How To Become A CFP In South Africa

Certified Financial Planner (CFP) is a formal recognition of expertise in the areas of financial planning, taxes, insurance, estate planning, and retirement (such as with 401(k)s).

How much does CFP cost?

CFP® Exam Cost

The standard registration fee for the CFP® exam is R12468.31, but there’s an early bird rate of R10957.00, which is available until six weeks before the registration deadline. There’s a late registration fee of R13979.62 for the two weeks before the registration deadline.

Is CFP exam hard?

Infact gradually CFP exams are getting tougher as years pass and pass rates are dropping. CFP is easy as compared to chartered accountancy. It can easily be completed within 1 year while you have to devote 3–5 years to become a CA. Also the course structure is less in CFP .

Is CFP easier than CFA?

In order to earn the CFP, you need a bachelor’s degree and some college-level study in financial planning. Overall, the CFP program is shorter and less-rigorous than the CFA program. If you think this could be the program for you, you can learn more about CFP certification requirements here.

Below is How To Become A CFP In South Africa

Earning the CFP designation involves meeting requirements in four areas: formal education, performance on the CFP exam, relevant work experience, and demonstrated professional ethics.

The education requirements comprise two major components. The candidate must verify that they hold a bachelor’s or higher degree from an accredited university or college recognized by the South Africa. Department of Education.

Second, they must complete a list of specific courses in financial planning, as specified by the CFP Board.

Much of this second requirement is typically waived if the candidate holds certain accepted financial designations, such as a chartered financial analyst (CFA) or certified public accountant (CPA) designation, or has a higher degree in business, such as a master of business administration (MBA).

As for professional experience, candidates must prove they have at least three years (or 6,000 hours) of full-time professional experience in the industry, or two years (4,000 hours) in an apprenticeship role, which is then subject to further individualized requirements.

Lastly, candidates and CFP holders must adhere to the CFP Board’s standards of professional conduct.

They must also regularly disclose information about their involvement in a variety of areas, such as criminal activity, inquiries by government agencies, bankruptcies, customer complaints, or terminations by employers. The CFP Board also conducts an extensive background check on all candidates before granting the certification.

Even successful completion of the above steps doesn’t guarantee receipt of the CFP designation. The CFP Board has final discretion on whether or not to award the designation to an individual.

How long does it take to become a CFP?

18-24 months

Typically, it takes 18-24 months to become a CFP® professional, but the certification process offers flexibility so you can make it work for you.

How much does a CFP earn in South Africa?

Salary Recap

The average pay for a CFP is ZAR 371,637 a year and ZAR 179 an hour in South Africa. The average salary range for a CFP is between ZAR 210,874 and ZAR 477,042. On average, a Bachelor’s Degree is the highest level of education for a CFP.

How many CFP are there in South Africa?

4800 CFP professionals

According to the FPSB’s website, there are more than 181 000 CFP professionals worldwide. According to David Kop, executive director: relevance at the FPI, there are about 4800 CFP professionals in South Africa, of which 3800 are practising.

Is CFP exam hard?

Infact gradually CFP exams are getting tougher as years pass and pass rates are dropping. CFP is easy as compared to chartered accountancy. It can easily be completed within 1 year while you have to devote 3–5 years to become a CA. Also the course structure is less in CFP

Is CFP easier than CFA?

In order to earn the CFP, you need a bachelor’s degree and some college-level study in financial planning. Overall, the CFP program is shorter and less-rigorous than the CFA program. If you think this could be the program for you, you can learn more about CFP certification requirements here.

What does a financial manager earn in South Africa?

The average salary for a Financial Manager in SA is R 652 000 gross per year (R 54 330 gross per month), which is 135% higher than the South Africa’s national average salary. Salary Range: a Financial Manager can expect an average starting salary of R 368 000. The highest salaries can exceed R 1 000 000.

Are financial managers in demand in South Africa?

Financial managers, accountants and recruiters are among the most in-demand jobs in South Africa, with average annual salaries around R500,000 a year.