FP Canada’s latest exam sitting for its qualified associate financial planner (QAFP) designation had an overall pass rate of 59.4%, the certification body said in a release on Thursday.

A total of 384 candidates wrote the February exam, which was offered in person and online, with 80% of test takers choosing the latter option.

“QAFP certification can provide a solid foundation for a successful career in financial planning, and passing the exam is a significant milestone on the path to achieving this certification,” said Tashia Batstone, president and CEO of FP Canada, in the release.

The pass rate was slightly lower than that of the previous sitting (October 2021), when the pass rate was 62.6% and 337 people wrote the exam.

QAFP certification was launched in January 2020, and Canada has about 1,900 QAFP professionals.

Effective April 1, new applicants for QAFP certification must have a two-year college diploma, and new applicants for certified financial planner (CFP) certification must have a bachelor’s degree.