Chartered Financial Planner

The title Chartered Financial Planner is the most widely accepted “gold standard” qualification available for professional financial planners/ financial advisers in the United Kingdom. Only about 10% of Financial Advisers hold this title; those that do are the most qualified professionals in addition to having the best experience. At July 2013 there were 32,690 advisers in the UK; as of October 2014, there are 4,303 individuals who hold the title Chartered Financial Planner.

The titles of Chartered Financial Planner and Chartered Financial Planners ware granted by the Chartered Insurance Institute (CII). The Privy Council authorised the CII to issue the Chartered title in 2005. Thus, a Chartered Financial Planner now carries equivalent qualifications and other established professions such as Chartered Accountants and Chartered Surveyors, etc. Membership of the Personal Finance Society, the leading professional body for financial planners, is required to be able to use the professional designation Chartered Financial Planner.

The qualification fits into the National Qualifications Framework at Level 6, equivalent to a Bachelors (first) Degree.

Requirements

To attain Chartered Financial Planner status as an individual, one must study for and pass approximately 14 exams in various aspects of financial services and related subjects. Each exam offered by the Chartered Insurance Institute carries a certain number of “credits” in their qualification scheme. Credits can also be granted for equivalent exams passed form other awarding bodies. A total of 290 credits is required before Chartered status can be applied for. This generally takes several years to achieve.

One is also required to have five years relevant professional experience, and to demonstrate ongoing learning by completing a certain amount of Continued Professional Development each year. In addition, one is required to be a member of the Personal Finance Society, the professional body for Financial Planners, part of the CII Group.