*All information currently under review by FPSB Ltd. and subject to change by 31 March 2020

Experience is one of the four criteria verified before a candidate is conferred CFPCM certification. The experience criterion is considered an opportunity for the candidate to apply his/her financial planning knowledge and skills in one or more of the eight competency profiles outlined under the Financial Planning Curriculum Framework.

It is preferable for a candidate to demonstrate his/her capability by way of an acquired work experience that involves the development of a financial plan in accordance with the six-step process of financial planning. However, considering the incipient nature of the financial planning industry in India, it is felt desirable to confer the certification of even those candidates who could demonstrate having put in an adequate number of years in the financial services sector and satisfying one of the competency profiles. This helps professionals from various financial services consolidate their efforts and launch full-fledged financial planning services. The experience accepted is of three years.

Currently, a candidate is required to furnish valid experience of three to five years depending on his/her work experience in financial planning or various financial services, and his/her basic qualifications. The experience is required to be completed prior to or after passing the final certification examination (Exam 5) in the case of Regular Pathway. The CFP certification, however, is conferred only after the candidate acquires the requisite experience. For Challenge Status Pathway (CSP), a candidate is required to provide a valid proof of adequate experience prior to even appearing for Exam 5.

Various scenarios for relevant work experience are as follows:

Category Nature of
Corporate
Experience Sector Years of
Experience
Requirement of having completed
the Experience criterion
Corporate Financial
Services
One of the six
financial planning
components
3 Years Prior experience before applying for
CSP
Other financial
services
5 Years Prior experience before applying for
CSP
Non-Financial
Services
Other financial
services
5 Years Prior experience before applying for
CSP
Self Employed Financial planning
services or
one or more financial
planning components
3 Years Prior experience before applying for
CSP
Other financial
services
5 Years Prior experience before applying for
CSP

Other financial services requiring five years of experience will be considered in the job profile given below:

  1. Accounting, including fund accounting in collective investment schemes and audit
  2. Financial consulting, financial advisory and investment advisory services
  3. Stock broking and trading services
  4. Journalism in personal finance
  5. Corporate finance

The above constitutes relevant work experience required under different candidate situations. FPSB Ltd. recognizes the importance of work experience in a prospective financial planning professional being able to apply financial planning knowledge in diverse or complex client situations. The relevant work experience can be demonstrated in working with clients while:

  1. Applying the abilities, skills and knowledge described in FPSB Ltd.’s competency profile under the Financial Planning Curriculum Framework
  2. Engaging in practice described in FPSB Ltd.’s Practice Standards
  3. Adhering to ethical principles described in FPSB Ltd.’s Code of Ethics and Professional Responsibility

Verification of Work Experience

Photo copy of all documents and certificates related to work experience should be self attested by the candidate. FPSB Ltd. will review and vet all documents before awarding CFP certification or allowing a candidate to register through Challenge Status Pathway. If the work experience certificates are not found to be authentic and information provided false, FPSB Ltd. reserves the right to reject the respective application and cancel the candidature. FPSB Ltd. reserves the right to determine acceptable work experience and may call candidates (at their own expense) for an interview. The decision made thereafter by FPSB Ltd. is final. When a candidate earns experience subsequent to passing the certification examination (Exam 5), he/she must fulfill the requirement within five years of the date of successful completion of the certification examination. In failing to do so, he/she will have to compulsorily go for one year’s supervised practice mentioned here onwards.