How much does a CFP certification and exam cost?
How much does a CFP certification and exam cost?
$5,000 – $12,000 average CFP certification cost (Standard path)
$2,500 – $5,000 average CFP certification cost (Accelerated path)
Average CFP certification cost
CFP certification costs $5,000 to $12,000 for the Standard path or $2,500 to $5,000 for the Accelerated path, including education courses, application, and certification fees. The Accelerated option offers significant savings by bypassing most coursework, requiring only the Capstone course, making it faster and less expensive for qualified professionals like CPAs, CFAs, and ChFCs.
| Path | Average cost |
|---|---|
| Standard CFP Certification | $5,000 – $12,000 |
| Accelerated CFP Certification | $2,500 – $5,000 |
CFP exam cost
The CFP exam costs $825 for early bird, $925 for standard, and $1,025 for late registration. However, the exam fee is just one part of the overall investment. Candidates must also consider expenses for education programs, study materials, and various fees associated with the certification process.
The total investment varies based on the educational program and study methods you choose.
| Category | Average cost |
|---|---|
| CFP education program (Standard path) | $3,000 – $7,500 |
| Capstone Course only (Accelerated path) | $700 – $2,000 |
| Prep / Review course | $600 – $2,900 |
| Private CFP tutor | $40 – $80 per hour |
| Exam registration | $825 – $1,025 |
| Application fee | $200 |
| Annual Certification fee | $455 (prorated for 1 st cycle) |
| Continuing education (biennial) | $500 – $1,500 |
What is CFP certification?
CFP (Certified Financial Planner) certification is a prestigious credential that shows you're an expert in financial planning. It involves completing rigorous education, passing an exam, gaining experience, and adhering to ethical standards. Having a CFP certification demonstrates your expertise in areas like investments, taxes, retirement, and insurance planning.
To sit for the CFP exam, candidates must fulfill several prerequisites:
Education: Complete a CFP Board-registered education program covering financial planning topics. Candidates must also hold a bachelor's degree or higher from an accredited college or university. Those without a degree have up to five years after passing the exam to obtain one.
Experience: Accumulate either 6,000 hours of professional experience related to financial planning or 4,000 hours of apprenticeship experience under the direct supervision of a CFP professional. This requirement can be completed before or after passing the exam.
Ethics: Sign an Ethics Declaration and pass a background check conducted by the CFP Board to ensure adherence to ethical standards.
CFP education program
To achieve CFP certification, you must complete an education program, which costs $3,000 to $7,500 for the Standard path. All CFP Board Registered Programs include a required Capstone course that integrates all CFP knowledge areas. Online self-study options are generally more affordable than instructor-led courses.
| Program | Average tuition cost | Details |
|---|---|---|
| Boston University | $4,395 |
|
| Bryant University | Starts at $2,995 |
|
| Dalton Education | $5,295 – $7,195 |
|
| Kaplan | $5,350 – $7,500 |
|
| Northwestern | $6,840 |
|
| Purdue | $7,195 |
|
| The American College | $5,395 – $6,685 |
|
Accelerated path
The Accelerated CFP program offers a more streamlined and cost-effective route for eligible candidates with qualifying credentials or coursework. Instead of completing the full educational curriculum, candidates take a 45-hour Capstone Course. This course costs $700 to $2,000 and focuses on integrating and applying knowledge from all financial planning topic areas.
While exam fees and ongoing costs remain the same as the standard path, the substantial savings in time and coursework make this an attractive option for qualified professionals. Eligible candidates include those holding credentials such as CPA, CFA, ChFC, CLU, licensed attorneys, and individuals with specific advanced degrees.
Exam review
After completing your education, you'll need to prepare for the CFP exam. Exam prep review classes cost from nearly $600 to as much as $2,900, depending on your learning needs. These programs offer a variety of study materials, practice questions, video libraries, and mock exams to help you prepare for the exam.
| Program | Cost |
|---|---|
| Kaplan | $599 – $1,399 |
| Dalton | $1,495 – $2,295 |
| Brett Danko | $1,395 – $2,895 |
| Zahn | $1,195 |
Test registration
Once you're ready to sit for the exam, you pay the CFP exam registration fee of $825 for early registration, $925 for standard registration, or $1,025 for late registration. Registering early not only saves money but also provides better options for scheduling your preferred exam date and location.
