Requirements Needed to Become a Financial Advisor in Canada

No regulatory body governs financial planning in Canada.

In Canada, no set government requirements exist to determine who can and can't dispense financial advice. However, in order to be taken seriously as a financial planner you'll need to gain Certified Financial Planner Certification from the Financial Planning Standards Council (FPSC). All of the requirements to gain certification must be met within a12-year window.

Education

First, you must complete a Core Curriculum Education Program that has been approved by the FPSC. After you've successfully completed the program, you'll be able to take the Level 1 Financial Planning Exam. Following this, you'll need to complete an FPSC approved Capstone Course, then take the Level 2 Financial Planning Exam. All of your education requirements must be completed within a four-year window.

Work Experience

You need to have three full years of qualified work experience in order to earn your Financial Planner Certificate. One year of work must be finished before you take the Financial Planning Level 2 Exam. All work must be completed within an eight-year window. Work that qualifies is described as a job that requires you work a minimum of 35 hours a week in personal financial planning related employment. After completing the work, you'll need your manager or supervisor to sign a letter detailing your work experience to the FPSC. All work experience is subject to FPSC approval.

Code of Ethics

You must agree to the Canadian Financial Planner's code of ethics as well as the FPSC's Financial Planning Practice Standards. These agreements are made to enforce a common code of conduct among all Certified Financial Planners. Violating any of the agreements made may result in your certificate being revoked.

References

• Financial Planning Standards Council: Certified Financial Planner Certification Policies, Requirements to Obtain Certification (Pg. 18)

Resources

• Financial Planning Standards Council