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Mohit Dhulia
CFP Course: A Certified Financial Planner, or CFP, is a professional certification program that lasts between six months and two years. It is provided by the Financial Planning Accreditation Board and provides information on the subject of financial planning (FPSB).
The CFP Syllabus aids in the development of professionals with expertise in areas such as investment planning, financial consultation, banking, and so on. Financial planning, risk analysis, insurance planning, tax, and estate planning are only a few of the CFP topics.
The CFP exam is given three times a year, during eight-day testing sessions in March, July, and November. The cost of the CFP curriculum varies between INR 40,000 and INR 60,000. This certification programme is for people who wish to work as financial advisors and help people invest their finances. According to Payscale, the average compensation for a certified CFP is roughly INR 3,98,000.
| Degree | Certificate |
| Full-Form | Certified Financial Planner |
| Duration | Course Duration of Certified Financial Planner [CFP] is 1 Years. |
| Age | No age limit |
| Minimum Percentage | 50% in Under Graduation |
| Subjects Required | Financial Planning, Understanding of Taxation and accounts, etc |
| Average Fees Incurred | INR 50,000-1 LPA |
| Similar Options of Study | B.Com (Accounting and Finance), BA Accountancy, Chartered Accountant Certifications |
| Average Salary Offered | INR 4 LPA [Source: Payscale] |
| Employment Roles | Financial Advisor, Financial Planner, Investment planner, etc |
| Placement Opportunities | ICICI, Public service commission, Railways, etc |
Applicants must meet the course’s eligibility requirements in order to enroll in a CFP course. Below, we’ve gone over it in great detail.
For your convenience, the regular pathway enrollment process is outlined below.
The curriculum and duration of CFP courses are provided on the college websites, where candidates can start the application process. Admissions registration is available in both online and offline formats.
For the online approach, students must go to the college website, log in with their information, fill out the application with their credentials, and pay the online registration fee. In the case of the offline approach, students must go to the university admissions office, pick up an application form, fill it out, and pay the registrations fee. Applicants must provide valid documentation for both methods in order for the verification process to take place.
The Certified Financial Planner (CFP) professional qualification is generally recognized and approved around the world as the gold standard for financial planners. In a highly complicated advisory world, it will show you how to develop trust and assist customers.
The Financial Planning Certification will benefit you in the following ways.
Finance, planning, investment, real estate, stock market, and banking are all industries where CFP students find work. In addition to the abovementioned fields, alumni of the programme work in client relationship management, paraplanning, legal counsel, research associate, and cost control. The expanding spectrum of sectors offers a wide range of opportunities for professional growth, as all fields are interconnected.
In recent decades, personal finance and its related fields have grown in importance. The basic terms that determine a nation’s economic movements are now extensively embroidered with the concept of the economy. Studying a CFP course can pay off handsomely because the child creates their own set of personal skills as well as a thorough understanding of the subject.
Due to the diverse range of employment fields, the possibility for career progression in the financial planning industry is tremendously high. Risk management and investing are two themes that have emerged as a result of contemporary culture. Analyst, relationship management, client management, adviser, paraplanner, and research are all excellent avenues for career advancement. Candidates who have expertise in more than one area of concentration can forge their own route to success.
The enrollment for the CFP course is usually based on the candidate’s undergraduate degree examination results. Admission to some CFP Indian universities is dependent only on a candidate’s success on appropriate tests such as the CA Foundation Level, CA Intermediate Level, CS, and ICWA. Institutions use the admission exam process to ensure that the top applicants are chosen. The following are some of the most prominent relevant admission exams:
The CFP Online programme offers students a solid choice for starting their own financial planning business, as it takes less time than a Master’s degree and allows them to study on their own schedule, without sacrificing their careers or personal lives.
CFP Online Financial Planning Certificate programmes use a syllabus that follows CFP standards to educate students for this course. Most people lack the knowledge and experience necessary to effectively establish their own long-term financial goals and needs, and many are unsure where to begin. Certified financial planners, on the other hand, may simplify the process of monetary planning for individuals and families, ensuring that they get the most out of their money in the long term.
The following are some of the most popular Online CFP Courses available on different platforms.
| Course | Provider | Average Fees (INR) |
|---|---|---|
| Introduction to Financial Planning – CFP Certification | Udemy | INR 3,200 |
| Financial Planning Certificate | Imarticus Learning | INR 58,000 |
| CFP Certification | ICICI Direct | – |
| Certified Financial Planner Challenge Status | Apna course | INR 15,000 |
| CFP Certification course | Proschoolonline | INR 52,000 |
The CFP course is offered by a number of government and private organizations. The following are some of the best government and private universities for the CFP programme.
| College Name | City | Average Annual Fees |
|---|---|---|
| Indian School of Business Management and Administration | Hyderabad | INR 20,990 |
| Indian School of Business Management and Administration | Patna | INR 20,900 |
| Indian School of Business Management and Administration | New Delhi | INR 25,900 |
| College Name | City | Average Annual Fees |
|---|---|---|
| IMS ProSchool Pune | Pune | INR 30,000 |
| ICICIdirect Centre for Financial Learning (ICFL) | Kolkata | INR 30,000 |
| ICOFP Delhi – International College of Financial Planning | New Delhi | INR 35,000 |
| ICOFP Mumbai – International College of Financial Planning | Mumbai | INR 37,500 |
| ICFL – Icicidirect Centre For Financial Learning | Pune | INR 37,500 |
To pursue a career as a financial planner a candidate should have the following skills.
