A record number of candidates across Canada wrote the CFP exam in November
TORONTO, ON – January 18, 2019 – Financial Planning Standards Council (FPSC) has released results for the most recent sittings of the FPSC Level 1® examination and the CFP® examination, which took place at locations across Canada on November 29, 2018 and November 30, 2018, respectively. A total of 1,127 candidates wrote the exams.
The FPSC Level 1 examination, the first exam on the path to CFP certification and a requirement for FPSC Level 1 Certification in Financial Planning, was written by 564 candidates. Of those candidates, 464 were taking the exam for the first time, and 100 were repeat writers. Among first-time writers, the pass rate was 74% and among repeat writers, the pass rate was 45%, for an overall pass rate of 69%. To qualify to write the four-hour multiple-choice exam, candidates must have successfully completed an FPSC-Approved Core Curriculum program.
The CFP examination, the final exam on the path to CFP certification, was written by a record 563 candidates—the highest number since FPSC implemented enhanced requirements for CFP certification in 2010.
The CFP exam candidates included 388 first time writers and 175 candidates who were re-attempting the exam. Among first-time writers, the pass rate was 63% and among repeat writers, the pass rate was 39%, for an overall pass rate of 55%. To qualify to write the six-hour exam, which consists of a combination of constructed-response and multiple-choice questions, candidates must have obtained FPSC Level 1 certification and successfully completed an FPSC-Approved Capstone Course.
“Attaining CFP certification is a rigorous and challenging process that requires candidates to demonstrate that they are capable of navigating even the most complex financial planning scenarios,” says Damienne Lebrun-Reid, Managing Director of Standards at FPSC. “Congratulations to all successful exam candidates for achieving this milestone on the path to CFP certification.”
Candidates who successfully completed the FPSC Level 1 examination are eligible for FPSC Level 1 certification, which demonstrates an important level of technical competence and commitment to professional standards. Some individuals will choose to remain FPSC Level 1 certificants and others will choose to pursue CFP certification.
Following the completion of three years of qualifying financial planning work experience, successful CFP examination candidates are eligible to apply for CFP certification, the only globally recognized mark of professional financial planning. There are approximately 16,500 Certified Financial Planner® professionals across Canada, part of a global community of more than 175,000 CFP professionals in 26 territories around the world.
FPSC examinations are offered twice per year. The next sitting of the FPSC Level 1 examination will take place on Thursday, June 6 with the next sitting of the CFP exam on Friday, June 7. Candidates can register on their FPSC Portal at online.fpsc.ca.
More information about the path to certification is available at fpsc.ca/beaplanner
. New paths to certification take effect Jan. 1, 2020. Learn more
About Financial Planning Standards Council
A professional standards-setting and certification body working in the public interest, FPSC’s purpose is to drive value and instill confidence in financial planning. FPSC ensures those it certifies―Certified Financial Planner® professionals and FPSC Level 1® Certificants in Financial Planning―meet appropriate standards of competence and professionalism through rigorous requirements of education, examination, experience and ethics. There are approximately 18,500 financial planners in Canada who have met, and continue to meet, FPSC’s standards. More information is available at FPSC.ca and FinancialPlanningForCanadians.ca. Effective April 1, 2019, FPSC will become FP Canada™: a national professional body dedicated to advancing professional financial planning. Learn more at FPCanada.ca.
For more information, please contact:
Financial Planning Standards Council
416.593.8587, ext. 232 or 1.800.305.9886