Answers to Frequently Asked Questions about the Emory Financial Planning ProgramWhat is CFP® Certification?CFP® Certification is a nationally and internationally recognized professional certification. Certified Financial Planner Board of Standards Inc. awards the CFP® and CERTIFIED FINANCIAL PLANNER™ certification to individuals who fulfill initial and ongoing certification requirements: satisfy the educational requirements, three to five years of work experience in a financial planning field, pass the CFP® Certification Examination, compliance with CFP Board’s Code of Ethics and Professional Responsibility, continuing education and recertification. Why are the CFP® Certification Requirements Important?Most people think that all financial planners are "certified," but this isn’t true. Anyone can call themselves a "financial planner." Only those who have fulfilled the certification and renewal requirements of CFP Board can display the CFP® certification marks. When selecting a financial planner, individuals need to feel confident that the person they choose to help them plan for their future is competent and ethical. The CFP® certification provides that sense of security by allowing only those who meet the following requirements the right to use the CFP® certification marks. What is required to obtain a CFP® Certification?To obtain the CFP® certification, there are the four E’s: Education, Examination, Experience and Ethics. Education: CFP® professionals must develop their theoretical and practical financial planning knowledge by completing a comprehensive course of study at a college or university offering a financial planning curriculum approved by CFP Board. Other options for satisfying the education component include submitting a transcript review or previous financial planning-related course work to CFP Board for review and credit, or showing the attainment of certain professional designations or academic degrees. Examination: CFP® practitioners must pass a comprehensive two-day, 10-hour CFP® Certification Examination that tests their ability to apply financial planning knowledge in an integrated format. Based on regular research of what planners do, the exam covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning, investment management and insurance. Experience: CFP® professionals must have three years minimum experience in the financial planning process prior to earning the right to use the CFP® certification marks. As a result, CFP® practitioners possess financial counseling skills in addition to financial planning knowledge. Ethics: As a final step to certification, CFP® practitioners agree to abide by a strict code of professional conduct, known as CFP Board’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients and employers. CFP Board also performs a background check during this process, and each individual must disclose any investigations or legal proceedings related to their professional or business conduct. How did Emory become an approved CFP education provider?Educational programs must complete a rigorous application process to become registered with the CFP Board. This ensures that each registered program covers the 89 topic curriculum that represents the body of knowledge for financial planning. What is the Certified Financial Planner® Board of Standards?CFP Board is a nonprofit professional regulatory organization. CFP Board was founded in 1985 and exists to benefit the public by establishing and enforcing requirements for CERTIFIED FINANCIAL PLANNER ™ certificates. It is funded by the fees it collects for examination and certification. CFP Board also registers educational programs in financial planning. Registered educational programs, such as the Emory Financial Planning Certificate Program, satisfy CFP Board’s educational requirement. For more information, visit www.cfp.net or call 303-830-7500. What is the format of the CFP® Certification Exam?The CFP® Certification Exam is a rigorous professional exam given over a two-day period for a total of 10 hours. The CFP® Certification Examination is a 10-hour examination, divided into one four-hour session (Friday afternoon) and two three-hour sessions (Saturday). The exam is offered three times a year – March, July and November. The exam consists of multiple choice questions and three major case problems. The exam tests comprehension, synthesis and evaluation as well as knowledge of facts and terms. What happens once I have become Certified?Once certified, CFP® practitioners are required to maintain technical competence and fulfill ethical obligations. Every two years, they must complete a minimum 30 hours of continuing education to stay current with developments in the financial planning profession and better serve clients. Two of these hours are spent studying or discussing CFP Board’s Code of Ethics or Practice Standards. In addition to the biennial continuing education requirement, all CFP® practitioners voluntarily disclose any public, civil, criminal or disciplinary actions that may have been taken against them during the previous two years as part of the renewal process. Do I have to renew my certification?Yes. Once you have