CFP® Certificants in the News
The results are in. We saw a continuation of existing trends and at least one surprise from the results of the March 2023 CFP Board Exam, including:
- Number of examinees taking the exam,
- Primary reason for taking the exam,
- Employer-provided financial support.
Number of Examinees Taking the Exam
An impressive and record-setting 3,527 candidates sat for the March 2023 CFP Board exam. The following graph is provided for context.
- The average number of examinees for the 18 exams before March 2022 was 1,982 with a standard deviation of 256. In most of the exams during this period, the number of examinees ranged from 1,726 to 2,238.
- The average number of examinees for the 4 most recent exams, including the March 2023 exam, was 3,008 with a standard deviation of 377. In most of the exams during this period, the number of examinees ranged from 2,631 to 3,385.
Whether or not these trends reflect the lessening of COVID restrictions, employer-provided support, or economic drivers, is debatable but those seeking CFP® Certification have clearly and dramatically increased in the last year and a half.
Primary Reason for Taking the Exam
According to CFP Board, “[In] the March 2023 post-exam survey, the main reason exam-takers are seeking CFP® certification is to demonstrate expertise on the job, followed by wanting to distinguish themselves as fiduciaries by providing financial advice in the client’s best interest.”
Employer-Provided Financial Support
Employer-provided support takes many forms, including paid time off to study and direct financial assistance. According to CFP Board, “Almost 80% of exam-takers reported receiving some level of financial support from their employers during the CFP® certification process.”
Here’s how CFP Board CEO Kevin R. Keller, CAE characterized the March 2023 exam results: “These post-exam survey results show that CFP® certification remains the standard of excellence in financial planning and a mark of trust for clients wishing to work with a fiduciary.”