Why become a CERTIFIED FINANCIAL PLANNER professional?

I am a current CFP professional

1. I am currently a CERTIFIED FINANCIAL PLANNER professional in the UK. In order to maintain my CFP, do I need to sit the new exams ?
As an existing CFP professional, we wanted to make it clear that you do not need to sit any more exams to maintain your CFP certification. The changes to the CFP qualification, detailed below, do not affect you. You will still need to meet your CPD requirements and renew your CISI membership and CFP certification annually.

2. I am a current CFP that holds the level 6 Diploma in Financial Planning and would like to sit the new assessments to obtain the level 7. Can I do that?
As a current CFP professional, although you do not need to sit any more exams to maintain your CFP certification, should you wish to obtain the new level 7 Diploma in Advanced Financial Planning to gain a level 7 qualification, you can do so. You can obtain an exemption from the level 6 Certificate in Advanced Financial Planning exam. You will then only need to pass the new Level 7 Financial Plan Case Study. Please contact us at fpexams@cisi.org for more information.

3. I am CERTIFIED FINANCIAL PLANNER professional outside the UK, and I have the intention to relocate to the UK. How can I become a CERTIFIED FINANCIAL PLANNER in the UK?
Before you can transfer your CFP™ Certification to the UK, you would first need to pass an FCA regulatory qualification, this with the CISI would be our Level 4 Investment Advice Diploma. More information can be found here.

Once you have completed the qualification, the CISI would check with your current FPSB affiliate to confirm the following:

• Date of initial CFP certification
• confirmation the applicant is or was a CFP certificant in the Affiliate Country
• Pathway to the CFP Certification Examination (registered education program, transcript review or challenge status) and confirmation that the candidate passed the CFP Certification Examination in the Affiliate country
• Membership identification number
• Disciplinary history with the FPSB Member
• Details of any complaints with the FPSB Member
• If there is any reason we should not consider allowing this transfer of the CFP certification to the UK

Once all of that had been confirmed you could proceed to join the CISI as a member and become a CFP™ professional in the UK.

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-compliant qualification for FCA Activities 4 and 6 (with gap fill if required). To check you meet these entry requirements, please complete our 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 of the CFP) you must ensure you meet the entry criteria, and then pass the level 6 Advanced Financial Planning 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 to becoming a CFP?
The notional study hour for the level 6 Advanced Financial Planning exam is 200 hours. The notional study hours for the level 7 Financial Plan Case Study is 210. The actual study time will however vary from 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 6 advanced financial planning exam as well as the level 7 financial plan case study.



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 exams which 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 advanced financial planning which is the financial plan case study. The diploma in advanced financial planning must be taken in this order. Exams will be offered at the same narrative venues that we currently offer for 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 their case study at the next available submission window. Each year there are four submission windows for candidates embarking on the level 7 Financial Plan Case Study. The submission dates can be found here under the Diploma in Advanced Financial Planning tab.

Candidates have 10 weeks, from receipt of their Case Study, to prepare a Financial Plan based on the client scenario using the syllabus and assessment criteria as a guide. The Financial Plan is assessed independently by an experienced assessor using the assessment criteria and results will be agreed by a moderation committee. The CISI will issue results 12 working weeks after the submission date for the submission 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 to become a CFP professional and what happens?
You must meet all the requirements to become a CFP professional. The qualification is one part of the process. You must join the CISI at a minimum level of Member (MCSI) - your qualification will make you eligible 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 relevant experience (1-3 years). To maintain your CPD, you should complete 35 hours of CPD per year. More information on this can be found here.

8. A member of my team has all the qualifications to obtain FCA permissions 4 & 6 but isn’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 6 Advanced Financial Planning exam, candidates need to hold a qualification that meets FCA Activities 4 and 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?
Level 7 Financial Plan Case Study candidate guidance is available to aid you in preparation for the case study. Candidates who book onto the level 7 Financial Plan Case Study will also get an example Case Study 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 Advanced Financial Planning?
We have undertaken a thorough review of numerous relevant qualifications to see if any exemptions can be offered. Unfortunately, this was not the case and as such there are no exemption available to either the advanced financial planning exam or the financial plan case study. The only exception to this is for those who hold the CISI Level 6 Diploma in Financial Planning, who can obtain an exemption from the new level 6 Certificate in Advanced Financial Planning. You will then need to complete the new level 7 Financial Plan Case Study. Please contact us at fpexams@cisi.org for more information.

