Financial Planners Standards Council (FPSC) today released proposed changes to the eligibility requirements for CFP certification.

The Exposure Draft outlining the proposed changes can be viewed at FPSC’s Web site.

“We are excited about this development as we are proposing a path that will even further enable the success of future candidates entering the profession, from the point of entry into an education program through to CFP certification,” says Cary List, CEO and President, FPSC. “Reflecting the needs of an ever-evolving profession, these changes will more fully support future CFP candidates in acquiring the requisite competence and ultimately help them to best serve the public,” adds List.

These proposed changes are in keeping with FPSC’s mandate of developing, leading and promoting the highest competency and ethical standards in financial planning in Canada. The changes also better align the CFP certification process with the CFP Professional Competency Profile.

Released in 2006, the Competency Profile substantially helped to further define the role of a CFP professional in helping Canadians achieve their life goals. Providing a detailed articulation of the vast array of knowledge, skills and competencies that are required of a professional financial planner, the Profile has since become the foundation for FPSC in reviewing and refining the CFP certification program.

This evolution of the CFP certification program will better serve all stakeholders within the financial planning landscape.

“Candidates for CFP certification will have an opportunity to demonstrate their competence in serving the financial planning needs of Canadians through a progressive certification process that provides them with a pathway to success; employers will be assured of a credential that continues to earn its reputation as the highest standard in financial planning; and the public will continue to be assured that a CFP professional holds the credential that represents the appropriate competence and ethical standards in financial planning to serve their needs,” says List.

The CFP certification program will continue to follow the “four E” model with requirements in: education, experience, examination and ethics. Highlights of key changes include:

> a requirement for the successful completion of a capstone course that focuses on integrating knowledge gained in the core curriculum across the financial planning competency and knowledge domains, and requiring the completion of a financial plan;

> increasing the financial planning work experience requirement from two years to three years; and

> change to a two-stage exam process.

The proposed timing for the new program to be in effect is Jan. 1, 2010.

FPSC welcomes feedback from interested stakeholders until Sept. 23, 2008. Comments can be sent to FPSC via email at exposuredraft@fpsccanada.org.