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New CFP® Guidelines

Changes to CFP certification guidelines as of July 1, 2010

The old CFP Examination is no longer offered and is now replaced by the FPE1 and FPE2 exams. Candidates who now apply to the FPSC to meet the examination requirement of the CFP certification program are enrolled in the new CFP program.

The major changes to the CFP certification process include:

Two examinations: A two-staged examination process is replacing the single six-hour CFP Examination. These are known as Financial Planning Exams 1 (FPE1) and 2 (FPE2). 

FPSC-Approved Capstone Course: In order to be eligible to write FPE2, students are now required to successfully complete a FPSC-approved Capstone Course. This Capstone Course requires the completion of a financial plan as demonstration of the candidate’s understanding of and ability to apply financial planning fundamentals.

Increasing work experience requirement: CFP candidates are now required to complete three years of qualifying financial planning work experience. One year of this work experience must be completed prior to writing the FPE2. This new requirement replaces the previous two years of work experience requirement which existed prior to July 1, 2010.

Bolstering the ethics requirement: Candidates are now required to adhere to a FPSC-established Code of Conduct, and maintain continuous registration with the FPSC throughout their path to CFP certification.

What these changes will mean for you

  • If you’re a current CFP professional: these new guidelines have no effect on you as a current CFP holder. 
  • If you passed the CFP Examination by June 2010:  you are required to follow all the previous requirements for obtaining your licence to use the CFP Mark. 
  • If you've applied on or after July 1, 2010 to the FPSC to meet the CFP certification program’s new examination requirements: you will be enrolled in the new program and must abide by the new requirements.
  • If you've applied on or after July 1, 2010 to the FPSC to repeat the CFP Examination that existed up to the end of June 2010: you will be enrolled in the new program and must abide by the new requirements.

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Advocis does not award the CFP® and Certified Financial Planner® designation. The right to use the marks CFP®, CERTIFIED FINANCIAL PLANNER® and CFP(logo) is granted under licence by FPSC to those persons who have met its educational standards, passed the FPSC's Certified Financial Planner Examination, satisfied a work experience requirement, and agreed to abide by FPSC Code of Ethics.