been authorized to use the CFP® marks, you must meet CFP Board's renewal standards to continue to use them. Your CFP® certification must be renewed every two years at the end of your renewal month in an odd or even year (based on your birth date.) In order to position you in the correct period, your initial continuing education (CE) requirement and renewal fee are prorated. The renewal requirements are 1) renewal application, 2) $360 renewal fee (non-refundable), and 3) 30 hours of CE. The CE requirement includes 28 hours in the accepted financial planning topics and two hours from a pre-approved program on CFP Board's Code of Ethics and Professional Responsibility or Financial Planning Practice Standards. CE hours may be reported to CFP Board as they are completed by logging in to CFP Board's Web site. The renewal fee helps cover the costs associated with ethics enforcement, protection of the marks against infringement, maintenance of professional standards of practice and public awareness activities related to the CFP marks. Notification of your renewal requirements will be sent to you approximately four months before your certification expires. How much does the CFP Certification Exam cost?The fee for the examination is $595 and can be paid with a credit card. If you do not pass the exam, you are required to retake the entire exam again. There is no limit on the number of times you retake the exam; however, the $595 fee is required for each retake. Do you maintain official Course records?Yes. Emory University’s Center for Lifelong Learning maintains course records and grades for each student who completes the program. Do you offer Review Courses?Emory does not offer an overall review for the national comprehensive CFP® Certification Examination (not required but recommended), but nationally known companies offer reviews in Atlanta:
Please note that fees charged for the Review Courses are separate from the fees charged for Emory's Financial Planning Certificate Program. How much study time outside of class should I expect?The answer to this question varies, but most past students say for every hour in class they spent 1-2 hours outside of class studying. Do you assist in job placement after we complete the program?We do not assist in placement after completion of the program, but do provide enrollees and graduates with job openings as we become aware of them. Do you accept the Hope Scholarship?The majority of financial aid programs such as the Pell Grant, Stafford Loan, or the Hope Scholarship are only available to students attending credit courses which lead to a degree or other academic credential. Since the Emory Center for Lifelong Learning does not offer credit courses, we are unable to process these traditional forms of financial aid. Do you offer financial assistance for military personnel?Tuition assistance is available for eligible members of the Army, Navy, Air Force, and Marines who wish to attend the Emory Center for Lifelong Learning. For further information, please contact Doug Solomon at dsolom3@emory.edu. Do you accept VA funding for training services?The Emory Center for Lifelong Learning does not participate in the Veterans Educational Assistance Program (VEAP). Please contact us to find out more about your options. Do I need to fill out the FAFSA (Free Application for Federal Student Aid)?No, the FASFA is used only for degree programs. Are continuing education loans available for non-credit classes?Yes, loans are available through Sallie Mae Continuing Education Loan Program. If you are considering paying for your program with a Sallie Mae loan, please contact Georgia Davidson at gddavid@emory.edu. Note: Some programs sell out weeks before the start date. If you plan to apply for a loan with Sallie Mae, begin your application early to allow adequate processing time. Can I get a loan for the cost of books and supplies as well as tuition?This varies from lender to lender, but Sallie Mae will allow you to borrow up to 60% over the cost of tuition to cover books, supplies, transportation and other costs. My credit rating is not the greatest. Should I still try to get a loan? Many lenders will be happy to loan you the money if you have a co-borrower who will sign your loan agreement. Be aware that the interest rate on the loan will vary according to your credit rating. Can I start a class while I am waiting for my loan to be approved?No, but we will be happy to charge your credit card for the cost of the class and refund the same card when the loan money arrives. I have been laid off from my job. Are there other options available for me?You may be eligible for short-term, skill-specific training for high-demand employment through Workforce Investment Act funding. For WIA information, visit the one-stop workforce center serving your area. My employer offers tuition vouchers. Do you accept these vouchers?Yes, we are happy to accept your tuition voucher and invoice your employer. The voucher must clearly give the name and address of the employer as well as the amount allowed for the class.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. |
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