Jagoinvestor
April 26, 2009
What is Financial Planning – CFP
This post is for people who want to make career in Financial Planning . I will be talking about CFPCM Certification here .
What is CFP Certification ?
CFP or Certified Financial Planer Certification programmes in India are offered mainly by Financial Planning Standards Board India. Its a certification after doing which you will be a certified to be a Financial Planner and take different roles in the area of Financial planning .
What is FPSB ?
Its Financial Planning Standards Board India , The board authorised to give CFP certification in India . FPSB is a Public–Private Enterprise and a Professional Standards Setting body for Financial Planners in India.
FPSB India proactively guides the development and promotion of standards for Financial Planning professionals to benefit and protect the public in the country.
Who should do CFP ?
Its for people who want to enter the field of Financial Planning , People are interested in the subject and recognise the huge potential and rewards this area may benefit . There are many other courses in Finance like CA , CFA , ICWA or MBA (finance) , but they are totally different from CFP .
CFP mainly deals with planning of Finances in area of Investment , Insurance , Taxation . So its more inclined towards financial planning for individuals .
People who are working professional in other industries and want to switch there career in Financial planning can also go for CFP , its easy to complete the CFP certification while working .
Is it worth doing CFP , What is the Future of this ?
My take :
India has 1 billion+ population ,where financial awareness is almost non-existent , People here save money but do not understand how to invest it or take care of it in the best way . They don’t even know the basic steps for Financial planning . Currently there are handful of CFP’s in India who are in great demand .
In days to come CFP professional will be the most sought after and highly paid professional’s in area of Finance and overall .
So CFP is the next big thing all over India . That is my personal opinion .
How easy it is to do CFP , Is it too costly ?
How to register : There are many Education Providers (colleges) in India certified by FPSB to offer the study material , you have to enroll with some EP of your choice and do the course , They may offer the course through classroom coaching or Distance learning , you have to decide what suits you.
Giving Exams : The exams are conducted though nseindia.com just like NCFM exams , you have to register for an exam date , pay the fees and give the exam. thats it !! .
Cost : Its not at all costly compared to other courses in same field . There are 6 modules you have to clear . Following is the Fees structure
- FPSB fees : 10,000
- Exams for 5 module per module : 13000 (2000 for 4 modules and 5k for last module)
- EP Fees : 20000 (that is average , Many charge from 10k to 1 lacs)
So In total it should be around 45,000 – 60,000 .
Its one of the best career options in India currently at this cost .
people who want are in Bangalore can go for “MANDAR Learning Acedamy” as there EP .
To get more details , go to https://www.fpsb.co.in/Scripts/RegisterForCFPCertificationProgram.aspx
When do you become a CFP ?
You become CFP only after passing all the CFP module exams and having experience as per CFP criteria , Its either 3 years experience in Financial sector or 6 yrs experience in Non-financial sector . For details see there site .
Note : The information given on this post if not 100% information , I just gave a brief idea about CFP . for details you must see fspb site .
See my previos post of GFactor
Conclusion :
CFP is one big thing for India . Indians badly need right financial planning for them and in this country of 1 billion , CFP’s will be the king of future . So if you have interest , time and and some money , go for it .
All the best !!
Which is more good,ncmp or cfp?
CFP is better
Hello
I am in CA-Final and pursuing my articleship.
I would like to ask that will CA-Articleship be eligible & would count as necessary work experience for getting CFP certified through challenge status pathway ?
Hi Shivam
Thanks for asking your question. However we do not have answer to your question.
Manish
Hello sir,
If im a 12th pass when I am registering with FPSB,and later on in 3-4 years i did my graduation then i will have to have 3 years of work experience or 6 years experience for the certification?
Hi Deepika
Thanks for asking your question. However we do not have answer to your question.
Manish
Sir,
I’m inclined towards pursuing CFA or CFP?
I’m currently pursuing my under-graduation in Economics.
Can you please help me take this crucial decision of my life?
What kind of work you want to do in life? IN companies or with individuals ?
Hi Manish, Is CFP good for managing personal investments? I am not intending to enter the field but thinking to implement the knowledge for my own good.
its too mathematical and you might feel its a waste 🙂
I have done Msc Comp Sci in 2004 . I don’t have any background or previous experience in this field. I want to start my career newly at the age of 32 and I found this course interesting. Am I eligible to do CFP curse? Is it beneficial for me? Does previous Education and Experience matters in this field to become a cfp?
Thanks.
No , you can do CFP , Eligibility is 12th pass
Hi, Sir
I am B.com & I clear amfi exam. I have exp. of 3 year in it. I want know that still how much worth it to do cfp and what is salary of cfp holders in current time.
Check all the comments, it answers your query
Sir, here everybody asked about CFP, that is why am also asking,
If it is wrong, really sorry to u.
Thank you
NO NO , thats totally fine 🙂 ..
If you go through all the comments in this article, I think you will get your answers !
Manish
No issues. Just go through all the comments. you will get your answers !
Hello sir
I am BE Mech and working in finance section of Private company (this company is dealing with Packaging machinaries). I have five years experience in financial operation like vouchers, Vendor payment, Margin calculation, stock monitoring etc.
I am passionate about financial planning and come to know about CFP. getting more details from google about the course and exam pattern and even selected a Education provider. But what about present job opening for this. First, after completing CFP, i wanted to work in corporate for 3 years and then interested to launch own firm.
