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Comments on The Proposed Revisions to The Competency Standards for
CFP® Certification
CFP Board accepted public comments on proposed revisions to the Competency Standards governing the education, experience, examination and continuing education requirements for CFP® certification. The public comment period was open from December 17, 2024 – March 3, 2025, and played an important role in informing CFP Board’s review and final decisions.
Proposed Changes to Competency Standards
Education Standards
1. 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
2. Modify the Standard Pathway to require experience that addresses at least three steps of the financial planning process.
3. Allow candidates to report and accumulate up to 500 hours of pro bono experience toward the 6,000-hour requirement of the Standard Pathway.
4. Shift the window for qualifying experience to allow 15 years of qualifying experience prior to applying for CFP® certification.
Examination Standards
5. 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 Standards
6. Increase the minimum CE requirement to 40 hours every two years.
7. Allow up to 10 hours of excess CE hours to carry over the next two-year certification period.
8. 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.
9. 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.
a. This recommendation is made in conjunction with the recommendation to increase the required CE hours to 40 hours every two years.
b. 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.
c. CE earned in this area would not be available for carryover to a subsequent CE reporting period.
Additional Feedback Requested
Beyond the proposed changes above, CFP Board invited public input on whether CFP® professionals should fulfill part of their CE requirements through community service. Feedback on activities such as pro bono work, teaching, mentoring or other service-based contributions is encouraged, as well as comments on the maximum number of service-related CE hours permitted.
Additional comments submitted about the proposed changes to CFP Board’s Competency Standards for CFP® certification.