The emphasis on the CFP pathway is proof of application of knowledge, not just straight knowledge. We fully expect those with Chartered status with other professional bodies who are already giving financial planning advice, to be able to work through the Level 6 Advanced Financial Planning exam and apply their knowledge 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 or unsupervised financial planning experience.
The experience requirement to become a CFP professional, can be achieved concurrently whilst achieving the 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.

I am currently studying to become a CFP professional via the previous level 6 diploma in financial planning

1. When does the level 6 diploma in financial planning pathway to become a CFP end?
The level 6 Financial Plan Assessment component of the CFP closed to new entrants on 30 November 2019. Candidates undertaking the level 6 Financial Plan Assessment before this date will be allowed to continue past 30 November 2019, until their 3rd and final submission.

2. I am on the existing pathway to becoming a CFP. Can I transfer to the new CFP pathway? What will be the cost?
As a candidate on the current route to the CFP certification, you have two options:

1. Continue and complete the current level 6 Diploma in Financial Planning
Or
2. Switch to the new level 7 Diploma in Advanced Financial Planning

Continuing the current level 6 Diploma in Financial Planning will still allow you to earn the CFP certification.

Switching to the new level 7 Diploma means you will have to start from the beginning and meet the entry requirements.

If you decide to switch to the new pathway and are currently completing your Financial Plan based on a case study and meet the entry requirements, we are offering a discount for the level 6 Certificate in Advanced Financial Planning (workbook and exam). Please contact us at fpexams@cisi.org for more information. Please note the discounts available are only for candidates who were previously working towards the level 6 diploma in financial planning and will only apply to the March 2020 and September 2020 exam sittings.

3. I have failed my CFP under the CISI and wish to restart via the new CFP pathway. How much would this cost and what do I need to do to register?
If you are a candidate who has previously attempted to complete the Financial Plan based on a case study part of the level 6 Diploma in Financial Planning, we are offering you a discounted rate for our new level 6 Certificate in Advanced Financial Planning (workbook and March 2020 & September 2020 exam sittings only). Please contact us at fpexams@cisi.org for more information.

4. What are the pros and cons of the previous Level 6 Financial Plan versus the new Level 7 Financial Plan Case Study?
The previous level 6 Financial Plan was one big case study which incorporated all the technical knowledge AND application of knowledge tested in one assessment. The new level 7 route splits this in to two parts – an exam and a Case Study. The new format is designed to make the CFP certification achievable.

The level 6 past paper and examiner report will give all the support needed to pass. We would recommend the new route for those who are not experienced longstanding financial planners.

5. For the level 7 Financial Plan Case Study, do you have sample case studies to compare the new and previous case studies?
Level 7 Financial Plan Case Study candidate guidance is available to aid you in preparation for the case study. Candidates who book onto the level 7 Financial Plan Case Study will also get an example Case Study and example Plan to assist them with their studies.

6. Are there exemptions to the exam and assessment that form the level 7 Diploma in Advanced Financial Planning?
We have undertaken a thorough review of numerous relevant qualifications to see if any exemptions can be offered. Unfortunately, this was not the case and as such there are no exemption available to either the advanced financial planning exam or the financial plan case study. The only exception to this is for those who hold the CISI Level 6 Diploma in Financial Planning, who can obtain an exemption from the new level 6 Certificate in Advanced Financial Planning. You will then need to complete the new level 7 Financial Plan Case Study. Please contact us at fpexams@cisi.org for more information.

The emphasis on the CFP pathway is proof of application of knowledge, not just straight knowledge. We fully expect those with Chartered status with other professional bodies who are already giving financial planning advice, to be able to work through the Level 6 Advanced Financial Planning exam and apply their knowledge to pass the Level 7 Financial Planning Case Study.

CFP applications

To apply for the CERTIFIED FINANCIAL PLANNER designation please complete the application form and return it to cfp@cisi.org. There is a charge of £60 for this designation and once your application is approved by the CISI you will be sent a certificate.

