Chartered Financial Planner
{{short description|Qualification for professional financial planners}}
The Chartered Financial Planner {{cite web |title=The Chartered Insurance Institute |url=https://www.cii.co.uk/ |website=www.cii.co.uk}} is a qualification for professional financial planners{{cite web |title=What Does a Financial Planner Do? {{!}} Sensible Money |url=https://www.sensiblemoney.com/learn/what-does-a-financial-planner-do/ |website=www.sensiblemoney.com|date=4 May 2018 }} and financial advisers{{cite web |title=What Does a Financial Adviser Do for You? |url=https://www.thebalance.com/do-you-need-a-financial-adviser-3140816 |website=The Balance |language=en}} awarded by the Chartered Insurance Institute.
By definition, holders of the Chartered Financial Planner qualification are among the most experienced and most qualified advisers in the profession;
in the United Kingdom, it is a widely accepted 'gold standard' within the profession.
As at May 2016, there were over 36,000 members of the Personal Finance Society (the principal professional body for financial advisers in the UK), of which over 5,000 hold Chartered Financial Planner status.{{cite web |title=Individual Chartered status |url=https://www.cii.co.uk/membership/chartered/individual-chartered-status/ |website=www.cii.co.uk}}
Since 2012, financial adviser firms can apply for Corporate Chartered Financial Planners status, if they qualify under a number of criteria. Fewer than 500 firms can boast Corporate Chartered Financial Planners status.{{cite web|url=http://www.thepfs.org/membership/chartered/corporate/|title=Corporate Chartered status|website=Thepfs.org|accessdate=2 October 2018}}
The titles of Chartered Financial Planner and Chartered Financial Planners were granted by the Chartered Insurance Institute (CII). The Privy Council authorised the CII to issue the Chartered title in 2005. Thus, a Chartered Financial Planner now carries comparable qualifications as other established professions such as Chartered Accountants{{cite web |title=Chartered accountancy |url=https://www.icaew.com/about-icaew/what-is-chartered-accountancy |language=en}} and Chartered Surveyors,{{cite web |title=Royal Institution of Chartered Surveyors |url=https://www.rics.org/uk/ |website=www.rics.org |language=en}} etc. Membership of the Personal Finance Society, the leading professional body for financial planners, is required to be able to use the professional designation Chartered Financial Planner.
The individual Chartered Financial Planner qualification fits into the National Qualifications Framework at Level 6,{{cite web |title=What qualification levels mean |url=https://www.gov.uk/what-different-qualification-levels-mean/list-of-qualification-levels |website=GOV.UK |language=en}} equivalent to a Bachelor (first) Degree.
Requirements
To attain Chartered Financial Planner status as an individual, one must study for and pass approximately 14 exams in various aspects of financial services and related subjects. Each exam offered by the Chartered Insurance Institute carries a certain number of "credits" in their qualification scheme. Credits can also be granted for passing equivalent exams from other awarding bodies. A total of 290 credits is required before Chartered status can be applied for. This is likely to take several years to achieve.
In addition to examinations, advisers are required to be members of the Personal Finance Society,{{cite web |title=The Personal Finance Society |url=https://www.thepfs.org/ |website=www.thepfs.org}} maintain ongoing learning through a required amount of Continuing Professional Development (CPD){{cite web |title=CPD Explained |url=https://cpduk.co.uk/explained |website=CPD - The CPD Certification Service |language=en}} each year, and have a minimum of five years of relevant industry experience.
Corporate chartered status
Firms that can demonstrate the highest commitment to professional standards, development and ethics can apply for Corporate Chartered Financial Planners status.{{cite web |title=Corporate Chartered status |url=https://www.cii.co.uk/membership/chartered/corporate-chartered-status/ |website=www.cii.co.uk}} At the end of January 2017, there were fewer than 500 firms authorised to use the title.
Related designations UK
There are over 208 designations available for financial-services professionals.
These are some of the more common designations:
- Certified Financial Planner{{cite web |title=CERTIFIED FINANCIAL PLANNER (CFP) certification |url=https://www.cisi.org/cisiweb2/cisi-website/study-with-us/financial-planning/certified-financial-planner-certification |website=www.cisi.org |language=en}}
In the United Kingdom, the CFP designation is available to financial planners through membership of the Chartered Institute for Securities & Investment (CISI).{{cite web|url=http://www.cisi.org|title=Chartered Institute for Securities & Investment (CISI)|last=|first=|date=|website=Cisi.org|accessdate=2017-07-12}}
- Chartered Tax Adviser{{cite web |title=Chartered Institute of Taxation {{!}} |url=https://www.tax.org.uk/homepage |website=www.tax.org.uk |language=en}}
- Chartered Certified Accountant and/or Chartered Accountant
- Chartered Financial Analyst{{cite web |title=CFA Institute |url=https://www.cfainstitute.org/ |website=CFA Institute}}
Equivalent titles abroad
In the United States, the Certified Financial Planner (CFP){{cite web |title=CFP Board |url=https://www.cfp.net/ |website=www.cfp.net}} qualification is more broadly comparable to the CFA's Chartered status.
The MFP Master Financial Planner designation from the American Academy of Financial Management is also the graduate designation for financial planners. The MFP is a federal trademarked designation in the United States which requires accredited exams and degrees.
- Certified Public Accountant
- Certified Investment Management Analyst (CIMA), Investment Management Consultants Association (IMCA)
- Chartered Financial Consultant
- Chartered Market Technician
- Financial Risk Manager
References
{{Reflist}}
External links
- [http://www.cii.co.uk/membership/chartered/ Chartered Insurance Institute: information on Chartered Status]
- [https://web.archive.org/web/20091020111731/http://www.direct.gov.uk/en/EducationAndLearning/QualificationsExplained/DG_10039017 DirectGov: details of National Qualifications Framework]
- [http://www.fsa.gov.uk/Pages/About/What/rdr/index.shtml FSA website- information about Retail Distribution Review] {{Webarchive|url=https://web.archive.org/web/20110801143653/http://www.fsa.gov.uk/Pages/About/What/rdr/index.shtml |date=2011-08-01 }}
- [http://www.thepfs.org/yourmoney/find-an-adviser/ IFA search tool run by the CII/PFS, allowing customers to filter by Chartered Financial Planners only]
- [https://www.ft.com/content/0f18ea78-293f-11e8-b27e-cc62a39d57a0 Financial Times: Eight steps to choosing a financial adviser]
- [https://www.fca.org.uk/ Financial Conduct Authority: Official Website]
- [https://blog.financialadvisers.co.uk/a-more-detailed-look-at-financial-adviser-qualifications-in-the-uk/ FinancialAdvisers.co.uk Detailed Look At Financial Adviser Qualifications]