More than 650 financial advisors across Canada are one step closer to attaining the certified financial planner (CFP) designation, according to the latest results from the Toronto-based Financial Planning Standards Council (FPSC).

The FPSC released the results of its Level 1 examination in financial planning and the CFP examination, which took place on Nov. 27, 2015, on Friday.

“Both CFP professionals and FPSC [Level 1] certificants in financial planning must meet rigorous standards of knowledge, skills, abilities and ethics, and commit to putting the clients’ interests ahead of all others,” says Cary List, President and CEO of the FPSC, in a statement.

Approximately three-quarters (74%) of the 535 candidates who participated in the Level 1 examination passed the test, which is the first exam on the path to CFP certification.

Candidates are qualified to write this four-hour multiple-choice exam once they have successfully completed an FPSC-approved core curriculum program.

In addition, almost two-thirds (62%) of the 424 candidates who wrote the CFP examination successfully passed the six-hour exam.

Candidates must have obtained FPSC’s first level of certification and successfully completed an FPSC-approved capstone course to take the final exam, which consists of a combination of multiple-choice questions and questions requiring constructed responses.

Successful CFP examination candidates can apply for CFP certification once they have completed three years of qualifying financial planning work experience.

There are approximately 17,000 CFPs across Canada who are a part of a global community of almost 162,000 CFPs in 26 territories around the world.

The FPSC Level 1 examination and CFP examination are offered twice a year. The next sitting will take place on June 3 and registration is currently open through the FPSC’s website, which also provides more information on the path to CFP certification.