| Communication Skills | Interpersonal Skills |
| Stress Management | Energetic |
| Analytical skills | Problem-solving skills |
| Persistence | Organization skills |
| Passion | Attention |
CFP themes contain all you need to know to become a skilled finance planner, from the concepts to application and practical skills. In the table chart below, the essential courses and the important subjects covered in those courses are listed:
| CFP Modules | CFP Topics |
|---|---|
| Introduction to Financial Planning | Establishing client- planner relationships |
| Analyse Client Objectives, Needs and Financial Situation | |
| Implementing and Monitoring the Financial Plan | |
| Regulatory requirements for CFP Certificants | |
| Assessment of risk and client behaviour Cash flow planning, Budgeting, Personal use asset management |
|
| Financial Mathematics | |
| Legal aspects of Financial Planning, etc. | |
| Risk Analysis and Insurance Planning | Introduction to Risk Analysis and its processes |
| Insurance and Risk Contract | |
| Legal principles in insurance | |
| Identification of life, medical, householders, auto and other property and liability risk exposures | |
| Life insurance needs analysis and policy analysis | |
| Medical insurance | |
| Insurance of business risk, etc. | |
| Retirement Planning and Employee Benefits | Issues in retirement planning |
| Types of plAns. Defined benefit plans, Defined contribution plans, Superannuation and other retirement plans | |
| Group Life and Health Insurance | |
| Retirement income streams | |
| Post-retirement counseling | |
| Reform proposals | |
| Investment Planning | How investment planning is different from selling investment products |
| Investment risk | |
| Measuring and Managing Risk | |
| Investment portfolio | |
| Fixed income instruments | |
| Mutual funds and Equity shares | |
| Asset allocation | |
| Tax Planning & Estate Planning | Tax Planning Considerations |
| Tax Computations | |
| Tax Planning Strategies | |
| Estate Planning | |
| Property documentation, etc. | |
| Advanced Financial Planning | Financial Planning Process |
| Determining the client’s financial status by analysing and evaluating the client’s information | |
| Risk management | |
| Estate planning | |
| Capital needs at retirement, projections at death, disability, general needs, and others | |
| List of prioritised action items | |
| Foreign exchange issues for individuals, etc. |
CFP course duration prepares individuals for the fields of financial investment, planning, risk analysis, paraplanning, client relationship management, research, and cost controlling. Lucrative pay scale jobs are available to graduates of the course in both the public and private sector organizations. As the candidate gains more skills and experience, the salary also increases at regular intervals. Candidates who do not wish to seek jobs immediately after graduation can opt for higher studies in the form of MBA, PG Courses, CFA, DBF, etc. Mentioned below are some of the career options available to students after graduation:
| Amazon | Dr. Reddy’s |
| Bajaj | Voyzon Aerospace |
| Aditya Birla | Angel Broking |
| Kotak Life | BYJU’S |
Given below is a table for further information about some of the most common CFP careers.
| Job Profiles | Job Description |
|---|---|
| Financial Analyst | Researches and analyses investment choices and/or administers them, making suggestions to advisors. |
| Investment Manager | On account of a business and its clients, chooses and manages investments. |
| Portfolio Manager | Manages client resources and portfolios in keeping with the firm’s requirements, as well as contributes to investment research and analysis and the firm’s investing philosophy. |
| Finance Assistant | Accountable for a company’s business and financial paperwork in order to verify financial accounts, facilitate purchases, and so on. |
| Mutual Fund Admin | Mutual Fund Admins or Advisors are experts who know everything there is to know about mutual funds. They are in charge of assisting and advising their clients or individuals on all aspects of the mutual fund investment process. |
| Personal Financial Manager | Provides comprehensive financial strategies that fulfill their clients’ specific financial objectives. |
| Specialization | Average Salary (INR) |
|---|---|
| Financial Analyst | 4.1 LPA |
| Financial Advisors | 5.9 LPA |
| Management Trainee | 6.3 LPA |
| Project Coordinator | 4 LPA |
| Financial Managers | 8.7 LPA |
| Mutual Fund Admin | 5.6 LPA |
| Relevant Links | ||
|---|---|---|
| Chartered Accountant | Certificate In Cosmetology | Certificate Course In Interior Design |
It is entirely dependent on the student’s ability to pass all of the exams. It could take anywhere from 6 to 9 months to 3 to 4 years at the very least. Students only need to pass the tests, which they can achieve via self-study or coaching programmes.
CFPs offer financial advice to their customers in order to help them develop the best investment strategy for achieving all of their personal objectives in the current fiscal year or over the long term.
In India, the average remuneration for a CFP is roughly INR 3-6 LPA. After attaining the necessary expertise and skills, such individuals can make up to INR 20 LPA after 10-15 years of expertise.
Many publications and coaching schools offer excellent study materials to help you study for the CFP. Here are a few examples:
Dalton’s investment planning, IIBF’s risk analysis, insurance, and retirement planning, Prasanna Chandra’s investment analysis, portfolio management, and so on.
The most well-known designation in the sector is Certified Financial Planner, which leads to higher employment rates in mutual funds, wealth banks, and other financial institutions. This certification course will help you advance in your career and improve your advice services.
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