The CERTIFIED FINANCIAL PLANNER® and CFP® certification is a globally recognized credential, established in the U.S., and is currently certified in 23 countries and regions (as of June 2010).
CFP® certification is granted only to the individuals who possess higher professional competency and rigorous ethics. It is a globally recognized credential which JAFP is licensed to certify under an agreement with the FPSB (Financial Planning Standards Board Ltd.).
- The CFP® certification is a globally recognized credential for
financial planners. It was introduced in Japan in 1992 under the licensing/affiliation
agreement between JAFP and the CFP Board (Certified Financial Planner Board of Standards Inc.) in the United States.
- The CFP® certification programs are conducted by FPSB member organizations in 23 countries and regions, and each FPSB member strives for quality enhancement and promotion of the certification.
- The CFP® certification is based on education, examination, experience, and ethics "four Es", as well as a 6-step
process guideline for financial planning practice. It is certified to those
professionals who are competent to provide financial planning services based on the global core standards.
- In Japan, the CFP® certification is granted by JAFP to certify those
professionals who are competent to provide financial planning services
based on the global core standards.
- CFP® certificants are granted CFP® certification issued by JAFP
in accordance with JAFP certification standards approved by FPSB.
The CFP® certification requirements in Japan are based on "four Es", the same as in other FPSB member countries and regions. This globally standardized
requirement assures Japanese consumers that CFP® certificants are professionals
who meet the unified standards for the financial planning services they
offer, which is globally recognized.
In addition to the annual membership fee, CFP® certificants are required
to pay a registration fee for CFP® certification (5,000 yen for the first certification
year) and an annual fee for CFP® certificants (8,000 yen).
Education
There are two education requirements before taking and after passing CFP® certification. The first education requirement before taking CFP® certification examination are in two ways; one is to complete an AFP certification program, that is offered by JAFP registered institutions, and to obtain the AFP certification; the other is to complete a CFP® certification education program at Masters level, that is offered by JAFP registered 7 universities (2 years). The second education requirement is to complete Practice and Ethics Program for CFP® certification after passing CFP® certification examination. These education programs are based on JAFP's "Study Guide" curriculum and include financial planning recommendations.
Continuing Education
The other education requirement is continuing education. CFP® certificants
must complete 30 credit hours every two years, which meets the required
topics based on the "Study Guide". Continuing education is offered
through "My Page" which is JAFP's members-only web site, Journal of Financial Planning, and by
registered educational institutions.
Examination
To obtain CFP® certification, one must pass certification examinations
that consist of 6 subjects. These 6 subjects are based on the education
requirements: "Financial Asset Planning", "Risk and Insurance",
"Real Estate Investment Planning", "Life Planning and Retirement
Planning", "Tax Planning", and "Estate and Business
Succession Planning".
Each subject examination is two hours long, and 3 subjects are tested
per day; therefore, the total examination lasts two days. The CFP®
certification examination is held twice a year, in June and November, at
10 locations such as Tokyo, Osaka, Nagoya, and other major cities.
Examinations may be taken for 1 subject at a time. Examination
fee is 5,250 yen per subject and 4,200 yen each one takes more than 2 subjects at a time.
The results of the examinations are announced approximately one month after the examinations.
Experience
The current experience requirement is a minimum of 3 years quarifying practice experience
during 10 years before and 5 years after passing the CFP® certification examination.
Ethics
CFP® certificants must sign a declaration to abide by the Code of Ethics
prior to the CFP® certification being issued and again at the time
of the renewal required in every two years. This Code of Ethics is modeled after the CFP Board
Code of Ethics and Professional Responsibilities which consists of seven
principles: "Integrity", "Objectivity", "Competence",
"Fairness", "Confidentiality", "Professionalism",
and "Diligence". Apart from the CFP® certificant's Code of
Ethics, JAFP also has a "JAFP Ethical Principles", and CFP® certificants must abide by both set of rules. Should
there be a violation of any rules, disciplinary action will be taken based
on "JAFP Disciplinary Rules" conducted by the Ethics Committee.
Financial Planning Standards Board Ltd. (FPSB) owns  , CFP® and CERTIFIED FINANCIAL PLANNER® outside the United States.
Certified Financial Planner Board of Standards Inc. (CFP Board) owns the
CFP marks in the U.S. and its territories. Each organization is responsible
for establishing, enforcing and promoting standards for CFP® certification
to benefit and protect the public in its territory. Japan Association for
Financial Planners is the marks licensing authority for the CFP marks
in Japan, through agreement with FPSB.
CFP®
CERTIFIED FINANCIAL PLANNER®
CERTIFIED FINANCIAL PLANNER(spelled in Japanese Katakana characters)®
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