CFP Board Competency Standards Public Comment

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.

Submit Comments

The Board will consider the public comments and other relevant data when it makes a final decision in November 2025.

About the Proposed Recommendations

The Commission's discussions, debates and decisions were guided by the following Guiding Principles:

• CFP® certification communicates value and relevance to those who carry the mark, those who pursue it, and for the benefit of the American public.
• Competency standards for CFP® certification must warrant public trust.
• Competency standards for CFP® certification elevate recognition and respect for the profession of financial planning; defined as:
  • A profession whose clients can realize security, fulfillment, dignity and independence.
  • A profession distinguished in society and in our economy for helping people be better off.
  • A profession that smart, motivated, compassionate and diverse high school and college students aspire to pursue.
  • A profession that mirrors the diversity of the population and is valued by employers, large and small.
• Competency standards for CFP® certification should reflect current credentialing practices and align with respected credentialing organizations and established professions.
• Competency standards for CFP® certification must merit accreditation by the NCCA (National Commission for Certifying Agencies) as well as surpass its requirements.
• CFP® professionals are committed to act as fiduciaries and, therefore, act in the best interests of their clients.

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