Becoming a Trust and Estate Practitioner (TEP)

Those who choose to become finance professionals have a unique advantage over those who pursue other career paths. Apart from the opportunity to earn a substantial income, finance professionals have a wide range of certifications that cater to their strengths and can expand their skills and knowledge.

These certifications or designations also confer a degree of prestige, earning the respect and admiration of their peers, employers, and clients.

Financial advisors and planners can leverage the myriad designations and specialize in an aspect of financial planning that they favour. They can take on designations and become experts in any of these fields:

• estate planning
• tax planning
• wealth management
• inheritance and succession planning
• investment management

These varied certifications give them more choices in their career paths. They are no longer limited to designations which they might not prefer, like CPA lawyer, for example. Among the many designations, one stands out for its focus on estate administration and estate planning – the Trust and Estate Practitioner or TEP.

But what exactly is a TEP? How do you obtain this certification in Canada? Which organization issues this designation? In this guide, Wealth Professional provides insight into these and more TEP-related questions.

Introduction to Trust and Estate Practitioner (TEP)

Finance professionals who wish to specialize in estate planning, estate administration and trusts do not have to look further than the Trust and Estate Practitioner (TEP) designation.

The Trust and Estate Practitioner (TEP) certification is an internationally recognized designation. The TEP is an official title that distinguishes qualified practitioners from finance professionals who are generalists that only deal with trusts and estates on occasion.

As a TEP, you are expected to possess expert knowledge in managing trusts and estates, and knowing all the important laws, principles, industry practices, and industry trends are your specialty.

What do TEPs do for clients?

TEPs are specialists in estate and succession planning. Much of a TEP’s job is to help clients draft wills and trusts, administer inheritances, or even act as trustees. The TEP advises families on how to organize and structure their assets to ensure tax and legal compliance, while preserving wealth for future generations.

As TEPs work with clients in the succession and estate planning aspects of financial planning, there can be times when they’ll have to work with clients as they go through a difficult and emotional period. This can include the passing of a family member or helping manage a family member’s personal issues. Here are other situations where a TEP will be called upon to apply their expertise:

• An individual requires customized estate planning strategies following their partner’s death, while protecting the interests of their children
• Ensuring that elderly or vulnerable relatives are looked after and supported
• Helping families with assets or business interests abroad to remain compliant with the laws and tax rules of different countries
• Ensuring that a family business is efficiently and safely bequeathed to the next generation
• Helping clients to support charitable causes in a sustainable and effective manner

How do you become a TEP?

Aspiring candidates must become full-fledged members of the Society of Trust and Estate Practitioners or STEP Canada. Based in London, England, STEP is an international professional body that governs the issuance and regulation of TEP designated practitioners.

Candidates must take STEP courses and pass exams to become full STEP members. The TEP designation is only granted to those who successfully complete any of the possible routes to attaining STEP membership:

• Education Route
• Exam Route
• Essay Program Route
• Expertise Route

The Routes to STEP Membership

Candidates for becoming a Trust and Estate Practitioner should understand that the routes they can take are dependent on their individual educational attainment and work experience. There are also different types and levels of membership to match candidates’ career level and career progression.

All these routes lead to full membership in STEP and having the TEP designation.

1. Education Route

This route involves getting the Certificate in Estate Trust Administration or CETA. The education route is an online self-study program that is meant to reinforce the knowledge and skills of those who already have some experience in trusts and estate planning. This route is most beneficial to:

• Canadian estate administrators
• trust officers
• junior trust officers
• retail bankers
• law clerks
• junior associates
• paralegals
• wealth managers
• sales reps and administrative assistants working on trusts and estates

For this program, candidates for the CETA must take three online self-study courses in preparation for one final certification exam. Those who want to be deemed eligible for enrollment must have a successful post-secondary education and/or at least one year of wealth industry work experience.

This i also a good option for those with other related degrees and another relevant financial designation that can complement the TEP title.  

2. Exam Route

This is the best route for finance professionals who want to become known as specialists in trusts and estates. Candidates with previous experience in the trusts and estate industry have greater chances of success, but this is not a prerequisite.

The exam route consists of four self-study courses that can be taken online. These courses are a mix of synchronous and asynchronous learning, with opportunities for peer and instructor-based learning. Online proctored exams are taken at the end of each of these courses.

