5 Benefits of CFP course that make it worth your time & investment

A Certified Financial Planner is an expert in financial planning including its sub-domains such as tax management, insurance, retirement planning, estate planning, etc. The designation of a CFP is prestigious for reasons such as the rigorous certification process with a focus on work experience, cutting-edge pass-out rate, and strict code of ethics. Moreover, due to its globally recognised character, it has gained a lot of popularity among aspirants willing to make a career in financial planning and consulting.

This blog will delve into the benefits of pursuing CFP course, career opportunities for CFP professionals and the future scope of CFP.

5 Benefits Of Pursuing The CFP Certification:

• Career Advancement Opportunities

Nowadays, almost all good companies prefer candidates with CFP certification for promotions or while hiring senior-level financial professionals. As the certification is globally recognised, the firms trust the knowledge and credibility of the candidate.

Thus, CFP certification can unlock many doors to higher-level positions in financial planning, wealth management, estate planning, etc. Also, CFP professionals typically earn more than their non-certified peers simply because of the value they bring to the table.

• Get Holistic Knowledge of Financial Planning

The course content of CFP is comprehensive and equips the learner with the nitty gritty of financial planning. It covers topics such as investment planning, retirement and tax planning, risk and estate planning, and integrated financial planning.

Since the certification process is rigorous and puts equal emphasis on knowledge and hands-on experience, CFP professionals are trusted in the market for their financial advice.

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• Earn Global Recognition

CFP is a globally recognised certification. Almost 27 countries recognise its legitimacy and CFP Professionals can find ample career opportunities in those countries. Moreover, due to its global character, it gives freedom to the professional to carry out their work from any corner of the world.

• Flexibility in Career Paths

CFP offers a lot of flexibility when choosing career paths. For instance, a CFP professional can start their independent practice or get associated with a bank, insurance firm, wealth management firm, NGO, and so on.

This flexibility allows professionals to try different work opportunities, learn and adapt until they find their ultimate “calling”.

Also, stay tuned to learn about a bunch of remarkable job opportunities in CFP.

• Improves Your Reputation

Here’s an interesting fact, the CFP designation is often referred to as the gold standard of financial planning. Thus, firms are eager to hire and promote candidates holding this prestigious certification.

Also, the ethical standard set by the CFP Board is quite high and to gain the certification the professionals have to continuously strive to uphold the interests of their clients over any other interests. Thus, people trust CFP professionals.

Also Read – A Step-by-Step Guide to the CFP Certification Process

7 Job Opportunities After Passing The CFP Exams

CFP professionals with their knowledge and expertise in financial planning can find a plethora of job opportunities in different sectors. From being self-employed to working for banks, insurance firms, governmental and non-governmental organisations or stepping into the field of academia and corporate training, CFP certification can open a lot of doors for financial professionals.

Here are a few prominent job roles that CFP-certified professionals can take up based on their interests and expertise:

• Financial Planner/Advisor

As per Ambitionbox, the average salary of a financial planner in India is Rs. 4.4 LPA.

A CFP Certified professional can either work independently as a financial planner for private clients or get associated with a firm and cater to their customers. They provide a range of personalised financial services such as investment, estate, retirement planning, tax strategies and insurance services to those who aspire to be financially independent and secure in the future.

• Wealth Manager

As per Ambitionbox, the average salary of a wealth manager in India is Rs. 7.3 LPA.

CFP professionals may also work for high-net-worth clients and manage their portfolios to ensure long-term wealth preservation and growth.

• Retirement Planner

Retirement planning comes under the broad umbrella of financial planning itself however, the focus here is more on ensuring that the clients can achieve their retirement goals.

For instance, with the growing trends of early retirement settling in, there is a need for professionals who can help people realise this goal by managing their savings and investments.

• Insurance Advisor

As per Ambitionbox, the average salary of an insurance advisor in India is Rs. 2.9 LPA.

India has a huge demographic dividend yet the penetration of insurance is quite low compared to the global average. As per Statista, in 2023, India’s insurance penetration rate stood at a mere 4 per cent with the majority coming from the life insurance sector.

