Financial Planning Body of Knowledge

The first of its kind internationally, the FP-BoK is an authoritative and detailed compendium of the knowledge expected of newly certified QAFP professionals and newly certified CFP professionals in Canada. It serves to further define the competencies expected of those who hold either certification and the differences between the two certifications.

Comprising 12 knowledge topic areas, the FP-BoK describes in detail the knowledge expectations of financial planning professionals in all financial planning areas, as well as in the knowledge areas of human behaviour, decision-making, and relationships which underpin the professional practice of financial planning for both QAFP professionals and CFP professionals.

The FP-BoK lays the foundation for more clearly defined, and consistent delivery of, financial planning services throughout the profession. It explicitly outlines the knowledge expected from newly certified QAFP professionals and newly certified CFP professionals, for the benefit of the Canadian public.

The FP-BoK builds on the Canadian Financial Planning Definitions, Standards & Competencies to define the scope and holistic nature of financial planning. The FP-BoK also supports the FP Canada Standards Council Competency Profile for CFP® Certification and the  FP Canada Standards Council Competency Profile for QAFP® Certification as it is essential to the demonstration of competence in the fundamental financial planning practices, financial planning areas and professional skills.

While both certifications draw from the same body of knowledge, the knowledge expectations for CFP professionals are broader and deeper than for QAFP professionals, as CFP professionals are expected to provide financial planning advice at the highest level of complexity required of the profession.

Specifically, CFP professionals are expected to have greater depth and range of knowledge in areas including registered retirement plans, registered disability plans, taxation, insurance and estate planning and legal aspects. The areas for which CFP professionals are expected to have a greater depth and breadth of knowledge can be found in the About the FP-Bok pdf.

FP Canada thanks the many pioneers who contributed to the publication of the first FP-BoK. The FP-BoK was developed by experts from throughout the financial planning profession and related fields, including more than 80 practicing CFP professionals from across Canada. It underwent a rigorous review process—including input from CFP professionals, educators and a special Working Group—to ensure its relevance, clarity, comprehensiveness and currency. 

• If you are an educator, the detailed knowledge expectations of newly certified QAFP professionals and newly certified CFP professionals described in the FP-BoK will provide clarity to develop and deliver educational content that helps prepare the next generation of financial planners.
• If you are a student pursuing a career in financial planning, the FP-BoK can help you understand the distinct nature of financial planning, as defined by the knowledge expectations of newly certified QAFP professionals and CFP professionals. It will help you to better understand the knowledge you will be required to apply as a financial planning professional.
• If you are a leader within a financial industry firm, the FP-BoK provides explicit, specific details about the knowledge expectations of newly certified QAFP professionals and newly certified CFP professionals that will aid you in recruiting and managing financial planning professionals to meet the broad, holistic financial planning needs of clients.
• If you are a CFP professional, the FP-BoK defines the knowledge that you are expected to acquire and maintain in order to meet the needs of clients and employers. The FP-BoK details the broad knowledge you must possess to capably provide the highest level of objective financial planning advice required by the profession. Among the areas where you are expected to have greater depth and range of knowledge are registered retirement plans, registered disability plans, taxation, insurance and estate planning and legal aspects.
• If you are a QAFP professional, the FP-BoK defines the knowledge expected of you, assists you in maintaining the currency of your knowledge to meet client and employer expectations.
• If you are a member of the public, the FP-BoK can help guide your decision about the value of working with a qualified financial planning professional to optimize your overall financial situation.

The FP-BoK is made up of 12 knowledge topic areas. Use the top navigation menu to explore statements setting out the knowledge expectations of newly certified QAFP professionals and newly certified CFP professionals in each topic area.

Approximately every five years, and in accordance with best practices for certification bodies, FP Canada undertakes a full validation of the FP-BoK. This process helps to ensure the FP-BoK continues to be relevant to the financial planning profession, represents knowledge that Canadians require of professional financial planners and reflects current financial planning practice. 

The first validation of the FP-BoK was completed in 2022 and resulted in version 2.0.0

The currency of the FP-BoK is maintained between validation cycles on an ongoing basis with periodic input from CFP professionals.