The
CFP Board of Standards has pushed back the implementation of a new rule that will require new CFP
certificants to have at least a college bachelor's
degree.
The requirement, originally scheduled to take effect January 1, will instead start on March 1.
The main reason
for the delay is to allow candidates who took the CFP exam in November
more time to finish up their work experience and ethics requirements
before the requirement kicks in, said Colleen McArdell, the CFP
Board's manager of Initial Certification.
Typically, she
says, about 20% of candidates who pass the CFP test are lacking all the
work and ethics requirements necessary to receive the certificate, she
says. The CFP gives candidates five years from the time they pass the
exam to fulfill all their certificate requirements. If the requirements
are not met within that time, candidates must retake the exam.
The extension,
McArdell says, amounts to "administrative leeway" for many candidates
who took the exam in November in an attempt to bypass the bachelor's
degree requirement.
She noted that any
CFP candidate who has passed the CFP exam within the past five years,
but not yet met all certificate requirements, is also racing against
the March 1 deadline.
The degree requirement does not apply to existing CFP certificate holders.
CFP Board Delays Degree Requirement
January 3, 2007
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