It means that to tap into this market, there is a need for qualified and trained professionals. Thus, CFPs can find a lot of employment opportunities as insurance advisors in banks, insurance agencies, brokerage houses, and financial advisory firms.

• Tax Consultant

As per Ambitionbox, the average salary of a tax consultant in India is Rs. 7.3 LPA.

CFPs can collaborate with CPAs and other professionals to help a client make tax-efficient investment strategies and minimise their tax liabilities.

• Estate Planner

Similar to retirement planning, estate planning falls under financial planning. Here, the primary focus of the CFP is to ensure that the assets are transferred smoothly from one generation to the next or to charitable organisations without any conflict.

• Corporate Trainer

As per Ambitionbox, the average salary of a corporate trainer in India is Rs. 8.5 LPA.

Seasoned CFP professionals can also step into academia and corporate training to pass on their knowledge and expertise to budding CFPs or to simply help others manage their personal finances and investments more efficiently.

Also Read – What Jobs Can You Get In The UK as a Certified Financial Planner

Future Scope of CFP

As noted earlier, a CFP certification opens a lot of job opportunities within the financial domain. Thus, the demand for qualified financial planners is likely to grow in the future. Moreover, since it’s a globally recognised certification, the chances of getting work opportunities abroad with better perks are also high.

Start Your CFP Journey With Proschool!

Thinking about becoming a Certified Financial Planner (CFP)? We understand that the journey of becoming a CFP can feel overwhelming, especially when you’re just starting out. But that’s exactly why Proschool is here! To make your path smoother, more achievable & tailored to your success. Here’s why Proschool stands out:

• 70% Pass Rate: Our students have a higher success rate, giving you the confidence to ace the exam.
• Learn from real CFPs: Practicing CFPs as trainers bring real-world insights to the classroom.
• Comprehensive Coaching: 200+ hours of offline training and 2,000+ practice questions prepare you thoroughly.
• Official Partner with FPSB: Proschool is FPSB’s Official Learning Partner, which means our materials and teaching align perfectly with what the exam demands.
• Foundation for All: The unique M0 module bridges the gap for students from diverse backgrounds.

At Proschool, we’re with you every step of the way. Let’s turn your CFP dream into reality. Start today!

Conclusion

To sum up, investing in a CFP Certification can reap maximum benefits. From equipping the candidate with knowledge and skills in financial planning to offering career flexibility choices and global recognition, the CFP Certification can increase the job prospects of professionals and allow them to earn higher incomes.

FAQs

How to become a CFP in India?

Since CFP is a prestigious certification that is globally recognised, there is a structure in place for becoming one. The CFP Board of the US is the nodal agency that sets the criterias and code of ethics in place for becoming and practising as a CFP.

It partners with institutions across the globe for the evaluation and certification of CFP professionals. In case of India, this responsibility has been entrusted to the Financial Planning Standard Board (FPSB).

The steps to become CFP are as follows:

• After completing the 12th standard with a minimum of 50% marks, a candidate must enrol for a CFP course that would prepare them for the examinations. For instance, IMS Proschool is the official partner of FPSB that offers comprehensive courses for aspirants willing to become CFPs.
• Next, the aspirants need to register with the FPSB, clear the different levels of examinations with a minimum of 75% marks, submit their financial plan, clear the final CFP exam, and apply for the certification. As per the CFP Board, the passing rate of CFP Exams was 65% in 2024.
• Also, candidates must have a minimum of three years of working experience in the financial field to be eligible to earn the CFP Certification.

Who is eligible to become a CFP?

Here’s the most interesting bit: anyone with an ardent interest in financial planning can become a CFP. The only criterion for undertaking the CFP course is having 50% marks in the 12th standard examination.

What is the cost of becoming a CFP in India?

The average cost of becoming a CFP in India is INR 1.5-2 lakhs. This includes training program fees, CFP registration fees, and module fees per exam.