CFP™ Application form
CFP™ Policy
Financial Planning Practice Standards

The standard processing timescale for all applications is up to 15 working days, including three to five days required to post any confirmations or certificates. If you have sent your form to the CISI and you have not received email confirmation of receipt within 28 days please contact us

CFP renewals

CERTIFIED FINANCIAL PLANNER professionals are required to maintain technical competence and fulfil ethical obligations. This includes completing at least 35 hours of continuing professional development education each year to stay current with developments in the financial planning profession. In addition, CFP professionals must disclose any public, civil, criminal or disciplinary actions that may have been taken against them during the certification period.^***

CFP™ Renewal form

CFP experience requirements

The CISI recognises the importance of work experience for someone looking to become a financial planning professional in being able to apply financial planning knowledge in diverse or complex client situations. The CISI believes engaging in supervised practice is the most effective method of gaining professional experience, but alternative methods of gaining work experience are acceptable. The CISI expects that the clients of financial planning professionals will benefit from a globally accepted experience standard for financial planning professionals.

Relevant Work Experience

An individual demonstrates relevant work experience, either supervised or unsupervised, working with clients while:

• 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.

Supervised Experience

Supervised Experience can be met by completing one year of supervised practice as described above under Relevant Work Experience.

The supervisor, who must be a financial planning professional who has mastered the abilities, skills and knowledge described in FPSB’s Financial Planner Competency Profile:

• Provides candidates with experience in, and instruction about, the practice of the profession;
• Helps candidates to develop knowledge about the practice of the profession;
• Teaches candidates the required standards of conduct; and
• Confirms candidates are able to interact with clients.

At the end of the supervised practice period, the supervisor attests to the CISI in writing to the candidate’s readiness to competently and ethically practice financial planning.

Unsupervised Experience

Unsupervised Experience can be met by completing three years of unsupervised practice as described above under Relevant Work Experience

Level 7 Financial Plan Case Study

Candidates are supplied with a case study which outlines a client’s circumstances. The client(s) to be advised are either retired or pre-retired. A confidential questionnaire, taxation calculations and net worth statement are also supplied with the case study.

Candidates must prepare a financial plan for the clients on the basis of the information provided in the case study. The submitted plan will be assessed by a qualified CFP™ against the assessment criteria. It is important that all candidates spend sufficient time studying the assessment criteria in detail before they begin the process of creating the financial plan. This will help candidates to understand what is required of them in writing and submitting their plan.

Level 7 Financial Plan Case Study syllabus
 Level 7 Financial Plan Case Study Candidate Guidance
 Level 7 Financial Plan Case Study top tips from assessors

Entry requirements and Applications

Candidates must meet the entry requirements before attempting the level 7 Diploma in Advanced Financial Planning. Candidates will need to hold an RDR compliant qualification for FCA activities 4 and 6 and have passed, or hold an exemption for, the CISI level 6 Certificate in Advanced Financial Planning. Candidates can check if they are eligible by completing our eligibility form or booking form. If eligibility is confirmed, we will contact the candidate to start the booking process. Candidates will be provided with a case study and candidate guidance document including a sample plan. The case study will be selected randomly from a bank of case studies all of which will deal with a typical Financial Planning client.

Submissions

There are four submission windows for candidates embarking on the level 7 Financial Plan Case Study. Candidates have 10 weeks, from receipt of their Case Study, to prepare a Financial Plan based on the client scenario using the syllabus, candidate guidance document, and assessment criteria as a guide. Candidates need to submit their Financial Plan with the Assessment Submission Form.

The Financial Plan is assessed independently by an experienced assessor using the assessment criteria. A moderation process ensures the consistency of assessment. The CISI will issue results 12 working weeks after each submission date. The results dates for the submission windows are available here.

Soft copy Financial Plans (in PDF format) should be sent to fpsubmissions@cisi.org.

Resubmissions

Candidates who were not successful at first or second submission can resubmit a revised plan by the deadline date for the next submission window.

Rapid Resubmission Service

Candidates whose submissions were not successful at the first or second submission but missed the required standard by a small margin have the option of using our Rapid Resubmission Service. The eligibility criteria for a Rapid Resubmission are that the plan must have achieved an overall mark of 60% or more and no more than two failed Learning Outcomes. The resubmission must be made three weeks after results are issued and the result of the assessment will be available five weeks after resubmission. Full details of the Rapid Resubmission Service are available in the Candidate Guidance.

Accredited Training Partners (ATP) for the CISI's Level 7 Diploma in Advanced Financial Planning

Level 6 Advanced Financial Planning Exam

Glascow Consulting Ltd

 www.glascow.co.uk/events
 0203 292 9229

Level 7 Financial Plan Case Study