Financialplanning

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Financialplanning

  1. 1. Financial Planning: An Emerging Career in the Financial Services Presented By: Financial Planning Standards Board India (FPSB India) 702, 7th Floor, Leela Business Park, Andheri-Kurla Road, Andheri East, Mumbai – 400059 P: +91 22 61712424, F: +91 22 61712444 Email: info@fpsbindia.org Website: www.fpsbindia.org
  2. 2. Contents Part I : What is Financial Planning ? Part II : CERTIFIED FINANCIAL PLANNERCM ( CFPCM ) Certification in India Part III: CFPCM Certification versus other Careers in Financial Services Part IV : Pathway to CFPCM Certification Part V : Career Prospects for CFPCM Certificants CFPCM, CERTIFIED FINANCIAL PLANNERCM and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Standards Board India is the marks licensing authority for the CFP Marks in India, through agreement with FPSB Ltd.
  3. 3. Financial Planning is the process of meeting an individual’s Life Goals* through the proper management of one’s finances. * Buying a home, Investing for a child’s Education/Higher Education, Marriage, and Retirement corpus while ensuring Tax Efficiency, Risk Management, etc. 3
  4. 4. What is Financial Planning? The Continuum of Professions Unskilled Clerical, Sales Emerging Developed Occupations & Craft Professional Professional Occupations Occupations Occupations 4
  5. 5. Financial Planners - The Personal CFOs 5
  6. 6. Regulatory Developments in Financial Planning Industry • SEBI withdraws entry load on investments in Mutual Funds – a momentous step towards strengthening fee based Financial Advisory Services in the country. • Swarup Committee Report mentions withdrawal of Agent‟s commission on insurance products – Further vindicating the common stance of regulatory bodies in promoting fee based Financial Advisory Services. 6
  7. 7. Contents Part I : What is Financial Planning ? Part II : CERTIFIED FINANCIAL PLANNERCM ( CFPCM ) Certification in India Part III: CFPCM Certification versus other Careers in Financial Services Part IV : Pathway to CFPCM Certification Part V : Career Prospects for CFPCM Certificants CFPCM, CERTIFIED FINANCIAL PLANNERCM and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Standards Board India is the marks licensing authority for the CFP Marks in India, through agreement with FPSB Ltd.
  8. 8. Mark of Quality – The World Over CM CFPCM CERTIFIED FINANCIAL PLANNER  Tested for Competency Committed to Ethical Conduct Education, Examination & Code of Ethics & Work Experience Rules of Professional Conduct  Highest Level of Certification globally in the field of Financial Planning CFPCM, CERTIFIED FINANCIAL PLANNERCM and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Standards Board India is the marks licensing authority for the CFP Marks in India, through agreement with FPSB Ltd.
  9. 9. CFPCM Certification  CFP Certification rated as the “Gold Standard” in Financial Planning by the Wall Street Journal in the year 2006  Acknowledged as one of the Upcoming Certification in financial services in India by “The Week” in 2004  Rated as “Hot Job” by CNBC in 2003  Financial Planning rated as No.1 career in 2001 by Jobs Almanac, USA  No. of CFP Certificants is over 1,15,000 worldwide in 23 countries 9
  10. 10. Four Criteria for CFPCM Certification (4Es) • Education • Examination • Experience • Ethics 10
  11. 11. Levels of Certification • CERTIFIED FINANCIAL PLANNERCM ( CFPCM ) • Associate Financial Planner (AFP) Testing Modules  Introduction to Financial Planning  Risk Analysis and Insurance Planning  Retirement Planning and Employee Benefits  Investment Planning  Tax Planning and Estate Planning  Advance Financial Planning 11
  12. 12. Facts about Examination & Certification conducted by FPSB India • Over 16000 registered students and over 13000 examinations conducted online every year at 99 centers across India in bilingual mode. • Over 15000 Certificants (AFP and CFPCM) of which1,749 are eligible for CFPCM Certification. 12
  13. 13. Contents Part I : What is Financial Planning ? Part II : CERTIFIED FINANCIAL PLANNERCM ( CFPCM ) Certification in India Part III: CFPCM Certification versus other Careers in Financial Services Part IV : Pathway to CFPCM Certification Part V : Career Prospects for CFPCM Certificants CFPCM, CERTIFIED FINANCIAL PLANNERCM and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Standards Board India is the marks licensing authority for the CFP Marks in India, through agreement with FPSB Ltd.
