May 12, 2008
When are you required to start accumulating CE credits?
Obligation for Continuing Education
Successful exam candidates of CFP Examination written in 2004 or thereafter
Successful exam candidates of CFP Examinations prior to 2004
How many CE credits are you required to complete annually?
Continuing Education (CE) Requirements
In order to maintain the high standard of competency, CFP professionals and successful exam candidates are obligated to complete 30 Continuing Education (CE) credits annually.
Of the 30 CE credits required, a minimum of 20 CE credits must be in the "technical" category with the remaining credits from the "general" category. A CFP professional can claim up to a maximum of 10 general CE credits per year. CE credits are acquired for the calendar year (between January 1 and December 31). However, programs spanning more than one year can be prorated evenly over two years.
How to calculate your CE credits
NOTE: Often Course Providers/Educators advise their students/attendees as to what they believe the appropriate number of technical credits may be for their activity. It is important to remember that this estimate is the Course Provider/Educator’s assessment, not that of FPSC. It is still your responsibility to ensure that the allocated number of credits estimated by the Course Provider is reasonable.
There are two categories of CE credits:
The guideline of 1 hour of education = 1 CE credit applies to both the technical and general categories when calculating your credits.
Technical Credits:
A credit can be deemed as “technical” if it is verifiable by a third party and is directly related to personal financial planning. In order to determine if the content is related to personal financial planning, it must be related to topics in the Technical Knowledge Listing.
The following categories are examples of content that would qualify for technical credits:
For additional information regarding the “Guidelines on assessing technical activities” please refer to the Technical Knowledge Listing.
Once an activity is deemed as “technical”, the activity will only qualify towards the technical requirements if it consists of sufficient supporting documentation. For additional information refer to (Supporting Documentation Required for Verification of Technical CE Activities)
General Credits:
A credit can be deemed as “general” if it falls under one of the following descriptions, unverifiable activities or activities that are not directly related to personal financial planning:
1. Unverifiable Activities:
An “unverifiable activity” is an activity that:
a) cannot be verified by a third party and/or with supporting documentation, OR
b) the content is related to personal financial planning, however no proof of completion is provided by a third party.
Examples of unverifiable activities are:
NOTE: Although “reading and/or self study” can further one’s knowledge skills and abilities to perform their job competently, unfortunately, it is difficult for us to measure the amount of time an individual reads. As such, we have rewarded a maximum of 10 general credits per year for reading/self study activities.
2. Activities that are not directly related to personal financial planning:
Examples of these types of activities are:
a) Sessions and/or courses not directly related to personal financial planning, such as an auditing course or a business valuation course
b) Sessions or in-house training on Professional Skills, such as practice management or communication skills
c) Internal company training that is non-transferable, such as new product knowledge, sales/marketing training
Guidelines on assessing technical activities
Technical Knowledge Listing
The attached document is a listing of technical knowledge included in FPSC’s CFP Professional Competency Profile and can be found under Appendix B – Technical Knowledge Required. This new listing replaces the CFP Examination Syllabus. It is a more up-to-date document and comes directly from FPSC’s CFP Competency Profile released in 2006.
Appendix B – Technical Knowledge Required:
What kind of educational activities are acceptable?
Educational Activities:
The following is an outline of some of the more common educational activities. These activities can be used for either general and/or technical credits. Activities are reviewed only upon audit. A maximum number of credits are allocated to each activity.
1. Seminars/Conferences/In-house Training/Webinars – can be claimed for CE credits (1 hour = 1 CE credit). When calculating credits, one full day usually equals 6 CE credits. However, additional credits may be allocated upon review. The maximum amount allocated for one full day of training is 7 CE credits.
For activities that cover both general and technical topics, the appropriate number of credits for each category must be identified. Example:
2. Computer Training/Computer Courses:
3. Self-study Courses with an Exam – using printed materials, audio or videotapes, or electronic media. Self-study courses usually have a recommended number of study hours. You can claim the full number of study hours as CE credits if you successfully complete an exam and/or assignment. If you do not successfully complete the exam and/or assignment, then you can only claim half the recommended number of study hours. Once you pass the course then you can claim the remaining half.
