More financial planning graduates than ever sit CFP exam

August 4, 1999, Toronto - The June 12, 1999, CFP Professional Proficiency Examination developed and offered by Financial Planners Standards Council (FPSC) was written by more graduates of FPSC-approved educational programs than ever before. Of the 1,239 individuals who wrote the exam, 1,149 successfully completed one of the 77 programs offered at 61 institutions across Canada prior to the June exam. This compares with the 98 graduates who wrote the first exam offered in June 1997, 364 in November 1997, 556 in June 1998 and 1057 in November 1998.

"The tremendous growth in numbers of graduates of approved financial planning programs who write our examination is a result of the industry's continued recognition that the CFP® marks an important distinction - one that readily identifies the qualified professional financial planner for the increasing numbers of consumers seeking planning advice," says FPSC President Don Johnston.

One hundred and forty-nine candidates qualified to write the exam by meeting FPSC's challenge requirements. These requirements include the holding of one of the following designations, memberships and/or degrees: CA, CFA, CGA, CMA, CLU, member of a provincial law society, Ph.D. in business, economics or finance. Also required is three years related work experience.

Seven hundred and twenty-eight individuals passed the June examination, representing a 58.76 per cent national pass rate. "This is an acceptable pass rate for a professional examination," says Johnston. "These individuals have successfully completed a rigorous test of the knowledge and skills they'll need to have to meet the financial planning needs of their future clients. With experience and commitment to continuing education and high ethics, they will be able to join the ranks of the almost 10,000 planners holding the CFP designation in Canada and the 50,000 world-wide.

Candidates wrote the June examination in 55 different centres across Canada and two offshore. Twenty-nine were graduates of the FPSC-approved program developed by the British Columbia Institute of Technology; 237 were graduates of the Canadian Association of Insurance and Financial Advisors; 393 of the Canadian Institute of Financial Planning; 476 of the Canadian Securities Institute, six of the program offered by Seneca College of Applied Arts and Technology, and eight of the Institute of Canadian Bankers' program. Of those who qualified through the "challenge" policy, there were 62 Chartered Life Underwriters, 23 Certified General Accountants, 56 Chartered Accountants, seven Certified Management Accountants and one lawyer.

The next CFP Professional Proficiency Examination will be offered November 13, 1999.

Financial Planners Standards Council is a not-for-profit organization dedicated to benefiting and protecting the Canadian consumer by establishing and enforcing education, examination, experience and ethics requirements for financial planners who choose to earn the CFP designation. FPSC is the Canadian licensor of the internationally recognised CFP certification marks offered in 11 countries around the world.