How to Become a CFP® Professional (Without Losing Your Mind)

Having CFP^® marks after your name is the financial planning credential equivalent to having a big, gold star. It's the only globally recognized standard for excellence in the field of financial planning, and it practically screams, "I know what I'm doing with your money!" (Which is helpful because actually screaming this to prospective clients may be off-putting). But before you get the credential, you need to meet the CFP^® certification requirements set by CFP Board. 

Here's a quick roadmap of how to become a CFP^® professional but keep reading if you want the guided tour with all the fun insider details. 

And, if you have another credential, like you're a licensed CPA or CFA^® Charterholder, hang tight—we'll show you the short cut!

Learn How to Become a CFP^® professional:

1. Education requirements
2. Exam requirements
3. Experience requirements
4. Ethics requirements
5. Fast track to meeting CFP® requirements

CFP^® Certification Requirement #1: Education

What Are the CFP® Education Requirements?

Short answer: You need a bachelor's degree from an accredited college or university and complete a CFP Board-Registered education coursework program to meet the CFP^® Education requirements 

Let's dig a little deeper, though. Your journey starts, not in the jungle or on the savannah, but in a place far more perilous...The classroom.  

Earn a Bachelor's Degree (any major will do)

You do need a bachelor's degree or higher, but it doesn't need to be in finance, accounting, etc. CFP Board is surprisingly cool with you having a bachelor's degree in literally anything. History? Theater? Biomedical Engineering? Yup, they count. Just make sure your degree comes from an accredited college or university.

Oh, and your degree isn't necessary for the CFP^® Exam requirements, but you MUST have that diploma in hand within five years of passing.

Complete CFP Board-Approved Coursework 

You also need to complete a CFP Board-Registered Education Program to meet your CFP^® certification requirements (cough like the one from Boston Institute of Finance cough, cough). This is often the longest leg in your journey with a series of in-depth courses that teach you everything you need to know about topics like: 

• Financial planning foundational know-how
• Insurance planning and risk management
• Investment planning
• Tax planning
• Retirement planning and employee benefits
• Estate planning

You'll also complete a Capstone Course at the end of your CFP^® Education requirements, which sounds fancy but is really just a practical project where you use case studies and client scenarios to show that you understand and know how to apply everything you learned in your coursework. 

BIF's Instructor-Led CFP® Education program teaches what you need to know while keeping you on track and accountable so you're ready for the next leg of your journey. 

CFP^® Certification Requirement #2: Exam

Ah, the CFP® Exam. While meeting the CFP^® certification requirements in education and coursework is the longest stretch of the journey, at least it's generally smooth terrain. The exam is another story. This is where you prove that you not only know everything covered in your coursework, you also know how to apply it when working with clients. It's not a walk in the park, and without proper preparation, you might not make it through. Here's what you need to know. 

• Duration: Two 3-hour sessions with a total of 170 multiple-choice questions
• Scoring: Good news—you just need to hit the pre-determined minimum passing score (called the "cut score." The bad news? No one knows what the cut score is.)
• Content areas: Questions are divided into 8 principal knowledge topics

The BIF Review CFP® Exam prep course gets you ready to traverse the unforgiving terrain and avoid the traps and dodge the quicksand. 

CFP^® Certification Requirement #3: Experience

What Are the CFP^® Experience Requirements?

Short answer: You'll need to either complete 6,000 hours of relevant experience related to financial planning or  complete a 4,000-hour apprenticeship that is supervised by a practicing CFP^® professional. 

The CFP^® experience requirements are a little more complicated than that, so again, let's look a little deeper.

Book smarts are great, but you also need the street smarts (or whatever the financial planning equivalent is). To meet your CFP^® certification requirements, CFP Board wants to see financial planning experience, which can be fulfilled within:

• 10 years prior to passing the CFP^® Exam or

• 5 years afterward

There are two pathways to meet this requirement:

The Standard Pathway (6,000 hours)

Think of this as the "slow and steady" route to meeting the CFP^® experience requirements. You’ll complete 6,000 hours (about three years of full-time employment) of professional experience in tasks that fall into at least one of these seven areas of 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

And you must earn this experience through one of these 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  

The Apprenticeship Pathway (4,000 hours) 

Want the speed-run option to meet the CFP^® experience requirements? While you only need 4,000 hours (about two years of full-time employment), your work must be direct client engagement, supervised by a CFP^® professional who can attest to your work, and include all seven primary areas of the personal financial 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)
  
  

Listen up: The BIF Bites Podcast, Young Vs Experienced: Two Types of CFP® Students 

CFP^® Certification Requirement #4: Ethics

You're almost done with your CFP^® certification requirements, and the destination is in sight. You just have to meet the ethics requirement, and unless you have either committed a bunch of crimes or plan to after you earn your marks, this should be pretty easy. Here's the breakdown: 

The Fast Track to Meeting Your CFP^® Certification Requirements

Remember that shortcut we mentioned earlier? First, do you have one of these advanced degrees or designations?

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

If you have other credentials or certain advanced degrees, you may be able to meet most education requirements. CFP Board will let you know if you're eligible. Here’s all you’ll need to do to meet the CFP^® requirements on the accelerated path to become a CFP^® professional:

1. Create a CFP Board Account (because paperwork is unavoidable)
2. Submit Credential Documentation
3. Complete the Capstone Course (don’t worry, it’s just one course).
4. Pass the CFP® Exam (no exceptions here!)
5. Complete the Experience Requirement, choosing either the 6,000 or 4,000-hour path.

Learn more: The CFP® Accelerated Path

Getting Through the CFP^® Certification Requirements Is Worth It

Yes, meeting the CFP^® certification requirements seems like a hard and arduous journey, but it’s worth it. Earning your CFP^® marks doesn’t just boost your career. You become the guide your clients need, helping them navigate the dangers and pitfalls of personal finance and making sure they arrive at their destination in one piece!

But the higher earning potential and added credibility are pretty sweet, too. Here are some resources to help make the journey a little smoother! 

Find a Mentor

Many organizations have mentorship programs where you can connect with someone who has been where you are and can help you on the path to meeting your CFP® certification requirements by offering support, holding you accountable, and helping you keep your eyes on the prize. And if not, CFP Board offers a free mentoring program where candidates can connect to professional mentors who can help you focus on time management, study strategy, staying motivated, and creating work/life balance. 

At BIF, you're connected to a Student Success Advisor on Day One who will provide proactive support and guidance to help you make it across the finish line with meeting the CFP^® Education requirements and passing the exam.   

Connect with Your Peers

If you're working on meeting your requirements or you're on the fence, sometimes you just need to talk to someone who is also in the thick of it. CFP Board's Candidate Forum is a place where you can connect with other candidates to share experiences and get advice or just chat with some folks and grumble together. 

BIF also has a Facebook group for our students to join to connect with peers, form study groups, and join some fun and informative conversations. 

Just remember, you don't have to traverse the dangers of meeting the CFP^® certification requirements by yourself.  

Earn your CFP^® Certification with BIF

If you’re on a quest for top-notch CFP^® Education coursework or want smooth sailing with an industry-leading exam prep course, look no further. With streamlined content, expert-led material, and instructor-led programs to keep you focused and accountable on your journey, BIF can help you meet your CFP^® certification requirements in less than a year!

Download our free ebook, Become a CFP® Professional with BIF, and learn more about the requirements and how BIF offers a streamlined, supportive path to meeting your career goals!