CFP - Certified Financial Planner by FPSB
by Vantage Institute Of Financial MarketsMumbai, Thane, Surat, New Delhi, Pune |
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Category: Finance | Investments | Finance and Account Entrance Exam | Insurance Processes | Taxation | Asset & Wealth Management
| Eligibility: (Pre-requisites) | 1. Graduate +3 year’s exp in financial field, |
| Medium of instruction: | English |
ABOUT CFP
India is going through its best phase ever and Indians are savoring opportunities and reaping benefits unlike ever before. Every sector is registering steady growth and the average Indian Wallet is bulging in size steadily. With all that income coming in, the question to ask is, are Indians planning for their future and their money well enough? Yes, they are investing in term deposits, stocks, mutual funds, insurance etc., but a very miniscule percentage of Indians would be going about their investments with a proper strategy.
There was a time when consumers would approach self-proclaimed financial advisors in the market selling or giving advice on everything ranging from mutual funds to insurance to equities to deposits to income tax. Today consumers have become more discerning about their source of financial advice. They look at banks, insurance companies, brokerage houses, tax consultants etc. for their advice. However, consumers still aren’t getting the counsel that takes an integrated view of their life and financial goals. There comes the role of a CFP.
CERTIFIED FINANCIAL PLANNER (CFP) is a certification mark for financial planners conferred by the Financial Planning Standards Board, India. CFP is the highest credential offered in Financial Planning Globally. Education is a fundamental requirement for achieving CFP certification. CFP certification education requirements ensure the CFP professionals are familiar with broad knowledge, principles and theories needed to prepare for the professional practice of personal financial planning.
The CFP examinations are designated to assess your ability to apply Financial Planning knowledge to real life financial situations. A Financial Planner is a professional who assesses the health of individual’s personal finances, life goals and objectives. He is a Professional expert who helps individuals achieve financial freedom by helping them reach their life goals through proper management of their personal finance.
FPSB INDIA
FINANCIAL PLANNING STANDARDS BOARD is a Professional Membership & 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. It proactively guides the development and promotion of standards for Financial Planning professionals.
FPSB India closely works with all the stakeholders viz. the Government, the Regulators, the Industries / Associations, the Corporate, the Media and General Public to achieve its objectives. FPSB India offers the highest financial planning credentials called the CERTIFIED FINANCIAL PLANNER (CFP).
FPSB India is affiliated to the Financial Planning Standards Board (FPSB) based in Denver, USA. The Indian affiliate, FPSB India administers the internationally recognized CERTIFIED FINANCIAL PLANNER certification process.
The creation of FPSB India represents commitment to the emergence of Financial Planningas a respected profession in India and will strengthen the board’s ability to educate the public about the Financial Planning process and about the professionalism of Financial Planners who have committed to competent and ethical behavior in India.
CFP SYLLABUS
Module I - Introduction to Financial Planning
COURSE DESCRIPTION: This module would serve as an introduction to Financial Planning. The module would cover the six-step process which includes Financial Planning process, client interactions, time value of money applications, personal financial statements, cash flow and debt management, asset acquisition, education planning, overview of risk management investment planning and retirement planning, special circumstances, plan integration, ethics, and business aspects of Financial Planning.
- Financial Planning Process
- General principles
Module II - Risk Analysis and Insurance Planning
COURSE DESCRIPTION: This module wouldcover the knowledge requirements relating to insurance and risk analysis for a CFP certification. It introduces students to risk analysis and insurance decisions in personal Financial Planning. Planning for clients’ exposures tomortality, health, disability, property, liability, and long term care risk isemphasized.
- Risk Analysis
- Insurance Concepts
- Insurance Policies and Strategies
- Environment of an Insurance Advisor
Module III - Retirement Planning and Employee Benefits
COURSE DESCRIPTION: This module wouldcover the knowledge requirements relating to retirement planning and employee benefits for a CFP professional. The emphasis is on the process of wealth creation and the retirement planning and strategies for clients.
- Introduction to Retirement Planning
- Retirement Benefits
- Retirement Planning and Strategies
- Pension sector reforms
Module IV - Investment Planning
COURSE DESCRIPTION: This module includes introduction to Investment Planning, Investment vehicles, investment strategies, Regulation of an investment advisor, Application to clients, etc.
- Introduction to Investment Planning
- Investment vehicles
- Investment strategies
- Regulation of an investment advisor
- Application to clients
Module V - Tax Planning & Estate Planning
COURSE DESCRIPTION: This module wouldcover the knowledge requirements relating to tax planning and estate planning for a CFP professional.
