The Financial Planning Body of Knowledge (FP-BoK) describes knowledge expected of CFP® professionals and QAFP™ professionals.
The first of its kind internationally, the FP-BoK is an authoritative compendium of all the detailed knowledge expected of QAFP professionals and CFP professionals in Canada. It serves to further define the competencies expected of those who hold either certification, and the differences between the two.
Comprising 12 knowledge topics with accompanying case studies that illustrate the application of knowledge in each topic, the FP-BoK describes in detail the knowledge expected of financial planning professionals in all financial planning areas.
The FP-BoK lays the foundation for more clearly defined and more consistent delivery of financial planning throughout the profession. It explicitly outlines the knowledge and competencies that should be expected from QAFP professionals and CFP professionals, for the benefit of the Canadian public, educators, students,industry firms and financial planning professionals.
The FP-BoK builds on the Canadian Financial Planning Definitions, Standards & Competencies, published in 2015, to define the scope and holistic nature of financial planning. The FP-BoK also provides the underpinning for the FP Canada Standards Council™ Competency Profile—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, given that they must provide objective financial planning advice at the highest level of complexity required of the profession. Specifically, CFP professionals are expected to have greater depth of knowledge in areas including registered retirement plans, registered education and disability plans, taxation, insurance, and estate planning and legal aspects. View the areas where CFP professionals are expected to have a greater depth of knowledge.
FP Canada thanks the many pioneers who contributed to this initial publication. 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 by CFP professionals, educators and a special Working Group—to ensure its relevance, clarity, comprehensiveness and currency.
The FP-BoK is made up of 12 knowledge topics. You can use the top navigation menu to explore statements that describe the knowledge expectations of QAFP professionals and CFP professionals in each topic.
You can also access case studies that illustrate the application of knowledge for each topic and reflect the expected differences in the complexity of scenarios that a QAFP professional or CFP professional may face in practice.
The FP-BoK will be reviewed periodically by FP Canada’s Standards Panel, an independent panel made up of financial planners and members of the public.
While developing the FP-BoK, much thought was put into its format and delivery. Financial Planning is an ever-evolving profession, and by maintaining an online version of the FP-BoK only, FP Canada ensures that all stakeholders are accessing the most up-to-date content. The FP-BoK also contains links to external sites that may be periodically updated to ensure current material is referenced.