Students on this route can apply for exemptions from certain courses, but they must have the right qualifications. Those who graduate from this route can apply for the TEP title and have full STEP membership, but only after meeting the work experience requirements once they pass the exams.

Exam Route Program Overview

The program for this TEP route consists of four courses assembled by some of Canada’s top senior professionals in the trusts and estate industry. The curriculum is designed to equip students with essential and practical knowledge.

This course can prepare candidates for the various facets of trusts and estate planning that they may encounter in actual practice. The courses are:

C1 – Law of Trusts

C2 – Taxation of Trusts & Estates

C3 – Wills, Estate & Trust Administration

C4 – Trust & Estate Planning

The course is entirely through self-study and is done via online classes. For the exams, students must provide their own computer with a functioning webcam with microphone and with administrative rights on their computer.  

Exam Route requirements

While this program suits candidates who are already engaged in Canada’s trusts and estates industry, such as lawyers or accountants, a professional designation is not a prerequisite for enrollment.

Should candidates aspire to work in this industry but do not have previous work experience or education in this field, they may still apply to the program.

Schedule of exams

There are two scheduled exams each year; one in May and another in November. Registration is possible throughout the year with exam registration deadlines. STEP recommends candidates devote at least 120 hours of studying and reviewing before taking each of the exams. The cost of this program is $1,095 not including the applicable taxes.

3. Essay Program Route

This route is reserved for those with a recognized professional designation, a minimum of five years current, post-qualification experience in trusts and/or estates. Practitioners who are accepted into this route must complete three master’s-level essays on predetermined topics. They must write 2,500 to 3,000 words within their four years of enrollment.

Essay Program Route course overview

The Essay Program route is another educational pathway to full STEP membership and the TEP title. This is open to a select group of practitioners that already possess a recognized professional designation.

The accepted professional designations that are allowed to enroll include the following:

• Accounting Designation (CPA, CA, CGA, CMA)
• Bachelor of Laws LLB, Master of Laws LLM, or Juris Doctor
• Financial Planning Designation (CFP, PFP, RFP, PlFin)
• Financial Investment Designations (CFA, MFisc, DFisc, CIWM)
• Fellow of the Canadian Securities Institute (FCSI)
• Insurance Designation (CLU)
• Member Trust Institute (MTI)
• Quebec Notary

Another requirement for taking this route is at least 5 years of continuous experience in trusts and estates after obtaining any of these designations. As this program requires students to demonstrate the depth and breadth of their knowledge, the essay program allows seasoned trust and estate professionals to demonstrate their knowledge via a series of academic papers.

Candidates must complete 3 essays on different topics that are predetermined by STEP Canada. Students cannot write on self-selected topics. The essays should be between 2,500 to 3,000 words long. Students are expected to write with depth and originality when creating their essays.

Those aspiring to obtain the TEP designation have 4 years to complete the 3 essays. Students must submit their first essay within a year of their registration. Essays have two intake dates, May 1st and October 1st of every year.

Registration process and program fees

Registration for this program is done via a MY STEP account. Aspiring candidates must create an account at www.step.ca, then select the Essay Program Registration option.

For this process, you must complete an application form. Have a guarantor sign the work experience declaration section. You need a senior manager, direct supervisor, or a regulated professional with one of the qualifying designations and knowledge of your work to sign this section.

Once the form is complete, proceed with your online application. You must pay for your submission and select your intake date. The fee is $375 for each essay submission, with additional tax.

Work experience requirements

To gain full STEP membership, candidates may apply only if they have at least two years of continuous, current work experience. Half their work hours should be dedicated to trusts and estates work. However, STEP Canada affirms that the trusts and estates industry is a multi-disciplinary one, so this experience can be fulfilled while in a variety of different roles and responsibilities.

