racking up experience in the field before you can start calling yourself a CFP.
Meeting the CFP Experience Requirement consists of accumulating over 6,000 hours of work in the field. This equates to about 3 years working full-time. If it weren't for this pesky requirement, I'd already be able to call myself a CFP, but because I haven't accumulated enough hours yet, I can't use the marks yet.
Last is the ethics requirement. Being a CFP, you are held to a higher ethical standard than other financial professionals. As a CFP, you are required to put the best interests of your clients above your own. While some would argue this is just common sense (myself included), just because someone holds themselves out as a "financial advisor" doesn't mean they have to only think about what is best for you. They might be swayed to make recommendations based on which products make them the most commissions. Not great.
Once you have met all 4 of these requirements (and paid some money to the CFP Board), you can now legally hold yourself out as a CFP, add the letters to the end of your LinkedIn profile, and get to work!
I hope you found this video helpful and if you are considering going down the path of becoming a certified financial planner, I am wishing you all the best!
TIMESTAMPS
0:00 - Intro
2:10 - How To Become A CFP
2:20 - Education Requirement
4:22 - Exam Requirement
6:57 - Experience Requirement
10:06 - Ethics Requirement
*Quick update:* Since recording this video I took the CFP exam and passed so now I'll be able to use the marks once I hit the experience requirement 👓
congrats!
@Budget Girl Thanks Sarah! Hope all is well 😀
Ayyy nice one!
@@itsmikepowers Thanks Michael! :)
Good video. It’s way more work than I realized.
would be curious to know how you're going to approach the experience requirement. What kind of roles can you take in the financial planning industry if you pass the CFP exam, but have not yet become certified?
GREAT Video ✊🏿
Another great video, keep crushing it! 🔥
Thanks for watching! Appreciate the support :)
@@AppleCrider my pleasure!
Thanks for this informative content!
sure thing Shiela! are you thinking about becoming a CFP?
That was very informative. I made a CFP folder for videos and have a growing number of your videos in it. 😄
Glad I made the cut! Best of luck Marcus :)
@@AppleCrider Thank you very much!
Great video, just had one question. In the video you mentioned you listened to audio review as well. Was this the 20 hour Dalton Exam audio review for $160?
Great content! Does the bachelors have to be finance related? Or does it not matter?
Hi ,Crider,last week,I have registered CFP courses in Advovis in Canada,so I want know whether can I get the text book? I don't want to print it out.and for the quiz ,I can just do it online?and for your study,did you find some letures to attend?or just finish it by yourself.I am a little bit confused it.hope that you can give me some hints for this.
thanks
Hello, I am currently in the insurance industry and have already completed a master's in business. I would like to learn more about what I can do to break into this industry. Are there any courses that I can take?
Since you finished the courses in college. How long did the study process start to finish take you for the CFP?
What is the best school for exam prep classes?
This a US perspective? Or Canada?
Do you get paid for the 6,000 hours? I’m just curious
🥰🥰😍😍😍😍😘😘😘😘😘😘 (Apple it’s me Justin)
😍😀😍😁😱🙌
Hi i’m a CFP student what do you do to get better in excel?
Lots of practice :) There are a ton of good tutorials on RUclips
thank you sir I will look some up. any specific topics you would recommend?
@@poloking3478 None that come to mind immediately, totally depends on what you want to learn :)
Hello, I’m try to become a CFP. I want to know should I go with Advocis and complete their core and advanced curriculum or should I go with CSI and complete their securities course and all others. Please also confirm if you can sell stocks, etf and mutual funds once you become CFA. Thx
Nice headband
Thanks Ryan! One of many :)
@@AppleCrider 😛
@@__Ryan_ gotta keep it interesting
@@AppleCrider yess sir
It’s me apple Justin lol
lol Justin who?