How to Become a Financial Adviser in Canada

Financial planners are responsible for advising others how to plan for future events and invest their money.

Financial planners are responsible for advising clients on how to invest their money and plan for future events. Some specialize in retirement planning and others in advising about mutual funds. It is a career path that can be extremely rewarding. To become a financial planner in Canada you must meet the requirements of your home province, and to become certified as financial planner, you must obtain your Canadian Financial Planning Standards Council certification.

Things You'll Need

• Required education
• Canadian Financial Planning Standards Council certification

Instructions

1. Research the requirements to become a certified financial planner in your home province. As there is not a Canadian federal financial planner regulatory body, each province has its own process for becoming a certified financial planner. For example, in Quebec, you are required to have a bachelor’s degree in finance with an additional financial planners certificate. In Ontario, you must take an investment funds course and a self-study exam.

2. Get the required education. Before you can become a financial planner, you must get the required education to qualify as one in your home province. In most provinces, this means taking an investment funds certification course available at most colleges or universities as a continuing education course.

3. Take your Canadian Financial Planner certification test. Once you have completed the required course(s), you must write you Canadian Financial Planner examination. The exam is composed of multiple-choice questions and case studies, and a passing mark of 60 percent must be achieved before you can become certified.

4. Register with the Canadian Financial Planning Standards Council (FPSC). To remain eligible for further certification and to prove to potential employers and clients that you are a trustworthy and qualified financial planner, you must register with the FPSC once you have completed the CFP certification test.

5. Research career opportunities. There are many types of careers available for financial planners. Begin researching the availability and variety of career possibilities in your area. Many financial planner jobs require relevant experience. If this is the case, check with your school to see if it can provide information about potential jobs, or investigate if there are internship/work experience programs available.

6. Continue your education and certification process as a financial planner. The Canadian Financial Planner certification process is ongoing with varying levels of designation. Although passing your initial exam allows you to become certified, to improve your designation as a financial planner, you must obtain specific experience requirements, complete a FPSC-approved Capstone course and complete a second exam. Check the FPSC website for full certification requirements.

Tips & Warnings

• The provinces of Quebec and British Columbia have slightly different certification requirements and independent regulatory bodies. Check with the appropriate associations for further information.

References

• CFP Certification – Financial Planning Standards Council
• CFP Guidelines
• British Columbia Securities Commission – Requirements for Financial Planners