Toronto-based Financial Planning Standards Council (FPSC) has released results of the most recent FPSC Level 1 examination in financial planning and the CFP examination, which took place in various locations across Canada on May 31 and June 1, respectively. A total of 934 candidates wrote the exams, which are among the requirements for obtaining FPSC Level 1 certification and CFP certification.
The FPSC Level 1 examination, the first exam toward CFP certification and a requirement for FPSC Level 1 certification, was written by 473 candidates, with an overall pass rate of 73%. Of the candidates who wrote this exam, 368 were first-time writers (78% pass rate), while 105 were reattempting the exam (55% pas rate). To qualify to write this four-hour, multiple-choice exam, candidates must have successfully completed an FPSC-approved core curriculum program.
The CFP examination, the final exam on the path toward CFP certification, was written by 461 candidates. The overall pass rate on this examination was 63%. Of the candidates who wrote the exam, 343 were first-time writers (71% pass rate), while 118 were reattempting the exam (37% pass rate). To qualify to write the six-hour exam, which consists of a combination of constructed-response and multiple-choice questions, candidates must have obtained FPSC Level 1 certification and successfully completed an FPSC-approved capstone course.
“The CFP certification program is designed to ensure financial planners are able to effectively meet the needs of their clients at the highest level,” said Damienne Lebrun-Reid, managing director, standards at FPSC, in a release. “The examinations are an important step in evaluating candidates’ knowledge and skills.”
Following the completion of three years of qualifying financial planning work experience, successful CFP examination candidates are eligible to apply for CFP certification. There are approximately 16,500 CFP professionals across Canada, and more than 175,000 CFPs around the world, according to the FPSC.
FPSC examinations are held twice per year.