Experience is one of the four criteria, which are verified before a candidate is conferred CFPCM certification. The experience is considered to be of essence as regards application of financial planning knowledge and skills in one or more of the eight competency profiles outlined under Financial Planning Curriculum Framework.

It is preferable for a candidate to demonstrate his capability by way of an acquired work experience in actual making and implementing of Financial Plan of client in consonance with the six-step process of Financial Planning. However, considering the incipient nature of the financial planning industry in India, it is felt desirable to confer the certification on even those candidates who could demonstrate having put in adequate number of years in the financial services sector and satisfying one of the Financial Planner Competency Profiles. This helps professionals from various financial services to consolidate their efforts and to launch full-fledged financial planning services. The experience accepted is of three years.

Currently, it is required of a candidate to furnish a valid experience of 3 or 5 years depending on one’s work experience in financial planning or various financial services and one’s basic qualifications. The experience is required to be completed either prior to or after passing the final certification examination (Exam 5) in respect of Regular Pathway. The CFPCM certification, however, is conferred only after the candidate acquires the requisite experience. In respect of Challenge Status Pathway (CSP), a candidate is required to provide a valid proof of one’s adequate experience prior to even appearing for Exam 5. Various scenario of the Relevant Work Experience are as per the following table:

Other Financial services requiring 5 years experience will be considered in the Job profile given below:

1. Accounting including Fund Accounting in collective investment schemes
2. Banking including Investment Banking and Merchant Banking services
3. Financial Consulting
4. Financial Advisory and Investment Advisory services
5. Stock broking and trading services
6. Estate Planning
7. Tax advisory - Personal as well as Corporate taxation
8. Journalism in Personal Finance
9. Legal services relating to Personal Finance
10. Insurance Advisory
11. Retirement solutions/Pension Planning/Employee Benefit services
12. Portfolio Management and Investment Management
13. Teaching of Economics, Statistics, Financial Mathematics, Commerce at a
    post-secondary level
14. Wealth Management services

The above constitutes Relevant Work Experience required under different situations of a candidate’s situation. FPSB India recognizes the importance of work experience for someone looking to become a financial planning professional to be able to apply financial planning knowledge in diverse or complex client situations. The relevant work experience can be demonstrated in working with clients while:

1. Applying the abilities, skills and knowledge described in FPSB India’s Competency Profile under Financial Planning Curriculum Framework
2. Engaging in practice described in FPSB India’s Financial Planning Practice Standards Profile
3. Adhering to ethical principles described in FPSB’s Financial Planner Code of Ethics and Professional Responsibility

Verification of Work Experience

All work experience related documents and certificates should be duly attested by a Gazetted Officer or Notary Public appointed by a State Government or Central Government. The candidates employed with banks, financial institutions and Charter Member organizations of FPSB India can get the documents attested by their Head - HRD. FPSB India shall scrutinize all the documents and vet the same before awarding the CFPCM certification or allowing a candidate to appear for through Challenge Status pathway. If the work experience certificates are not found to be authentic and information provided is false, FPSB India reserves the right to reject the respective application and cancel the candidature. FPSB India reserves the right of determining acceptable work experience and may call candidates (at their own expense) for an interview. The decision made thereafter by FPSB India is final. When a candidate earns experience subsequent to passing certification examination (Exam 5), he/she must complete the requirement within five years of the date of the successful completion of the certification examination, failing which he/she will have to compulsorily go for one year’s supervised practice mentioned here onwards.