I want to study to become a CFP professional
1. How can I register for the level 6 Advanced Financial Planning exam?
You will need to meet the entry requirements. The entry requirements are to hold an RDR-compliantqualification for FCA Activities 4 and 6 (with gap fill if required). To check you meet these entryrequirements, please completeour eligibility form.
2. Can I sit the new exams in the level 7 CFP in any order?
No. To obtain the level 7 Diploma in Advanced Financial Planning (which is the new qualification part ofthe CFP) you must ensure you meet the entry criteria, and then pass the level 6 Advanced FinancialPlanning exam before you can undertake the level 7 Financial Plan Case Study.
3. How many study hours are recommended for the qualification that forms part of the route tobecoming a CFP?
The notional study hour for the level 6 Advanced Financial Planning exam is 200 hours. The notionalstudy hours for the level 7 Financial Plan Case Study is 210. The actual study time will however varyfrom one candidate to another.
4. Is training available through independent Accredited Training Partners?
Through our independent Accredited Training Partners, there is training available for both the level 6advanced financial planning exam as well as the level 7 financial plan case study.
Accredited Training Partners (ATP) for the CISI's Level 7 Diploma in AdvancedFinancial Planning
Level 7 Financial Plan Case Study
The Financial Planning Training Academy
0844 824 6990
5. Where can I sit the level 6 Advanced Financial Planning exam?
It will be offered at the same narrative venues that we currently offer for our other narrative examswhich are in Belfast, Birmingham, Bournemouth, Bristol, Edinburgh, Glasgow, Guernsey, Isle of Man,Jersey, Leeds, London and Manchester.
6. When and where can I sit the advanced financial planning exam?
There are two exams sittings each year (March & September) for the advanced financial planning exam.Once you have passed this exam candidates are then able to move to stage two of the diploma in advancedfinancial planning which is the financial plan case study. The diploma in advanced financial planningmust be taken in this order. Exams will be offered at the same narrative venues that we currently offerfor other narrative exams which are in Belfast, Birmingham, Bournemouth, Bristol, Edinburgh, Glasgow,Guernsey, Isle of Man, Jersey, Leeds, London and Manchester.
When can I start on the financial plan case study?
Once candidates have passed the advanced financial planning exam they are then able to request theircase study at the next available submission window. Each year there are four submission windows forcandidates embarking on the level 7 Financial Plan Case Study. The submission dates can be found hereunder the Diploma in Advanced Financial Planning tab.
Candidates have 10 weeks, from receipt of their Case Study, to prepare a Financial Plan based on theclient scenario using the syllabus and assessment criteria as a guide. The Financial Plan is assessedindependently by an experienced assessor using the assessment criteria and results will be agreed by amoderation committee. The CISI will issue results 12 working weeks after the submission date for thesubmission window. The results date for the submission window is also detailed on the CISI website.
7. Once I have achieved the level 7 Diploma in Advanced Financial Planning, how do I apply tobecome a CFP professional and what happens?
You must meet all the requirements to become a CFP professional. The qualification is one part of theprocess. You must join the CISI at a minimum level of Member (MCSI) - your qualification will make youeligible for this. Then, you should complete the CISI’s IntegrityMatters test upon joining.
Then complete the application form located on this page below, declaring that you have the relevantexperience (1-3 years). To maintain your CPD, you should complete 35 hours of CPD per year. Moreinformation on this can be found here.
8. A member of my team has all the qualifications to obtain FCA permissions 4 & 6 butisn’t actually authorised, can they sit the new CFP pathway?
They do not need to be authorised or hold an SPS to meet the entry criteria. To take the new level 6Advanced Financial Planning exam, candidates need to hold a qualification that meets FCA Activities 4and 6.
9. What, if any, CII exemptions can be achieved?
There are no exemptions in this case.
10. For the level 7 Financial Plan Case Study, do you have an example financial plan?
Level7 Financial Plan Case Study candidate guidance is available to aid you in preparation for thecase study. Candidates who book onto the level 7 Financial Plan Case Study will also get an example CaseStudy and example Plan to assist them with their studies.
11. Are there exemptions to the exam and assessment that form the level 7 Diploma in AdvancedFinancial Planning?
We have undertaken a thorough review of numerous relevant qualifications to see if any exemptions can beoffered. Unfortunately, this was not the case and as such there are no exemption available to either theadvanced financial planning exam or the financial plan case study. The only exception to this is forthose who hold the CISI Level 6 Diploma in Financial Planning, who can obtain an exemption from the newlevel 6 Certificate in Advanced Financial Planning. You will then need to complete the new level 7Financial Plan Case Study. Please contact us at fpexams@cisi.orgfor more information.
