PVS (Prashant V Shah)

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Archive for March, 2019

Regarding the Transition Period – FPSB India – CFP

Posted by Prashant Shah on March 8, 2019

Its been really a long time since I have contributed anything simply because I wanted to keep quiet as the announcement made by FPSB was quite unclear and lot of important information kept on coming through social media but did not clearly come from FPSB Ltd.

The contract was supposed to be terminated in 2020 but happened to be in 2019. I really appreciate the pace of FPSB Ltd. as I felt that quicker change is always better in terms of implementing efficiently.

Last date for booking exam was declared to be 28 February 2019 and FPSB India sent the mails rightly to all the candidates however some of the candidates did not receive it for any reason. ( I really regret for not putting that information on site as well as on youtube) I received may calls across the country for not being able to book the dates and when I informed them it was a shock!

Nothing has come form FPSB Ltd. regarding the further exam dates ( I strongly believe that it should have been communicated to the students first). I know its not a cause of concern but left me bit worried about all my students and all my readers who are midway in the curriculum. Now the waiting period begins with no proper clue and no proper guide. I tried to talk to FPSB India regarding the same but probably they also don’t have any idea or probably they did not want to commit anything in advance (why should they?)

Next thing is regarding the curriculum, many readers asked me about the likely changes in the curriculum but as per the story written by business standard “FPSB had found evidence of financial impropriety at and was not happy with the way the (CFP) certification was promoted over the years, sources had said earlier.”

When I joined CFP after my MS Finance there was suggested that India needs 1 lakh financial planners but the concern of FPSB Ltd is quite clear as India had 2,036 at the end of the calendar year 2017, compared with 17,523 in China, 4,766 in South Africa and 3,409 in Brazil.

Hence CFP has really not grown well in the banner of FPSB India considering the statistics ( I am not an opponent of FPSB India but I am a supporter of CFP qualification). So logically FPSB Ltd should not change curriculum initially and would focus more on promoting the qualification.

I really wish that FPSB Ltd declares something really fast to keep all of us motivated.

As I teach CFA as well at my institute i know how well it has been managed and how well it has grown with time. It really keeps me in confidence that with FPSB Ltd coming to mange CFP in India similar opportunities open up for CFP.

On a very personal note I have always liked CFP more than any qualification is Finance as the knowledge is readily usable and its not really niche, instead it gives you much broader area to work and operate. ( It really depends on how you have studied it. If you have just crammed and cleared exams its probably not for you.)

Changes have to bring lots of positives hence moving further what do I expect from FPSB Ltd.

  1. Scrapping Challenge Status Pathway ( as i believe it has always deteriorated value of curriculum)
  2. Regional Chapters and Events
  3. Better Promotional Campaigns (Have you ever seen any advert by FPSB India, infact CFA does it)
  4. Better awareness ( as after more than a decade even people from finance industry ask ‘what is CFP?’)
  5. Global content in the curriculum (around 20%)
  6. Better cross-border policy

 

Some of my students have migrated to Australia, Canada and USA and keep on asking the standing, reputation and career opportunities of CFPs there and I have got a rely ‘Sir it’s marvelous’. I really want to see the same with CFP in India.

Finally I would miss some people from FPSB India are Mr. Prashant Dhuri for supporting the student enrollment and exam booking queries and Mr. Pushkar for solving all major issues. I wish they remain connected with new body as well.

 

Best wishes to you and me as well.

Will surely start writing for CFP exam support once matter in question settles and will keep all of you updated.

 

https://www.business-standard.com/article/economy-policy/fpsb-india-to-end-global-affiliation-licence-arrangement-by-march-2019-118101900868_1.html

Click to access Transition_Process_and_Current_Status.pdf

 

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