CFP® Certification Requirements

The CERTIFIED FINANCIAL PLANNER™ (CFP®) certification is the only globally recognized credential for excellence in financial planning. Having this credential demonstrates the highest level of competence and ethics in financial planning practices, and those who hold it are more likely to experience a higher earning potential, more job prospects, and greater career growth.
But before benefiting from the expertise and career recognition that the credential brings, first, you need to meet the CFP® certification requirements, as stipulated by the CFP Board. ^[1]

Learn how to become a CFP:

1. Education requirements

2. Exam requirements

3. Experience requirements

4. Ethics requirements

5. What are the Accelerated Path CFP® certification requirements?

6. Start earning your CFP® credential

CFP® Certification Requirement #1: Education

CERTIFIED FINANCIAL PLANNER™ professionals must gain the knowledge that will allow them to serve their clients. As you explore how to become a CFP®, the first step is meeting the education requirements, which include both:

•  A bachelor’s degree or higher from an accredited college or university

  •  While a degree in finance, business, or a related subject provides a helpful platform to begin your CFP® journey, you don’t have to have one. The CFP Board accepts a bachelor’s degree (or higher) in any discipline or major. 

  • You must complete your degree either before you take the CFP® Exam or within 5 years after passing it.

•  Completing CFP® Education from a CFP Board-Registered Program

  •  Board-approved, university-level coursework will equip you with expertise in these topics of personal finance planning:

    • Professional Conduct and Regulation

    • General Principles of Financial Planning

    • Risk Management and Insurance Planning

    •  Investment Planning

    • Tax Planning

    • Retirement Savings and Income Planning

    • Estate Planning

    • Psychology of Financial Planning

    • Financial Plan Development (Capstone Course)[2]

Note that the education requirements vary for those who have already earned certain credentials and degrees. See the Accelerated Path CFP® certification requirements below for more details.

CFP® Certification Requirement #2: Exam

After completing the CFP® Education requirements, you are eligible to sit for the CFP® Exam. You have to pass the CFP® Exam to earn your credential, as this demonstrates your knowledge in key subjects and ability to apply knowledge to real-life client cases.

The exam consists of 170 multiple-choice questions, split over two 3-hour sessions. Each question is worth one point and scores are either “Pass” or “Fail,” determined by your total score across both exam sections.^[3] The CFP® Exam assesses your ability to apply financial planning expertise across various real-life scenarios, emphasizing critical thinking and problem-solving skillsets in the following topic areas:^[4]

• Professional Conduct and Regulation (8%)
• General Principles of Financial Planning (15%)
• Risk Management and Insurance Planning (11%)
• Investment Planning (17%)
• Tax Planning (14%)
• Retirement Savings and Income Planning (18%)
• Estate Planning (10%)
• Psychology of Financial Planning (7%)

While by no means unattainable, passing the CFP® Exam requires study. The CFP Board reports a current pass rate of about 62%—showing that those who fail to prepare will likely fail the exam. A quality CFP® Exam preparation course like BIF Review is the best way to ensure that you have a clear path to exam day success.

CFP® Certification Requirement #3: Experience

As you check off education and exam from your “How to Become a CFP® checklist,” you must demonstrate real working experience in the field of financial planning before earning your certification. You can gain this experience either up to 10 years before or up to 5 years after passing the CFP® Exam, but make sure you report it through your CFP Board account dashboard.^[5]

You can fulfill experience CFP® certification requirements through one of two pathways.^[6] 

6,000 Hour Standard Pathway

The standard pathway requires 6,000 hours of professional experience related to the financial planning process, which must meet the following requirements:

Part 1: Tasks must fall within one or more of the seven primary areas of personal financial planning: 

• Understanding the Client’s Personal and Financial Circumstances
• Identifying and Selecting Goals
• Analyzing the Client’s Current Course of Action and Potential Alternative Course(s) of Action
• Developing the Financial Planning Recommendation(s)
• Presenting the Financial Planning Recommendation(s)
• Implementing the Financial Planning Recommendation(s)
• Monitoring Progress and Updating

Part 2: You must perform this experience through one of the following five methods:

• Personal engagement with clients
• Support of financial planner and/or financial planning process
• Supervision of financial planner and/or financial planning process
• Internship or Financial Planning Association (FPA) residency
• Instruction of post-secondary financial planning courses

4,000 Hour Apprenticeship Pathway

The apprenticeship pathway requires 4,000 hours of apprenticeship experience that meets the following three requirements:

Part 1: Your job activities must include all seven primary areas of the personal finance planning process:

• Understanding the Client’s Personal and Financial Circumstances

• Identifying and Selecting Goals

• Analyzing the Client’s Current Course of Action and Potential Alternative Course(s) of Action

• Developing the Financial Planning Recommendation(s)

• Presenting the Financial Planning Recommendation(s)

• Implementing the Financial Planning Recommendation(s)

• Monitoring Progress and Updating

Part 2: All 4,000 hours of your experience must involve personal engagement with individual clients. 

Part 3: All 4,000 hours of your experience must be monitored by a certified CFP® who verifies and attests to the CFP Board.

Check out the BIF Bites Podcast episode, Young vs. Experienced: Two Types of CFP® Student to learn more!

CFP® Certification Requirement #4: Ethics

The CFP® certification requirements also include ethics. While this requirement is much easier to meet than the others, it’s just as a high a priority. By becoming a CFP®, you commit to the CFP Board’s Code of Ethics and Standards of Conduct.

You’’ll need to sign a CFP Board-provided ethics declaration and agreement and then pass a Board-conducted fitness standards and background check, after which the Board will notify you that you’ve passed the ethics requirement.^[7]

Accelerated Path CFP^® Certification Requirements

If you’ve already earned finance and accounting credentials, you may be wondering how to become a CFP^® without having to take the extensive coursework, since you’ve already learned it. Professionals who have already earned certain credentials and degrees can become a CFP through an accelerated path of CFP^® certification requirements.^[8]

Because they have already gained specific knowledge and demonstrated experience, the accelerated path is streamlined to the following steps:

Create a CFP Board Account

Create a free, online profile on the CFP Board website. You’ll have a dashboard where you can submit information and documentation, track your progress, and access the tools and resources available on the site. 

Submit your credential documentation

The following credentials qualify you for the CFP® Accelerated Path and each require that you submit specific verifying documentation:^[9]

• Certified Public Accountant (CPA)
• Chartered Financial Analyst (CFA)
• Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC)
• Ph.D. in Financial Planning, Finance, Business Administration, or Economics      
  International CFP^® certification

Submit your official transcripts

You must submit your official university transcripts for a bachelor’s degree or higher as part of your education requirements for the Accelerated Path to CFP^® certification.

Take the Capstone course

In lieu of the standard education CFP® certification requirements, those who qualify for the Accelerated Path need only complete a financial plan development course—the Capstone course—through a CFP Board-Registered Program.

Upon completion of the Capstone, you should send a transcript or grade report to the CFP Board.

Pass the CFP® Exam

Like all candidates, professionals on the Accelerated Path must pass the CFP® Exam in its entirety.

Complete experience requirements

Accelerated Path candidates must complete the same experience requirements as all other applicants, following either the 6,000 hour standard pathway or 4,000 hour apprenticeship pathway.

Start Earning your CFP® Credential

Whether you’re ready to start your CFP® Education or can take the Accelerated Path, rely on Boston Institute of Finance to help you succeed in completing your CFP® certification requirements and earning your certification.

Learn more about how we’ve helped over 32,000 students become CERTIFIED FINANCIAL PLANNER™ professionals and connect with a student advisor, today!

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