Which is easier to get CFP or ChFC

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Feb 16, 2007 5:19 pm

I'm just wondering since the CFP wasn't that hard and someone asked me if the ChFC was the same difficulty.

Feb 16, 2007 7:23 pm

Who cares?

Feb 16, 2007 9:59 pm
My Inner Child:

Who cares?





I care.

Feb 17, 2007 7:17 am

up until this year, one could be a high school drop out with 3 years financial services and still sit for the exam. Great designation huh? That's what I tell the very few that ask if i have a CFP. Then suddenly the cfp is not so important to the prospect.

Feb 17, 2007 8:56 am
AllREIT:
My Inner Child:

Who cares?



I care.


JUst what I thought..."nobody" cares.

Feb 17, 2007 12:23 pm

I never sat for the ChFC, but others have said you it is easier. Have observed others were studying for CFP switch over to what they said was easier.


If you don't have your CFP, consider not deceiving yourself into saying it is not important. You don't know what you don't know.


This professional designation and ongoing license is for your own professional development first, and by extension, your clients. The college degree requirement indicates evolution.


If you don't bother to get it, don't be sour grapes

Feb 17, 2007 12:23 pm

The CFP is harder.  BTW I hear reps say all the time that "...my
clients and prospects don't care if I have a CFP or not...its a waste
of time...high school education blah blah blah." 



The reason they feel this way is because they never get in front of
cients and prosects that care about it...because they don't have
it.  I never really quite understood why people without the
designation are so dead set against it...verbally.   If you
are doing well without it than great.  Just shut up.   It
cannot hurt you by having it. 

Feb 17, 2007 10:04 pm

Amen. I don't know the % of current CFP designees that don't have a degree,

but I bet it is quite low. Bottom line is if someone talks to two advisors

about handling their $ and has a similar feel for both, an advanced

designation is a great way to break the tie. Plus, being more educated is

never a bad thing.

Feb 18, 2007 6:45 pm

The national average pass rate for the CFP exam, (I believe this is over the last two years, not totally sure, has ranged from 44-60%. So its no cakewalk. If you read the Kaplan Review Course materials, they clearly state that this exam is comparable to any professional exam, such as the CPA, and the Bar Exam.


As far as whether its important, I can only ask anyone to tell me that its easy or not important to be able to differentiate yourself from the competition. If easy, tell me how you do it. To me, a great way is to get the designation, which is what I'm working on.


Not to mention the fact, that if we really do care about our clients, we owe it to them to work on our core competencies constantly.


JMHO 

Feb 18, 2007 6:54 pm

Sorry, man...I passed the CFP and the CPA...no comparison.  The CPA took five attempts, the CFP took one and was much easier...10 hours of testing vs. 19.5 hours on the CPA when I passed it.  I don't think there's much question that the CFP is harder than the ChFC, though.

Feb 18, 2007 7:09 pm
Indyone:

Sorry, man...I passed the CFP and the CPA...no comparison.  The CPA took five attempts, the CFP took one and was much easier...10 hours of testing vs. 19.5 hours on the CPA when I passed it.  I don't think there's much question that the CFP is harder than the ChFC, though.


Cant argue with Indy, since I havent taken the CPA. I'm just passing along what I;ve heard. I'm just starting module 5 of the CFP program, and plan to take the CFP exam in July. The instruction at the institution giving us the program has been subpar, and I havent really done the work between classes the way I should. I have to say I;m not optimistic, just hoping that if I put in the 200 hours plus for the review course, it will get me through.


Bye the way, your not D. Bright from Indianapolis are you? Dont know why, but I just had a funny feeling. If by some miraculous chance, I'm right, then PM me.



Feb 18, 2007 10:11 pm

I must confess...I am sitting for the CFP exam for the 4th time in March.  I am a great salesman but I've never been that book smart.  I did get my degree from a major university in California, though.  I don't think the test is that hard but I sure do get the wrong answer a lot! 


I think that when I get the initials behind my name I will definitely call out anyone who I'm competing against.  I do believe it is the gold standard in our industry.

Feb 18, 2007 10:18 pm

Anyone know the percentage of S7 licensed reps that have the CFP?

Feb 19, 2007 1:22 am

I took the level 1 CFA exam last December and vowed to never take another test like that again.  It was hard as hell.


Feb 19, 2007 1:39 am
spikedkoolaid:

I must confess...I am sitting for the CFP exam for the 4th time in March.  I am a great salesman but I've never been that book smart.

I'd trade my pass for your sales skills!

Feb 19, 2007 10:43 am

Is the CFP harder than the CFA?


Since I do more portfolio management than financial planning, I was thinking about adding this designation.


Any comments from takers and/or holders?

Feb 19, 2007 10:47 am
ChrisB:

I took the level 1 CFA exam last December and vowed to
never take another test like that again.  It was hard as hell.





The CFA is a professional credential on par with being a CPA, not at
all the same level as CFP, and all the other alphabet soup of
designations. Even for people with a BS in finance/MBA most do not pass
the Level 1. The pass rates on the upper levels aren't too good either.



I've thought about doing the CFA/CIC combo once this business settles down.



http://www.icaa.org/html/cicp.html

Feb 19, 2007 10:50 am
spikedkoolaid:

I must confess...I am sitting for the CFP exam for the 4th time in
March.  I am a great salesman but I've never been that book
smart.  I did get my degree from a major university in California,
though.  I don't think the test is that hard but I sure do
get the wrong answer a lot!


Chico State MBA's check in!



I think that when I get the initials behind my name I will
definitely call out anyone who I'm competing against.  I do
believe it is the gold standard in our industry.


Are you getting this to make yourself a better advisor or better marketer?

Feb 19, 2007 11:04 am

Why would you take the one that is easier? Why don't you take the one that you think will BENEFIT you the most.



Lot's of folks come to me specifically because I am a CFP. I didn't think it mattered much after the first year, now after a few years I can say it paid for itself and then some.

Feb 20, 2007 10:15 am

The CFA is much harder than the CFP.  15-20% of those who begin the CFA actually pass.  The CFP is definitely no cakewalk, but in comparison, is much more achievable.


I think bankrep hit the nail on the head.  Take the exam which will benefit your business and best improve your skill set.