Important Announcement for all the CFP candidates

Below message came around 10 days back. It hasn’t come from FPSB but from EPs

(1) Till March 2020, Exams will stay the same but the cost will slightly go up (May be 10-15%), Registration fees to be the same, Membership fees to be the same. There will be NO DOCUMENT VERIFICATION FEE.
(2) FPSB to allow all students who have registered or re-registered on or after 1st Jan 2017 to take up exams till March 2020 at no additional registration cost.
(3) NO RESOURCE PERSONs now.
(4) Exams and board registrations to start from 3rd week of May.
(5) AY 19-20 to be applicable for exams till March 2020
(6) FPSB to send a link to CFP certificants to re register for membership
(7) FPSB has already spoken to NISM for continuing the SEBI recognition for RIA. They will be getting in touch with PFRDA and IRDA soon.
(8) From April 2020, CFP curriculum to be 70% global and 30% local with only 3 levels of exam.
(9) There will be a cut off date for enrolling students in the old syllabus. Students should register quickly in the old exam system and clear as it will be easier to do so now.
(10) Self study mode to stop from March 2020. Registration will only be through EPs.
(11) The exact fee structure will be shared by May 1st week.
(12) OCMS portal to be activated by May 1st week for certificants to apply for membership. The CE point criteria may change a bit. More info expected by May 1st week.
(13) Challenge Status eligibility criteria to change from March 2020. Eligible students should register immediately.
(14) Charter member registration fees to be increased. Register as soon as possible.
(15) Everyone who has paid advance document verification fee will either be recognised or your monies will be refunded, details to follow in the first week of March.

 

My take on above message:

CFP is undoubtedly a wonderful qualification to pursue. And so is the reason I kept promoting it and helped thousands of people to get through.

Now same is becoming global with new vision and focus of FPSB and they must have thought a lot about it. It would be a 3 level exam and definitely be tough to clear. As a teacher I wanted FPSB to promote the exiting curriculum as most of the CFPs are likely to work in India and will serve Indian clients (Most of the global courses do not provide employment opportunities oversees and the theme is that you study with global standards but you are expected to find employment in India). I teach CFA too and there as well I found that the candidates are not able to connect well with Indian context. And lack of knowledge about Indian behavior and products can be a nightmare when you are with a client. I wish that they would have modified the existing curriculum with all Indian context.

 

I keep on getting phones from people from smaller towns across India. Now that you have to register through EPs only, and you can not register in self study mode (CA, CS, CMA, CFA and CIMA all have self study mode), might create some challenges for all the people. Can an individual teach CFP from 1st April, is still not known.

I have been promoting CFP from a decade and continue to support all through different modes.

Would definitely like to hear more from all of you.

 

Thanks.

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