CFP Board today announced that its Board of Directors has approved updated Competency Standards to ensure that CFP^® certification remains modern, relevant and practical for today’s financial planning profession.

Since launching the Competency Standards Commission (CSC) in 2023, the Board of Directors of CFP Board has taken a comprehensive approach to reviewing CFP^® Certification Competency Standards, considering CSC proposals, reviewing thousands of public comments and seeking expert recommendations. These approved updates reflect the first ever holistic, end-to-end review of the standards.

“This review was guided by a clear responsibility to ensure CFP^® certification reflects both the realities of today’s financial planning profession and the trust placed in it,” said CFP Board Chair Terri Kallsen, CFP^®. “As the profession evolves, the standards that support it must evolve as well, reinforcing the connection between CFP^® professionals and the families they serve.”

CFP Board will host a webinar on January 28, 1 p.m. ET to explore the updated Competency Standards and discuss what they mean for CFP^® professionals, candidates, firms and educators. As these updates take effect, CFP Board will support stakeholders with ongoing guidance and practical resources. All approved changes have future effective dates and will be implemented on a phased basis. No immediate changes apply to certification or renewal requirements.

“Financial planning continues to grow in complexity, scope and impact. These updates reflect CFP Board’s commitment to preparing CFP^® professionals to serve clients effectively in a dynamic and changing world,” said CFP Board CEO Kevin R. Keller, CAE. “Through disciplined governance and continuous review, CFP Board upholds both the promise of CFP^® certification as the standard in financial planning and the trust the public places in the CFP^® marks.”

Summary of Updates to the Competency Standards

The updated Competency Standards are designed to strengthen and reinforce the value of CFP^® certification for the profession and the public, including by aligning CFP^® certification with the expectations of other well-established professions, such as law, accounting, architecture and medicine.

As part of its review, the Board of Directors reevaluated the existing Accelerated Pathway credentials and found the Certified Investment Management Analyst^® (CIMA^®) certification demonstrated the level of rigor and professional preparedness appropriate for CFP^® certification. The Board approved the CSC recommendation to add the CIMA^® certification to the list of approved Accelerated Path academic degrees and professional credentials that allow individuals to fulfill the Coursework Requirement (excluding the Capstone Course). This addition will be implemented Q2 2026.

To encourage practical, holistic exposure to financial planning as a profession, rather than only to limited functional tasks, the Board of Directors approved a new standard that candidates pursuing the Standard Pathway must demonstrate experience addressing at least three steps of the financial planning process. The updated standard reinforces the competency-based foundation of CFP^® certification and better prepares candidates for real-world client engagements. The change also benefits the public by credentialing new CFP^® professionals whose experience aligns with the full scope and responsibilities of the financial planning profession. This update will be effective Q1 2027, with transitional flexibility for candidates whose experience was initiated prior to this date. Experience logged before the effective date will be evaluated under prior Standards.

As part of the efforts to enhance professional readiness, the CSC recognized that pro bono experience is often highly valuable to developing financial planning competence. Therefore, the Board of Directors approved an update to allow qualified pro bono financial planning to count toward the Standard Pathway experience requirement. Candidates may count up to 500 hours of qualified pro bono financial planning toward the 6,000-hour requirement of the Standard Pathway experience requirement. This change expands access to financial planning for underserved communities while reinforcing hands-on, competency-based experience for candidates, reflecting CFP Board’s commitment to service and professional readiness. Qualified pro bono experience must be completed through an approved organization that provides pro bono training and supervision. The update will take effect in Q2 2027.

CFP^® certification reflects demonstrated competence across education, examination, experience and ethics. To reflect this range of competencies, the Board of Directors approved a clarification to the Examination standard regarding independent practice competency. The updated language will clarify that competency to practice independently as a financial planner is demonstrated by completing the education, exam, experience and ethics requirements for CFP^® certification.

The current standard reads in part “By passing the exam, professionals demonstrate to the public that they have attained a competency necessary to practice independently as a financial planner.” The new language will be: “By completing all four certification requirements — education, examination, experience and ethics — professionals demonstrate to the public that they have attained the competency level necessary to practice independently as a financial planner.” This change reinforces that CFP^® certification is built on the full “four E’s: education, examination, experience and ethics” that prepare CFP^® professionals to serve clients holistically and ethically. The update will take effect in Q2 2026.

