Enquiry
Disclaimer | Privacy Policy
Copyright © 2013 3rd EYE Academy for Financial Studies

 FAQ - CFP

NCFM        NISM        IRDA        JAIIB/CAIIB

 

  •  What does CFP stands for?

CFP stands for Certified Financial Planner.

 

  • Who are CFPCM?

CFP’s are professionals’ who adhere with 4 E’s  ie (Education, Examination, Experience & Ethics). These are qualified professionals certified by FBSB India (Financial Planning Standards Board India).

 

  •  What does a CFP do?

CFP gives advice on ones finance to manage their finance efficiently and effectively. In other words a CFP is a financial doctor. They follow a stringent procedure in advising. They follow Six step process ie Establishing Relation, Data Gathering, Identification of Financial Problems, Preparation of written alternatives, Implement & Review.

 

  • Who are clients of a CFP?

A CFP does Financial Planning for Individuals. They can be wealthy or not so wealthy.

 

  • Can a CFP also do Financial Planning for Corporate?

No, a CFP can advice only to Individuals, unless he/she is well equipped or possessing additional qualifications to advice Corporate.

 

  • On which aspects of finance does a CFP give advice?

A CFP works on each and every aspect of one’s finances ie from Managing Cash Flows, Budgeting, Risk Management, Investment Planning & Asset Allocation Strategy, Tax Planning, Estate Planning, Debt Management, Goal Funding & Analysis and all other aspects of personal finances is concerned.  

 

  • Why CFP?

CFP is the highest Certification mark in Financial Planning Globally.

 

  • Who can enroll for this course?

Any person 10+2 passed with minimum 50% marks from any stream can enroll. But to attempt for the finan module (Advanced Financial Planning) one needs to be a graduate at lease.

 

  • Who can be designated as a CFPCM

The person who abides by all the 4 E’s ie Education (learning & understanding all the 6 modules of CFP and is also having minimum Qualification), Examination (Clearing all 5 module exams), Experience (having minimum required experience in the field), Ethics (following all the Ethics and Code of Conduct of FPSB).

 

  • Is CFP also valid outside India?

Yes, it is valid even outside India in 23 countries.

 

  • What is the scope of CFP?

Off late people have realised the value of good, unbiased & professional advice for their finance. Hence there is an increasing demand for CFP’s in retail investors category. The scope of growth is tremendous.

 

  • Will I get a Job after becoming CFP?

There is lot of demand of CFP’s in India which is increasing in increasing order. Lot of Job opportunities are available for CFP’s. But to get placed in any company depends on personal capability, experience backed up and also luck.

 

  • What type of Job opportunities do I get after CFP?

A CFP can be employed in Banks, Financial Institutions, KPO, Brokerage Houses, Insurance & Mutual Fund companies, PMS services, Software companies as Consultant and many more. One can also chose to be self employed by practicing Financial Planning.

 

  • How much starting pay do one get after CFP?

This being a Professional course does not give any guarantee of starting pay. In any professional course like CA, MBBS, etc to get paid handsomely one need to undergo years of internship and practice. Similarly in CFP you gain your value with experience and expertise.

 

  • Compare CFP vs CA

CFP is a professional who plans personal finances like Contingency fund planning, Cash Flow planning, Risk Management & Insurance planning, Debt management, Tax Planning, etc where as CA looks after Tax filing and Auditing of Individuals & Corporates.

 

  • Compare CFP vs CFA

CFP is a professional who analysis & plans personal finances of clients and CFA is a professional who does technical analysis & plans finances of & for corporate.

 

  • How many years of experience is required to become a CFP?

One need to have at least 3 years of experience in Finance field to qualify for CFP, non finance background needs 5 years of experience. If you work under a Supervisor CFP for 1 year is also valid where 3 years rule is exempted.

 

  • How and where to enrol for CFP course?

There are 3 ways of enrolling yourself for CFP course;

  1. You can directly enroll yourself through FPSB India board

  2. You can Enoll yourself with an Education Provider

  3. Through your employer if they are affiliated with the board.

 

  • What is the registration fees if FPSB India

Registration fee for students is Rs.10,000/ to be renewed every year until you become CFP.

 

  • FPSB registration is valid for how many years?

FPSB membership is valid for one year.

 

  • Do one need to renew FPSB membership even after becoming CFP?

Yes, even after qualifying as CFP, one has to continuously renew hi/her membership with FPSB to retain the membership by accumulating 15 CE points and by paying the fees of Rs.5,000/ (as of now, might change as per the discretion of the board).

Share on Facebook