FP Canada™ Certifications Transition Guide

In late 2019, the FP Canada Institute™ began offering Professional Education Programs. These e-learning programs help prospective and existing financial planners develop essential professional skills and gain a strong grasp of their ethical obligations. Students can apply their technical knowledge in practice, learn how to communicate important messages effectively, and understand the key psychological and behavioural factors that motivate clients.

On January 1, 2020, FP Canada launched the Qualified Associate Financial Planner™ designation. QAFP™ certification, which replaced FPSC Level 1^® certification, is a new designation designed to demonstrate that a financial planner has the knowledge, skills, experience and ethics to provide holistic financial planning strategies and solutions for clients with less complex financial planning needs. Unlike the previous path to certification, the education requirements for QAFP certification are decoupled from the education requirements for Certified Financial Planner^® certification.

In effect as of January 1, 2020, Candidates now have the choice to either pursue QAFP or CFP certification directly, or pursue QAFP certification first and continue their studies to complete CFP certification at a later date. A variety of paths to CFP certification are available to provide flexibility to candidates with relevant qualifications, including a QAFP Certification to CFP Certification Bridge Program for QAFP certificants.

Learn more about the new paths to certification

• On January 1, 2020, FPSC Level 1^® Certification was replaced with QAFP™ Certification, and all FPSC Level 1 certificants in good standing on December 31, 2019 were automatically transitioned to QAFP professionals. Candidates who choose not to immediately pursue CFP certification must complete Introduction to Professional Ethics (IPE) and the QAFP Professional Education Program by July 31, 2021, to maintain QAFP certification


• Candidates who wish to pursue CFP certification immediately must either:
• Complete the Advanced Curriculum Program, the IPE course and the CFP Professional Education Program*; or
• Complete IPE and QAFP Professional Education Program by July 31, 2021 and the QAFP-to-CFP Certification Bridge Program

*Candidates wishing to maintain QAFP certification while pursuing CFP certification must complete IPE and CFP Professional Education Program by July 31, 2021.

Former FPSC Level 1 certificants who have let their certification lapse, and who did not reinstate before January 1, 2020, must (in addition to the usual reinstatement requirements) complete IPE and QAFP Professional Education Program to qualify for QAFP certification. Only FPSC Level 1 certificants in good standing on December 31, 2019 were eligible to automatically transition to QAFP certification.

Existing CFP professionals are not affected by the program changes.

There are no changes to the reinstatement requirements for CFP professionals.

A two-hour long self-study course, Introduction to Professional Ethics (IPE) equips students with the requisite foundational knowledge of the ethical obligations owed by all professionals, and the specific application of these obligations to financial planning practice. IPE teaches students the distinction between integrity-based professional obligations and compliance-based obligations, with emphasis on the financial services landscape. The course introduces the specific professional obligations of QAFP professionals and CFP professionals, why they matter and what they mean in practical terms.

The QAFP Professional Education Program teaches students how to apply learning achieved through their Core Curriculum programs to the practice of financial planning.

While the technical content learned in Core Curriculum courses is essential as a basis for providing financial planning advice to clients, it is critical for financial planners to focus on the holistic nature of people’s lives, develop behavioural and relationship skills to effectively connect with clients, and above all, to always act in the client’s best interest maintaining the highest standards of professional responsibility.

The QAFP Professional Education Program uses real-world case scenarios to develop an understanding of, and competence in, Holistic Financial Planning, Human Behaviour, and Honesty and Ethics (3H) to help meet the everyday financial planning needs of all Canadians.

Students will be awarded the Certificate in 3H Financial Planning upon successful completion of the program, with easy-to-share digital credentials.

The CFP Professional Education Program teaches students how to apply learning achieved through their Core and Advanced Curriculum programs to the practice of financial planning.

While the technical content learned in Core and Advanced Curriculum courses is essential, it is critical for financial planners to focus on the holistic nature of people’s lives, develop behavioural and relationship skills to effectively connect with clients, and above all, to always act in the client’s best interest maintaining the highest standards of professional responsibility.

The CFP Professional Education Program uses real-world case scenarios to develop a deep understanding of, and competence in Holistic Financial Planning, Human Behaviour and Honesty and Ethics (3H) to help financial planners see their clients’ entire financial picture, no matter how complex.

Students will be awarded the Advanced Certificate in 3H Financial Planning™ upon successful completion of the program, with easy-to-share digital credentials.

1. As of the November 2020 CFP exam, the Capstone course will no longer be required or accepted as a prerequisite for first-time writers.


2. Candidates who wrote the CFP exam prior to November 2020, but were unsuccessful, can continue to challenge the CFP examination subject to completing IPE as a prerequisite and subject to education currency and exam attempt limits.

Offered by FP Canada Institute, the QAFP Certification to CFP Certification Bridge Program is designed for QAFP professionals who are interested in pursuing CFP Certification and have completed the QAFP Professional Education Program. This program focuses on the application of both the Core and Advanced Curriculum and both fundamental and advanced principles of human behaviour in client engagements that are both more and less complex.

The QAFP Certification to CFP Certification Bridge Program uses real-world case scenarios for students to develop a deep understanding of, and competence in the integrated, holistic nature of financial planning practice.

Effective April 1, 2022, new applicants for QAFP certification must hold a post-secondary diploma from an accredited college or university.

Effective April 1, 2022, new applicants for CFP certification must hold a post-secondary degree from an accredited college or university.

The following grandfathering and transition provisions apply:

• QAFP professionals and CFP professionals already certified on or before March 31, 2022, are exempt from the post-secondary education requirements.


• Applicants for QAFP certification and CFP certification are exempt from the post-secondary education requirements if, on March 31, 2022 they have:
• Passed the QAFP examination or CFP examination, in which case, they will be subject to normal certification time-limits; or
• More than 15 years of relevant work experience and obtain an FP Canada certification on or before March 31, 2024.


• Applicants for CFP certification will be exempt from the degree requirement if they commenced one of the below detailed three-year diploma programs in September 2019, successfully complete the program by March 2024 and write the CFP examination by December 31, 2024:
• George Brown College – Business Administration - Finance (three-year advanced diploma)
• Sheridan College - Business Administration - Finance (three-year advanced diploma)
• Conestoga College - Business Administration - Financial Planning (three-year advanced diploma)
• Seneca College - Business Administration - Financial Planning (three-year advanced diploma)
• Algonquin College - Business Administration - Finance (three-year advanced diploma)
• Centennial College - Business Administration - Finance (three-year advanced diploma)

No exemptions will be granted after December 31, 2024.

Candidates must demonstrate one year of relevant work experience to qualify for QAFP certification. Work experience may be obtained before or after passing the QAFP exam.

Candidates must demonstrate three years of relevant work experience to qualify for CFP certification. Work experience may be obtained before or after passing the CFP exam.

1. No changes were made to the minimum 12-hour annual CE requirement, including one hour in the category of Professional Responsibility.


2. QAFP Professional Education Program must be completed within one year of QAFP certification (if it was not already completed prior to writing the QAFP exam).


3. QAFP certificants are exempt from CE requirements in all categories, including the category of Professional Responsibility, in the year they pass the QAFP exam and the following two calendar years, in recognition of completion of QAFP Professional Education Program.

1. No changes were made to the minimum 25-hour annual CE requirement.


2. Effective January 2020, CFP professionals must complete two hours of CE in the category of Professional Responsibility annually (a change from the current one-hour annual requirement).


3. CFP professionals are exempt from CE requirements in all categories, including in the category of Professional Responsibility, in the year they pass the CFP exam and the following two calendar years, in recognition of completion of CFP Professional Education Program.