Business man writing a test

FP Canada reports that 61% of CFP candidates passed the exam in June, while 71% of people who wrote the FSPC Level 1 exam passed.

A record 717 candidates across Canada wrote the six-hour CFP exam, including 513 first-time writers and 204 returning candidates, FP Canada said in a release. Among the 513 first-time writers, 68% passed the examination, while 42% of returning writers passed.

FP Canada said that 634 candidates wrote the FPSC Level 1 exam, which included 512 first-time writers and 122 candidates who were re-attempting the test. More than three quarters (77%) of first-time writers passed, while 50% of repeat writers were successful with the test.

“It is encouraging to see a growing number of candidates pursuing CFP certification, which represents the highest level of knowledge and skills in the financial planning profession,” Cary List, president and CEO of FP Canada, said in the release.

Starting Jan. 1, 2020, the requirements for getting a CFP certification will change, the release noted.

Beginning in 2020, candidates who want to attain their CFP certification will have the option to pursue the CFP certification directly, or go for the new qualified associate financial planner (QAFP) certification, with the option of continuing their studies to complete the CFP certification at a later date.

Additionally, the FPSC Level 1 certification will be replaced with the QAFP certification. FPSC Level 1 certificants in good standing will automatically receive QAFP certification, FP Canada said.