CFP Certification

[jmhalvo]

Brendan, I went through the CFP curriculum at Rice. It was a two year process. I was the only insurance guy in the room. I ended up getting my P & C because of the class. After the insurance CFP semester, I didn't even have to study before I took the P&C exam. There were CPA's, lawyers, and the smartest guys in the room were the Fidelity guys, who all had their series 6, 7, 63 etc. On the first day of class, the teacher asked who had their said securities licenses and many raised their hand. He ten told the class, "that was like Middle School...this is a Master's Course." Others parts of the CFP curriculum, besides Insurance, included General Financial planning techniques, Estate Planning Law, Tax Law, Employee Benefits, one entire module on the actual planning (a general statement of a very hard module, learning all the FP formulas by hand), Case Studies. You do have to have a Bachelor's now to earn the CFP. I am not a CFP, nor want to be one, but graduating from the curriculum was a great experience. It seems that The American College has influenced the Financial Planning Board to include more insurance related emphasis on the process, however so slight.

after taking all the modules online, I studied 92 straight days and passed. So you need to have the time to do it.

 

[sman]

The percentage of those passing the CFP exam on their first try is in the neighborhood of 60%. The percentage of those passing it who take it a second time is even less than that.

I personally feel the knowledge you gain from the courses is better than having the certification itself. Quite honestly, I've seen some CFP's who struggled with real world application. The folks who issue the CFP have done a wonderful job of marketing it and creating an image of prestige. Quite honestly, the ChFC requires more course work than the CFP and is nowhere near the perceived credibility level of the CFP. Just more proof that marketing is important. And the CFP has been marketed well.

 

[Tahoe Ray]

The percentage of those passing the CFP exam on their first try is in the neighborhood of 60%. The percentage of those passing it who take it a second time is even less than that.

I personally feel the knowledge you gain from the courses is better than having the certification itself. Quite honestly, I've seen some CFP's who struggled with real world application. The folks who issue the CFP have done a wonderful job of marketing it and creating an image of prestige. Quite honestly, the ChFC requires more course work than the CFP and is nowhere near the perceived credibility level of the CFP. Just more proof that marketing is important. And the CFP has been marketed well.

I agree with both of these points.

The test didn't even start until 1993 so there are still plenty of advisors with the designation who were able to take the courses, avoid the comprehensive test, and still use the credentials.

This fall's test is going to be done on computer and is being shortened from 10 hours to 6...I wonder how/if that will affect that 40-60% pass rate.

 

[jmhalvo]

All true but I like having it cuz perception is reality

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I agree with both of these points. The test didn't even start until 1993 so there are still plenty of advisors with the designation who were able to take the courses, avoid the comprehensive test, and still use the credentials. This fall's test is going to be done on computer and is being shortened from 10 hours to 6...I wonder how/if that will affect that 40-60% pass rate.

Computer! Does that mean you don't have to wait 10 weeks for your results?

 

[HAMPnet]

All true but I like having it cuz perception is reality

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Computer! Does that mean you don't have to wait 10 weeks for your results?

Probably as it is curved down. I think the pass percentage is more like 53% by design.

 

[Tahoe Ray]

All true but I like having it cuz perception is reality

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Computer! Does that mean you don't have to wait 10 weeks for your results?

Not sure...but, if they were to know right away, it would mean they must be changing the way it is graded as well, right? Technically they would have to wait for everyone to finish the exam in order to release the results under today's method.

 

[jmhalvo]

Not sure...but, if they were to know right away, it would mean they must be changing the way it is graded as well, right? Technically they would have to wait for everyone to finish the exam in order to release the results under today's method.

It was annoying - we all finished the same day countrywide but waited a full 10 weeks to get results. I felt it was to make sure people waited at least that long to try again! Only 52%?passed as I recall

 

[DHK]

Another reason I went with the ChFC. I wouldn't be able to stand waiting 10 weeks to figure out if I passed.

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BTW, more and more practitioners are abandoning the CFP designation in favor of the ChFC. The American College has stepped up their marketing at the right time as the CFP seems to be "cracking down" on requirements and having a particular emphasis on compensation preferences (fee only).

 

[jmhalvo]

Another reason I went with the ChFC. I wouldn't be able to stand waiting 10 weeks to figure out if I passed. ---------- BTW, more and more practitioners are abandoning the CFP designation in favor of the ChFC. The American College has stepped up their marketing at the right time as the CFP seems to be "cracking down" on requirements and having a particular emphasis on compensation preferences (fee only).

Yes, but they're just cracking down on the definition of fee only...it's really semantics; I can still do any comp I want. No practical affect on me.

 

[sman]

The most interesting part about this thread is that it's in the senior section.