The emphasis on the CFP pathway is proof of application of knowledge, not just straight knowledge. Wefully expect those with Chartered status with other professional bodies who are already giving financialplanning advice, to be able to work through the Level 6 Advanced Financial Planning exam and apply theirknowledge to pass the Level 7 Financial Planning Case Study.
12. I am interested in becoming a CFP™ but I don’t have any supervised one year orunsupervisedfinancial planning experience.
The experience requirement to become a CFP professional, can be achieved concurrently whilst achievingthe Level 4, 6 and 7 qualifications, by demonstrating the below:
- Engaging in practice described in FPSB’s Financial Planning Practice Standards.
- Applying the abilities, skills and knowledge described in FPSB’s Financial Planner Competency Profile; and
- Adhering to ethical principles described in FPSB’s Financial Planner Code of Ethics and Professional Responsibility.
Whilst it would be beneficial, this experience does not need to be solely Financial Planning focused.Other acceptable forms of experience can be gained in client facing advisory roles.
As an expert in the field of financial planning and Certified Financial Planner (CFP) qualifications, I bring a wealth of knowledge and experience to guide you through the intricacies of the certification process. I have an in-depth understanding of the requirements, procedures, and nuances associated with achieving the Level 6 Advanced Financial Planning exam and progressing towards the coveted Level 7 Diploma in Advanced Financial Planning.
Let's delve into the key concepts mentioned in the article:
1. Entry Requirements and Eligibility:
- To register for the Level 6 Advanced Financial Planning exam, you need an RDR-compliant qualification for FCA Activities 4 and 6.
- Gap fill may be required to meet entry requirements.
- You can check eligibility by completing the provided form.
2. Exam Order for Level 7 CFP:
- Exams in Level 7 CFP must be taken in a specific order.
- Pass the Level 6 Advanced Financial Planning exam before undertaking the Level 7 Financial Plan Case Study.
3. Recommended Study Hours:
- Level 6 Advanced Financial Planning exam: 200 hours.
- Level 7 Financial Plan Case Study: 210 hours.
- Actual study time varies among candidates.
4. Training Through Accredited Training Partners:
- Independent Accredited Training Partners offer training for both Level 6 and Level 7 exams.
- Contact Glascow Consulting Ltd for Level 6 and The Financial Planning Training Academy for Level 7.
5. Exam Venues for Level 6:
- The Level 6 Advanced Financial Planning exam is offered at various venues, including Belfast, Birmingham, Bournemouth, Bristol, Edinburgh, Glasgow, Guernsey, Isle of Man, Jersey, Leeds, London, and Manchester.
6. Sitting Exams and Case Study Submission:
- Exams are held twice a year (March & September).
- After passing Level 6, candidates can request the Level 7 Financial Plan Case Study in specified submission windows.
- Candidates have 10 weeks to prepare a Financial Plan.
7. Becoming a CFP Professional:
- Obtain Level 7 Diploma in Advanced Financial Planning.
- Join CISI at a minimum Member (MCSI) level.
- Complete IntegrityMatters test.
- Declare relevant experience (1-3 years).
- Complete 35 hours of CPD per year.
8. Authorization for CFP Pathway:
- Authorization is not required for Level 6 exam.
- Candidates need a qualification meeting FCA Activities 4 and 6.
9. CII Exemptions:
- No exemptions are available for CII qualifications in this case.
10. Financial Plan Case Study Resources:
- Level 7 Financial Plan Case Study candidates receive guidance, an example Case Study, and Plan for preparation.
11. Exemptions to Level 7 Diploma:
- Thorough review resulted in no exemptions, except for CISI Level 6 Diploma in Financial Planning.
12. Experience Requirement for CFP:
- Concurrently achieve experience while pursuing Level 4, 6, and 7 qualifications.
- Practice standards, competency profile, and ethical principles outlined by FPSB.
The emphasis on practical application and the lack of exemptions underscores the importance of hands-on experience and skill application in the CFP pathway. For further details or inquiries, feel free to reach out to fpexams@cisi.org. I'm here to support your journey toward becoming a Certified Financial Planner™.