- Tax Planning Considerations
- Tax Computations
- Tax Planning Strategies
- Estate Planning
Module VI - Advanced Financial Planning
COURSE DESCRIPTION: This module buildsupon the foundations in Financial Planning and the knowledge requirements in Modules 2 to 5 to enable the CFP professional to construct a comprehensive Financial Plan for a client. Miscellaneous topics are also covered in this module.
- Financial Planning Process
- Miscellaneous Topics
CAREER AFTER CFP
“YOUR knowledge will help your clients get richer”
Financial Planning as a career – Job satisfaction, career opportunities, challenge, personal and professional growth and income that allows you to follow your dream, these are the goals aspired to when making decisions about your future career. CFP Certificants are qualified to provide advice with regards to all aspects of financial planning and will be able to create comprehensive financial plans.
Why choose Financial Planning as a carrier?
• It offers challenging and a dynamic business environment
• It gives satisfaction of helping clients obtain their financial goals
• It gives complete knowledge of financial statement analysis, investment management, Income tax planning, Risk management, cash management.
Adequately trained and qualified financial planning professionals have bright career prospects in following functional areas:
| Private Banking | Tax Planning |
| Wealth Management | Portfolio Management |
| Life Insurance | Mutual Funds |
| General Insurance | Investment Consultancy |
| Fund Management | Financial Products Marketing |
| Stock Broking | Retirement Planning |
| Estate Planning |
Financial Advisory Services |
It also provides much wanted ‘Credibility & Competency as a Financial Planning Practitioner.
Those who are on the lookout for a job in a firm, in India and internationally the opportunities are plentiful and growing fast. Companies such as
| Alliance Bernstein |
Ask Wealth Advisors |
| Axis Bank | Bajaj Capital |
| Barclays | Brila Sun Life Wealth Management |
| Brila Sun Life Insurance | BNP Paribas Private Banking |
| Citi Bank | Dawnay Day AV |
| DBS Cholamandalam Asset Management | Deutsche Bank |
| Dhanlaxmi Bank |
Dynamic |
| Edelweiss | Padmakshi Financial Services |
| Fidelity Investments | Franklin Templeton Investments |
| Geojit BNP Paribas | HDFC Mutual Fund |
| HSBC | ICICI Bank |
| ICICIdirect | ICICI Prudential Asset Management |
| ICICI Prudential Life Insurance | ING Financial Advisors Network |
| KARVY Stock Broking Limited | Kotak |
| KZen Global Fortune Hunters |
L&T |
| LIC | MetLife |
| Mirae Asset | Motilal Oswal |
| NetWorth | Pricipal Asset Management |
| Reliance Life Insurance | Reliance Money |
| Reliance Mutual Fund | Religare |
| State Bank of India | SBI Life Insurance |
| SBI Mutual Fund | Shinsei Bank |
| SKP Securities Limited |
Standard Chartered |
| TATA AIG Life | TATA Mutual Fund |
| UTI Mutual Fund | World Gold Council |
are a few among the various market leaders that actively recruit CFP.
FREQUENTLY ASKED QUESTIONS
What is CFP Certification?
CERTIFIED FINANCIAL PLANNER or CFP is an international certification program in the field of Financial Planning, wealth management and financial advisory services.
Financial Planning is one of the fastest growing careers across the world. Being one of the fastest growing economies, India currently has around 5 crore families with investible surplus. Assuming one financial planner is handling approx. 1,000 clients we need at least 50,000 Certified Financial Planners in India immediately. This is set to grow at a faster rate. CFP designation was rated as Gold Standard in Financial Planningby Wall Street Journal in the year 2006.
CERTIFIED FINANCIAL PLANNER Certification or CFP Certification is a mark of excellence granted to individuals who meet the stringent standards of education, examination, experience and ethics. It is the most prestigious and internationally accepted Financial Planning certification recognized and respected by the global financial community. CFP Certification is the highest level of Certification in the field of Financial Planning world wide with over 1,18,245 CFP Certificant’s and which is widely respected by consumers, professionals and industry.
Who should consider CFP Certification?
CFP Certification is for financial services professionals, customer relationship officers, insurance agents, stock brokers, those looking to expand their careers in the financial services business, and graduates who want to be professionally and globally recognized.
What are the prospects of career in Financial Planning?
