Following the October sitting of the Certified Financial Planner (CFP) exam, FP Canada has announced the results of that testing, and the motivations individuals had when challenging the exam and completing the requisite education.
The certification and oversight body says 507 candidates challenged the CFP exam in October. Of those challenging the exam, 345 were writing the exam for the first time. The first-time writer pass rate was 70.7 per cent.
Most of the 507 candidates chose to write the CFP exam at one of the 29 test centres set up across the country. Only 165 opted to complete the test via online proctoring.
FP Canada says a post-exam survey found that 87.4 per cent of those who took the exam in October did so to enhance their skills and better serve clients while 36.6 per cent said title protection legislation was a motivating factor. (In Ontario, the Financial Professionals Title Protection Act requires those who use the financial planner title in the province to hold an approved credential.) Of those surveyed, 30.3 per cent said their employers required them to be certified.
To obtain certification, candidates must complete a post-secondary degree, FP Canada approved core curriculum, an introduction to professional ethics course, pass the exam and complete at least three years of qualifying work experience.