Can you clarity the following?
1. Starting salary
2. can i get CFP certification immediately after completing exams ? (i have 5 years experience in finance operation only not worked in any financial services company like insurance, MF)
3. How recruiters will recognize me or how can i know that which firm is hiring CFP?
4. For employements, How to get a client base.
Thanks, awaiting for your most valuable reply
M Vallinayagam Chennai
Hi M Vallinayagam
I think this is not the right place to ask this question
Hi All,
Suggest me best institution to get CFP certification done….. in Bangalore
Hi Vishnu
I dont have any idea on that
Hi Manish,
There are various certification available in industry like CFP, CWM,CFA. Can you pls share your view or comparative analysis of these certifications ?
Thanks,
Suman Bakshi
Hi Suman
I think comparision of each on this blog is not possible .. but I will give you a one line explanation
CFP is for someone who wants to do individual personal finance planning
CFA is for analyst at corporate level (not for a person)
CWM is more for soemone who wants to be a wealth manager . it will involve numbers and calculations and analysis of stocks , portfolio
I have completed B.com with 50%.
12 years experience in Banking and insurance. May I directly join CFP-Challenge status..
Previously worked with ICICI Bank as Assistant Manager
Currently working with Exide life insurance as Sales Manager.
I think you are eligible for it .. go for it !
Sir I am b.tech graduate..
and I am fresher..
is it worth in doing cfp certification..
as a fresher can I do the certification..
You can do it, but see if its for you or not !
i m currently working in gold finance company kosamattam finance as customer support executive and pursuing m.com and cfp, so whether this cfp certification help me in this company or i have choose any other financial sector?
I dont think any significant use of CFP in your current job !
Hi Manish,
Your article regarding CFP Course is really very informative. Infact i joined the course as well 🙂 Just wanted to know where can i find all the details of listed CFP’s so that i can solve my doubts or enhance my skills
Hi Mahesh
You can get the list on FPSB website – http://www.fpsbindia.org/Scripts/Home.aspx
helllo Sir, i am a graduate in economics and currently i am preparing for my masters. along with which i want to do a certificate course. So i found Cfp a good option as it will add an edge to my field only. Do we have other courses also bcz my basic interest in investment banking. What would be the pay scale if i do ma eco along with cfp.
CFP will not add much value for what you are planning for .. its a very different thing !
Hello Manish,
I am working with one of the best MNC…apart from that i am an Insurance advisor For LIC OF INDIA. Which i have started a year back and so far have around 20 clients.
I am a commerce Graduate…i am planning to go for CFP..as it would help me in my Insurance industry which is my Goal in life (to be a Financial planner and Insurance advisor). Will be quiting my job once i get settled in planning industry.
So please advice me.
Regards,
Bansi Joshi.
Hi Prateek
please put down your question in a straight manner, what is your question exactly, Keep it very close ended, not open ended !
Sir,
i have a doubt about cfp is it best course than CA. After getting certification any financial field that makes cfp certification valid ?
there is nothing like “better” . A CFP can earn more than CA if he works hard . Both are for different field !
How relevant and regulatory compliant is CFP? Is there is comparision and evaluation available between CFP and IA-I AND II launched by NISM accredited by SEBI.
I dont have such comparision
Hi i came across your page while browsing for certification courses. CFP seems interesting but i am not sure about it yet, i have a few queries:
If not in Private practice, is the scope of CFP confined to selling financial products?
If not, what are the other roles?
is it possible to gain employment in the financial planning arena after having completed a module or two? so as to begin with the required “Experience criterium” and complete the rest of the modules while earning and learning?
Its hyped a lot 🙂 . CFP is for someone who wants to start his own practice in financial planning, you should be passionate with personal finance a knack of planning people life. If not , you would just be landing a sales job in most of the cases. Read all the comments in the article and you will know what I am saying !
Manish
Manish,
First of all, i completely understand your passion for finance. IT is too boring. anyway, i see that this blog is going on for last 3- 4 years now. So ideally you should have completed your CFP written part and with this blog and other articles which possibly you would be writing you would have met the criteria for the experience too. Now tell me how has your experience in the market been. Are you able to get enough clients to do justice to this change of career path you have taken, or it is just the passion which is taking you through? Hope you dont mind asnwering. thanks either way.
Hi Mathew
Thanks for asking this . I have not yet completed CFP , Because in our model, we dont need CFP certification , no one has ever asked for it . In online model, the only thing required is huge trust between you and client . Even in offline model , when I meet all top planners in India who have completed CFP , they have shared and accepted, that CFP in no way is reason for them getting clients. No one asks for it . Its just a good way to display to public that you are cerfied and have gone through some training .
Coming to clients part, yes, we have got enough and huge number of clients , all from our raeders base , and its good enough for us . We can get even 3X more clients then what we are getting right now , but we do not want that to be our core focus area, we also earn from other online things like our wealth club , 100 moneyactions, bootcamps etc ete ,even we earn from workshops in different cities.
Note that online model can get you tons of clients, but it needs huge amount of passion and patience and I should I also admit that online model has its own challenges and problems .
I hope you have got your answers 🙂
I am much more satisfied career wise and even money wise after moving from IT to personal finance 🙂
Manish