NOTE:
4. Credit Courses (including credit courses for MBA programs) - If you are enrolled in a university or college credit course for one full semester then it will qualify towards your CE requirements. You must remember to cross reference the course content to determine which category it falls under.
NOTE:
5. Prep Courses – Courses that you take to prepare you for a final exam can be used towards your CE requirements. The guideline of 1 hour of education = 1 CE credit applies to both the general and technical categories when calculating your credits.
NOTE:
6. Review courses without an exam – Courses that have no exam or assignment to complete, can be used towards your CE requirements, however would only qualify towards your general requirements.
7. Online Courses – These courses usually have a recommended number of study hours OR credits rewarded upon successful completion. You can claim the full number of study hours/credits once you successfully complete the course. If you do not successfully complete the course you can only claim half for study time. Please note that credits that exceed 6 CE credits require further review.
8. Obtaining a Professional Licence and/or Designation – This is eligible for CE credits and usually has a recommended number of study hours. You can claim the full number of study hours as CE credits (usually up to a maximum of 30 CE credits for technical activities and up to a maximum of 10 for general activities) if you successfully pass the exam. If you do not successfully complete the exam, then you can only claim half the recommended number of study hours and will be able to claim the remaining half once you successfully complete the exam. For designations that do not offer an exam, credits will be rewarded based on the amount of days spent to complete the program.
NOTE:
9. Writing:
Technical Credits – will be allocated if you are involved in writing:
NOTE: Articles/newsletters/novels must be directed to the financial service profession in order to qualify for technical credits. In addition, you can receive credit for your preparation time up to a maximum of 15 credits per year.
General Credits – will be rewarded if you are involved in writing articles/newsletters for persons not engaged in financial services (e.g. for the general public or clients, and/or for marketing purposes) up to a maximum of 10 general credits per year.
10. Teaching/Presenting:
Technical Credits – if you are an instructor, discussion leader or speaker to the financial service profession and/or post secondary students and teach/present topics that qualify for technical credits, you can claim a maximum of 15 technical credits per year for this activity.
NOTE: When reporting teaching credits:
a) General Credits - teaching or presenting seminars/courses designed for persons other than financial services professionals or post-secondary students (e.g. general public, presentations for marketing purposes, television, radio talk shows, high school programs, etc.) is eligible for up to a maximum of 10 general credits per year.
11. Other Educational Activities – Other activities may qualify for CE credits. To determine whether or not a particular activity would qualify as an “education activity” please send your inquiries to ceconnection@fpsccanada.org.
What type of supporting documentation is acceptable?
Supporting Documentation Required for Verification of Technical CE Activities
Technical activities can be verified by the following:
When submitting certificates of attendance for an educational activity, we request that you attach the duration of the program, agendas and/or course description along with your submission to expedite the review process. Often it is difficult to determine if an activity qualifies from its name alone.
We request that you attach the duration of the program, agendas and/or course description along with your submission. If this information is not provided, it may result in a delay and/or the activity may not be approved.
Must be an official transcript (photocopies are acceptable). Course description/curriculum must be included upon submission.
We will accept photocopies; photocopies must have the educational provider's contact information. Course description/curriculum must be included. A pay stub must also be provided.
The above list of sufficient supporting documentation is not all-inclusive and FPSC will consider other relevant documentation upon review.
Are your technical CE credits eligible for carryover towards your CE requirements next year?
Carry Over Provision
Effective for the 2004 calendar year, a CFP professional who earned technical credits in excess of their technical CE requirements for the current calendar year, will be permitted to effectively "carry over" these technical CE credits and apply them towards their CE requirements for the following calendar year.
A maximum of 20 excess technical credits can be claimed for "carry over" and must be used in the next calendar year. This policy applies ONLY to technical credits. Excess general credits CANNOT be claimed for "carry over" to the next calendar year.