Financial Planning is one of the fastest growing professions across the world and Financial Planners are the most sought after professionals by a fast growing working population that earns well, and needs expert handling of their finances. The opportunities are aplenty with Banks, Financial Planning Outfits, Wealth Managers, Life Insurers, Accounting Firms, Stock brokers seeking professionals with such expertise. Financial Planners offer expert opinions on issues related to retirement planning, estate planning, tax planning, investment planning, insurance planning, financial management of small businesses and trusts, stock broking, debt and risk analysis. Need less to say a career as a Financial Planner can prove both challenging and rewarding.
What are the benefits of undergoing the CFP Certification Program and the CFP marks?
Enhanced career and employment opportunities in Financial Services Sector.
Personal satisfaction in knowing you have earned the profession’s highest standard andmet the global benchmark.
Satisfied clients who appreciate the comprehensive approach to Financial Planning and extend long term relationship and referrals.
Your expertise and credibility as a qualified professional is instantly communicated.
More revenue streams by increasing your product and service offering to your clients.
Enhanced Social Status by joining the league of professionals.
Recognition in over 23 countries across the world.
Opportunities to show case your knowledge on Financial Planning & Advising through various media vehicles.
What specific services does a Financial Planner provide?
Answer: A Financial Planner can offer general wealth-creation advice and assistance across all financial markets or specialize in areas such as:
a. Retirement Planning
b. Superannuation
c. Estate Planning
d. Small Business Financial Management and planning
e. Trusts
f. Tax
g. Stockbroking and Investments
h. Debt and Risk Management
How are Financial Planners paid?
Financial Planners may earn in any of the following three ways:
A Planner can be paid by a salary paid by the company for which the Planner works; by fees based on an hourly rate, a flat rate, or on a percentage of the assets and/or income.
By commissions paid by a third party from the products sold to clients to carryout the Financial Planning recommendations.
By acombination of fees and commissions where by fees are charged for the amount of work done to develop Financial Planning recommendations and commissions are received from any product sold.
As the profession is in its nascent stage various models are being tried and tested by the Financial Planners in India. But surely over a period of time the clear trend is towards Fee-only Model like other professions, i.e. medical, law, accountancy, etc.
What is FPSB India?
Financial Planning Standards Board India (FPSB India) is a Public – Private Enterprise and a Professional Standards Setting body that proactively guidesthe development and promotion of standards for Financial Planning professionals to benefit and protect the public in the country. FPSB India closely works withall the stakeholders’ viz. the Government, the Regulators, the Industries/Associations, the Corporate, the Media and the General Public to achieve its objectives. 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 India is supported by 50 Financial Services Organizations in the country as its Charter Members.
Is CFP Certification a Global Certification?
Yes, currently CFP Certification is offered and recognized in over 23 countries including Australia, Austria, Belgium, Brazil, Canada, China, China Taipei, France, Germany, Hong Kong, Indonesia, Ireland, Japan, Malaysia, New Zealand, Republic of Korea, Singapore, South Africa, Switzerland, Thailand, United Kingdom and United States of America.
FPSB, Denver, US enters into licensing and affiliation agreements with non-profit organizations (or their equivalent) around the world that allows the organizations to establish and operate the CFP certification program in a country or region. FPSB Affiliates who meet and maintain FPSB’s affiliation criteria of high standards are authorized to administer the CFP certification program on behalf of FPSB in a country or region. FPSB India is one of the Affiliates of FPSB, Denver, USA.
CFP certification undertaken in any of the affiliate country is recognized globallyand governed by cross border policy usage.
Which are the six modules under the CFP Certification Education Program and what is the nature of the curriculum?
The Six modules under the CFP 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. The module Introduction to Financial Planning does not have an individual exam but is embedded in the examination of other five modules of the CFP Certification Program.
The Curriculum for the CFP Certification is GLOCAL. It essentially means that it is global in outlook but has been localized as per the laws and regulations governing a particular country. The Syllabus is made by leading industry practitioners and academicians and is reviewed periodically to ensure that the curriculum is up-to-date and relevant to those working in the Financial Planning industry.
What is the Education Criterion?
A candidate must complete academic coverage of the Financial Planning curriculum by undergoing the first five Modules of CFP Certification Education Program through an authorized Education Provider like Vantage Institute of Financial Markets. After a candidate is successful in all the examinations 1, 2, 3 & 4, he/she is eligible to appear in the Advanced Financial Planning examination termed as Exam 5.
