CFP

I read somewhere that all you have to do is take the exams and skip all the expensive coursework if you already have a CFA.
 
If you’re a Chart Holder or CPA you can bypass the 6-8 course requirement, but you still have to sit for the exam. Also, since 2012, you have to take one course called the “Capstone” course that walks through several financial planning examples, and you have to do a case study. That will set you back about $600, plus the exam fee of $600, so it’s about $1200 just to play. The CFP is a different animal– has a lot of trust and estate law, not difficult, but you have to learn it. Also, they went to a computer-based exam like the CPA did, with a testing window of one week or so, 3-4x a year, and changed the format of the exam to a one-day test (formerly 1.5 days) Smart!
 
Only if you want to work in financial planning instead of ER/PM/PE. CFPs are sales-driven and focus is on generating commissions, and meeting revenue targets. Edward Jones and AXP are typical firms with CFPs selling their products to individual investors.
 
The bank I work for is offering to pay for it, so yeah I might as well.
 
calvol wrote:
If you’re a Chart Holder or CPA you can bypass the 6-8 course requirement, but you still have to sit for the exam. Also, since 2012, you have to take one course called the “Capstone” course that walks through several financial planning examples, and you have to do a case study. That will set you back about $600, plus the exam fee of $600, so it’s about $1200 just to play. The CFP is a different animal– has a lot of trust and estate law, not difficult, but you have to learn it. Also, they went to a computer-based exam like the CPA did, with a testing window of one week or so, 3-4x a year, and changed the format of the exam to a one-day test (formerly 1.5 days) Smart!
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CFAI need to get with the times on making the exam assessable– more than once a year for L2 and L3 and also move to a computer base system so we can type and not handwrite chicken scratch people can’t read. I don’t care what they say about having handwritting analysts. You can’t beat typed text.
 
calvol wrote:
Only if you want to work in financial planning instead of ER/PM/PE. CFPs are sales-driven and focus is on generating commissions, and meeting revenue targets. Edward Jones and AXP are typical firms with CFPs selling their products to individual investors.
Click to expand...
This is not true, I know quite a few CFPs, including myself, who work in PM and private wealth mgt in general. The CFP Board promotes comprehensive financial planning NOT sales and commission generating work. People get the designation to be able to give better financial advice to individual clients. Some people do get the credentials to be able to differentiate themselves and grow their business.
Cost/time per effort, I think it’s a lot better than the CFA program, plus you learn how to manage your own money (tax, estate, insurance, retirement, etc) which is the bottom line of financial success (keeping/protecting/growing your wealth after all the sweat).
 
Godism17 wrote:
calvol wrote:
Only if you want to work in financial planning instead of ER/PM/PE. CFPs are sales-driven and focus is on generating commissions, and meeting revenue targets. Edward Jones and AXP are typical firms with CFPs selling their products to individual investors.
Click to expand...
This is not true, I know quite a few CFPs, including myself, who work in PM and private wealth mgt in general. The CFP Board promotes comprehensive financial planning NOT sales and commission generating work. People get the designation to be able to give better financial advice to individual clients. Some people do get the credentials to be able to differentiate themselves and grow their business.
Cost/time per effort, I think it’s a lot better than the CFA program, plus you learn how to manage your own money (tax, estate, insurance, retirement, etc) which is the bottom line of financial success (keeping/protecting/growing your wealth after all the sweat).
Click to expand...
This basically, although the cost/effort evaluation is highly dependent on individual circumstances. But yeah, saying CFPs are more sales driven with a focus on generating commissions is a broad generalization. Sure you may find this in some corporate programs, but these days you’ll find many CFPs that are involved with independent RIA firms who often times are fee-only advisors.
To answer the OPs question, I’d say it highly depends on what you’re doing now, or what career path you plan on. If you’d like to get involved in private client wealth management and planning, and either work for an RIA or start one yourself, the CFP designation can be very useful on top of being a CFA charterholder. I’ve actually considered working on the CFP designation once I earn my CFA charter (assuming I do at some point). It took me a long time to get motivated to do some post graduate credential work, but now that I’m knee deep in it I may keep it rolling a bit longer.
 
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