So, you’re ready to take the plunge and become a CERTIFIED FINANCIAL PLANNER® professional? Fantastic! Maybe you're exploring CFP® Education options, finishing up coursework, or you're already studying for the CFP® Exam. But don't forget about the experience requirement, which is where you put your skills to work and gain the real-world knowledge that is crucial to being a successful financial planner.
When it comes to gaining experience, you may want to consider a CFP® apprenticeship to help you cross the finish line faster. If this sounds like it's right up your alley, we're comparing the two options to gain experience, the pros and cons of each, and sharing some strategies to land an apprenticeship that will get you certified, savvy, and ready for whatever your clients may throw at you!
How Can You Earn Experience for CFP® Certification?
CFP Board allows two options to gain experience and meet their requirements, a standard pathway and an apprenticeship pathway.
The Standard Pathway: Slow and Steady Wins the Race
The standard pathway is the more common option for candidates working towards CFP® certification. You'll need to earn 6,000 hours of professional experience in personal financial planning (about three years if working 40 hours a week). Your professional experience is evaluated in two parts:
- Part 1: Your experience must fall within one or more of the 7 primary elements of the personal financial 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: Your experience can be satisfied through one or more of the following five ways:
- Personally engaging with individual clients.
- Supporting the financial planner and/or financial planning process (directly or indirectly).
- Supervising financial planners and/or the financial planning process (and may also have direct client interaction).
- Completing an internship or the Financial Planning Association (FPA) residency program.
- Teaching college-level courses in financial planning concepts.
With this path, your experience doesn't need to be supervised by a practicing CFP® professional, but it doesn't hurt!
The CFP® Apprenticeship Pathway
With a CFP® apprenticeship, you'll need to earn 4,000 hours of experience (about two years when working 40 hours a week), but you need to work under the direct supervision of a practicing CFP® professional. Like the standard pathway, your work is evaluated in two parts:
- Part 1: Your experience must include all seven primary elements of the personal financial 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: Your experience must include personally engaging with individual clients.
While this is a more challenging path, you'll have more immersive, end-to-end planning experience, and that's going to help you hit the ground running when you earn your marks.
What Are the Pros and Cons of CFP® Apprenticeship vs. Standard Path
Now that you know how to meet the CFP® experience requirements through both the standard path and an apprenticeship, let's look at the pros and cons of each.
The Standard Pathway
- Pros:
- More flexibility: There are a broader range of firms, job titles, and settings (think banks and insurance companies) that can meet the requirements.
- More accessible: Finding a role that meets one of each of the experience parts listed above is often less challenging than finding a mentorship that has to check all the boxes.
- Slower pace: If you prefer to learn gradually, or you're new to financial advising and planning, you may find this is an easier path.
- Cons:
- Longer timeline: You have to earn 6,000 hours of experience, which is around three years.
- Mentorship quality: Without required direct CFP® supervision, you may not get the opportunity to work closely with a mentor.
Pros and Cons of a CFP® Apprenticeship
- Pros:
- Finish faster: Most candidates finish in two years.
- Built-in mentorship: Direct supervision means you get actual facetime and feedback from a seasoned CFP® professional.
- Better career readiness: You’ll be knee-deep in real planning challenges, instead of more scattered tasks and work that may feel adjacent to financial planning.
- Cons:
- Harder to come by: True CFP® apprenticeship roles meeting all Board requirements are less common than standard industry gigs.
- Performance pressure: You’ll be held to high standards by a supervisor who is literally signing off on your abilities.
How to Find a CFP® Apprenticeship (and Land the Right One)
Alright, ready to find the perfect CFP® apprenticeship? Here are a few tips to get started.
Strategies to find a CFP® Apprenticeship
- Target Registered Investment Advisors (RIAs): RIAs (especially smaller firms) are all about holistic planning. You’re more likely to get exposure to all seven CFP Board-approved steps.
- Check the CFP Board Career Center: This is a great resource to find opportunities. Seek out posts that describe a mentorship culture or specifically mention a CFP® apprenticeship program.
- Leverage local FPA chapters: The Financial Planning Association is your networking goldmine. Attend local meetings, talk to established planners, and find opportunities for CFP® apprenticeship.
- Check out university career fairs: Many colleges and universities have a pipeline to apprenticeship-friendly employers. Check these out and make sure you introduce yourself and make a great first impression.
What to Look for in a CFP® Apprenticeship Firm
- Mentorship culture: Is mentoring junior planners “a thing” here, or will you be flying solo?
- Process exposure: Will you sit in with clients, draft real plans, and get your hands dirty—or just file the paperwork?
- Firm size: Smaller, boutique firms are often more likely to let you do a bit of everything rather than rigid, specific roles.
How to Vet Your Supervisor So Your CFP® Apprenticeship Counts
Finding a CFP® apprenticeship is only half the battle—you also need a supervisor who ticks all the right boxes. Don’t be afraid to ask the tough questions. You want your 4,000 hours to count!
- Are you a current CFP® professional in good standing? Non-negotiable. Double-check on the CFP Board’s website if you have to.
- Will you attest to my experience? They’ll need to sign off on your hourly log and involvement. Make sure they know (and are cool with) the paperwork.
- Does this role let me experience all seven steps of financial planning? Compare the job description to CFP Board’s requirements so you don't learn (too late) your role falls short.
- What does direct supervision look like here? Ask about meeting frequency, feedback sessions, and daily oversight. If it’s “hands off,” it’s not a true CFP® apprenticeship.
Taking the CFP® apprenticeship pathway is like signing up for the honors course of financial planning—challenging, totally immersive, and hands-on from day one. With a little strategy, some networking savvy, and the right mentor, you’ll be collecting those 4,000 hours before you know it.
CFP® Experience Shortcut: FPA Residency
Whether you take part in a CFP® apprenticeship or the standard pathway, one way to reduce the amount of months you spend earning experience is through the FPA Residency. The Financial Planning Association offers an immersive, week-long program where you participate in active learning experiences, network with experienced financial planners, and gain practical knowledge. This week-long residency counts as three months of experience towards your education requirement!
Become a CFP® Professional with BIF
While you're working on meeting the CFP® experience requirement, BIF can help you complete your education coursework and pass the CFP® Exam! With CFP Board-registered education and The BIF Review, we make sure you're prepared to succeed, both on the exam and in your career. Learn more about how we help you meet your goals with our free ebook, Become a CFP® Professional with BIF.