Becoming a Financial Planner with Just a '1-Year Training'... Qualification Requirements Greatly Relaxed

Qualification Requirements for Financial Planners Relaxed from 3 Years of Education to 1 Year of Training

[Asia Economy Reporter Song Seung-seop] The requirement of ‘3 years of practical experience’ needed for the internationally recognized Certified Financial Planner (CFP) certification can now be replaced with ‘1 year of training.’

Korea FPSB, the CFP certification body, announced on the 19th that it has introduced an ‘Intensive Practical Training Program for Financial Planners’ that shortens the experience requirement from 3 years to 1 year.

Originally, to obtain the CFP certification, candidates had to meet the ‘4Es’ requirements. The 4Es refer to 200 hours of Education, 8 hours and 20 minutes of the CFP Examination, an Ethics pledge, and 3 years of Experience. Many candidates found the 3-year practical experience condition to be challenging.

Under the newly introduced intensive program, candidates only need to undergo 1 year of training under a ‘Practical Mentor’ registered with Korea FPSB. CFP passers, called ‘Trainees,’ participate in a six-stage financial planning process where they can apply their expertise. After completing 1 year of training, they are recognized as having 3 years of financial-related practical experience, fulfilling the CFP certification requirements.

Practical Mentors are all individuals with over 5 years of personal financial planning experience and are selected through a professional skills evaluation. For Practical Mentors, an incentive system has been established allowing them to earn 5 continuing education credits per Trainee (up to 3 Trainees).

Kim Yong-hwan, Chairman of Korea FPSB, stated, “We aim for CFP certificants to enhance their professionalism through the intensive practical training program and provide better financial planning services, thereby contributing to the stability of citizens’ lives. We hope that by increasing the certification rate, this will open new career opportunities for job seekers preparing for the financial sector or retirees from the financial industry.”