After new QAFP qualification took effect on January 1, latest cohort represents new high
A record number of candidates wrote the November CFP exam, according to FP Canada.
The organization released results for the final sitting of the FPSC Level 1® Examination in Financial Planning and the most recent sitting of the CFP examination, which took place at locations across Canada on November 28 and 29, 2019, respectively. A total of 1,832 candidates wrote the exams.
This consisted of 443 (353 first-time writers and 90 candidates who were reattempting the exam) taking the FPSC Level 1 exam, the qualifying exam for FPSC Level 1 Certification in Financial Planning, which on January 1 was replaced by the QUALIFIED ASSOCIATE FINANCIAL PLANNER™ (QAFPTM) certification.
QAFP certification is designed for financial professionals who provide financial planning advice to the average Canadian with typical financial planning needs. Candidates who were successful on the November FPSC Level 1 exam are eligible for QAFP certification and will join the inaugural cohort of QAFP professionals.
The overall pass rate of the FPSC Level 1 exam was 68%. Among first-time writers, the pass rate was 73% and among repeat writers, the pass rate was 49%.
A record 1,389 candidates wrote the November 2019 CFP exam, the final exam on the path to CERTIFIED FINANCIAL PLANNER® certification. The CFP exam candidates included 1,045 first-timers and 344 candidates who were re-attempting the exam. Among first-time writers, the pass rate was 53% and among repeat writers, the pass rate was 16%, for an overall pass rate of 44%. CFP exam pass rates naturally fluctuate from administration to administration as a result of differences in the candidate population and levels of candidate readiness.
“We continue to see tremendous growth in the number of candidates pursuing the CFP designation, as there is increasing recognition of the value of professional certification,” says Cary List, president and CEO of FP Canada. “Congratulations to all successful candidates, who have demonstrated they are now armed with the competencies expected of them to provide Canadians with professional financial planning advice.”
Following the completion of three years of qualifying financial planning work experience, successful CFP exam candidates are eligible to apply for CFP certification, the only globally recognized mark of professional financial planning. There are approximately 17,000 CFP professionals across Canada, part of a global community of more than 180,000 CFP professionals in 26 territories around the world.
Effective January 1, the requirements for obtaining CFP certification have changed. Visit the FP Canada website to learn about the new paths to certification.