4. Expertise Route

This route to TEP certification and STEP membership is reserved for the most experienced and most senior trust and estate practitioners in Canada. To be eligible for this route, candidates must have at least a decade of related and relevant experience in trusts and estate planning. They must hold any of the following qualifications:

• Accounting Designation (CPA, CA, CGA, CMA)
• Bachelor of Laws LLB, Master of Laws LLM, or Juris Doctor 
• Financial Planning Designations (CFP, PFP, RFP, PlFin)
• Financial Investment Designations (CFA, MFisc, DFisc, CIWM)
• Fellow of the Canadian Securities Institute (FCSI)
• Insurance Designation (CLU)
• Member Trust Institute (MTI)
• Quebec Notary

Apart from holding a recognized professional designation, the candidate should be a member in good standing with the appropriate organization. All potential candidates will have their industry experience examined and compared against the appropriate sections in the STEP Canada Diploma in Trusts and Estates.

To be eligible to pursue this route, candidates must provide STEP Canada with:

• application letter
• detailed cv or résumé
• at least four professional referrals and evaluation statements
• self-written personal statement

Applications will be decided upon by both the STEP Canada and STEP worldwide offices. A successful application grants the candidate the TEP designation and full STEP membership.

Candidates who do not meet the requirements for the Expertise route can try the two other routes to TEP certification.

Types of STEP memberships

There are five types of members or levels of membership in STEP. These are the types arranged from entry level to full membership.

1. Student Status

This membership status is granted to those studying an entry-level STEP qualification. Students become eligible for Affiliate Membership only when they have accumulated at least 60 education or experience points under STEP’s membership framework.

2. Affiliate Member

Although higher than Student Status, this is STEP’s entry-level membership category. To gain Affiliate status, candidates need to earn 60-120 education or experience points under the Qualifications and Membership Framework. They must be working to obtain the requisite qualifications and experience to reach Associate or Full Membership status. Affiliate members are expected to follow STEP’s Code of Professional Conduct and undergo continuing professional development.

3. Associate Member

The mid-level membership at STEP, this status signifies that the member has obtained between 120-240 education or experience points under the Qualifications and Membership Framework.

Associates work towards getting the requisite qualifications and/or experience required for TEP designation. As with Affiliate members, Associates must likewise adhere to STEP’s Code of Professional Conduct and pursue continuing professional development.

4. Full Academic Member (TEP)

Full Academic members are professors who hold full-time academic or teaching appointments for trust and estate-related courses. Full Academic members may use the TEP designation, and their membership status is rare, as it is only granted on a case-to-case basis.

5. Full Member

The peak level of STEP membership, Full Members are practitioners who embody the professional standards of a TEP by passing their route and becoming successful in their practice.

Full members enjoy exclusive use of the TEP designation and STEP logo. They are expected to adhere to STEP’s Code of Professional Conduct and pursue continuing professional development.

Full members have the exclusive right to vote, join STEP Canada national committees or the STEP board, and to represent the STEP Worldwide council or board.

STEP membership requirements

Registration into any of the educational routes offered by STEP Canada requires that students be members in good standing. Upon registering into the first course, students will have their registration for affiliate membership added simultaneously with their course registration.

Membership fees are not pro-rated, and the membership cycle is from April 1st to March 31st of every year. The annual membership fee for students (affiliate and associate-level members) is $220 along with the appropriate taxes, charged each year. Students must keep their membership in good standing as they work to complete their selected program.

How long does it take to get TEP certification?

On average, it can take the CETA program and complete the courses and get TEP designated within a year. However, students have a four-year deadline from the date of registration into CETA2 to fulfill all the program requirements and get the designation.

Since registration is ongoing, candidates have four calendar years plus the extra months until the next exam date to complete their program. For instance, if a candidate registered for their program in January 2023, they have until March 2027 to complete all the exams. They will have from January 2023 to January 2027, with an additional 2 months for the final exam in March 2027. No more than one course can be taken at a time, and these must be taken in the proper sequence.

Is the TEP designation worth it?

The answer to this question depends on the individual candidate. In terms of earnings, the salary of a TEP can be substantial. But in terms of career, the diligent TEP can look forward to a long and fruitful career of helping people reach their financial goals. As a TEP, you can help people navigate the complexities of estate taxes, as in the example in this video:

Doing all this in an ethical manner can add to the personal fulfillment of working in finance as a TEP. There are many career opportunities for someone with the TEP designation, including setting up your own practice.

Bottom-line, the TEP designation is worth the time, cost, and effort to get it if the individual finance professional believes it to be so and applies the knowledge and expertise they gained from the title.

Is the TEP designation a title that you would pursue? Let us know in the comments!