CFP program sees 200pc spike

The certified financial planner (CFP) certification program has seen a 200 per cent jump in enrolments compared to past enrolments, the Financial Planning Association (FPA) said.

The FPA said that out of the 700 students enrolled this semester, many are returning students that are coming back to the program after a break.

The spike comes as institutions like the Commonwealth Bank (CBA), National Australia Bank (NAB), and AMP announced last year they would lift minimum education requirements for financial planners.

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The CBA said current senior financial planners have to attain the CFP certification from the FPA, while NAB also said all senior planner have to hold a CFP designation or be working towards one, and complete it within three years of starting it.

FPA CEO Mark Rantall said the CFP program allows advisers to choose which unit they want to study first and gives them a pre-admission service.

"This makes it easier to create a ‘personalised' pathway into the program — one that works around planners' lifestyle and work commitments," he said.

There are around 5,500 CFP professionals in Australia.

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