Experience is an important criterion verified before a candidate is conferred CFPCM certification. This work experience is acquired by a financial planning professional by applying financial planning knowledge and skills as described in the competency profile of FPSB’s Financial Planning Curriculum Framework in one or more of the core financial planning components. The professional must engage in practice described in FPSB’s Financial Planner Practice Standards and adhere to ethical principles described in FPSB’s Code of Ethics and Professional Responsibility.
It is preferable that a prospect demonstrates his/her capability to apply Financial Planning Principles, Process and Skills in the Integrated Financial Planning, i.e. in developing comprehensive client financial plans. FPSB recommends an avenue to acquire this experience under FPSB Approved Supervisors and thus undergo on-the-job training for at least one year, termed “1-year supervised experience”. However, a candidate can acquire experience on own, termed “unsupervised” experience for a period of at least 3 years working in the area of Integrated Financial Planning or practicing one or more core financial planning components. Besides, unsupervised experience of 3 years can also be acquired by continuing in employment in relevant financial services, as more specifically listed below, or in pro bono activity. The experience criterion is summarized in the following chart:
|1-year Supervised||3-year Unsupervised||3-year Unsupervised||3-year Unsupervised|
|Learning under an FPSB approved Supervisor, comprehensive financial planning services by integrating recommendations across the six core financial planning components.||Practicing intermediation or advisory in a financial planning component or more such components; comprehensive financial planning, journalism in personal finance.||Performing roles in firms (bank, mutual fund, insurance, securities firm, fintech, etc) in functions being accounting, auditing, fund accounting, funds management, marketing, business promotion, customer interface, financial/ investment product intermediation, corporate finance, articleship toward attaining Chartered Accountant accreditation.||Working in pro bono volunteer engagement providing guidance to individuals/ families with limited financial resources or who/which have been through a financial shock, bereavement, etc.|
Regarding the above:
- The six core financial planning components are Personal Financial Management, Tax Optimization, Investment Planning and Asset Management, Risk Management and Insurance Planning, Retirement Planning, Estate Planning and Wealth Transfer.
- The unsupervised experience of 3 years in core financial planning components and as an employee in firms can be acquired prior to or after passing the CFP®
- The unsupervised experience by way of pro bono engagements can be acquired only after passing the CFP®
- The experience requirement, supervised or unsupervised, must be completed within 5 years from the date of passing the CFP® Exam. During this period, a prospect shall validly hold all Specialist certifications by renewing them annually through continuous professional development and payment of certification fee.
- If the experience criterion is not fulfilled within 5 years from the date of passing CFP® Exam, or otherwise if the CFPCM certification could not be conferred on the candidate during the said period, the passed exams would be considered invalid and a candidate would need to qualify again in the FPSB® Integrated Financial Planning course.