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Jan 17, 2023

CFP®CM – Certified Financial Planner

Everyone is aware about planning and how it helps the effectiveness of execution, not only on the financial front but in every vertical of life. So why not do a financial planning of every goal in life.

With reducing FD interest rates and increasing mutual funds investments, people have to update themselves with current investment trends. Earlier Fixed Deposit was a perfect risk free investment for savings, but with the amendments made by RBI, only 6% – 6.5% is offered. This rate will neither multiple the money nor provide cushion against the growing inflation. With fine governance in power at the centre and its’ support to domestic institutional investors, the dependence on Foreign institutional investors in control, the future growth rate in wealth management as a profession is positive. The changing economic realities have driven the organisations to necessarily take up financial planning on a serious note.

In India there is a shortfall of 50,000 good financial planners and not even 10% of the requirement has been met. One can clearly make out the demand and supply pattern with this fact.

It has become mandatory for Relationship Managers of an increasing number of multinational banks such as ICICI Bank, Standard Chartered Bank, American Express Bank and others to get certified as a financial planner (CFP®CM), in order to elevate current service standards to optimum level. Regulatory bodies like SEBI, IRDA, PFRDA etc. are also educating and encouraging consumers to consult CFP®CM for their financial needs. There also has been a clarification by the Charter Members of FPSB India, that they will give first preference to CFP®CM Charters during recruitment. Certified Financial PlannerCM Certification is being offered and recognised in over 26 countries including Australia, Austria, Belgium, Brazil, Canada, China, China, Taipei, France, Germany, New Zealand, Republic of Korea, Singapore, Hong Kong, Indonesia, Ireland, Japan, Malaysia, South Africa, Switzerland, Thailand, United Kingdom and United States of America. FPSB Denver, US enters into licensing and affiliation agreements with non-profit organisations (or their equivalent) around the world that allows the organisations to establish and operate the CFP® certification program in a country or region.

DBF – Diploma in Banking and Finance

Diploma in Banking and Finance is a short certified course, which can be done after graduation over duration of six months; candidate can qualify for entry level recruitments for Banks. This course in certified by India Institute of Banking & Finance (IIBF) and approved by Indian Banking Association (IBA), which enlists 136 banks as a desirable qualification for entry level recruitments in bank. This diploma is equivalent to industry recognised JAIIB qualifications of IIBF and has a professional recognition among banking and finance community. All the successful candidates are hosted on IIBF’s website and details are made available to member banks/ financial institutions, which included Reserve Bank of India (RBI), State Bank of India (SBI), public sector banks, private sector banks, foreign banks and cooperative banks, for consideration of employment. The statistical fact is that since 2007, 92.5% of candidates, who have passed this course, have been absorbed by the banks. Out of 12,985 candidates who passed the exam 11,176 have been placed in different banks. The exams for the same are conducted twice yearly and polishes theoretical and practical skills required for optimum functioning in banks. So definitely there is the great demand for such jobs and the absorption rate proves the theory.

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