The value of work experience is being recognized in the incoming change to certification requirements
FP Canada has announced that it is changing the requirements to become a qualified associate financial planner, to allow those without a two-year college diploma to qualify.
The significant change applies to those with five years of relevant work experience and who pass the QAFP exam, successfully complete the QAFP Professional Education Program, and complete either the FP Canada Institute Technical Education – Fundamentals or an FP Canada-Approved Core Curriculum Program.
The change will apply from April 2024 and aims to create a more accessible route into a career in financial planning.
"Real-world experience is one of the keys to success as a professional financial planner," says Tashia Batstone, FP Canada president and CEO. "For those who have proven their ability to meet the demands of the profession, we're excited to offer a new path to certification – one that will allow experienced professionals to continue helping Canadians build financial wellness."
QAFP pass rate
FP Canada has also revealed a high pass rate for the latest cohort taking the Qualified Associate Financial Planner exam with 81% of those who wrote the exam passing first time.
The June exam round took place online and at in-person centres across Canada with roughly half of candidates choosing each option.
Around 8 in 10 of those who wrote the exam did so to enhance their skills to better serve clients, while 58% needed a pass to able to use the title ‘financial planner’ under title protection rules, and 26% were required by their employer to be certified.
"QAFP certification provides the foundational knowledge, skills, and experience needed for a successful career in professional financial planning," said Batstone. "Congratulations to all the candidates who passed the QAFP exam – we wish you great success as financial planners in the years ahead."
