I've worked in the financial services industry for the past 3 years full time here in Raleigh and I'm thinking about obtaining a CFP certification. My employer will cover the cost of obtaining this certification. My question to those who have this certification already is do you think it is worth it to sacrifice time outside of work in working towards this? Also, has this certification helped advance your career and or pay significantly? I also have no idea as to the best way to go about obtaining the certificate may be. I've done some research online that shows my work schedule would really only give me the self study / online options. It looks like NC State has a CFP program available but I have no idea which one to go with or if there is better options out there. Any advice and or personal experience would be appreciated.

4/9/2013 6:36:43 PM

ttt anyone?

4/10/2013 8:07:12 PM

While I don't have the CFP, etc...if your employer is willing to pay, what's there to lose assuming you have a little time to spare?

I imagine it also depends on the type of work you do in fsi. If you're looking at personal finance and plan to have your own clients, I'm sure most people would like their rep have some type of acronym associated with their name? If you're looking at corporate finance it'll depend on what you want to specialize in - MBA/CFA, PMP, FRM, etc.

[Edited on April 10, 2013 at 9:08 PM. Reason : .]

4/10/2013 9:04:28 PM

Im in investment banking, so its a little different, but I got my series 7 and 63.

I also got my CAIA (chartered alternative investment analyst). This was 2 levels, each suggesting 200hrs of study time. I would come in a little early to work or gym in the morning before work, then stay late at work studying. Would usually stop working at 5 and study till 7-730ish for 3months prior to exam. Then the month before exam I would go to library on saturdays and put in another 5 or so hours. I just got the Kaplan study guide, never took classes. IMO alot of it is common sense and class is not needed.

Although CFP is different exam, the prep should be no different and prob less hours of prep.
My view is that is similar to ^, if employer pays there is no reason not to, especially while you are younger bc it gets harder as you get older. Also, if you ever get the desire to go to B school, certifications are looked upon very favorably

4/11/2013 1:31:58 PM

I work with RIAs all the time and I'll say that CFPs definitely stand out amongst the crowd.

Everyone knows how hard the test is and those three letters at the end of your name really do seem to make a difference.

Now that I've transitioned into working directly for the custodian that owned the subsidiary where I used to work at, I'm thinking long and hard about getting some of my certifications and licenses, just because.

4/13/2013 7:43:45 AM

The CFP exam isn't terribly difficult compared to the CFA, but it is definitely time consuming and fairly broad so it'll definitely take some time.

I'd say do it. It will never hurt you applying for jobs and the knowledge you gain will serve you well.

On the other hand, it won't DIRECTLY translate to more income necessarily. I'm sure you've heard the term "CFP - Can't Fucking Produce".

The truth is in financial services sometimes being too smart/analytical doesn't translate to sales. Personally, I don't think people who get the CFP do poorly in business BECAUSE they got the CFP, i think they do poorly because the type of people who shoot for designations like the CFP often aren't suited for sales. I.e. correlation does not equal causation type argument.


Anyway, I've only taken the Investments course of the CFP and I passed the class without even buying a financial calculator, showing up drunk for class, missing a few, and not studying outside of class. It's nothing like the CFA in terms of difficulty so if your employer is paying fucking do it.

That being said I've heard the insurance/estate planning courses are pretty tough and boring.

4/13/2013 1:06:12 PM