CFP Board eases restrictions on use of mark

Board announces expansion of allowances for experience requirement and alternative to capstone.
JAN 06, 2015
The CFP Board of Standards Inc. has approved two changes in the way professionals can achieve the certified financial planner designation. Both modifications will make it easier for certain individuals to attain the mark. First, for planning professionals with enough industry experience who apply to take the CFP examination without completing a CFP-registered course, the requirement that they take a “capstone” class can instead be fulfilled by submitting a comprehensive financial plan, the board said on Tuesday. That plan would be assessed by CFP reviewers, the board said. The capstone course, which is a financial plan development class that was added to the curriculum in 2012, is still part of the education requirements for those in certificate and degree programs. The second change broadens the three-year experience requirement to include those who are working in financial planning support roles, specifically employee benefits administration, financial planning compliance and journalism, the board said. (More: “I passed the CFP exam (but you can't call me a certified financial planner)”) Depending on the particular responsibilities of the person, partial or full experience credit will be granted on a case by case basis, the board said. The expansion of the experience requirement means those who have passed the CFP examination already and have three years of experience under this newly expanded definition can submit their experience for review to the CFP board. Both changes were approved at the July 2014 CFP Board meeting and will take effect on July 1, 2015. (More: “CFP Board exam moves online”) “Taken together, these initiatives now recognize the quality of experience that many aspiring CFP professionals have in the industry, while retaining the high standards the certification is known for,” said Ray Ferrara, chairman of the board of directors for the CFP Board. About 71,000 professionals hold the CFP designation.

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