| Exam component | Details |
|---|---|
| Cost | $925 (standard registration) |
| Format | Computer-based |
| Duration | 6 hours total (two 3-hour sessions with a 40-minute break) |
| Testing dates | 8-day testing windows in March, July, and November |
| Questions | 170 multiple-choice questions |
| Question types | Stand-alone, scenario-based, and case studies |
| Scoring | Pass/Fail (no specific score provided) |
| Results | Preliminary results immediately after the exam; official results within 4 weeks |
| Calculators | Only specific CFP-approved models allowed |
CFP exam content
The CFP features 170 multiple-choice questions covering the following knowledge domains:
Professional Conduct and Regulation (8%)
General Principles of Financial Planning (15%)
Risk Management and Insurance Planning (11%)
Investment Planning (17%)
Tax Planning (14%)
Retirement Savings and Income Planning (18%)
Estate Planning (10%)
Psychology of Financial Planning (7%)
Application fee
After passing the exam, you can submit your application with a non-refundable $200 fee and pay a prorated portion of the $455 annual certification fee, which covers the length of your first certification cycle.
Ongoing annual fees
Once certified, CFP professionals must pay an annual certification fee of $455 to maintain their designation. This fee covers ongoing oversight and continuing education tracking.
Additionally, CFPs must complete 30 hours of continuing education every two years, including 2 hours of ethics. Continuing education costs typically range from $500 to $1,500 per two-year reporting period, based on course providers and formats.
CFP vs. CFA
While both the CFP and CFA are prestigious designations, they cater to different areas of expertise. The CFP focuses on financial planning for individuals, while the CFA focuses on investment analysis for institutions. CFA costs are generally higher due to the three-level exam structure and extensive study required.
| Aspect | CFP | CFA |
|---|---|---|
| Registration | $925 | $1,290 – $1,390 |
| Annual fees | $455 | $350 |
| Focus | Comprehensive financial planning | Investment analysis and portfolio management |
| Exam structure | Single 6-hour exam | Three levels of exams, each 4 – 6 hours |
| Exam frequency | Offered 3 times per year | Level I (4 times per year), Levels II and III (2 times per year) |
| Study time | 12 – 18 months on average | 18 – 36 months on average |
| Experience requirement | 6,000 hours of professional experience or 4,000 apprenticeship hours | 4,000 hours of professional experience |
| Continuing education | 30 hours every 2 years | 20 hours annually |
FAQs about CFP certification
How do you become a certified financial planner?
To become a CFP, you must complete a CFP Board-registered education program, hold a bachelor's degree, pass the CFP exam, accumulate 4,000 to 6,000 hours of relevant professional experience, and meet ethical standards by signing a declaration and passing a background check.
How hard is the CFP exam?
The CFP exam is considered challenging, consisting of 170 multiple-choice questions over 6 hours. It tests candidates' ability to apply financial planning knowledge to real-world scenarios. The exam's difficulty is comparable to other professional certifications like CPA or CFA, with an average pass rate of 62% to 68%.
What does a CFP do?
A CFP provides comprehensive financial planning services, including creating personalized plans for investments, retirement, insurance, education financing, tax strategies, and estate planning. They assess clients' entire financial situations, develop tailored strategies, and act as fiduciaries to prioritize their clients' best interests.
How long does it take to become a CFP?
Becoming a Certified Financial Planner (CFP) typically takes 18 to 24 months but can be faster through the Accelerated Path for qualified professionals. The standard education program takes 12 to 18 months to complete, while the Accelerated Path skips most of the coursework and includes just the 45-hour Capstone Course.
Choosing a finance tutor
When choosing a finance tutor or prep course for the CFP exam, look for the following:
Experience: Look for tutors who are CFP professionals with extensive experience in preparing students for the exam.
Pass rate: Research tutors or programs with high pass rates for their students.
Personalized approach: Seek tutors who offer one-on-one video sessions or small group classes for more individualized attention.
Exam strategies: Choose tutors who not only review subject matter but also provide strategies for approaching different types of exam questions.
Resources: Select tutors or courses that provide comprehensive study materials, practice questions, and mock exams.
Teaching style and specialty: Find a tutor whose teaching style aligns with your learning preferences and who specializes in areas where you need the most help.
Reviews and recommendations: Check reviews on Tutors.com or Google and ask for recommendations from colleagues who have successfully passed the CFP exam.
Questions to ask a CFP tutor
It's important to ask CFP tutors these questions to determine if they're the right fit for your needs:
What are your qualifications and credentials?
How long have you been tutoring for the CFP exam?
What is your approach to CFP exam preparation?
What resources and materials do you use in your tutoring sessions?
How do you tailor your tutoring to individual learning styles?
What is your success rate with previous students?
How do you help students with difficult concepts or areas of weakness?
What strategies do you teach for time management during the exam?
How do you keep up with changes to the CFP exam content and format?
Can you provide references from past students?
What is your availability and scheduling flexibility?
How do you measure a student's progress throughout the tutoring process?
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