As financial planning grows more complex, continuing education must evolve to ensure CFP^® professionals remain competent, current and engaged with emerging issues shaping client outcomes. As modern financial planning changes at a rapid pace, including shifts in technology, behavioral finance and the regulatory environment, the Board of Directors approved the update to increase the minimum continuing education (CE) requirement to 40 hours every two years (38 hours of general CE and two hours of CFP Board Ethics CE). Of these, up to five hours may focus on Practice Management. Allowing limited Practice Management CE recognizes that strong business practices support ethical conduct, sound judgment and higher-quality client service.

This change applies uniformly to all certificants — both new and existing — and represents a pure hour increase while maintaining the current CE structure, including the 2-hour Ethics requirement. This change will apply to reporting periods beginning Q1 2027.

The Board of Directors also approved another CE Competency Standards update, allowing CFP^® certificants to carry over up to 10 hours of CE credit earned beyond the 40-hour requirement into their next two-year certification cycle. Ethics CE is not eligible to carry over. This update reinforces a culture of continuous learning by encouraging CFP^® professionals to stay engaged year-round, not just meeting minimum requirements. Rewarding proactive learning provides greater flexibility in professional development while maintaining the rigor and integrity of CFP^® certification. This update will take effect in Q1 2027.

In moments of significant regulatory change, timely education is essential. The Board of Directors has approved the Competency Standards update that CFP Board will have the authority to designate mandatory CE topics in response to significant changes in laws, tax codes or regulations affecting the financial planning profession as determined by the Board of Directors. In these limited situations, mandatory CE promotes timely understanding of developments that directly affect consumer outcomes. This requirement is not tied to CFP Board-provided courses; CFP^® professionals may satisfy the requirement through any CFP Board-approved CE program. Responsive and real-time education helps safeguard consumers, maintains confidence in the CFP^® marks and gives professionals broad flexibility to choose how and where they earn the required CE. This update will take effect in Q1 2027.

Future Explorations and Updates

CFP Board will continue to evaluate education, experience and competency requirements on a regular cadence, informed by data, stakeholder input and changes in professional practice.

Early this year, CFP Board will launch the Academic Pathways & Standards Working Group to evaluate the bachelor's degree requirement for CFP^® certification. The group will consider whether to maintain, remove or create alternatives to the requirement, supporting evolving professional and public needs. The group will include leaders from registered programs, firms and individuals with diverse backgrounds and make their recommendation to the Board of Directors in Q1 2027.

Thorough and Careful Review Process

The review process for updating the Competency Standards included many stakeholders and two years of ongoing deliberation.

The CSC, composed of 15 respected professionals — including 12 CFP^® professionals — worked over a two-year period from 2023 to 2024 to conduct a comprehensive and inclusive review of all Competency Standards and submitted its recommendations to the Board of Directors of CFP Board in November 2024. The Board of Directors engaged in thoughtful deliberation over the course of four meetings: November 2024, May 2025, July 2025 and November 2025. A detailed impact study was conducted on the CSC’s 11 recommended proposals to assess potential effects on overall demand for CFP^® certification, reputation and implications for CFP Board staff and technology.

In December 2024, CFP Board sought public comment on 9 of the proposed updates to the Competency Standards, reinforcing its commitment to transparency and stakeholder engagement. The call for public comments generated more than 9,000 comments from more than 2,500 people, firms and organizations. The Board of Directors carefully reviewed the public comments, along with research and other relevant data throughout 2025 and approved revisions to the Competency Standards in November 2025.

Click here to review the public comments.

Register for the “Understanding the New Competency Standards: A Comprehensive Overview” webinar here.

ABOUT CFP BOARD

CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public’s benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER^® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP^® certification is held by nearly 107,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession’s body of knowledge.

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“This review was guided by a clear responsibility to ensure CFP® certification reflects both the realities of today’s financial planning profession and the trust placed in it,” said CFP Board Chair Terri Kallsen, CFP®.