The Chartered Financial Planner is a qualification for professional

financial planners A financial planner or personal financial planner is a qualified financial advisor. Practicing in full service personal finance, they advise clients on investments, insurance, tax, retirement and estate planning. As a general rule, a financial p ...

and

financial adviser A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory ...

s awarded by the

Chartered Insurance Institute The Chartered Insurance Institute (also known as the CII) is a professional body dedicated to building public trust in the insurance and financial planning profession. The CII's purpose, as set out in its 1912 royal charter, is to 'Secure an ...

. By definition, holders of the Chartered Financial Planner qualification are among the most experienced and most qualified advisers in the profession; in the United Kingdom, it is a widely accepted 'gold standard' within the profession. As at May 2016, there were over 36,000 members of the Personal Finance Society (the principal professional body for financial advisers in the UK), of which over 5,000 hold Chartered Financial Planner status. Since 2012, financial adviser firms can apply for Corporate Chartered Financial Planners status, if they qualify under a number of criteria. Fewer than 500 firms can boast Corporate Chartered Financial Planners status. The titles of Chartered Financial Planner and Chartered Financial Planners were granted by the

(CII). The

Privy Council A privy council is a body that advises the head of state of a state, typically, but not always, in the context of a monarchic government. The word "privy" means "private" or "secret"; thus, a privy council was originally a committee of the mon ...

authorised the CII to issue the Chartered title in 2005. Thus, a Chartered Financial Planner now carries comparable qualifications as other established professions such as Chartered Accountants and Chartered Surveyors, etc. Membership of the Personal Finance Society, the leading professional body for financial planners, is required to be able to use the professional designation Chartered Financial Planner. The individual Chartered Financial Planner qualification fits into the

National Qualifications Framework A national qualifications framework is a formal system describing qualifications. 47 countries participating in the Bologna Process are committed to producing a national qualifications framework. Other countries not part of this process also hav ...

at Level 6, equivalent to a Bachelor (first) Degree.

Requirements

To attain Chartered Financial Planner status as an individual, one must study for and pass approximately 14 exams in various aspects of financial services and related subjects. Each exam offered by the Chartered Insurance Institute carries a certain number of "credits" in their qualification scheme. Credits can also be granted for passing equivalent exams from other awarding bodies. A total of 290 credits is required before Chartered status can be applied for. This is likely to take several years to achieve. In addition to examinations, advisers are required to be members of the Personal Finance Society, maintain ongoing learning through a required amount of Continuing Professional Development (CPD) each year, and have a minimum of five years of relevant industry experience.

Corporate chartered status

Firms that can demonstrate the highest commitment to professional standards, development and ethics can apply for Corporate Chartered Financial Planners status. At the end of January 2017, there were fewer than 500 firms authorised to use the title.

Related designations UK

There are over 208 designations available for financial-services professionals. These are some of the more common designations: *

Certified Financial Planner The Certified Financial Planner (CFP) designation is a professional certification mark for financial planners conferred by the Certified Financial Planner Board of Standards (CFP Board) in the United States, and by 25 other organizations affiliated ...

In the United Kingdom, the CFP designation is available to financial planners through membership of the

Chartered Institute for Securities & Investment The Chartered Institute for Securities & Investment (CISI) is a global professional body for those in the financial and investment profession. It offers a range of qualifications and resources for professional development, as well as setting sta ...

(CISI). *

Chartered Tax Adviser The Chartered Institute of Taxation (CIOT) is a registered charity (number 1037771) and the leading professional body in the United Kingdom concerned solely with taxation. The CIOT deals with all aspects of direct and indirect taxation. Activit ...

Chartered Certified Accountant Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). It has 240,952 members and 541,930 future members worldwid ...

and/or Chartered Accountant *

Chartered Financial Analyst The Chartered Financial Analyst (CFA) program is a postgraduate professional certification offered internationally by the American-based CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to investment and fina ...

Equivalent titles abroad

In the United States, the

(CFP) qualification is more broadly comparable to the CFA's Chartered status. The MFP Master Financial Planner designation from the

American Academy of Financial Management The American Academy of Financial Management (AAFM) was a US-based board of standards, certifying body, and accreditation council focused on the finance sector and wealth management professionals.. AAFM was superseded by the Global Academy of Fi ...

is also the graduate designation for financial planners. The MFP is a federal trademarked designation in the United States which requires accredited exams and degrees. *

Certified Public Accountant Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. It is generally equivalent to the title of chartered accountant in other English-speaking countries. In the United Sta ...

*Certified Investment Management Analyst (CIMA),

Investment Management Consultants Association The Investments and Wealth Institute (IWI), previously known as Investment Management Consultants Association (IMCA), was founded in 1985 in Colorado to provide investment consulting and wealth management credentials and educational offerings for it ...

(IMCA) * Chartered Financial Consultant *

Chartered Market Technician The CMT Association is a non-profit, global, professional organization of technical analysis, technical analysts headquartered in New York City, servicing over 9,000 market analysis professionals in around 80 countries. The CMT Association certifie ...

Financial Risk Manager Global Association of Risk Professionals (GARP) is a not-for-profit organization and a membership association for risk managers. Its services include setting standards, training, education, industry networking, and promoting risk management practi ...

References

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External links

Chartered Insurance Institute: information on Chartered Status

DirectGov: details of National Qualifications Framework

FSA website- information about Retail Distribution Review

IFA search tool run by the CII/PFS, allowing customers to filter by Chartered Financial Planners onlyFinancial Times: Eight steps to choosing a financial adviserFinancial Conduct Authority: Official Website
* Professional certification in finance