What is the Examination Criterion?
The CFP Certification Examination (also called Exam5 based on Module VI-Advanced Financial Planning) is designed to assess the candidate’s ability to apply Financial Planning knowledge to real-life Financial Planning situations. By passing the CFP Certification Examination, the candidate demonstrates to the public that he/she has the required level of competency to practice Financial Planning. The National Stock Exchange (NSE) has been appointed by FPSB India to conduct the CFP Certification Examination.
What will be the Paper Pattern?
For Module 2 to 5 –
Fully automated online examination
Multiple choice examination – questions with 2 to 5 alternative answers
The candidates are expected to select the correct answer
The paper will be of 140 marks, 75 questions with 60% passing.
There is complete flexibility as far as exam scheduling is concern. The candidate has to book the exam slot convenient to them with NCFM, and appear for the exam on that particular day.
General Paper Pattern:
|
No. of Questions |
Marks |
Total Marks |
|
40 |
1 |
40 |
|
20 |
2 |
40 |
|
15 |
4 |
60 |
|
75 |
|
140 |
For Module no. 6 – Advanced Financial Planning
This modulehas online exam through case studies
A Candidate needs to provide the answers to the questions on the basis of facts provided inthe case study.
The candidate will be provided with the four case studies by FPSB four days prior to exam, out of four any two similar types of cases he/she have to solve in the exam.
Unlike Module – 2 to 5, the exam dates are declared by FPSB.
What are the minimum qualifications required to register for the CFP
What are the Eligibility Criteria for CFP?
To enroll for CFP course and sit for the exams the minimum requirement is to have a Tenth Standard Degree (S.S.C., I.C.S.E, C.B.S.E any other equivalent degree)
To qualify as a CFP the minimum requirement is to clear all modules and:
Graduation Degree (Any field) + 3 years Work Experience
OR
Higher Secondary Education Degree or equivalent + 6years work experience in any financial field.
What is AFP Certification?
To professionalize the product based advisory and specialized advisory services, FPSB India has established AFP Certification which is targeted at existing professionals who want to upgrade their knowledge about Financial Planning without undergoing the entire CFP 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 India and industry encourages the students to undertake the complete CFP Certification Program to practice Financial Planning in its true comprehensive spirit.
How soon can I complete CFP certification? What is the maximum period given to a candidate to complete the CFP Certification Program?
A candidate appearing for CFP Certification examination through regular mode will requireat least 3 months to complete the certification. However, a candidate appearing through Challenge Status mode can complete it within a month.
An applicant is required to complete the CFP Certification Program within a maximum period of 7 years from the date he/she registers for the CFP Certification Education program.
What do I gain for immediate recognition when I pass the exam?
Success in passing the exam opens up several opportunities for immediate recognition by your peers, customers and the financial services industry as a whole. Successful candidates will be awarded a certificate.
They will be invited to apply for certification with the FPSB India. CFP Certificant’s who successfully apply for certification will be able to indicate their designation CFP on their professional identifications, including visiting cardsand letter heads.
What support I will get from Vantage Institute of Financial Markets (VIFM) as the Education Provider?
VIFM provides you with one of the best study material, exhaustive Question Bank and three mock papers per module, for CFP Certification
Program combined with the professional guidance from CFP and experts of respective fields
There will be minimum 8 to 10 lectures per module –covering base theory and numericals with the examination point of view and practical applicability of topics
There will be guest lectures for various topics by Industry Experts.
I have successfully cleared all the CFP certification exam but I only have 2 years of relevant work experience. Am I eligible for the CFP certification?
In your case, you will be issued a Special Certificate by FPSB India mentioning that you have successfully accomplished the CFP Certification exams against anannual fee which is equivalent to the certification fee and following your successful completion of 3 years of work experience, you shall be awarded the CFP Certification.
CERTIFICATION PROCESS
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Benefits of CFP (Knowledge and skills in Personal Financial Planning Domain)
Growth and Survival Kit for BFSI Professionals
SELF
1) Helps you to decide your own right asset allocation and Goal based Financial Planning approach.
2) Teaches you to save more and invest more in right products.
3) Reduces your impulse expenses and bring the financial discipline.
4) Reduces element of speculation and keep you away from day/F&O trading
5) Peace of mind and financial independence in long term.
