The Certified Financial Planner Board of Standards has announced a record-breaking year in 2024, with the total number of certificants exceeding 100,000 for the first time.
In a Thursday announcement, CFP Board revealed it had 103,093 professionals on record by the end of last year, marking a 4.3 percent increase compared to 2023. Additionally, a record 10,437 candidates sat for the CFP exam in 2024.
“The value of CFP certification has never been stronger,” Kevin Keller, chief executive officer of the CFP Board, said in a statement unveiling the results.
“CFP certification is the most recognized and respected financial planning designation among financial services firms, financial professionals and the public," he said, highlighting its value in "[building] trust and credibility" among clients and employer firms.
Consumer awareness of CFP certification also reached historic levels, aided by the CFP Board’s ongoing public awareness campaign. CFP Board pointed to research conducted by Heart+Mind Strategies, where 44 percent of consumers surveyed last year were able to identify CFP certification without prompting, compared to just 17 percent in 2011. Total awareness rose to 91 percent, while 89 percent of respondents indicated a preference for working with CFP professionals, up five percentage points from 2023.
The announcement also highlighted a milestone in representation with the most diverse class of new CFP holders in its history. Of the 6,541 new certificants last year, 57 percent were under age 35, helping to bring the share of all CFP professionals under 50 to 55.6 percent. In line with the organization's focus on female representation, it said women now represent 23.8 percent of all certificants, CFP Board said, following a 4.5 percent increase in the number of female CFP professionals last year.
The figures also pointed to significant strides in cultural representation among CFP professionals. The number of racially and ethnically diverse certificants surpassed 10,000 for the first time, marking an 8.8 percent increase that was double the overall growth rate in CFP holders. Last February, CFP Board reported a 7.5 percent increase in the number of Black CFP professionals, which was also twice the overall growth rate of CFP membership at the time.
2024 also saw increased participation in pro bono activities, with CFP professionals volunteering a record 389,435 hours, an 18 percent increase from the previous year.
“CFP Board is dedicated to fostering a profession where financial planners not only succeed but actively give back to their communities,” Keller said.
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