How to Become a Certified Financial Planner in Arizona

Individuals, families and businesses seek the services of a Certified Financial Planner.

Financial planners help people and companies to manage their finances and plan for their financial futures. They study a client's specific financial situation and offer valuable advice on a multitude of financial matters, including investments, retirement, insurance and savings. It takes quite a bit of effort to become a Certified Financial Planner in Arizona, but with the right combination of education and work experience, you can earn the distinguished CFP title.

Instructions

1. Complete your high school education, or obtain a General Education Development certificate. Take math, economics and calculus courses in preparation for university. Research the admission requirements of the finance-related undergraduate degree programs of the universities you would like to attend. Meet with your high school guidance counselor to see which classes will prepare you for university.

2. Get a four-year undergraduate degree from any accredited college or university in the United States. To become a certified financial planner in Arizona, you need a bachelor's degree in finance, economics, accounting, math or computer science. Arizona State University offers an undergraduate degree in finance, and many universities offer this degree program online.

3. Complete relevant work experience. You must have a total of three years' full-time (6,000 hours) financial planning work experience before applying for the CFP Certification Examination. Work as a financial planner intern to gain the required amount of work experience. Some universities post a list of available summer internships for financial planning students but you can also apply directly for an internship. Call the financial planning firms you hope to work for, and ask if they offer an internship program. You can also find internship job listings on the Financial Planning Association and The National Association of Personal Financial Advisors websites. You must become a member of these associations to access the job listings.

4. Take a CFP Board-approved CFP Certification Program in preparation for the CFP Certification Examination. The program covers the financial planning topics of insurance, employee benefits, investments, income tax, retirement and estate. The Arizona Southwest Institute of Finance offers an approved program as a four-day boot camp (see Resources), and also offers a practice exam for students.

5. Apply for the CFP Certification Examination online at the Certified Financial Planner Board of Standards, Inc. website. You must pay an examination fee of $595 (as of 2010) when you apply. You must pass the Candidate Fitness Standards test in order to take the exam. The Candidate Fitness Standards test makes sure that you are an eligible candidate for a career as a financial planner. If you have had certain felony convictions or have experienced two or more bankruptcies, you will not pass. Visit the Certified Financial Planner Board Of Standards, Inc. website to review the complete list of the Candidate Fitness Standards.

6. 

   Results are mailed out approximately eight weeks after the examination.

   Take the CFP Certification Examination. You must pass this examination in order to become a Certified Financial Planner. The 10-hour long exam is broken up into three segments, completed over a two-day period. The exam covers the information you learned during your CFP Certification Program. The average student requires approximately 1,000 hours of studying time to pass the CFP exam. You will receive your exam results by mail.

7. Submit the Work Experience Reporting Form to the Certified Financial Planner Board of Standards, Inc. Once you pass the CFP Certification Exam, you have up to five years to submit your work experience and education information. You will find the Work Experience Reporting Form on the CFP Board website. You cannot advertise yourself as a Certified Financial Planner until you have provided the CFP Board with this form and have received a notification e-mail from the Board.

Tips & Warnings

• When applying for an internship search for "fee-only" financial planning firms. Fee-only firms do not try to sell their clients any products, such as insurance. Look for an internship with a company that will teach you the essence of financial planning. Avoid any internship advertisements that ask for sales experience.

• If you do not submit your proof of education and work experience within the five-year time period, you may lose your CFP certification.

References

• CFP Board Of Standards, Inc. : Guide To CFP Certification
• Education-Portal: CFP Class and Course Descriptions
• InternWeb: Financial Planning Internship
• Young Money: Becoming a Financial Planner
• Degree Directory: What Is the Curriculum of a CFP Certification Program?

Resources

• Southwest Institute Of Finance: Financial Planner Boot Camp
• CFP Board of Standards, Inc.:Review Course Providers
• CFP Board of Standards, Inc.: Apply Online For The CFP Certification Examination
• CFP Board of Standards, Inc.: Work Experience Reporting Form
• Financial Planning Association: Getting Started with FPA Career Center