More than 600 financial advisors in Canada have surpassed another stepping stone on their path to becoming a certified financial planner (CFP).
The Toronto-based Financial Planning Standards Council (FPSC) released the results for its Level 1 examination in financial planning and the CFP examination on Thursday. The most recent writing of the exams took place on June 3 with the participation of 914 candidates.
The Level 1 exam, which is required for CFP certification, was written by 493 candidates and 73% of those individuals passed the test. Candidates must have successfully completed an FPSC-approved core curriculum program in order to write the four-hour exam, which leads to FPSC Level 1 certification.
The CFP exam, which is the final test prior to CFP certification, was written by 421 candidates with an overall pass rate of 70%. Those who sat down for this six-hour examination were required to have obtained FPSC Level 1 certification and completed an FPSC-approved capstone course.
“Success on these challenging exams demonstrates candidates’ readiness to proceed along the rigorous path to obtaining CFP certification,” says Cary List, the FPSC’s president and CEO. “Ultimately, these individuals will play an important and trusted role in helping Canadians achieve financial well-being.”
Advisors who passed the CFP exam can apply for the actual designation once they have completed three years of qualifying financial planning work experience.
There are approximately 17,000 CFP professionals in Canada in a community of close to 162,000 CFPs in 26 territories across the world.
The FPSC Level 1 examination and CFP examination are offered two times a year and the next sitting will take place on Nov. 25. More information on the exams and access to registration is available on the FPSC’s website.
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