Exclusive: Only 2700 Certified Financial Planners in India, Check How to Become a CFP Professional

When a doctor treats someone, the whole family gets relief. Similarly, the whole family benefits from the teaching of a teacher. In the same way, when you invest under the guidance of a financial service expert, your wealth increases rapidly, and your whole family benefits from it. Just think: in India, there is one doctor for every 834 people, one teacher for every 144 people, but when it comes to certified financial planners, there is only one certified professional for every 518,518 people in the country. Moreover, there are only 2.5 lakh professionals in the whole world. Don't you think this can be one of the bet career option now?

Simply put, these figures highlight the immense scope for certified financial planners in the country. Recognizing the growing potential in this field, Career India spoke to Krishan Mishra, CEO of FPSB India, an organization providing CFP certification. The statistics provided by Krishan Mishra during the boot camp organized at IIM Bangalore are sufficient to understand this sector, especially for those who want to enter the field of financial services.

How Can Parents Motivate Their Children?

In response to this question, Krishan Mishra said, "The problem is that today, in our country, education is being provided, but financial education is not. You can choose any profession-doctor, engineer, advocate, chartered accountant-but among millions, only one or two will be found who are financially educated. They do not know how to manage and invest the money they are earning. They invest based on what they hear from relatives and friends."

"Financial education should start at the dinner table at home, initiated by the parents themselves. First, you should educate yourself thoroughly and understand where and how to invest. Then discuss it with your children at the dinner table once or twice in a week or a month," he added.

He emphasized that school children are not given any information about investment. It is the parents' responsibility to explain how a bank account works, how FDs give returns, and how the stock market operates. Usually, parents just give pocket money and tell their children to spend wisely, but they need to provide knowledge beyond this. If the child has passed 12th grade or is about 18 years old, you can openly talk to them about investment.

Why is a Financial Planning Certificate Necessary?

Krishan Mishra pointed out that financial planning is not taught in schools. This is why the number of students entering this field in our country is very low. On the other hand, at home, children are told about engineering, medicine, law, humanities, management, etc., from a young age, leading them to choose one of these paths. The awareness is much needed in this sector.

What is the Scope for CFP Professionals?

In response to this question, Krishan Mishra said that the work of a CFP professional is no less important than that of a doctor or teacher. Just as a doctor's treatment benefits an entire family, and a teacher's guidance benefits a family, a CFP professional's successful management of a family's financial assets benefits the whole family. In this profession, you do not just help one person but their entire family. When you help a family, you are essentially helping the whole society. Today, people need assistance to make the right investments.

Regarding the market opportunities, he mentioned that currently, there are only 2731 CFP professionals in India and about 2.5 lakh professionals worldwide. With increasing incomes and spending capacities, there is a growing need for proper financial management, which skilled CFP professionals can provide.

According to Krishan, based on government data, the latest National Career Survey report indicates that 46.86 lakh jobs were created in the financial services sector in the country, but only 27.9 lakh posts were filled by qualified individuals, leaving 18 lakh jobs vacant. This highlights the vast employment opportunities in this sector.

How to Become a Certified Financial Planner

To become a certified financial planner, you first need to choose an institute. There are various financial education institutes in cities like Delhi, Mumbai, Jaipur, Hyderabad, etc., recognized by FPSB India. The course curriculum, prepared by experts, includes content not even covered in MBA programs. After obtaining the certificate, you become a certified financial planner. Keep in mind that you need to renew your certificate every three years.

You can get offers from asset management departments of companies, asset management firms, investment companies, etc. Alternatively, you can start your own company or practice. The most important thing is that whether you work in this sector or not, or become an advisor or not, this certificate will be a life skill that will help you manage your own life.

Which Degree is Required for Certified Financial Planner

The minimum eligibility for the certification course of a Certified Financial Planner is 12th grade from any subject. However, your certification program is not complete until you finish your graduation.

In Simple Words, the Whole Process:

1. If you have passed 12th grade, you can enroll in the course. Simultaneously, you should also enroll in a graduation program at any university or degree college. If you are already pursuing graduation or have completed it, you can take direct admission.

2. After completing your graduation, you must practice for at least one year under the guidance of an expert. If you are not working under guidance, you can apply for a CFP certificate only after at least three years.

3. If you are not practicing independently, you can gain experience in a company providing financial services.

4. To obtain the certificate, you need to pass the CFP exam.

5. This certificate is valid throughout India. If you want to practice abroad, you need to meet the requirements of that country, as financial regulations vary by country.

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