The CFP Board Center for Financial Planning and The American College are offering a new scholarship for the cost of taking the CFP exam in an effort to diversity and expand the financial planner workforce.
The CFP Board will provide the new scholarship to African-Americans who have graduated from The American College’s CFP Board Registered Program and who plan to sit for the CFP exam and pursue the CFP certification. Each year, up to 15 exam scholarships will be awarded on a “first come, first served” basis.
The scholarship comes as a part of The American College’s initiative “Double by 2027.” Currently, African-American advisors make up about 8 percent of financial advisors, according to data from the Bureau of Labor Statistics. The initiative looks to double the amount of African-American advisors by the year 2027, the college said in a release.
In addition to passing the CFP board examination, prospective CFP professionals must fulfill the experience requirement, have obtained a bachelor’s degree, passed a background check and completed a college-level program of study in financial planning.
“This joint scholarship provides an opportunity for African-American graduates of The American College’s program to continue their journey to CFP certification,” said CFP Board Center for Financial Planning Executive Director Marilyn Mohrman-Gillis. “We need to create more pathways into the profession for people of color, not only because it can be a rewarding career, but so that all Americans have access to competent and ethical financial planning.”
The American College’s African American Scholarship Program offers full tuition scholarships for designation and degree programs. To be eligible, applicants must be black or African-American and cannot be eligible for educational reimbursement from an employer.