Growth in number of candidates looking for CFP designation
The overall pass rate was 68% for the last sitting of the FPSC Level 1 exam in Financial Planning – the qualifying exam for the FPSC Level 1 certification in financial planning, which was held in November.
Among first-time writers, the pass rate was 73% and among repeat writers, the pass rate was 49% for the exam. FPSC Level 1 certification was replaced by the Qualified Associate Financial Planner (QAFP) certification on January 1.
As of the beginning of this year, candidates who want to receive the QAFP designation must complete a rigorous education program, pass a national exam and demonstrate one year of qualifying work experience. To maintain certification, QAFP professionals must complete 12 hours of continuing education each year and adhere to FP Canada Standards Council criteria, including a code of ethics.
Record numbers wrote CFP exam
Meanwhile, a record 1,389 candidates wrote the November 2019 CFP exam, the final exam on the path to Certified Financial Planner certification. The CFP exam candidates included 1,045 first-time writers and 344 candidates who were re-attempting the exam. Among first-time writers, the pass rate was 53% and among repeat writers, the pass rate was 16%, for an overall pass rate of 44%.
“We continue to see tremendous growth in the number of candidates pursuing the CFP designation, as there is increasing recognition of the value of professional certification,” says Cary List, president and CEO of FP Canada. “Congratulations to all successful candidates, who have demonstrated they are now armed with the competencies expected of them to provide Canadians with professional financial planning advice.”
Following the completion of three years of qualifying financial planning work experience, successful CFP exam candidates are eligible to apply for CFP certification.