CFP preparation after obtaining CFA

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bucky6225

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I already have the CFA and am probably going to go for the CFP. From what I understand, CFAs are exempt from the education requirement for CFP. All they have to do is the capstone course. I still want to order the Schweser CFP books so I can go over some of the topics not really covered in the CFA (insurance, taxes etc). My question is do these books cover the topics in full? Will I be well prepared just reading these books and doing the practice questions vs going through the official lectures etc.? Anyone out there used Schweser for CFP?
 
I’m in this same boat. I work for a RIA the focuses on HNW clients. I started the CFP education program prior to getting my charter. I have 2 modules left and just plan on finishing them just because it is paid for and I have to study the material anyway. I am doing the program through the College for Financial Planning. The material is super dry and poorly written. When I take the actaul CFP exam I plan on using Schweser materials.
 
Palacio, given that I already have the charter, do you think I need to go through the formal modules for each course, or am I fine just ordering the books and challenging the education requirement? Thanks
 
I have looked into the CFP. I may do it in the future, depending on where my job takes me. (I’m also a CPA, FYI.)
Since I’m a CPA, and hopefully soon a CFA Charterholder, I will be able to challenge the test–and that’s exactly what I would do. I would not go through any more formal training. (I have formal training up to my eyeballs. I am sick and tired of formal training.) I would skip straight to the study materials and take the test. I think that anybody who is a CFA Charterholder should be able to easily grasp the material.
 
Buck. I’m a CFP. Note that I use it as a noun.
with your cfa you should just challenge the test. Don’t bother with the review. I recal the test are given often and no penalty for failure to pass ( retake right away ).
If anything review and take a look at the ethics sections though and make sure you have a good understanding of estate planning and insurance.
As far as the investment sections and quant, a mentor of mine past the exam and I’m not sure he knew how to work his ba2+. Seriously. It seemed like a challenge at the time but it is relatively easy given your accomplishments.
 
Buck, I’m a CPA and I use it as a noun. I want to be a CFA Charterholder. I do NOT use CFA as a noun, because it is an ethics violation according to the curriculum. I don’t know how strict CFAI is about such a thing, but I would hate to be part of a PCP investigation and have exam results withheld or voided over a stupid technicality. So i err on the side of caution.
And if I were a CFP, I would use it as a noun too.
 
I also want to be a CFA charter holder. Using it correctly is part of the program, I’m ok with that. I don’t recal that being an issue with the CFP.
 
I also want to be a CFA charter holder. Using it correctly is part of the program, I’m ok with that. I don’t recal that being an issue with the CFP.
 
Thanks for the info. I’ve talked to a few people, including the folks at Schweser. Consensus seems to be if you have the CFA, a light review of the CFP material and some practice questions should be adequate prep for the CFP exam.
 
Well, I called about challenging out of the education requirement with my CFA charter and they informed me that I still have to complete the capstone, however since I have already started the pre-education modules (I have completed 3/5) prior to them having instituted the capstone requirement I can just finish the Retirement and Estate Planning modules without having to do the capstone. Does anyone know about the capstone and what it intails?
 
I didn’t know anything about it. I thought you could just skip straight to the actual test. If and when I do the CFP, that’s what I had planned on doing.
 
Yeah, now even if you have the CFA charter, CPA, JD etc. you still have to do a capstone course. Sucks
 
I called the CFP Board and they did infact clarify that enven those people that are challenging out of the required educational classes will need to complete the Capstone couse. What a pain!
 
PalacioHill wrote:
…the CFP Board…did infact clarify that enven those people that are challenging out of the required educational classes will need to complete the Capstone couse.
Click to expand...
A bogus attempt to validate a second-rate designation. Just my opinion, of course.
 
Agreed. I think they will find less people willing to do this and enrollment will drop. It is BS to have to do the educational requirement in the first place. It really is a money racket too. It is $4.5K to do the educational program through the college for financial planning! That is completely rediculous. You know it is a money racket b/c Apollo Group owns the College for Financial Planning, which is the same company that owns University of Phoenix.
 
In order to be fair, I do think that for most of the “used-car-salesmen-turned-financial-advisor”, the education part really does go a long way in qualifying them to give financial advice.
For example: When I got out of the Marines, I went to work for Ameriprise. I knew nothing about finance. Literally nothing. I did not know the difference between a stock and a bond, did not know what an option was, did not know what a mutual fund was (much less an expense ratio, and how it affected your return). I was clueless about taxes, capital gains, dividends, etc. I didn’t understand simple terms like “dollar-cost averaging” or “asset allocation”. I studied for three weeks, passed the Series 7, and then was told to tell clients that “my training through Ameriprise is virtually the same as a Master’s degree”.
Even though I think CFP is second rate, it is not third rate, like the AAMS or CRPC. I studied for the CRPC over the weekend, and was able to pass that test.
Then there are the fourth-rate ones. I can’t remember them, but if you have taken 12 college credits in business and pay $1,000 dollars, then they will give you some designations.
 
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