Request for Public Comments on Competency Standards

CFP Board is committed to fostering public trust by setting, administering and upholding rigorous standards for CFP^® certification. Regular evaluation of the Competency Standards reflects our commitment to leadership, innovation and the American public.

In 2023, CFP Board established a Competency Standards Commission to conduct a comprehensive review of CFP Board’s Competency Standards for CFP^® certification, which include the education, experience, examination and continuing education requirements.

The Commission was a select group of 15 volunteers, including 12 CFP^® professionals, individuals from financial services firms, educators, certification and credentialing professionals, other stakeholders, and members of the public. This group spent 18 months exploring CFP Board’s current requirements for obtaining and maintaining CFP^® certification.

The proposed revisions aim to ensure that the Competency Standards are modern, relevant and practical for the evolving financial planning profession. The Commission shared a central vision of elevating the profession and aligning the Competency Standards for CFP^® certification with the most revered professional standard-setting bodies and established professions, including law, accounting and medicine.

The Board of Directors carefully evaluated the Commission’s recommendations. The current comment period focuses on areas where additional feedback is needed.

CFP Board recognizes that changes to the Competency Standards can significantly shape the future of the profession. Input from a broad range of voices provides crucial context as the Board of Directors considers their next steps in this process. CFP Board is actively seeking input on the proposed changes from practitioners, candidates, firms and the public.

The deadline to submit comments is February 28, 2025. The Board will consider the public comments and other relevant data when it makes a final decision in November 2025.

Proposed Revisions to the Competency Standards

Outlined below are the proposed changes where additional feedback is requested at this time.

Education Standards

1. Current standard: Accelerated Path: Candidates for initial CFP^® certification may satisfy the Coursework Requirement through an Accelerated Path that allows individuals with certain degrees, credentials or licenses to satisfy the Coursework Requirement by completing a single Capstone Course.

   Proposed change: Add the CIMA^® certification to the list of approved Accelerated Path academic degrees and professional credentials that allow individuals to fulfill the Coursework Requirement (excluding the Capstone Course).

Experience Standards

1. Current standard: CFP Board requires initial certificants to have some professional experience in the personal financial planning process. This demonstrates to the public the CFP^® professional’s ability to provide unsupervised financial planning.

   Proposed change: Modify the Standard Pathway to require experience that addresses at least three steps of the financial planning process.

2. Current standard: CFP Board requires initial certificants to have some professional experience in the personal financial planning process. This demonstrates to the public the CFP^® professional’s ability to provide unsupervised financial planning.

   Proposed change: Allow candidates to report and accumulate up to 500 hours of Pro Bono experience toward the 6,000-hour requirement of the Standard Pathway.

3. Current standard: Experience must be completed within 10 years before and/or five years after successfully completing the CFP^® exam. If a start date for an experience entry falls outside of the 10-year lookback window, candidates will need to add additional experience within the appropriate timeline.

   Proposed change: Shift the window for qualifying experience to allow 15 years of qualifying experience prior to applying for CFP^® certification.

Examination Standard

1. Current standard: The CFP^® Certification Examination is designed to assess a candidate’s ability to integrate and apply a broad base of financial planning knowledge in the context of real-life financial planning situations. By passing the exam, professionals demonstrate to the public that they have attained a competency necessary to practice independently as a financial planner.

   Proposed change: Update the language of the Examination standard to reflect that competency to practice independently as a financial planner is demonstrated by completing the education, exam, experience and ethics requirements for CFP^® certification.

   New language: By completing all four certification requirements – education, examination, experience and ethics – professionals demonstrate to the public that they have attained the competency level necessary to practice independently as a financial planner.

Maintaining Certification Standard

1. Current standard: To maintain CFP^® certification, CFP^® professionals are required to complete 30 hours of continuing education (CE) during each two-year certification period.

   Proposed change: Increase the minimum CE requirement to 40 hours every two years.

2. Current standard: To maintain CFP^® certification, CFP^® professionals are required to complete 30 hours of continuing education (CE) during each two-year certification period.

   Proposed change: Allow up to 10 hours of excess CE hours to carry over the next two-year certification period.

3. Current standard: CFP^® professionals must complete CE related to personal financial planning topics to demonstrate continued competency in financial planning.

   Proposed change: Allow up to 10 CE hours to be earned through pro bono service at a ratio of three hours of pro bono service per one hour of CE.

   This recommendation is made in conjunction with the recommendation to increase the required CE hours to 40 hours every two years.

   The Commission suggests CFP^® professionals attend a pro bono education course specific to the activity in which they wish to engage. This program would be implemented on a trial basis through the Foundation for Financial Planning, leveraging their pro -bono education and referral system. Additionally, completion of the coursework would count toward CE credit as it is today.

   CE earned in this area would not be available for carryover to a subsequent CE reporting period.

4. Current standard: CFP^® professionals must complete CE related to personal financial planning topics to demonstrate continued competency in financial planning.

   Proposed change: Allow CFP Board to require CE on specific topics when new laws, taxes or regulations impact the profession, as determined by the Board of Directors.

Additional Feedback Request

1. Please share your thoughts on allowing CFP^® professionals to fulfill part of their CE requirements through community service. What activities – such as pro bono work, teaching, mentoring or other service-based contributions – do you believe would be appropriate? Additionally, what should be the maximum number of service-related CE hours permitted?

Submit your comments on these proposed changes here.