The Certified Financial Planner (CFP) title is a prestigious designation of expertise in many areas of personal finance. Financial planners with a CFP are best equipped to design comprehensive, advanced plans.
The Designation
People with a CFP can specialize in many services, such as small business management, education planning, comprehensive financial planning, insurance planning, and investment planning. They are also adept in high ethical standards and have passed a capstone course in comprehensive financial planning.
CFPs hold bachelor’s degrees or will complete them within five years of passing the exam. Requirements also include high-level coursework from a program registered by the CFP Board. An accelerated path to the CFP is available only for candidates with prestigious designations already, such as a CFA or Ph.D. in finance.
The Exams
The CFP exam has 170 questions that mirror real-life financial situations. Test topics include professional conduct and regulation, financial planning, risk management and insurance, investment and tax planning, retirement and income planning, estate planning, and the psychology of financial planning. As of April, the pass rate is 65%. Currently, there are 97,500 CFP professionals, of which 0.5% live in Oklahoma.
Getting Started
Those interested in learning more about the CFP program can find more information on the CFP Board’s website. For personalized insights into saving and investing, contact the expert financial advisors in Tulsa at First State. Call (918) 492-1361 for a free consultation.
This overview is for informational purposes only and is not a recommendation. It should not be the sole deciding factor in making an investment. Investing is a risk and, as with all risks, a positive return is not guaranteed. Past performance does not indicate future results.