CLIENT
1) Change your approach form “Product selling to Goal Based”
2) You can provide wider advisory services (Insurance to Estate planning services to Real Estate Advisory)
3) Helps in Trust building and Client Acquisition (right now in India only 1600+ CFPs & you are one of them)
4) Better conversion rate (through financial calculator)
5) Higher ticket size (with help of financial calculator)
6) Higher motivation and confidence level.
7) Family friend and trusted trouble shooter for all financial problems of family.
8) Finally, you can launch a FEE based advisory.
COMPANY
1) Right approach brings more nos of clients, bigger revenue and better profit.
2) Long term approach-higher retention of clients.
3) Better productivity and Retention of employees.
| Classroom - Vacation | ||||
| When | Duration | Where | Remarks | Price |
| Not Specified |
3 Months |
All Venues | Not Specified | Price On Request |
| Classroom - Weekend | ||||
| When | Duration | Where | Remarks | Price |
| Not Specified |
6 Months |
All Venues | Not Specified | Price On Request |
Mumbai, Borivali East (Center):- Suman Education Society Campus, H.D. Gaonkar Vidya Sankul, Plot No. 89, Near General Kariappa Bridge, Rajendra Nagar, (Near Borivali Railway Station Plat form No 8) Borivali East, Mumbai - 400066, Maharashtra, India
Mumbai, Thane West (Center):- Prerna Classes, Lohani Samaj Bldg, Station Road, Near Ashok Cinema, Wagle Industrial Estate, Thane West, Mumbai - 400604, Maharashtra, India
Thane, Vasai Road West (Center):- 201, Maruti Chambers, Near Nagar Palika office, Vasai Road West, Thane - 401202, Maharashtra, India
Mumbai, Vidyavihar East (Center):- Somaiya College - Vidyavihar Vidyanagar, Vidyavihar East, Mumbai - 400077, Maharashtra, India
Mumbai, Kandivali East (Center):- Thakur College of Science & Commerce, Thakur Village, Kandivali East, Mumbai - 400 101, Maharashtra, India
Surat, City Light Road (Center):- L 16 - 17, Agrasen Point, Opp. Maharaja Arcade, City Light Road, Surat - 395007, Gujarat, India
Mumbai, Andheri East (Center):- Study Circle, B2, 106, Green Land Society, J B Nagar, Andheri East, Mumbai - 400059, Maharashtra, India
New Delhi, OLD MB Road (Center):- F-213/A Lado Sarai, OLD MB Road, Near Saket Metro Station OLD MB Road, New Delhi - 110030, Delhi, India
Pune, Kothrud (Center):- Office No. 11, 4th Floor, Bandal Capital, Kothrud, Pune - 411038, Maharashtra, India
Pune, Hadapsar (Center):- G-401, 3rd floor, Megacenter, Pune - solapur Road, Hadapsar, Pune - 411028 , Maharashtra, India
Vantage Institute Of Financial Markets
Vantage Corporate Services Ltd., the company established in 1991, is headquartered in Mumbai. The company acted as a Securities Exchange Board of India (S.E.B.I.) registered Merchant Banker and is also registered with the Reserve Bank of India (R.B.I.) as a Non Banking Finance Company (N.B.F.C.). Vantage Corporate Services Ltd. is listed on the BSE Ltd. (Bombay Stock Exchange), Ahemadabad Stock Exchange (A.S.E.). Vantage Corporate Services Ltd. has been partnering with its clients to provide Financial Consultancy and Investment Advisory Services.
Gradually, it diversified into different verticals of Education, & Stock Broking. Vantage has adopted a mature model for sustaining and accelerating growth by managing business opportunities across horizons. The diversified entity is guided by experienced and efficient team of professionals.
Vantage Institute Of Financial Markets (VIFM)
The Vantage Institute of Financial Markets is a division of The Vantage Corporate Services Ltd.
Our commitment towards achietive of imparting the right financial education to the right audience would definitely benefit the indiving the objecvidual investors and the industry as a whole.
Vantage Institute of Financial Markets is an Authorized Education Provider of the
1. Financial Planning Standards Board, India (FPSB),
2. American Academy of Financial management (AAFM),
3. Sikkim Manipal University (SMU)
4. Mahatma Gandhi University (MGU)
Vantage have its training Centers at Lower Church gate, Lower Parel, Borivali, Ghatkopar and Thane Poona in Maharashtra Surat in Gujarat and in Delhi.
Vantage is one of the top education facilitator for all the professional financial courses, which includes Financial Planning, Wealth Management, Technical analysis, Banking & Management since 1991.
