How to Become a Certified Financial Planner in India
Did you know that there are only 2000 certified financial planners in India? For a large country like ours, this is a very small number. Unfortunately, the reason behind this is lack of knowledge. Very few people here have understood the importance of financial planning and how a certified professional planner can alleviate our financial problems.
An average middle-class Indian thinks that investing means securing something, investing in mutual funds hesitantly, and staying away from the stock market. While there is nothing wrong with this approach, an expert will tell you that it is enough to secure your future.
There are many ways he can invest his money wisely, but to do so he needs to know the methods. While it is important for us to realize that not everyone can understand the complexities of money management, it is very important to seek professional help.
How to become a certified financial planner in India?
CFP certification in India is recognized by the Financial Planning Standards Board (FPSB). It is the nodal agency that oversees how CFPs operate, who can be certified, and who should be revoked. Although they offer certification, you must be enrolled in an educational institution that offers it as coursework. There are many emerging institutes that now offer a graduate diploma in financial planning.
Eligibility to become a CFP
If you are seeking admission to one of the best CFP institutes in India, you will need to know their eligibility criteria. There are two types of people who generally seek admission to such courses: professionals working in the financial sector seeking official certification, and recent graduates who wish to enter the industry armed with the appropriate degree.
Timeline of a CFP course in India
A CFP course can be completed in as little as 6 months or it can take two to three years, both accredited by the FPSB. The important thing to note here is where you want to enter. There are institutes where you can enter for a one-year PG Diploma in Financial Planning, while the same institute can also offer you a two-year graduate degree in Financial Planning.
For a working professional, the PG Diploma in Financial Planning seems like a good idea. But if you are a recent graduate who is still trying to hone your skills, then a full master's program is more suitable for you.
However, you need to understand that what you will be taught over a two-year period will be much more intensive and detailed. Your learning graph will deepen and your understanding will improve in the two-year program. On the other hand, with a one-year diploma course, you will be able to quickly become a CFP and start a new journey towards improving your career.
Scope of CFP in India
Since there are few certified financial planners in India, the scope is immense. You can be involved in investment management, tax planning, retirement and estate planning, personal cash flow management, and insurance planning. If you think you have the potential to become a financial planner, look for the article Get the required certification today!