  14. 14. Career Avenues in Financial Services Course Designation Institute Main Areas Covered Stages/level CA Chartered The Institute of Chartered Accounting, Taxation & CPT, PCC, Accountant Accountants of India Auditing Final* CS Company The Institute of Company Company Law Foundation, Secretary Secretaries of India Inter & Final CFPCM Certified Financial Financial Planning Standards Financial Planning 6 Modules Planner Board India ICWA Cost Accountant Institute of Cost and Works Costing Foundation, Accountants of India Inter & Final CFA Chartered Financial Association of Investment Portfolio Mgmt & 3 levels Analyst Management & Research Investment Analysis CPA Certified Public American Institute of Certified Accountancy ,Taxation 4 papers Accountant Public Accountants 14 * Common Proficiency Test (CPT), Professional Competence Course (PCC)
  15. 15. Contents Part I : What is Financial Planning ? Part II : CERTIFIED FINANCIAL PLANNERCM or CFPCM Certification in India Part III: CFPCM Certification versus other Careers in Financial Services Part IV: Pathway to CFPCM Certification Part V : Career Prospects for CFPCM Certificants CFPCM, CERTIFIED FINANCIAL PLANNERCM and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Standards Board India is the marks licensing authority for the CFP Marks in India, through agreement with FPSB Ltd.
  16. 16. Pathway to CFPCM Certification 1. Regular Pathway – to accomplish the „Education‟ criterion • Enroll with any of FPSB India‟s authorized Education Providers • Self Study Mode 2. Challenge Status Pathway for working Professional : • Requires additional higher qualification or professional qualification as specified by FPSB India apart from Graduation degree • Requires a minimum of 3 years‟ work experience in Institutions/Banks or 5 years‟ experience in Financial Services Industry as self employed or in finance related departments of other Industries 16
  17. 17. Contents Part I : What is Financial Planning ? Part II : CERTIFIED FINANCIAL PLANNERCM ( CFPCM ) Certification in India Part III: CFPCM Certification versus other Careers in Financial Services Part IV : Pathway to CFPCM Certification Part V : Career Prospects for CFPCM Certificants CFPCM, CERTIFIED FINANCIAL PLANNERCM and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Standards Board India is the marks licensing authority for the CFP Marks in India, through agreement with FPSB Ltd.
  18. 18. Huge Demand Supply gap for CFPCM Professionals in India  India has 1,000+ CFP Certificants for a population of 1200 million Versus  58,830 CFP Certificants in US (250 million Population)  17,230 CFP Certificants in Canada (60 million population)  15,802 in Japan (120 million population) Against other Financial Services Intermediaries in India  20 Lakh+ Life Insurance Agents  50,000+ Mutual Fund Advisors  25,000 + Bank Branches , 5,000+ Insurance Services Branches and 10000+ Brokerages Service Branches 18
  19. 19. Career Prospects for CFPCM Certificants Job Opportunities International Business Self Employment • Financial Planning is becoming an integral part of Wealth • CFP Certification is a globally • The varied knowledge base that Management in India. CFPCM Certification imparts, accepted professional qualification enables an Advisor to offer advice in Financial Planning • Banks and Wealth Management on multiple asset classes thus firms are employing Financial • CFP Certification has cross-border increasing the share of his wallet. Planners to provide value added use where a foreign affiliate services and advisory to their recognizes • The varied knowledge base that a candidate‟s CFPCM Certification imparts, clients. accreditation in one‟s own territory. empowers a Certificant to launch • In the emerging regulatory • The globally accepted curriculum into a career of one‟s own. scenario, knowledge based ethical of CFP Certification opens up huge advisory as espoused by CFPCM • CFPCM Certification provides international opportunity in an various platforms for practitioners certification is being looked upon increasingly borderless global as a preferred professional to professional network and environment explore opportunities in Financial qualification Services.
  20. 20. Career Prospects for CFPCM Certificants
  21. 21. Charter Members of FPSB India have resolved that they will give first preference to CFPCM Certificants in recruitment 21
  22. 22. Times of India December 27, 2006 Press Coverage 22
  23. 23. Thank You! 23

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