Certified financial planning courses to start your career in wealth management

Becoming a certified financial planner (CFP) can be a path to a rewarding career. You get to advise investors in many different financial aspects, such as retirement, investing, financial literacy, insurance, and taxes.

But before you become a CFP, you must have the requisite education and go through a strict and rigorous certification process. Apart from the usual educational requirements, the aspiring CFP must have the relevant knowledge, skills, work experience and ethics, successfully complete a series of exams, and show that they can be trusted to adhere to a high ethical standard.

CFP designation can be difficult, and there are several types of CFP careers to choose from. Wealth Professional offers this short guide on certified financial planning courses in Canada.

What is a Certified Financial Planner?

A certified financial planner is a formal recognition of someone who has the experience and expertise in the following finance-related areas:

• insurance
• taxation
• financial planning
• retirement savings
• estate or succession planning

This designation is not awarded to just any individual, but only to those who meet the requisite requirements. To become a CFP, you must:

• have a degree from a university or vocational school, although finance or business-related degrees are the most beneficial
• pass the CFP Board’s exams
• have at least 3 years of experience in a finance-related occupation

The CFP designation is owned and awarded via the Certified Financial Planner Board of Standards, Inc.

Individuals who successfully complete the CFP Board's initial exams, then continue ongoing annual education programs to sustain their skills, can maintain their CFP designation.

Which certified financial planning course should I choose?

Your choice of certified financial planning courses depends on whether you wish to pursue a Qualified Associate Financial Planner (QAFP) or a Certified Financial Planner (CFP) role. Here are their differences:

Qualified Associate Financial Planner (QAFP)

You must complete the Core Curriculum or Technical Education – Fundamentals approved by FP Canada, the authority in certification for financial planners in the country.

These certified financial planning courses will cover foundations of key concepts in these areas:

• tax planning
• retirement planning
• insurance and risk management
• Other finance-related subjects

The Insurance and Risk Management Course from the FP Canada Institute is now available! Gain foundational knowledge and learn how to start applying it with this technical education offering.

Learn more: https://t.co/qkXaDwHNFB #FinancialPlanning #CFP #QAFP pic.twitter.com/74REgmVEv7

— FP Canada (@OfficialFPCan) July 24, 2023

Apart from needing to learn these essentials, individuals who choose to become a QAFP must develop a financial planner’s competence and commitment to high ethical standards, which includes putting their clients’ interests first.

QAFP Certification also means financial advisors can offer holistic financial advice, even in today’s fast-paced financial environment. This certification affirms that a finance professional possesses the knowledge, skills, experience and ethical standards to provide clients with financial planning strategies and solutions for their financial well-being.

The QAFP certification can be a means to obtain CFP certification. Approved by the Financial Services Regulatory Authority of Ontario (FSRA), QAFP is deemed a valid credential for individuals using the Financial Planner title in Ontario.

Certified financial planning courses for QAFP

The courses at institutions listed below in Alberta, BC, and Ontario are some that satisfy the technical education requirements of FP Canada for QAFP certification. Refer to this list of certified financial planning courses for becoming a QAFP, then reach out to the program or course contacts of their respective institutions.

Certified Financial Planner (CFP)

For this certification, the applicant must complete both the Core and Advanced Curriculum Program or Technical Education – Fundamentals and Advanced.

Certified Financial Planner certification is the most widely recognized financial planning designation in Canada. Not only is it recognized globally, but it is also considered the standard for the finance profession.

Finance professionals with this designation have demonstrated the knowledge, skills, experience and ethics to examine their clients’ complex financial picture in its entirety. CFPs are expected to work with their clients to build the most suitable financial plan.

Apart from mastering the Core Curriculum, learning the Advanced Curriculum gives CFP aspirants a deeper understanding of essential financial planning concepts. This certification prepares them to examine clients’ financial circumstances thoroughly and at the highest possible level of complexity. 

Certified financial planning courses for CFP

There are courses for CFP certification in Alberta, BC, and Ontario. You can refer to the list below to find out which institutions offer which certified financial planning courses. For more details, reach out to the relevant contacts on the list.

