Those who want to get a CFP (College of Financial Planning) degree must go through the 250-hour education program, then take the exam. The only prerequisite for getting a CFP is to have a bachelor’s degree or a higher degree.
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Although CFP is oftentimes mistaken with the CFP, both are two totally different things. The CFP is quite easy to get compared to CFA. The biggest difference is it t isn’t only made up of a single exam. While CFA is going to be definitely worth it, CFP on its own isn’t all that creditable. To get the most out of your CFP, you should get an MBA (Master of Business Administration). Without one, the CFP doesn’t mean that much.
How much does a CFP course cost?
The exam for the College of Financial Planning costs about $600 but this is just the exam fee. Getting your CFP degree will cost you significantly more than $600. Included with the review materials and classes you take, it can cost anywhere from an additional $600 to $2,000. In total, it can cost more than $1,200 just to take the exam.
How long does the CFP study last?
There isn’t a set number of hours you need to spend studying for the CFP. However, the College of Financial Planning Board recommends you to study for at least 250 hours before taking the exam. Since you will need to retake the exam and pay for the whole process once again, we suggest studying for at least 100 hours before taking the exam.
What are career options for the CFP?
There are many career opportunities for someone with a CFP. Most commonly, people with CFP specialize in becoming either one of the following.
1. Personal Financial Planner
2. Wealth Management Advisor
3. Associate Advisor
4. Client Services Advisor
Is CFA harder than CFP?
While two of these have their own differences, CFA is definitely way harder than CFP. While you will take a single exam to pass CFP, there are three steps to a CFA. If one fails one step of the exam, it must be re-taken. With that said, CFA is harder than CFP. In fact, it is one of the hardest financial credentials anyone can get.