NOTE:
For example - If you are required to start accumulating CE credits in 2006 then;
When you are required to report your CE credits
Reporting and Supporting Documentation
CFP professionals are required to attest to the completion of their Continuing Education (CE) requirements for the calendar year specified on the annual Application for FPSC Licence Renewal Form.
CFP professionals who have earned excess technical CE credits for the specified year will also be requested to indicate whether or not they wish to carry them over towards the following year.
At the time of renewal you will not be required to submit any CE supporting documentation. FPSC relies on the accuracy of the CFP professional's self-assessment of their CE activities. Therefore, you will ONLY be required to submit your CE supporting documentation if you are selected for audit.
Please be advised that the technical excess credits carried over from the previous year may also be subject to audit. To ensure that you are prepared in the event of an audit, we recommend that you keep all CE supporting documentation for at least three years.
Reporting General and Technical credits
General:
When reporting general credits please remember the following:
Technical:
When reporting technical credits you must claim a minimum of 20 technical credits per year. Excess technical credits earned in the current year can be carried over towards the following year, up to a maximum of 20 excess technical credits. For additional information please see carry over provision.
How to enter your CE activities online
Instructions on how to enter your CE activities online:
NOTE:
Editing/Deleting Activities:
How to edit activities already entered
How to delete activities already entered
Audit Requirements
A percentage of CFP professionals are chosen for the random audit each year. In the event you are audited, you will be requested to supply sufficient supporting documentation to verify completion of your technical credits. You are not required to supply supporting documentation for your general credits.
For additional information regarding sufficient supporting documentation click on the following link - Supporting Documentation Required for Verification of Technical CE Activities
Failure to comply with CE and/or Audit requirements
CFP professionals who fail to comply with the CE requirements or Audit requirements within the stipulated period may be suspended and may be subject to disciplinary action by FPSC.
Misstated or fraudulent reporting of CE credits will be reported to the Enforcement Department as a violation of the FPSC's Code of Ethics.
Former CFP professionals who wish to reinstate their FPSC licence to use the CFP Marks must contact the Administration Department for additional information regarding their reinstatement requirements (licensing@fpsccanada.org).
In addition, former CFP professionals will be required to report sufficient CE credits, along with supporting documentation, to cover the credits they were required to complete while their licence was lapsed (e.g., 3 years of lapsed licence will require demonstration of 90 CE credits). If unable to comply or complete the required CE credits upon reinstating, former CFP professionals must contact the Professional Affairs Department at ceconnection@fpsccanada.org for further assistance.
What qualifies for a CE exemption?
Exemptions
A CFP professional can request an exemption from CE requirements for one calendar year (January 1 to December 31) due to extenuating circumstances. These requests are reviewed on a case-by-case basis. In all cases, a CE Exemption Request Form must be completed and must be accompanied with sufficient supporting documentation.
CE Exemptions may be considered for the following circumstances:
Parental Leave
A CFP professional can request a CE exemption for parental leave. Exemptions for parental leave are for one calendar year and will not be prorated between calendar years. A CE Exemption Request Form must be completed and must be accompanied with a copy of a child's birth certificate and/or adoption papers.
Medical/Disability Leave
An exemption for medical/disability leave must be requested annually. A CE Exemption Request Form must be completed and an updated medical report and/or doctor's note must be included with the request.
Download the CE Exemption Form.
CFP professionals who are granted a CE Exemption for the above noted circumstances may also be eligible for a fee reduction. Please contact the Administration Department (licensing@fpsccanada.org) for additional information.
NOTE: FPSC reserves the right to impose minimum CE requirements for multiple CE exemption requests for medical/disability leave. Further, upon cessation of exemption period, FPSC may require specific training to ensure that the CFP professional is fully current and qualified.
For additional information or clarification, please contact the Professional Affairs Department.
| Downloadable Files | Size |
|---|---|
 CE Exemption Form - 2008 | 59.4 KB |
| Professional Competency Profile - Appendix B | 34.3 KB |
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® are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planners Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB.
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