Certified Financial Planner (CFP)
This professional designation is issued by the Certified Financial Planner Board of Standards Inc. Certified financial planners have more extensive training and education than regular financial planners. CFPs also must pass an exam, follow the CFP Board’s ethical standards and complete 30 hours of continuing education every two years. The CFP designation is considered one of the top certifications in the financial planning field, and less than 20 percent of financial advisors hold this title, according to the CFP Board. The CFP education program includes college-level classes in the areas of general financial planning, insurance planning, investment planning, income tax planning, retirement planning, estate planning, interpersonal communication, professional conduct and fiduciary responsibility, and financial plan development. Prospective certified financial planners must also have a bachelor’s degree or higher, as well as at least 6,000 hours (roughly 150 weeks of full-time experience, or 2.9 years) of professional related experience. CFP applicants must also go through a background check before being given the CFP designation, and must pay $325 per year to uphold the professional certification.
