Just curious… what positions are you in?
Yep. Partner in a small RIA. We do fee-only financial planning and asset management.
^Would you say the designation is useful? Do you also have other designations or only the CFP? Also wanted to add - how prominent is the CFP in the planning industry? (I ask this because I got hammered by my firm when I tried to get the costs reimbursed. Had I pursued the CPA / PFS designation, it would have been a different story, but I opted for the CFP because I wanted to get the “best” for each represented field.) Don’t mean to hijack the thread, but did you study with Schweser? If so, is the real test as easy/difficult as the questions on Schweser? Thanks.
Ocean Mist Wrote: ------------------------------------------------------- > ^Would you say the designation is useful? Do you > also have other designations or only the CFP? I also have the charter. I would say it is very useful depending on the type of work you do. It would have zero value for a true analyst though. When you get into the PWM space it becomes a nice complement to the CFA. > > Also wanted to add - how prominent is the CFP in > the planning industry? (I ask this because I got > hammered by my firm when I tried to get the costs > reimbursed. Had I pursued the CPA / PFS > designation, it would have been a different story, > but I opted for the CFP because I wanted to get > the “best” for each represented field.) The CFP is far more recognized by clients that the PFS (or the CFA for that matter). If nothing else the CFP board has done a good job marketing the designation. I am not CPA bashing here either. My partner is a CPA and a CFP. > > Don’t mean to hijack the thread, but did you study > with Schweser? If so, is the real test as > easy/difficult as the questions on Schweser? > Thanks. I think I used kaplan (schweser didn’t delve into this area when I took it). The exam was not easy. It is a two day exam that takes 10 hours total. I would think it is close to the difficulty of level I of the CFA exam. Edit: This assumes retail clients of RIA
Thanks mwvt9! I’m nervous now because the questions on Schweser are fairly easy / doable (minimal calculations, pretty much all memorization. Reminds me of audit). I realize 10 hours total is intense, but I don’t think I’ll ever have to encounter a painful of an experience as the CPA tests… primarily because I had little to no background and had to learn everything on the fly + subject matter + competing with accounting majors. CPA does give an advantage for other financial / accounting designations, so even for the CFA, I won’t have to learn everything on the fly. I’m hoping the designation will pay off, especially considering how I will have to be doing CE’s on a regular basis to meet all of my requirements and pay out-of-pocket for renewal. That’s going to take out of my annual coffee / clothes allowance. CFP = level 1 of CFA. This gives me hope.
Ocean Mist Wrote: ------------------------------------------------------- > Thanks mwvt9! I’m nervous now because the > questions on Schweser are fairly easy / doable > (minimal calculations, pretty much all > memorization. Reminds me of audit). I realize 10 > hours total is intense, but I don’t think I’ll > ever have to encounter a painful of an experience > as the CPA tests… primarily because I had little > to no background and had to learn everything on > the fly + subject matter + competing with > accounting majors. CPA does give an advantage for > other financial / accounting designations, so even > for the CFA, I won’t have to learn everything on > the fly. > > I’m hoping the designation will pay off, > especially considering how I will have to be doing > CE’s on a regular basis to meet all of my > requirements and pay out-of-pocket for renewal. > That’s going to take out of my annual coffee / > clothes allowance. > > CFP = level 1 of CFA. This gives me hope. I can tell you that my partner, who is a CPA like yourself, took a week off before the exam and did nothing but study and passed (as his only preparation). That being said, he has about 40 years of experience as a CPA and financial planner. You can/will pass for sure. Just don’t sleep on it.
I am also a CFP. I have the CRPC but that was done a long time ago and it is essentially useless. CFP exam is on par with level 1 CFA in that the material is “a mile wide and a foot deep”. There are many areas to cover vs. focusing in extreme detail such as CFA level II. I believe I used Kaplan, however I did a 9 month program to get the education requirement. Those classes, text books, and Kaplan study notes helped. I also did a live review course and took a week off prior to the exam. The exam is definitely a marathon and little things like having to go to the bathroom really become a factor. If you passed level I CFA then this is very doable but is different type of material. The estate planning and tax planning can be very boring to learn but will show up quite a bit on the exam.