These are but a sample of the many institutions that offer the technical educational requirements of FP Canada. Those aspiring to become CFPs in Canada can also find institutions in other provinces or regions that offer similar certified financial planning courses or programs.

Career opportunities and pathways 

After completing your chosen certified financial planning course, you can look forward to a variety of jobs or career options. Here are a few options for the intrepid CFP:

1. Certified International Wealth Manager (CIWM)

These wealth managers specialize in managing international wealth and providing comprehensive financial planning services to high-net-worth individuals and families that have global assets.

2. Fellow of CSI (FCSI)

FCSI designation is awarded to experienced financial services professionals with a high level of expertise in various areas of finance, particularly in:

• investment management
• financial planning
• wealth management

3. Certified Financial Planner (CFP)

This is the most obvious career path for someone with a CFP designation. CFPs provide holistic financial planning services to help clients achieve their financial goals. This can include:

• tax planning
• estate planning
• retirement planning
• investment management

4. Personal Financial Planner (PFP)

These professionals offer personalized financial planning advice and solutions to individuals and families. They help clients manage their finances effectively and achieve financial security.

5. Chartered General Accountant (CGA)

CGAs specialize in accounting and financial management, providing their expertise in financial reporting, budgeting, and strategic financial planning for organizations.

6. Certified Management Accountant (CMA)

CMAs do management accounting, focusing on financial analysis, cost management, and strategic decision-making. They focus on helping organizations improve their financial performance, that's why taking certified financial planning courses is crucial.
 

7. Chartered Accountant (CA)

These are highly qualified accountants who provide a wide range of accounting and financial services, including auditing, tax planning, and financial reporting. They can offer their services to both individuals and businesses.
 

8. Chartered Financial Analyst (CFA)

CFAs specialize in investment management and financial analysis, conducting in-depth research on financial markets and securities. They make informed investment decisions for clients.
 

9. Chartered Financial Consultant (CH.F.C)

This type of CFP focuses on providing comprehensive financial planning services, including insurance planning, retirement planning, and estate planning. Their services are meant to help clients achieve their financial goals.
 

10. Chartered Investment Manager (CIM)

CIM professionals specialize in investment management, designing and implementing investment strategies to help clients grow and protect their wealth over the long term.

11. Chartered Life Underwriter (CLU)

A CLU’s forte lies in life insurance planning. Their job is to help clients protect their assets and provide financial security for their loved ones through customized life insurance solutions.

12. Registered Financial Planner (RFP)

RFPs focus on assisting clients to achieve their financial goals. They provide personalized financial planning advice and solutions to individuals and families. Completing the necessary certified financial planning courses is key to succeeding in this role.

13. Trust and Estate Practitioner (TEP)

These finance professionals specialize in estate planning and trust administration. They help clients and their families plan for the transfer of assets and wealth to their heirs in a tax-efficient manner.

If you’re undecided about getting certification as a CFP, it helps to know if you are the type of person who’s right for the profession. Here’s a video from someone with a solo CFP practice. The presenter stresses that you’ll need to be a people-person. Compared to working for someone else, you may also have to take a pay cut. Watch the video to know more about the CFP profession and help you decide.

In 2023, FP Canada introduced an end-to-end program for QAFP and CFP professionals – read our article to find out more.

Here’s a summary of CFP professions, the required certified financial planning courses for each, and the type of clients each professional will be focused on:

Financial aid for certified financial planning courses

You can find funding for your CFP education if you cannot pay for it yourself. If you are employed in a financial institution, you can speak to your manager about getting certified. Your employer may agree to partially subsidize, reimburse your tuition, or pay for your certified financial planning courses in full.

If you aren’t employed or cannot get support from your employer, your RRSP’s Lifelong Learning Plan might be an option for funding your financial planning course.

The path to CFP designation is not an easy one, but it can be well worth its pursuit. There are myriad career opportunities and many success stories about top wealth advisors who chose to get CFP designation.

Helping individuals, families, companies, or organizations achieve their financial goals while doing it in an ethical manner can be very rewarding. It also helps that you can make a decent living doing it and continually expand your financial knowledge and skills.

Which certified financial planning courses are you interested in? What steps are you taking to prepare? Let us know in the comments