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The CFP License

The Financial Planning Profession
The CFP Board of Standards, Denver, is a non-profit professional regulatory organization founded in 1985 to benefit the public by fostering professional standards in personal financial planning. Individuals who meet rigorous certification requirements are licensed by the CFP Board to use its federally registered trademarks CFP® and Certified Financial Planner®.

The CFP Board is the owner and licensor of the CFP® and Certified Financial Planner® mark. Financial services professionals who use these marks are recognized as having met the highest standards for ethics and practice of financial planning. With the CFP certification now available in 17 countries, the CFP mark has become the global symbol for the competent and ethical financial planning professionals.
 
Your Career As a CFP Practitioner
Personal financial planners help individuals determine whether and how they can meet their life goals through proper management of their financial resources. In addition to the opportunity for a rewarding career, you will have the satisfaction of helping people from all walks of life resolve their financial issues and reach their financial goals.
 
CFP Course Modules
There are 6 modules:
Module 1
 Foundation in Financial Planning
Module 2
 Risk Management & InsurancePlanning
Module 3
 Tax Planning
Module 4
 Investment Planning
Module 5
 Estate Planning & Retirement Planning
Module 6
 Financial Plan Construction (Comprehensive Exam)

Financial Planning Association of Malaysia
The Financial Planning Association of Malaysia (FPAM) is a non-profit professional organization dedicated to developing and promoting the Financial Planning industry that provides unbiased financial advice to the public. Its vision and mission is to ensure that all Malaysians have access to responsible and proper financial planning advice by raising the professional standards of the industry through education and a shared code of ethics. FPAM is the 12th member of the International CFP Council and is the licensee of the CFP Board of Standards. FPAM will oversee the development and certification process of the Certified Financial Planner and Associate Financial Planner of Malaysia.

CFP Professional Designation
The CFP® mark is an internationally recognized professional designation and is most highly sought after by professional financial planners globally.

The CFP designation identifies individuals who have both the academic and professional training. CFP licensees are qualified to provide advice with regard to all aspects of financial planning and to write comprehensive financial plans that meet international standards. Financial planners who are CFP licensees are highly sought after for their advice, as the credential assures the public that CFP licensees have agreed to adhere to high standards of competence and ethical practice. The strength of the CFP designation lies in the fact that it is a broad- based qualification, independent of any one industry and, therefore, are acknowledged to be objective professionals. Individuals who wish to attain the CFP designation must meet all the 4Es of the certification requirements, namely.

Education Successful completion of an approved education program
Examination Successful completion of all FPAM required examinations
Experience A minimum of 3 years work experience in financial planning or related fields
Ethics Adherence to a professional Code of Ethics and Practice Standards as stipulated for all FPAM members

CFP Education Program
The CFP Education Program will enable you to:
  •  Learn and apply all aspects of the financial planning process
  •  Recognize a range of client's needs and recommend effective solutions
  •  Develop special expertise in insurance, investments, tax, retirement and estate planning
  •  Attain the most internationally recognized professional financial planning designation
  •  Earn your credibility with the public
  •  Increase your productivity and efficiency
  •  Add to your career growth and professional experience
AFP(M) Education Program - Module 1
The course is designed for individuals who are providing guidance to clients with regard to personal financial issues. The course topics include the 6-step financial planning process, time value of money, essentials of risk management, investments, tax planning, estate and retirement planning. A review of various financial products and the legal, ethical and regulatory issues affecting financial planning in Malaysia is also required.

Option A (Modules 1 to 6)

Members without any relevant qualifications are required to sit for the whole CFP certification course, which comprise Module 1 to 6.

Minimum academic requirements: An SPM qualification or equivalent

Option B (Partial exemption on Modules)

The Board recognizes that certain professional qualifications cover some of the components in financial planning and have decided to waive certain Modules for eligible members. Holders of these degrees and /or credentials are exempted from the following modules:
Qualifications
Modules
M1
M2
M3
M4
M5
M6
Chartered Financial Practitioners (Namlifa)
X
          
MII Dip. In Financial Planning
X
          
Chartered Life Underwriters
X
X
        
Life Underwriters Training Council of Fellows
X
X
        
Graduate Diploma in Applied Finance and Investment
X
    
X
    
Member of Malaysian Institute of Taxation    
X
      
Bachelors Degree (Finance / Accounting/ Economics)    
X
      
(X - denotes exemption)  

Option C (CFP challenge status - Module 6 only)

The Board has approved certain qualifications and/or professional credentials as fulfilling the education requirements and members who are eligible can apply to FPAM for approval under the CFP challenge status. Under this CFP challenge status, the approved member is only required to sit for Module 6, followed by 6 hours of Module 6 examinations similar to the examination offered in Option A.

Members having the following qualifications and/or professional credentials and have gained 3 years of personal finance related experience are eligible to apply for the CFP challenge status. This CFP challenge status is only open to Malaysians.

(1) Qualifications
Professional accountants (MIA, CPA(M), CPA(Aust), AICPA, CA , ACCA, ICMA & AIA.)
Chartered Secretaries (ACIS / FCIS)
Company Secretaries (Fellow of MACS)
Chartered Financial Consultants (ChFC)
Chartered Financial Analysts (CFA)
Doctorate in Business Admin (DBA)
PhD (Business, Accounting or Economics)
Masters (Business Admin /Finance /Economics/Accounting) from accredited universities

(2) Members must have gained 3 years of personal finance related experiences at the time of application where such experiences gained can enhance the candidate's ability to apply the financial planning process to meet consumer needs. This experience can be gained in one or all of the following areas: Insurance, mutual funds, securities, asset management, accounting, estate planning, banking, taxation, trusts, retirement planning and financial planning.

(3) Each member is entitled to a maximum of 3 consecutive examination attempts only for the challenge status commencing immediately after obtaining approval from FPAM. After the 3 attempts or non-attempts, they must enroll for the normal CFP certification examinations.

Facilitators / Face to face workshop
FPAM requires that the CFP and AFP(M) Programs be lecture-based. These lectures will seek to ensure that candidates have a clear understanding of the specific learning objectives of each assignment as well as review questions related to the learning objectives. These lectures, conducted by both academically and professionally qualified facilitators, will help prepare candidates for the examinations and ensure that they are able to apply the materials to real life situations.

IFPA Resources has taken a step further to ensure that during this 40 hours (face to face workshops), candidates are fully prepared to attempt the examinations by going through intensive tutorials and revision.

Mandatory Continuous Education
The CFP license is renewable every two years. Among other practice requirements, a CFP licensee must fulfil a minimum of 30 hours of Continuous Education program in every 2 years to keep abreast with the financial planning trend and development.

Contact IFPA Resources Sdn Bhd for further information.
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