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The Certification Process

2021 Practice Analysis

CFP Board's Practice Analysis Study is the largest research project in the U.S. related to the body of knowledge for financial planning. This study is an essential part of CFP Board’s work to maintain the CFP® certification and ensure that it reflects current practice. Its results are used to verify and update the content of CFP Board’s certification requirements.

The 2021 Practice Analysis results include an updated list of Principal Knowledge Topics. These updated topics will be incorporated into the CFP® exam starting with the March 2022 exam.

UNDERSTANDING THE PRACTICE ANALYSIS

Conducted approximately every 5 years in partnership with a major testing research organization, the Practice Analysis Study is a research study of the practice of financial planning. It incorporates a multi-method approach that includes a number of subject-matter experts, an analysis of emerging trends in the profession, and a large-scale survey of practicing CFP® professionals and educators from CFP Board Registered Programs. For the first time, CFP Board's 2021 study also includes research with firms that hire CFP® professionals as well as clients of CFP® professionals. CFP Board’s previous Practice Analysis Study was completed in 2015. This latest study was conducted in 2020, with the results released in 2021.

The findings of this major research project establish CFP Board’s Principal Knowledge Topics, which are the topics that are covered by CFP Board Registered Programs, assessed on the CFP® exam and accepted for Continuing Education (CE) credit.

Graphic of 2021 Principal Knowledge Topics

Updated Principal Knowledge Topics

An important result of the 2021 Practice Analysis Study is the updated list of Principal Knowledge Topics. Major changes in the 2021 Principal Knowledge Topics list include:

  • A new category called the Psychology of Financial Planning.
  • The consolidation of the prior Education Planning category and underlying topics within the General Financial Planning Principles category.

The updated topics will be incorporated into the CFP® exam starting with the March 2022 exam. CFP Board Registered Programs will revise their curricula to incorporate the updated Principal Knowledge Topics in 2021. Effective immediately, CFP Board will begin to grant CE credit for programs that address the new topics.

Questions?

If you have questions about the 2021 Practice Analysis Study, contact CFP Board’s Examinations staff at examinations@cfpboard.org or call 202-379-2200.

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